Document:

EXHIBIT 4.4

                          TAYLOR INVESTMENT CORPORATION

                    SENIOR SUBORDINATED ADJUSTABLE RATE NOTES

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

                                    INDENTURE

                          DATED AS OF __________, 2002

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

                         U.S. BANK NATIONAL ASSOCIATION,

                                   AS TRUSTEE

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                                TABLE OF CONTENTS

INDENTURE......................................................................1

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

   ARTICLE ONE.  DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION.......2
     SECTION 101.  DEFINITIONS.................................................2
     SECTION 102.  TRUST INDENTURE ACT PROVISIONS.............................12
     SECTION 103.  COMPLIANCE CERTIFICATES AND OPINIONS.......................12
     SECTION 104.  TRUST INDENTURE ACT CONTROLS...............................13
     SECTION 105.  FORM OF DOCUMENTS DELIVERED TO TRUSTEE.....................13
     SECTION 106.  ACTS OF SECURITYHOLDERS....................................13
     SECTION 107.  NOTICES, ETC., TO TRUSTEE AND COMPANY......................14
     SECTION 108.  NOTICE TO SECURITYHOLDERS; WAIVER..........................14
     SECTION 109.  EFFECT OF HEADINGS AND TABLE OF CONTENTS...................15
     SECTION 110.  SUCCESSORS AND ASSIGNS.....................................15
     SECTION 111.  SEPARABILITY CLAUSE........................................15
     SECTION 112.  BENEFITS OF INDENTURE......................................15
     SECTION 113.  GOVERNING LAW..............................................15
     SECTION 114.  LEGAL HOLIDAYS.............................................15
   ARTICLE TWO.  THE SECURITIES...............................................16
     SECTION 201.  FORM GENERALLY.............................................16
     SECTION 202.  TITLE AND TERMS GENERALLY..................................16
     SECTION 203.  GLOBAL SECURITY............................................17
     SECTION 204.  EXECUTION AND AUTHENTICATION...............................18
     SECTION 205.  SECURITIES REGISTRAR.......................................18
     SECTION 206.  TRANSFER AND EXCHANGE......................................18
     SECTION 207.  REPLACEMENT SECURITIES.....................................22
     SECTION 208.  OUTSTANDING SECURITIES.....................................22
     SECTION 209.  TREASURY SECURITIES........................................22
     SECTION 210.  TEMPORARY SECURITIES.......................................23
     SECTION 211.  CANCELLATION...............................................23
     SECTION 212.  PAYMENT OF INTEREST; INTEREST RIGHTS PRESERVED.............23
     SECTION 213.  PERSONS DEEMED OWNERS......................................24
     SECTION 214.  COMPUTATION OF INTEREST....................................24
     SECTION 215.  CUSIP NUMBERS..............................................25
   ARTICLE THREE.  SATISFACTION AND DISCHARGE.................................25
     SECTION 301.  SATISFACTION AND DISCHARGE OF INDENTURE....................25
     SECTION 302.  APPLICATION OF TRUST MONEY.................................26
   ARTICLE FOUR.  REMEDIES....................................................26
     SECTION 401.  EVENTS OF DEFAULT..........................................26
     SECTION 402.  ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT.........28
     SECTION 403.  COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY
                     TRUSTEE..................................................28
     SECTION 404.  TRUSTEE SHALL FILE PROOFS OF CLAIM.........................29
     SECTION 405.  TRUSTEE MAY ENFORCE CLAIMS.................................30
     SECTION 406.  APPLICATION OF MONEY COLLECTED.............................30
     SECTION 407.  LIMITATION ON SUITS........................................31
     SECTION 408.  UNCONDITIONAL RIGHT OF SECURITYHOLDERS TO RECEIVE
                     PRINCIPAL, PREMIUM AND INTEREST..........................31
     SECTION 409.  RESTORATION OF RIGHTS AND REMEDIES.........................32
     SECTION 410.  RIGHTS AND REMEDIES CUMULATIVE.............................32
     SECTION 411.  DELAY OR OMISSION NOT WAIVER...............................32
     SECTION 412.  CONTROL BY SECURITYHOLDERS.................................32
     SECTION 413.  WAIVER OF PAST DEFAULTS....................................32
     SECTION 414.  UNDERTAKING FOR COSTS......................................33

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     SECTION 415.  WAIVER OF STAY OR EXTENSION LAWS...........................33
   ARTICLE FIVE.  THE TRUSTEE.................................................33
     SECTION 501.  CERTAIN DUTIES AND RESPONSIBILITIES........................33
     SECTION 502.  NOTICE OF DEFAULTS.........................................34
     SECTION 503.  CERTAIN RIGHTS OF TRUSTEE..................................35
     SECTION 504.  NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF SECURITIES.....36
     SECTION 505.  TRUSTEE MAY HOLD SECURITIES................................36
     SECTION 506.  MONEY HELD IN TRUST........................................36
     SECTION 507.  COMPENSATION AND REIMBURSEMENT.............................36
     SECTION 508.  DISQUALIFICATION; CONFLICTING INTERESTS....................36
     SECTION 509.  TRUSTEE REQUIRED; ELIGIBILITY..............................41
     SECTION 510.  RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR..........41
     SECTION 511.  ACCEPTANCE OF APPOINTMENT BY SUCCESSOR.....................42
     SECTION 512.  MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO
                     BUSINESS.................................................43
     SECTION 513.  PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY..........43
   ARTICLE SIX.  REPORTS BY TRUSTEE AND COMPANY...............................46
     SECTION 601.  PRESERVATION OF INFORMATION; COMMUNICATIONS TO
                     SECURITYHOLDERS..........................................46
     SECTION 602.  REPORTS BY THE COMPANY.....................................47
     SECTION 603.  REPORTS BY TRUSTEE.........................................48
   ARTICLE SEVEN.  CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE.......50
     SECTION 701.  COMPANY MAY CONSOLIDATE, ETC., ONLY ON CERTAIN TERMS.......50
     SECTION 702.  SUCCESSOR SUBSTITUTED......................................51
     SECTION 703.  EFFECT OF CHANGE IN CONTROL................................51
   ARTICLE EIGHT.  SUPPLEMENTAL INDENTURES....................................51
     SECTION 801.  SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF
                     SECURITYHOLDERS..........................................51
     SECTION 802.  SUPPLEMENTAL INDENTURES WITH CONSENT OF SECURITYHOLDERS....52
     SECTION 803.  EXECUTION OF SUPPLEMENTAL INDENTURES.......................53
     SECTION 804.  EFFECT OF SUPPLEMENTAL INDENTURES..........................53
     SECTION 805.  EFFECT ON SENIOR DEBT......................................53
     SECTION 806.  COMPLIANCE WITH TRUST INDENTURE ACT........................53
   ARTICLE NINE.  COVENANTS...................................................53
     SECTION 901.  PAYMENT OF PRINCIPAL AND INTEREST..........................53
     SECTION 902.  MAINTENANCE OF OFFICE OR AGENCY............................53
     SECTION 903.  MONEY FOR SECURITIES PAYMENTS TO BE HELD IN TRUST..........54
     SECTION 904.  MAINTENANCE OF CORPORATE EXISTENCE, LICENSING AND RIGHTS...55
     SECTION 905.  PAYMENT OF TAXES AND ASSESSMENTS...........................55
     SECTION 906.  MAINTENANCE OF PROPERTIES, INSURANCE; BOOKS AND RECORDS;
                     COMPLIANCE WITH LAW......................................55
     SECTION 907.  LIMITATION ON ADDITIONAL INDEBTEDNESS......................56
     SECTION 908.  LIMITATIONS ON RESTRICTED PAYMENTS.........................57
     SECTION 909.  LIMITATION ON TRANSACTIONS WITH AFFILIATES.................57
     SECTION 910.  LIMITATION ON DIVIDENDS AND OTHER PAYMENT RESTRICTIONS
                     AFFECTING A SUBSIDIARY/RESTRICTED SUBSIDIARY.............57
     SECTION 911.  NET WORTH..................................................58
     SECTION 912.  MAINTENANCE OF BLUE SKY QUALIFICATION......................58
     SECTION 913.  WAIVER OF CERTAIN COVENANTS................................58
   ARTICLE TEN.  REDEMPTION OF SECURITIES.....................................58
     SECTION 1001.  OPTIONAL REDEMPTION BY THE COMPANY........................58
     SECTION 1002.  REDEMPTION UPON THE OCCURRENCE OF A CHANGE OF CONTROL.....59
     SECTION 1003.  MANDATORY SINKING FUND REDEMPTION.........................61
     SECTION 1004.  MANDATORY REDEMPTION PURSUANT TO A PUT PROVISION..........62
     SECTION 1005.  APPLICABILITY OF ARTICLE..................................62
     SECTION 1006.  ELECTION TO REDEEM; NOTICE TO TRUSTEE.....................62
     SECTION 1007.  SELECTION BY TRUSTEE OF SECURITIES TO BE REDEEMED.........62
     SECTION 1008.  NOTICE OF REDEMPTION......................................63
     SECTION 1009.  DEPOSIT OF REDEMPTION PRICE...............................63
     SECTION 1010.  SECURITIES PAYABLE ON REDEMPTION DATE.....................64

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   ARTICLE ELEVEN.  SUBORDINATION OF SECURITIES...............................64
     SECTION 1101.  AGREEMENT TO SUBORDINATE..................................64
     SECTION 1102.  DISTRIBUTION OF ASSETS, ETC...............................64
     SECTION 1103.  NO PAYMENT TO SECURITYHOLDERS IF SENIOR DEBT IS IN
                      DEFAULT.................................................65
     SECTION 1104.  SUBROGATION...............................................65
     SECTION 1105.  OBLIGATION OF COMPANY UNCONDITIONAL.......................65
     SECTION 1106.  PAYMENTS ON SECURITIES PERMITTED..........................66
     SECTION 1107.  EFFECTUATION OF SUBORDINATION BY TRUSTEE..................66
     SECTION 1108.  KNOWLEDGE OF TRUSTEE......................................66
     SECTION 1109.  RIGHTS OF HOLDERS OF SENIOR DEBT NOT IMPAIRED.............67
     SECTION 1110.  TRUSTEE NOT FIDUCIARY FOR HOLDERS OF SENIOR DEBT..........67
     SECTION 1111.  RIGHTS OF TRUSTEE AS HOLDER OF SENIOR DEBT................67
     SECTION 1112.  ARTICLE APPLICABLE TO PAYING AGENTS.......................67
     SECTION 1113.  RIGHTS AND OBLIGATIONS SUBJECT TO POWER OF COURT..........68
   ARTICLE TWELVE.  REDEMPTION OPTION UPON DEATH OF HOLDER....................68
     SECTION 1201.  REDEMPTION OPTION UPON DEATH OF HOLDER....................68
     SECTION 1202.  REDEMPTION OF SECURITIES..................................69
   ARTICLE THIRTEEN.  KEY-MAN INSURANCE.......................................70
     SECTION 1301.  DELIVERY AND MAINTENANCE OF POLICY........................70
     SECTION 1302.  DISTRIBUTION OF INSURANCE PROCEEDS........................70

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                                    INDENTURE

         THIS INDENTURE, dated as of ____________, 2002, between Taylor
Investment Corporation, a Minnesota corporation (the "Company"), having its
principal office at 43 Main Street, S.E., Suite 506, Minneapolis, Minnesota
55414 and U.S. Bank National Association, having trust powers (the "Trustee"),
having its principal office at 180 East Fifth Street, St. Paul, Minnesota 55101,
Attention: Corporate Trust Group.

                                    RECITALS

         WHEREAS, for its lawful corporate purposes, the Company has duly
authorized an issue of its Senior Subordinated Adjustable Rate Notes (the
"Securities" or individually a "Security") in the aggregate principal amount of
up to Five Million Seven Hundred Fifty Thousand Dollars ($5,750,000), to be
authenticated by the Trustee, to be payable and to be redeemable all as
hereinafter provided; and

         WHEREAS, the Trustee has power to enter into this Indenture and to
accept and execute the trusts herein created; and

         WHEREAS, the Company represents that all acts and things necessary to
make the Securities, when executed by the Company, authenticated and delivered
by the Trustee as in this Indenture provided and issued, the valid, binding and
legal obligations of the Company, and to constitute this instrument a valid
indenture and agreement according to its terms, have been done and performed,
and the execution of this Indenture and the issue hereunder of the Securities
have in all respects been duly authorized, and the Company, in the exercise of
each and every right and power in it vested, executes this Indenture and
proposes to make, execute, issue and deliver the Securities.

         NOW, THEREFORE, THIS INDENTURE WITNESSETH, that, in order to provide
for the payment of the principal of, premium, if any, and interest on the
Securities issued under this Indenture according to their tenor and effect and
the performance and observance of each and all of the covenants and conditions
herein and therein contained, for and in consideration of the premises and of
the purchase and acceptance of the Securities by the respective purchasers
thereof and for other good and valuable consideration, the receipt whereof is
hereby acknowledged, the Company has executed and delivered this Indenture in
trust for the equal and proportionate benefit, security and protection of all of
the Securityholders issued or to be issued under and secured by this Indenture,
without preference, priority or distinction as to lien or otherwise of any of
the Securities over any of the others;

THIS INDENTURE FURTHER WITNESSETH, that the Company has agreed and covenanted
with the respective Securityholders from time to time as follows:

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                                  ARTICLE ONE

             DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

Section 101.  Definitions.

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

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

         (2) all other terms used herein which are defined in the Trust
Indenture Act of 1939, as amended (the "TIA") either directly or by reference
therein, have the meanings assigned to them therein;

         (3) all accounting terms not otherwise defined herein have the meanings
assigned to them in accordance with generally accepted accounting principles;
and

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

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

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

         "Affiliate" of any specified Person means any other Person directly or
indirectly controlling or controlled by or under direct or indirect common
control with such specified Person. For the purposes of this definition,
"control" when used with respect to any specified Person means the power to
direct the management and policies of such Person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise,
and the terms "controlling" and "controlled" have meanings correlative to the
foregoing. Without limiting the generality of the foregoing, at the date of this
Indenture, the "Affiliates" of the Company include any Subsidiary.

         "Applicable Procedures" means, with respect to any transfer or exchange
of beneficial ownership interests in a Global Security, the rules and procedures
of the Depositary that are applicable to such transfer or exchange.

         "Authenticating Agent" means Securities Registrar, Paying Agent or
co-register of the Securities.

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

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         "Capitalized Lease Obligation" means any lease or other agreement for
the use of property which, in accordance with GAAP, should be capitalized on the
lessee's or user's balance sheet.

         "Cash Equivalents" means, with respect to any person at any date of
determination, any of the following held by such person on a consolidated basis
(other than those held by Restricted Subsidiaries), (i) any evidence of
Indebtedness with a maturity of 180 days or less issued or directly and fully
guaranteed or insured by the United States of America or any agency or
instrumentality thereof (provided that the full faith and credit of the United
States of America is pledged in support thereof); (ii) certificates of deposit
or acceptances with a maturity of 180 days or less of, or a savings account in,
any financial institution that is a member of the Federal Reserve System having
combined capital and surplus and undivided profits of not less than $25,000,000;
(iii) commercial paper with a maturity of 180 days or less issued by a
corporation (except any Affiliate of the Company) organized under the laws of
any state of the United States of America or the District of Columbia and rated
at least A-1 by Standard & Poor's Corporation or at least P-1 by Moody's
Investors Service, Inc.; (iv) repurchase agreements and reverse repurchase
agreements relating to marketable obligations issued or unconditionally
guaranteed by the United States of America or issued by any agency thereof and
backed by the full faith and credit of the United States of America, in each
case maturing within one year from the date of acquisition; provided, however,
that the terms of such agreements comply with the guidelines set forth in the
Federal Financial Agreements of Depository Institutions with Securities Dealers
and Others, as adopted by the Comptroller of the Currency; (v) instruments
backed by letters of credit issued by financial institutions satisfying the
conditions of (ii) above; and (vi) mutual funds or similar securities, not less
than 80% of the assets of which are invested in securities of the type referred
to in clauses (i) through (v).

         "Certificate of Independent Public Accountants" means a certificate
signed by Deloitte & Touche LLP, Minneapolis, Minnesota, or any other
independent public accountant or firm of independent public accountants (who may
be the independent public accountants regularly retained by the Company). Such
accountant or firm shall be entitled to rely upon any Opinion of Counsel as to
the interpretation of any legal matters relating to such certificate. The
acceptance by the Trustee of, or its actions on, such a certificate shall be
sufficient evidence that such accountant is reasonably acceptable to the
Trustee. Any certificate or opinion of any independent firm of public
accountants filed with the Trustee shall contain a statement that such firm is
Independent.

         "Change of Control" means an event or series of events occurring after
the date of this Indenture by which:

                  (i)      the Company sells, conveys, transfers or leases,
                           directly or indirectly, 35% or more of the Company's
                           assets as reflected on the Company's most recent
                           audited balance sheet other than Contracts and
                           Mortgages Receivable (determined on a consolidated
                           basis) to any Person or group (as such term is used
                           in Section 13(d) and 14(d) of the Exchange Act);

                  (ii)     Philip Taylor, his spouse and children shall cease to
                           be the "beneficial owner" (as defined in Rules 13d-3
                           and 13d-5 under the Exchange Act), directly or

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                           indirectly, of securities representing at least 51%
                           of the combined voting power of the Company's voting
                           stock (including in a merger or consolidation
                           pursuant to which the Company's voting stock is
                           exchanged for or changed into cash, securities or
                           other property);

                  (iii)    during any period of twenty-four consecutive months,
                           individuals who at the beginning of such period
                           constituted the Company's Board of Directors
                           (together with any new or replacement directors whose
                           election by the Company's Board of Directors, or
                           whose nomination for election by the Company's
                           shareholders, was approved by a vote of at least a
                           majority of the directors then still in office who
                           were either directors at the beginning of such period
                           of whose election or nomination for election was
                           previously so approved) cease for any reason to
                           constitute a majority of the directors then in
                           office; or

                  (iv)     any one of the Company's Four Seasons Realty of
                           Minnesota, Inc.; Four Seasons Realty of Wisconsin,
                           Inc.; Four Seasons Realty of Michigan, Inc.; Four
                           Seasons Properties of Tennessee, LLC; Four Seasons
                           Properties of Georgia, LLC; or Laurentian Development
                           Corporation ceases to be a Consolidated Subsidiary of
                           the Company in accordance with GAAP, provided,
                           however, it shall not constitute a Change in Control
                           if any subsidiary ceases to be a Consolidated
                           Subsidiary of the Company because it is merged into
                           the Company.

         "Closing Date" means the date of the closing of the offering of the
Securities.

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

         "Commission" means the Securities and Exchange Commission, as from time
to time constituted, created under the Securities Exchange Act of 1934, as
amended, or, if at any time after the execution of this instrument such
Commission is not existing and performing the duties now assigned to it under
the Trust Indenture Act, then the body performing such duties at such time.

         "Common Stock" means the Company's Common Stock, no par value,
authorized at the date this Indenture is executed, whether voting or non-voting,
and shares of any class or classes resulting from any reclassification or
reclassifications thereof which have no preference in respect of dividends or of
amounts payable in the event of any voluntary or involuntary liquidation,
dissolution or winding-up of the Company and also shall include stock of the
Company of any other class, whether now or hereafter authorized, which ranks, or
is entitled to a participation, as to assets or dividends, substantially on a
parity with such Common Stock or other class of stock into which such Common
Stock may have been changed; provided however, that warrants or other rights to
purchase Common Stock will not be deemed to be Common Stock.

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         "Company" means Taylor Investment Corporation, a Minnesota corporation,
until a successor Person shall have become such pursuant to the provisions of
this Indenture and thereafter "Company" shall mean such successor Person.

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

         "Company 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 of the Company and to be in full force and effect on the
date of such certification and delivered to the Trustee.

         "Consolidated" when used in conjunction with any other defined term
means the aggregate amount of the items included within the defined term of the
Company on a consolidated basis in accordance with GAAP, eliminating
inter-company items.

         "Consolidated Earnings Before Interest and Taxes plus Depreciation and
Amortization" or "Consolidated EBITDA" means with respect to any Person for any
period, without duplication and without inclusion of items attributable to
Restricted Subsidiaries, the sum of (i) income of such Person on a Consolidated
basis, determined in accordance with GAAP before provision for United States
Federal, state and foreign income taxes of such Person paid or accrued in
accordance with GAAP and increased by depreciation and amortization and (ii)
Consolidated Interest Expense.

         "Consolidated Interest Expense" means with respect to any Person for
any period, without duplication and without inclusion of items attributable to
Restricted Subsidiaries, all cash and non-cash interest expenses incurred for
Indebtedness of such Person, including the interest portion of rental expense of
such Person and its Subsidiaries, on a consolidated basis determined in
accordance with GAAP, net of deferred financing fees of such Person and its
Subsidiaries.

         "Consolidated Net Income" means, with respect to any Person for any
period, the aggregate of the net income of such Person and its Subsidiaries,
other than Restricted Subsidiaries, for such period, on a Consolidated basis,
determined in accordance with GAAP, provided that extraordinary gains and losses
(determined in accordance with GAAP) shall be excluded.

         "Consolidated Tangible Net Worth" means, with respect to any Person at
any date of determination, the Consolidated stockholders' equity represented by
the shares of such Person's capitalized stock (other than Disqualified Stock)
outstanding at such date, as determined on a Consolidated basis in accordance
with GAAP less any portion of such stockholders' equity attributable to (i)
intangible assets as determined in accordance with GAAP or (ii) assets of
Restricted Subsidiaries.

         "Contracts and Mortgages Receivable" means those receivables which
result from the sale of land or land and structures as reflected on the
Company's balance sheet in accordance with GAAP excluding such receivables of
Restricted Subsidiaries.

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         "Corporate Trust Office," when used with respect to the Trustee means
the corporate trust office of the Trustee at which at any particular time its
corporate trust business shall be administered, which office is on the date of
this Indenture located at 180 East Fifth Street, St. Paul, Minnesota 55101,
Attention: Corporate Trust Group, or at any other time at such other address as
the Trustee may designate from time to time by notice to the Company, or at the
office of any successor Trustee.

         "Defaulted Interest" has the meaning specified in Section 208.

         "Definitive Security" means a certificated Security registered in the
name of the Holder thereof and issued in accordance with Section 206 hereof,
substantially in the form of Exhibit A hereto except that such Security shall
not bear the Global Security Legend and shall not have the "Schedule of
Exchanges of Securities" attached thereto.

         "Disqualified Stock" means, with respect to any Person, any capital
stock which, by its terms (or by the terms of any security into which it is
convertible or for which it is exchangeable), or upon the happening of any
event, matures or is mandatorily redeemable, pursuant to a sinking fund
obligation or otherwise, or is exchangeable for Indebtedness, or is redeemable
at the option of the holder thereof, in whole or in part, in each case on or
prior to the Stated Maturity of the Securities.

         "Dividends" means payments in respect of the Company's Common Stock in
either cash or property, but shall not include payments solely in Common Stock
or distributions in the form of rights to acquire Common Stock.

         "Eligible Person" means an employee or agent of the Company.

         "Event of Default" has the meaning specified in Section 401.

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

         "Financial Statements" means the statement of operations, balance
sheet, and/or statement of cash flows of any Person prepared in accordance with
GAAP.

         "GAAP" means generally accepted accounting principles consistently
applied.

         "Global Security" means a permanent Global Security that is in
substantially the form attached hereto as Exhibit A and which is deposited with
the Depositary or its custodian and registered in the name of the Depositary or
its nominee.

         "Guaranty" by any Person means any obligations, including letters of
credit, both standby and irrevocable in nature, other than endorsements in the
ordinary course of business of negotiable instruments for deposit or collection
guaranteeing any Indebtedness, dividend, or other obligation of any other Person
(the "primary obligor") in any manner, whether directly or indirectly,
including, without limitation, all obligations incurred through an agreement,
contingent or otherwise, by such Person (i) to purchase such Indebtedness or
obligation or any property or assets constituting security therefor; (ii) to
advance or supply funds for the purchase or payment of such Indebtedness or
obligation, or to maintain working capital or other balance sheet condition, or

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otherwise to advance or make available funds for the purchase or payment of such
Indebtedness or obligation; (iii) to lease property or to purchase securities or
other property or services primarily for the purpose of assuring the owner of
such Indebtedness or obligation of the ability of the primary obligor to make
payment of the Indebtedness or obligation; or (iv) otherwise to assure the owner
of the Indebtedness or obligation of the primary obligor against loss in respect
thereof. For the purposes of all computations made under this definition, a
Guaranty in respect of any Indebtedness for borrowed money shall be deemed to be
equal to the principal amount of such Indebtedness which has been guaranteed,
and a Guaranty in respect of any other obligation, liability, or dividend shall
be deemed to be equal to the maximum aggregate amount of such obligation,
liability or dividend.

         "Holder" when used with respect to any Security means a Securityholder.

         "Indebtedness" means, with respect to any Person at any date, without
duplication, all items of indebtedness which, in accordance with generally
accepted accounting principles, would be included in determining total
liabilities as shown on the liabilities side of a balance sheet of such Person
at such date, and in addition shall include (i) Guaranties by such Person, (ii)
all Capitalized Lease Obligations of such Person, and (iii) all indebtedness
secured by any mortgage, lien, pledge, charge or encumbrance upon property owned
by such Person, whether or not the indebtedness so secured has been assumed by
such Person. For the purpose of computing the "Indebtedness" of any Person,
there shall be excluded (i) any particular Indebtedness to the extent that, upon
or prior to the maturity thereof, there shall have been deposited with the
proper depository in trust the necessary funds, securities, or evidences of such
Indebtedness, if permitted by the instrument creating such Indebtedness, for the
payment, redemption, or satisfaction of such Indebtedness; and thereafter such
funds and evidences of Indebtedness so deposited shall not be included in any
computation of the assets of such Person, and (ii) Indebtedness of a Restricted
Subsidiary of such Person, which is not guaranteed by such Person.

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

         "Independent" when used with respect to any specified Person means such
a Person who (i) is in fact independent, (ii) does not have any direct financial
interest or any material indirect financial interest in the Company or in any
other obligor upon the Securities or in any Affiliate of the Company or of such
other obligor, and (iii) is not connected with the Company or such other obligor
or any Affiliate of the Company or of such other obligor, as an officer,
employee, promoter, organizer, underwriter, trustee, partner, director or Person
performing similar functions. Whenever it is herein provided that any
Independent Person's opinion or certificate shall be furnished to the Trustee,
such Person shall be appointed by a Company Order, and such opinion or
certificate shall state that the signer has read this definition and that the
signer is Independent within the meaning hereof.

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

                                       7
<PAGE>

         "Inventory" means, with respect to any Person, all assets of such
Person classified as inventory on a Consolidated basis in accordance with GAAP
excluding all such assets of Restricted Subsidiaries of such Person.

         "Issue Date" means the date on which the Securities are originally
issued in accordance with the terms of this Indenture.

         "Lien" means any mortgage, lien (statutory or other), pledge, security
interest, encumbrance, hypothecation, assignment for security or other security
agreement of any kind or nature whatsoever. For purposes of this Indenture, a
Person shall be deemed to own subject to a Lien any property which it has
acquired or holds subject to the interest of a vendor or lessor under any
conditional sale agreement, Capital Lease Obligation or other title retention
agreement relating to Indebtedness of such Person.

         "Long-Term Debt" means, with respect to any Person and any date, all
Indebtedness classified as "long-term debt" in accordance with GAAP.

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

         "Net Income" means, with respect to any Person for any period, the net
income or loss of such Person determined in accordance with GAAP.

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

         "Opinion of Counsel" means a written opinion of counsel, who may be
(except as otherwise expressly provided in this Indenture) counsel for the
Company, and shall be acceptable to the Trustee.

         "Outstanding," when used with respect to Securities, means, as of the
date of determination, all Securities theretofore authenticated and delivered
under this Indenture, except: (i) Securities theretofore cancelled by the
Trustee or delivered to the Trustee for cancellation; (ii) Securities for whose
payment or redemption money in the necessary amount has been theretofore
deposited with the Trustee or any Paying Agent in trust or set aside and
segregated in trust by the Company (if the Company shall act as its own Paying
Agent) for the Holders of such Securities, provided that if such Securities are
to be redeemed notice of such redemption has been duly given pursuant to this
Indenture or provision therefor satisfactory to the Trustee has been made; (iii)
provided, however, that in determining whether the Securityholders of the
requisite principal amount of the Outstanding Securities have given any request,
demand, authorization, direction, notice, consent or waiver hereunder,
Securities owned by the Company or any other obligor upon the Securities or any
Affiliate of the Company or of such other obligor shall be disregarded and
deemed not to be Outstanding, except that, in determining whether the Trustee
shall be protected in relying upon any such request, demand, authorization,
direction, notice, consent or waiver, only Securities which the Trustee knows to
be so owned shall be so disregarded. Securities so owned which have been pledged

                                       8
<PAGE>

in good faith may be regarded as Outstanding if the pledgee establishes to the
satisfaction of the Trustee the pledgee's right so to act with respect to such
Securities and that the pledgee is not the Company or any other obligor upon the
Securities or any Affiliate of the Company or of such other obligor.

         "Parity Debt" means any and all Indebtedness of the Company created,
incurred, assumed, or guaranteed by the Company before, at, or after the date of
execution of the Indenture which (a) matures by its terms, or is renewable at
the option of the Company to a date, more than one year after the date of the
original creation, incurrence, assumption, or guaranty of such Indebtedness by
the Company, (b) constitutes an account or trade payable, (c) contains
covenants, conditions and restrictions on the Company which are not inconsistent
with nor violate any of the covenants, conditions and restrictions in this
Indenture, or (d) is neither Senior Debt nor Subordinated Debt but in no event
shall Parity Debt include deferred taxes. Parity Debt shall include the
outstanding Senior Subordinated Notes, Series 1994, of the Company and the
outstanding Senior Subordinated Debentures of the Company issued under the
indenture by and between the Company and American Bank National Association
dated January 12, 1995 (the "1995 Debentures").

         "Paying Agent" means any Person authorized by the Company to pay the
principal of (and premium, if any) or interest on any Securities on behalf of
the Company. Unless otherwise specified in a Company Order, the Paying Agent
shall initially be the Trustee.

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

         "Predecessor Security" of any particular Security means every previous
Security evidencing all or a portion of the same debt as that evidenced by such
particular Security.

         "Prime Rate" shall mean the rate of interest per annum publicly
announced from time to time by the Trustee as its prime rate in effect at its
principal office in Minneapolis or St. Paul, Minnesota.

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

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

         "Regular Record Date" for the interest payable on any Interest Payment
Date means the fifteenth day (whether or not a Business Day) of the calendar
month of such Interest Payment Date.

         "Responsible Officer," when used with respect to the Trustee, means the
chairman or any vice-chairman of the board of directors, the chairman or any
vice-chairman of the executive committee of the board of directors, the chairman
of the trust committee, the president, any executive vice president, any vice
president, any assistant vice president, the secretary, any assistant secretary,
the treasurer, any assistant treasurer, the cashier, any assistant cashier, any

                                       9
<PAGE>

trust officer or assistant trust officer, or any other employee of the Trustee
customarily performing functions similar to those performed by any of the above
designated officers and also means, with respect to a particular corporate trust
matter, any other officer to whom such matter is referred because of such
person's knowledge of and familiarity with the particular subject.

         "Restricted Payment" means: (a) the declaration or payment of any
dividend or any other distribution on the capital stock of the Company or any
Subsidiary of the Company or any payment made to the direct or indirect holders
(in their capacities as such) of the capital stock of the Company or any
Subsidiary of the Company (other than (i) the distribution of an amount equal to
up to 25% of the gross proceeds of the offering of the Securities immediately
subsequent to the Offering, (ii) reasonable distributions payable to cover the
anticipated tax liability to be incurred by Shareholders of the Company as a
result of the pass-through of the Company's income to its Shareholders due to
its S Corp tax election under the Code; (iii) dividends or distributions payable
solely in capital stock or in options, warrants or other rights to purchase
capital stock, and (iv) in the case of any Subsidiary of the Company, dividends
or distributions payable to the Company or to a Subsidiary of the Company), (b)
the purchase, redemption or other acquisition or retirement for value of any
capital stock of the Company or any Subsidiary or (c) payments to, investments
in, or transfers of any value to any Restricted Subsidiary. If a Restricted
Payment is made in other than cash, the value of any such payment shall be
determined in good faith by the Board of Directors, whose determination shall be
conclusive and evidenced by a Company Resolution to be filed with the Trustee.
For purposes of this definition, "Restricted Payment" shall not include (a)
payments made in the form of the Company's common stock, (b) mandatory
repurchase obligations by the Company with respect to shares issued by any
employee stock ownership plan of the Company or redeemed from Joel Kaul pursuant
to the buy/sell agreement entered into between the Company and Mr. Kaul, or (c)
purchases of common stock of a Wholly-Owned Subsidiary of the Company that is
not a Restricted Subsidiary.

         "Restricted Subsidiary" and "Restricted Subsidiaries" have the meaning
specified in Section 910.

         "Securities" means the Senior Subordinated Adjustable Rate Notes issued
pursuant to this Indenture.

         "Securities Custodian" means the Trustee, as custodian with respect to
the Securities in global form, or any successor thereto.

         "Securities Register" and "Securities Registrar" have the respective
meanings specified in Section 205.

         "Securityholder" means a Person in whose name a Security is registered
on the Securities Register, or the beneficial owner of such Securities if record
ownership is held by a nominee.

         "Senior Debt" means the principal of, premium (if any) and interest on
(i) the Indebtedness of the Company evidenced by the Credit Agreement, dated
November 18, 1986, by and between the Company and Diversified Business Credit,
Inc., as amended by various Amendments to such Credit Agreement, dated June 2,
1993; June 12, 1995; September 30, 1996; July 1, 1997; February 27, 1998; April
8, 1999; April 4, 2000; December 21, 2000; November 12, 2001; and May 3, 2002,

                                       10
<PAGE>

by and between the Company and Diversified Business Credit, Inc.; and (ii) any
and all Indebtedness of the Company (other than the Securities, Parity Debt and
Subordinated Debt) incurred in connection with the borrowing of money from or
guaranteed to banks, trust companies, insurance companies and other financial
institutions, including all Indebtedness to such institutions and
seller-financed land acquisitions to the extent it is secured by real estate
and/or assets of the Company, evidenced by bonds, debentures, mortgages, notes
or other securities or other instruments, incurred, assumed or guaranteed by the
Company before, at or after the date of execution of this Indenture, and (iii)
all renewals, extensions and refundings thereof, provided that any Indebtedness
shall not be Senior Debt if the instrument creating or evidencing any such
Indebtedness or pursuant to which such Indebtedness is outstanding, provides
that such Indebtedness, or such renewal, extension or refunding thereof, is
junior or is not superior in right of payment to the Securities.

         "Special Record Date" for the payment of any Defaulted Interest means a
date fixed by the Trustee pursuant to Section 208.

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

         "Subordinated Debt" means any and all Indebtedness of the Company (but
not of any Subsidiary) created, incurred, assumed or guaranteed by the Company
before, at or after the date of execution of this Indenture which, by the terms
of the instrument (or any supplemental instrument) creating or evidencing such
Indebtedness or pursuant to which such Indebtedness is outstanding, (a) it is
provided that such Indebtedness, or any renewal, extension, or refunding
thereof, is expressly subordinate and junior in right of payment to the
Securities (whether or not subordinated to any other Indebtedness or the
Company) or (b) it is not, by its terms, Senior Debt or Parity Debt.
"Subordinated Debt" shall include any Indebtedness of the Company to Affiliates
of the Company and any Indebtedness incurred by the Company under any agreement
to redeem or repurchase any securities of the Company.

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

         "TIA" means the Trust Indenture Act of 1939, as amended, as in effect
on the date of this Indenture, except as provided in Section 806, and except to
the extent any amendment to the Trust Indenture Act expressly provides for
application of the Trust Indenture Act as in effect on another date.

         "Trust Estate" means all rights, interest and property which has been
collaterally assigned to the Trustee.

                                       11
<PAGE>

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

         "Wholly-Owned" when used in connection with any Subsidiary, means a
Subsidiary of which all of the issued and outstanding shares of stock, except
shares required as directors' qualifying shares, are owned by the Company and/or
one or more of its Wholly-Owned Subsidiaries. For purposes of this definition,
"voting stock" shall have the same meaning as in the definition of Subsidiary.

Section 102.  Trust Indenture Act Provisions.

         Whenever this Indenture refers to a provision of the TIA, that
provision is incorporated by reference in and made a part of this Indenture. The
Indenture shall also include those provisions of the TIA required to be included
herein by the provisions of the Trust Indenture Reform Act of 1990. The
following TIA terms used in this Indenture have the following meanings:

         "indenture securities" means the Securities;

         "indenture security holder" means a Securityholder;

         "indenture to be qualified" means this Indenture;

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

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

Section 103.  Compliance Certificates and Opinions.

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

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

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

                                       12
<PAGE>

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

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

Section 104.  Trust Indenture Act Controls.

         If any provision of this Indenture limits, qualifies or conflicts with
the duties imposed by any of Sections 310 to 317, inclusive, of the TIA through
operation of Section 318(c) thereof, such imposed duties under the TIA shall
control.

Section 105.  Form of Documents Delivered to Trustee.

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

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

         Where any Person is required to make, give or execute two or more
applications, requests, consents, certificates, statements, opinions or other
instruments under this Indenture, they may be consolidated and form one
instrument.

Section 106.  Acts of Securityholders.

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

                                       13
<PAGE>

sufficient for any purpose of this Indenture and (subject to Section 501)
conclusive in favor of the Trustee and the Company, if made in the manner
provided in this Section.

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

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

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

Section 107.  Notices, etc., to Trustee and Company.

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

         (1) the Trustee by any Holder or by the Company shall be sufficient for
every purpose hereunder if made, given, furnished or filed in writing to or with
the Trustee at its Corporate Trust Office, specified in the first paragraph of
this instrument, or

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

Section 108.  Notice to Securityholders; Waiver.

         Where this Indenture or any Security provides for notice to
Securityholders of any event, such notice shall be sufficiently given (unless
otherwise herein expressly provided) if in writing and mailed, first-class
postage prepaid, to each Holder, or if the terms herein provide for notice to
less than all Securityholders, then to such Securityholders as to whom notice
may be required to be sent, at each such Holder's address as it appears on the
Security Register, not later than the latest date and not earlier than the
earliest date prescribed for the giving of such notice. In any case where notice
to Securityholders is given by mail, neither the failure to mail such notice,
nor any defect in any notice so mailed, to any particular Holder shall affect
the sufficiency of such notice with respect to other Securityholders. Where this

                                       14
<PAGE>

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

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

Section 109.  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 110.  Successors and Assigns.

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

Section 111.  Separability Clause.

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

Section 112.  Benefits of Indenture.

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

Section 113.  Governing Law.

         This Indenture and the Securities shall be governed by and construed in
accordance with the laws of the State of Minnesota, without giving effect to the
conflict of laws principles thereof.

Section 114.  Legal Holidays.

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

                                       15
<PAGE>

                                   ARTICLE TWO

                                 THE SECURITIES

Section 201.  Form Generally.

         The Securities and the Trustee's certificate of authentication thereon
shall be substantially in the respective forms set forth in Exhibit A, which
Exhibit is incorporated and made part of this Indenture. The Securities may have
insertions, omissions, substitutions and other variations as are required or
permitted by this Indenture and may have such letters, numbers or other marks of
identification and such notations, legends or endorsements placed thereon as may
be required by law or to comply with the rules of any securities exchange or as
may, consistently herewith, be determined to be necessary by the officers
executing such Securities, as evidenced by their execution of the Securities.
Any portion of the text of any Security may be set forth on the reverse thereof,
with an appropriate reference thereto on the face of the Security.

Section 202.  Title and Terms Generally.

         The Securities shall be known and designated as the Senior Subordinated
Adjustable Rate Notes of the Company. The maximum aggregate principal amount of
Securities to be authenticated and delivered under this Indenture is $5,750,000
respectively, excluding accrued interest, except for Securities authenticated
and delivered upon registration of transfer of, or in exchange for, or in lieu
of, other Securities pursuant to Sections 306 and 1109 hereof.

         The Securities shall be dated as of the Closing Date and shall bear
interest from the Closing Date. To the extent any Securities are sold pursuant
to Dougherty & Company LLC's over-allotment option after an Interest Payment
Date, such securities will accrue interest from the most recent Interest Payment
Date to which interest has been paid or duly provided for, as the case may be.
Interest shall be payable on each March 31, June 30, September 30, and December
31, commencing on the first Interest Payment Date following Closing. The
Securities will mature on September 30, 2010.

         The Securities shall bear interest at an initial rate equal to the
greater of 8.00% per annum or Prime Rate plus 3.00% determined on the Closing
Date. Thereafter, the initial interest rate will be re-set quarterly (starting
on September 30, 2002) to equal the greater of 8.00% per annum or Prime Rate
plus 3.00%. Notwithstanding anything to the contrary in this Section, interest
rates payable on the Securities shall not exceed 14.00% per annum.

         The principal of (and premium, if any) and interest on the Securities
shall be payable at the office or agency maintained by the Company in St. Paul
or Minneapolis, Minnesota, (initially the principal corporate trust office of
the Trustee) pursuant to Section 902, maintained for such purpose.

         The Securities shall be redeemable as provided in Article Ten.

                                       16
<PAGE>

         The Securities are unsecured obligations of the Company and shall be
subordinated in right of payment to Senior Debt of the Company as provided in
Article Eleven.

         The Securities shall be equal in right of payment to certain
Indebtedness of the Company defined as Parity Debt.

         The Securities shall be senior in right of payment to all Subordinated
Debt. The Securities are an obligation of the Company but not of any Affiliate.

Section 203.  Global Security.

         (1) Securities issued in global form shall be substantially in the form
of Exhibit A attached hereto and incorporated herein (including the Global
Security Legend thereon and the "Schedule of Exchanges and Securities" attached
thereto. The Global Security or Securities shall be deposited on behalf of the
purchasers of the Securities represented thereby with the Trustee, at its
Corporate Trust Office, as custodian for the depositary, The Depository Trust
Company ("DTC") (such depositary, or any successor thereto, being hereinafter
referred to as the "Depositary"), and registered in the name of its nominee,
Cede & Co., duly executed by the Company and authenticated by the Trustee as
hereinafter provided. The aggregate principal amount of the Global Security may
from time to time be increased or decreased by adjustments made on the records
of the Securities Custodian as hereinafter provided, subject in each case to
compliance with the Applicable Procedures.

         (2) Each Global Security shall represent such of the outstanding
Securities as shall be specified therein and each shall provide that it shall
represent the aggregate amount of outstanding Securities from time to time
endorsed thereon and that the aggregate amount of outstanding Securities
represented thereby may from time to time be reduced or increased, as
appropriate, to reflect exchanges, redemptions or purchases of such Securities.
Any endorsement of a Global Security to reflect the amount of any increase or
decrease in the amount of outstanding Securities represented thereby shall be
made by the Securities Custodian in accordance with the standing instructions
and procedures existing between the Depositary and the Securities Custodian.

         (3) Members of, or participants in, the Depositary ("Agent Members")
shall have no rights under this Indenture with respect to any Global Security
held on their behalf by the Depositary or under any Global Security, and the
Depositary (including, for this purpose, its nominee) may be treated by the
Company, the Trustee and any agent of the Company or the Trustee as the absolute
owner and Holder of such Global Security for all purposes whatsoever.
Notwithstanding the foregoing, nothing herein shall (A) prevent the Company, the
Trustee or any agent of the Company or the Trustee from giving effect to any
written certification, proxy or other authorization furnished by the Depositary
or (B) impair, as between the Depositary and its Agent Members, the operation of
customary practices governing the exercise of the rights of a Holder of any
Security.

         (4) Securities shall be issued in definitive form only under the
limited circumstances provided in Section 206 hereof. Securities issued in
definitive form shall be substantially in the form of Exhibit A attached hereto
(but without the Global Security Legend thereon and without the "Schedule of
Exchanges of Securities" attached thereto).

                                       17
<PAGE>

Section 204.  Execution and Authentication.

         An Officer shall sign the Securities for the Company by manual or
facsimile signature attested by the manual or facsimile signature of the
Secretary or an Assistant Secretary of the Company. Typographic and other minor
errors or defects in any such facsimile signature shall not affect the validity
or enforceability of any Security which has been authenticated and delivered by
the Trustee.

         If an Officer whose signature is on a Security no longer holds that
office at the time the Trustee authenticates the Security, the Security shall be
valid nevertheless.

         A Security shall not be valid until an authorized signatory of the
Trustee manually signs the certificate of authentication on the Security. The
signature shall be conclusive evidence that the Security has been authenticated
under this Indenture.

         The Trustee shall authenticate and make available for delivery
Securities for original issue in the aggregate principal amount of up to
$5,750,000 upon receipt of a written order or orders of the Company signed by an
Officer of the Company (a "Company Order"). The Company Order shall specify the
amount of Securities to be authenticated, shall provide that all such Securities
will be represented by a Global Security and the date on which each original
issue of Securities is to be authenticated. The aggregate principal amount of
Securities outstanding at any time may not exceed $5,750,000.

         The Trustee shall act as the initial authenticating agent. Thereafter,
the Trustee may appoint an authenticating agent acceptable to the Company to
authenticate Securities. An authenticating agent may authenticate Securities
whenever the Trustee may do so. Each reference in this Indenture to
authentication by the Trustee includes authentication by such agent. An
authenticating agent shall have the same rights as an Agent to deal with the
Company or an Affiliate of the Company.

         The Securities shall be issuable only in registered form without
coupons and only in denominations of $5,000 each or $1,000 increments
thereafter.

Section 205.  Securities Registrar.

         (1) The Company shall cause to be kept at the Corporate Trust Office of
the Trustee a register (the register maintained in such office or any other
office or agency pursuant to Section 902 being herein sometimes referred to as
the "Securities Register") in which, subject to such reasonable regulations as
it may prescribe, the Company shall provide for the registration of Securities
and of transfers of Securities. The Trustee is hereby appointed "Securities
Registrar" for the purpose of registering Securities and transfers of Securities
as herein provided.

Section 206.  Transfer and Exchange.

         (1) TRANSFER AND EXCHANGE OF GLOBAL SECURITIES. A Global Security may
not be transferred as a whole except by the Depositary to a nominee of the

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Depositary, by a nominee of the Depositary to the Depositary or to another
nominee of the Depositary, or by the Depositary or any such nominee to a
successor Depositary or a nominee of such successor Depositary. All Global
Securities will be exchanged by the Company for Definitive Securities if (i) the
Company delivers to the Trustee notice from the Depositary that it is unwilling
or unable to continue to act as Depositary or that it is no longer a clearing
agency registered under the Exchange Act and, in either case, a successor
Depositary is not appointed by the Company within 120 days after the date of
such notice from the Depositary or (ii) the Company in its sole discretion
determines that the Global Securities (in whole but not in part) should be
exchanged for Definitive Securities and delivers a written notice to such effect
to the Trustee. Any holder of a beneficial interest in a Global Security may
exchange such beneficial interest for a Definitive Security in the event that
there shall have occurred and be continuing an Event of Default or any event
which after notice or lapse of time or both would be an event of default with
respect to the Securities. Upon the occurrence of any of the preceding events
referred to above, Definitive Securities shall be issued in such names as the
Depositary shall instruct the Trustee. Global Securities also may be exchanged
or replaced, in whole or in part, as provided in Sections 207 and 210 hereof.
Every Security authenticated and delivered in exchange for, or in lieu of, a
Global Security or any portion thereof, pursuant to this Section 206 or Section
207 or 210 hereof, shall be authenticated and delivered in the form of, and
shall be, a Global Security. A Global Security may not be exchanged for another
Security other than as provided in this Section 206, however, beneficial
interests in a Global Security may be transferred and exchanged as provided in
Section 206(2), (3) or (4) hereof.

         (2) TRANSFER AND EXCHANGE OF BENEFICIAL INTERESTS IN THE GLOBAL
SECURITIES. The transfer and exchange of beneficial interests in the Global
Securities shall be effected through the Depositary, in accordance with the
provisions of this Indenture and the Applicable Procedures. Transfers of
beneficial interests in The Global Securities shall require compliance with
either subparagraph (a) or (b) below, as applicable:

                  (a) Transfer of Beneficial Interests in the Same Global
         Security. Beneficial interests in any Global Security may be
         transferred to Persons who take delivery thereof in the form of a
         beneficial interest in Global Security. No written orders or
         instructions shall be required to be delivered to the Securities
         Registrar to effect the transfers described in this Section 206(2)(a).

                  (b) All Other Transfers and Exchanges of Beneficial Interests
         in Global Securities. In connection with all transfers and exchanges of
         beneficial interests that are not subject to Section 206(2)(a) above,
         the transferor of such beneficial interest must deliver to the
         Securities Registrar either (i) (1) a written order from a Participant
         or an Indirect Participant given to the Depositary in accordance with
         the Applicable Procedures directing the Depositary to credit or cause
         to be credited a beneficial interest to be transferred or exchanged and
         (2) instructions given in accordance with the Applicable Procedures
         containing information regarding the Participant account to be credited
         with such increase or (ii)(1) a written order from a Participant or an
         Indirect Participant given to the Depositary in accordance with the
         Applicable Procedures directing the Depositary to cause to be issued a
         Definitive Security in an amount equal to the beneficial interest to be

                                       19
<PAGE>

         transferred or exchanged and (2) instructions given by the Depositary
         to the Securities Registrar containing information regarding the Person
         in whose name such Definitive Security shall be registered to effect
         the transfer or exchange referred to in (1) above. Upon satisfaction of
         all of the requirements for transfer or exchange of beneficial
         interests in Global Securities contained in this Indenture and the
         Securities or otherwise applicable under the Securities Act, the
         Trustee shall adjust the principal amount of the relevant Global
         Security(ies) pursuant to Section 206(6) hereof.

         (3) TRANSFER OR EXCHANGE OF BENEFICIAL INTERESTS FOR DEFINITIVE
SECURITIES. If any holder of a beneficial interest in a Global Security proposes
to exchange such beneficial interest for a Definitive Security or to transfer
such beneficial interest to a Person who takes delivery thereof in the form of a
Definitive Security, then, upon satisfaction of the conditions set forth in
Section 206(2)(b) hereof, the Trustee shall cause the aggregate principal amount
of the applicable Global Security to be reduced accordingly pursuant to Section
206 hereof, and the Company shall execute and the Trustee shall authenticate and
deliver to the Person designated in the instructions a Definitive Security in
the appropriate principal amount. Any Definitive Security issued in exchange for
a beneficial interest pursuant to this Section 206(3) shall be registered in
such name or names and in such authorized denomination or denominations as the
holder of such beneficial interest shall instruct the Securities Registrar
through instructions from the Depositary and the Participant or Indirect
Participant.

         (4) TRANSFER AND EXCHANGE OF DEFINITIVE SECURITIES FOR BENEFICIAL
INTEREST IN GLOBAL SECURITIES. A Holder of a Definitive Security may exchange
such Security for a beneficial interest in a Global Security or transfer such
Definitive Securities to a Person who takes delivery thereof in the form of a
beneficial interest in a Global Security at any time. Upon receipt of a request
for such an exchange or transfer, the Trustee shall cancel the applicable
Definitive Security and increase or cause to be increased the aggregate
principal amount of one of the Global Securities.

         (5) TRANSFER AND EXCHANGE OF DEFINITIVE SECURITIES FOR DEFINITIVE
SECURITIES. Upon request by a Holder of Definitive Securities and such
requesting Holder's presenting or surrendering to the Securities Registrar of
the Definitive Securities duly endorsed and accompanied by written instruction
of transfer in form satisfactory to the Securities Registrar duly executed by
such Holder or by its attorney, duly authorized in writing, the Securities
Registrar shall register the transfer and exchange of Definitive Securities.

         (6) CANCELLATION AND/OR ADJUSTMENT OF GLOBAL SECURITIES. At such time
as all beneficial interests in a particular Global Security have been exchanged
for Definitive Securities or a particular Global Security has been redeemed,
repurchased or canceled in whole and not in part, each such Global Security
shall be returned to or retained and canceled by the Trustee in accordance with
Section 211 hereof. At any time prior to such cancellation, if any beneficial
interest in a Global Security is exchanged for or transferred to a Person who
will take delivery thereof in the form of a beneficial interest in another
Global Security shall be reduced accordingly and an endorsement shall be made on
such Global Security by the Trustee or by the Depositary at the direction of the
Trustee to reflect such reduction; and if the beneficial interest is being
exchanged for or transferred to a Person who will take delivery thereof in the
form of a beneficial interest in another Global Security, such other Global

                                       20
<PAGE>

Security shall be increased accordingly and an endorsement shall be made on such
Global Security by the Trustee or by the Depositary at the direction of the
Trustee to reflect such increase.

         (7) GENERAL PROVISIONS RELATING TO TRANSFERS AND EXCHANGES.

                  (a) To permit registrations of transfers and exchanges, the
         Company shall execute and the Trustee shall authenticate Global
         Securities and Definitive Securities upon the Company's order or at the
         Securities Registrar's request.

                  (b) No service charge shall be made to a holder of a
         beneficial interest in a Global Security or to a Holder of a Definitive
         Security for any registration of transfer or exchange, but the Company
         may require payment of a sum sufficient to cover any transfer tax or
         similar governmental charge payable in connection therewith (other than
         any such transfer taxes or similar governmental charge payable upon
         exchange or transfer pursuant to Sections 210, 805 and 1009 hereof).

                  (c) The Securities Registrar shall not be required to register
         the transfer of or exchange any Security selected for redemption in
         whole or in part, except the unredeemed portion of any Security being
         redeemed in part.

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

                  (e) The Company shall not be required (i) to issue, to
         register the transfer of or to exchange any Securities during a period
         beginning at the opening of business 15 days before the day of any
         selection of Securities for redemption under Section 1006 hereof and
         ending at the close of business on the day of selection, (ii) to
         register the transfer of or to exchange any Security so selected for
         redemption in whole or in part, except the unredeemed portion of any
         Security being redeemed in part or (iii) to register the transfer of or
         to exchange a Security between a record date and the next succeeding
         Interest Payment Date.

                  (f) Prior to due presentment for the registration of a
         transfer of any Security, the Trustee, any Agent and the Company may
         deem and treat the Person in whose name any Security is registered as
         the absolute owner of such Security for the purpose of receiving
         payment of principal of and interest on such Securities and for all
         other purposes, and none of the Trustee, any Agent or the Company shall
         be affected by notice to the contrary.

                  (g) The Trustee shall authenticate Global Securities and
         Definitive Securities in accordance with the provisions of Section 204
         hereof.

                                       21
<PAGE>

                  (h) All certifications, certificates and Opinions of Counsel
         required to be submitted to the Securities Registrar pursuant to this
         Section 206 to effect a registration of transfer or exchange may be
         submitted by facsimile.

Section 207.  Replacement Securities.

         If any mutilated Security is surrendered to the Trustee or the Company
or the Trustee receives evidence to its satisfaction of the destruction, loss or
theft of any Security, the Company shall issue and the Trustee, upon receipt of
an Authentication Order, shall authenticate a replacement Security if the
Trustee's requirements are met. If required by the Trustee or the Company, an
indemnity bond must be supplied by the Holder that is sufficient in the judgment
of the Trustee and the Company to protect the Company, the Trustee, any Agent
and any authenticating agent from any loss that any of them may suffer if a
Security is replaced. The Company may charge for its expenses in replacing a
Security.

         Every replacement Security is an additional obligation of the Company
and shall be entitled to all of the benefits of this Indenture equally and
proportionately with all other Securities duly issued hereunder.

Section 208.  Outstanding Securities.

         The Securities outstanding at any time are all the Securities
authenticated by the Trustee except for those canceled by it, those delivered to
it for cancellation, those reductions in the interest in a Global Security
effected by the Trustee in accordance with the provisions hereof, and those
described in this Section as not outstanding. Except as set forth in Section 209
hereof, a Security does not cease to be outstanding because the Company or an
Affiliate of the Company holds the Security.

         If a Security is replaced pursuant to Section 207 hereof, it ceases to
be outstanding unless the Trustee receives proof satisfactory to it that the
replaced Security is held by a bona fide purchaser.

         If the principal amount of any Security is considered paid under
Section 301 hereof, it ceases to be outstanding and interest on it ceases to
accrue.

         If the Paying Agent (other than the Company, a Subsidiary or an
Affiliate of any thereof) holds, on a Redemption Date or maturity date, money
sufficient to pay Securities payable on that date, then on and after that date
such Securities shall be deemed to be longer outstanding and shall cease to
accrue interest.

Section 209.  Treasury Securities.

         In determining whether the Holders of the required principal amount of
Securities have concurred in any direction, waiver or consent, Securities owned
by the Company, or by any person directly or indirectly controlling or
controlled by or under direct or indirect common control with the Company, shall
be considered as though not outstanding, except that for the purposes of
determining whether the Trustee shall be protected in relying on any such
direction, waiver or consent, only Securities that the trustee knows are so
owned shall be so disregarded.

                                       22
<PAGE>

Section 210.  Temporary Securities.

         Until certificates representing Securities are ready for delivery, the
Company may prepare and the Trustee, upon receipt of an Authentication Order,
shall authenticate temporary Securities. Temporary Securities shall be
substantially in the form of certificated Securities but may have variations
that the Company considers appropriate for temporary Securities and as shall be
reasonably acceptable to the Trustee. Without unreasonable delay, the Company
shall prepare and the Trustee shall authenticate Definitive Securities in
exchange for temporary Securities.

Section 211.  Cancellation.

         The Company at any time may deliver Securities to the Trustee for
cancellation. The Securities Registrar and Paying Agent shall forward to the
Trustee any Securities surrendered to them for registration of transfer,
exchange or payment. The Trustee and no one else shall cancel all Securities
surrendered for registration of transfer, exchange, payment, replacement or
cancellation and shall destroy canceled Securities (subject to the record
retention requirement of the Exchange Act). Certification of the destruction of
all canceled Securities shall be delivered to the Company. The Company may not
issue new Securities to replace Securities that it has paid or that have been
delivered to the Trustee for cancellation.

Section 212.  Payment of Interest; Interest Rights Preserved.

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

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

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

                                       23
<PAGE>

Company of such Special Record Date and, in the name and at the expense of the
Company, shall cause notice of the proposed payment of such Defaulted Interest
and the Special Record Date therefor to be mailed, first-class postage prepaid,
to each Holder at such Holder's address as it appears in the Security Register,
not less than 10 days prior to such Special Record Date. The Trustee may, in its
discretion, in the name and at the expense of the Company, cause a similar
notice to be published at least once in an Authorized Newspaper, but such
publication shall not be a condition precedent to the establishment of such
Special Record Date. Notice of the proposed payment of such Defaulted Interest
and the Special Record Date therefor having been so mailed, such Defaulted
Interest shall be paid to the Persons in whose names the Securities (or their
respective Predecessor Securities) are registered at the close of business on
such Special Record Date and shall no longer be payable pursuant to the
following Paragraph (2).

         (2) The Company may make payment of any Defaulted Interest in any other
lawful manner not inconsistent with the requirements of any securities exchange
or market on which the Securities may be listed or included and, upon such
notice as may be required by such exchange or market 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.

         If any installment of interest whose Stated Maturity is on or prior to
the Redemption Date for any Securities called for redemption pursuant to Article
Ten is not paid or duly provided for on or prior to the Redemption Date in
accordance with the foregoing provisions of this Section, such interest shall be
payable as part of the Redemption Price of such Securities.

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

         All payments of interest on the Securities to the person entitled
thereto, whether made by the Company, the Trustee or any Paying Agent, as
authorized pursuant to this Indenture, shall be made (subject to collection) by
check mailed to the address of the person entitled thereto as such address shall
appear on the Security Register, unless the Trustee determines such methods to
be inappropriate in the circumstances.

Section 213.  Persons Deemed Owners.

         Prior to due presentment of a Security for registration of transfer,
the Company, the Trustee, the Securities Registrar and any agent of the Company
or the Trustee may treat the Person in whose name such Security is registered as
the owner of such Security for the purpose of receiving payment of principal of
(and premium, if any) and (subject to Section 214) interest on such Security and
for all other purposes whatsoever, whether or not such Security be overdue, and
neither the Company, the Trustee nor any agent of the Company or the Trustee
shall be affected by notice to the contrary.

Section 214.  Computation of Interest.

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

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<PAGE>

Section 215.  CUSIP Numbers.

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

                                  ARTICLE THREE

                           SATISFACTION AND DISCHARGE

Section 301.  Satisfaction and Discharge of Indenture.

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

         (1) either

                  (a) all outstanding Securities have been paid in full; or

                  (b) all such Securities that have not been paid in full (i)
have become due or payable, (ii) will become due and payable at their Stated
Maturity within one year, or (iii) are to be called for redemption within one
year under arrangements satisfactory to the Trustee for the giving of notice of
redemption by the Trustee in the name, and at the expense, of the Company; and
the Company, in the case of this subsection (b)(i) or (ii) above, has deposited
or caused to be deposited with the Trustee as trust funds in trust for the
purpose an amount sufficient to pay and discharge the entire indebtedness on
such Securities for principal (and premium, if any) and interest to the date of
such deposit (in the case of Securities which have become due and payable) or to
the Stated Maturity or Redemption Date, as the case may be;

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

         (3) the Company shall have delivered to the Trustee an Officer's
Certificate and an Opinion of Counsel to the effect that such deposit does not
violate (a) the provisions of Article Eleven hereof or (b) any provisions of any
Senior Debt; and

                                       25
<PAGE>

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

         Notwithstanding the satisfaction and discharge of this Indenture, the
obligations of the Company to the Trustee under Section 507 shall survive, and,
if the money shall have been deposited with the Trustee pursuant to subclause
(b) of clause (1) of this Section, the obligations of the Trustee under Section
302 and the last paragraph of Section 903 shall survive.

Section 302.  Application of Trust Money.

         All money deposited with the Trustee pursuant to Section 301 shall be
held in trust and applied by it, in accordance with the provisions of the
Securities and this Indenture, to the payment, either directly or through any
Paying Agent as the Trustee may determine, to the Persons entitled thereto, of
the principal (and premium, if any) and interest for whose payment such money
has been deposited with the Trustee.

                                  ARTICLE FOUR

                                    REMEDIES

Section 401.  Events of Default.

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

         (1) default in the payment of any installment interest upon any
Security when it becomes due and payable and continuance of such default for a
period of ten (10) days (whether or not such payment is prohibited under the
provisions of Article Eleven); or

         (2) default in the payment of the principal of or premium, if any, on
any Security when it becomes due, including payments pursuant to Article 10
(whether or not such payment is prohibited under the provisions of Article
Eleven); or

         (3) breach of a covenant of the Company contained in Sections 907, 908
or 911 hereof and the continuance of such breach for a period of fifteen (15)
days after the due date for filing of the report pursuant to Section 603(5)
which reports such breach, provided, however, that prior to the expiration of
the fifteen (15) day period referred to above, the Company shall not have filed
with the Trustee a certification of Deloitte and Touche LLP, or such other
certified independent public auditor, certifying that such breach has been
cured; or

         (4) default in the performance, or breach, of any covenant or warranty
of the Company in this Indenture (other than a covenant or warranty default in
whose performance or whose breach is elsewhere in this Section specifically
dealt with), and continuance of such default or breach for a period of 30 days
after there has been given, by registered or certified mail, to the Company by
the Trustee or to the Company and the Trustee by the Securityholders of at least

                                       26
<PAGE>

25% in principal amount of the Outstanding Securities, a written notice (and the
Trustee shall give such written notice to the Company upon the request of the
Securityholders of at least 25% in principal amount of the Outstanding
Securities) specifying such default or breach and requiring it to be remedied
and stating that such notice is a "Notice of Default" hereunder; or

         (5) a default under any bond, security, note or other evidence of
Indebtedness of the Company or any Subsidiary (including obligations under
leases required to be capitalized on the balance sheet of the lessee under
generally accepted accounting principles), or a default under any mortgage,
indenture or instrument under which there may be issued or by which there may be
secured or evidenced any Indebtedness of the Company or Subsidiary, (including
such leases), whether such indebtedness now exists or shall hereafter be
created, which default shall have resulted in such indebtedness in excess of
$250,000 becoming or being declared due and payable prior to the date on which
it would otherwise have become due and payable or such obligations in excess of
$250,000 being accelerated, without such acceleration having been rescinded or
annulled or such Indebtedness shall not have been discharged within a period of
30 days after such default or acceleration; provided, however, that this Section
401(5) shall not apply to (a) a default under any purchase money obligation of
the Company if, and so long as, the Company is in good faith and in the exercise
of its reasonably prudent business judgment, contesting its obligations
thereunder in accordance with a reasonable interpretation of the documentation
of such obligation; or (b) a default in a contractual obligation not otherwise
constituting Indebtedness if and so long as, the Company is in good faith
contesting such obligation and has posted a bond sufficient to pay such
obligation in the event it is determined to be due and payable; or

         (6) the entry of a decree or order by a court having jurisdiction in
the premises adjudging the Company or any Subsidiary a bankrupt or insolvent, or
approving as properly filed a petition seeking reorganization, arrangement,
adjustment or composition of or in respect of the Company or any Subsidiary,
under Federal bankruptcy law, as now or hereafter constituted, or any other
applicable Federal or State bankruptcy, insolvency or other similar law, or
appointing a receiver, liquidator, assignee, trustee, sequestrator or other
similar official of the Company or any Subsidiary or of any substantial part of
its property, or ordering the winding up or liquidation of its affairs, and the
continuance of any such decree or order unstayed and in effect for a period of
sixty (60) consecutive days; or

         (7) the commencement by the Company or any Subsidiary of a voluntary
case under Federal bankruptcy law, as now or hereafter constituted, or any other
applicable Federal or State bankruptcy, insolvency, or other similar law, or the
consent by it to the institution of bankruptcy or insolvency proceedings against
it, or the filing by it of a petition or answer or consent seeking
reorganization or relief under Federal bankruptcy law or any other applicable
Federal or State law, or the consent by it to the filing of such petition or to
the appointment of a receiver, liquidator, assignee, trustee, sequestrator or
similar official of the Company or any Subsidiary or of any substantial part of
its property, or the making by it of an assignment for the benefit of creditors,
or the admission by it in writing of its inability to pay its debts generally as
they become due, or the taking of corporate action by the Company or any
Subsidiary in furtherance of any such action; or

                                       27
<PAGE>

         (8) the rendering of a final judgment or judgments (not subject to
appeal) for the payment of money against the Company or any Subsidiary, not
fully insured against, in an aggregate amount in excess of $100,000 by a court
or courts of competent jurisdiction, which judgment or judgments remain
unsatisfied for a period of 30 days after the right to appeal all such judgments
has expired or otherwise terminated.

Section 402.  Acceleration of Maturity; Rescission and Annulment.

         If an Event of Default occurs and is continuing, then and in every such
case the Trustee or the Securityholders of not less than 25% in principal amount
of the Outstanding Securities may, and the Trustee upon request of the
Securityholders of not less than 25% in principal amount of the Outstanding
Securities shall, declare the principal of all the Securities to be due and
payable immediately, by notice in writing to the Company (and to the Trustee if
given by Securityholders), and upon any such declaration such entire principal
amount and all interest shall become immediately due and payable. Collection
actions or judicial proceedings may be commenced as set forth in Section 403.

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

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

                  (a) all overdue installments of interest on all Securities,

                  (b) the principal of (and premium, if any, on) any Securities
which have become due otherwise than by such declaration of acceleration and
interest thereon at the rate borne by the Securities,

                  (c) to the extent that payment of such interest is lawful,
interest upon overdue installments of interest at the rate borne by the
Securities, and

                  (d) all sums paid or advanced by the Trustee hereunder and the
reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel and the Holders and their agents and counsel if such
Holders have initiated action in accordance with this Section 402; and

         (2) all Events of Default, other than the non-payment of the principal
of Securities which have become due solely by such declaration of acceleration,
have been cured or waived as provided in Section 413.

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

Section 403.  Collection of Indebtedness and Suits for Enforcement by Trustee.

         The Company covenants that if

         (1) default is made in the payment of any installment of interest on
any Security when such interest becomes due and payable and such default
continues for a period of 10 days, or

                                       28
<PAGE>

         (2) default is made in the payment of the principal (or premium, if
any) of any Security when it becomes due, including payments pursuant to Article
Ten,

the Company will, subject to the provisions of Article Eleven, upon demand of
the Trustee or Securityholders of not less than 25% in aggregate principal
amount of the Outstanding Securities, pay to the Trustee, for the benefit of all
the Securityholders of such Securities, the whole amount then due and payable on
such Securities for principal, premium, if any, and interest, with interest upon
the overdue principal (and premium, if any) and, to the extent that payment of
such interest shall be legally enforceable, upon overdue installments of
interest, at the rate borne by the Securities and, in addition thereto, such
further amount as shall be sufficient to cover the costs and expenses of
collection, including the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel or the Holders as set forth
herein, their agents and counsel, as the case may be, whether or not judicial
proceedings are commenced.

         If the Company fails to pay such amounts forthwith upon such demand,
the Trustee, in its own name as trustee of an express trust, or the Holders of
not less than 25% in principal amount of the Securities Outstanding, on behalf
of all Holders, may institute a judicial proceeding for the collection of the
sums so due and unpaid, may prosecute such proceeding to judgment or final
decree and may enforce the same against the Company or any other obligor upon
the Securities and collect the moneys adjudged or decreed to be payable in the
manner provided by law out of the property of the Company or any other obligor
upon the Securities, wherever situated.

         If an Event of Default occurs and is continuing, the Trustee may in its
discretion proceed to protect and enforce its rights and the rights of the
Securityholders by such appropriate judicial proceedings as the Trustee shall
deem most effectual to protect and enforce any such rights, whether for the
specific enforcement of any covenant or agreement in this Indenture or in and of
the exercise of any power granted herein, or to enforce any other proper remedy.
Holders of not less than 25% in principal amount of Securities Outstanding, on
behalf of all Holders, may initiate such appropriate judicial proceedings in the
same manner as the Trustee. The Trustee or the Holders initiating action
hereunder, as the case may be, shall be reimbursed for the costs of collection
incurred as provided for above in this Section 403.

Section 404.  Trustee Shall File Proofs of Claim.

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

                                       29
<PAGE>

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

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

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or
other similar official in any such judicial proceeding is hereby authorized by
each Holder to make such payments to the Trustee and, in the event that the
Trustee shall consent to the making of such payments directly to the
Securityholders, to pay to the Trustee any amount due it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel, and any other amounts due the Trustee under Section 507 hereof.

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

Section 405.  Trustee May Enforce Claims.

         Any proceeding to prosecute and enforce instituted by the Trustee shall
be brought in its own name as trustee of an express trust, and any recovery of
judgment shall, after provision for the payment of the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel, be
for the ratable benefit of the Securityholders of the Securities in respect of
which such judgment has been recovered.

Section 406.  Application of Money Collected.

         Any money collected by the Trustee or the Holders directly or the
Holders directly pursuant to this Article shall be applied in the following
order, at the date or dates fixed by the Trustee and, in case of the
distribution of such money on account of principal or interest, upon
presentation of the Securities and the notation thereon of the payment if only
partially paid and upon surrender thereof if fully paid.

         FIRST: to the payment of all amounts due the Trustee under Section 507
hereof,

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

         THIRD: to the payment of the remainder, if any, to the Company or any
other person lawfully entitled thereto.

                                       30
<PAGE>

Section 407.  Limitation on Suits.

         (1) Prior to the declaration of acceleration provided for in Section
402 hereof, no Holder of any Security shall have any right to institute any
proceeding, judicial or otherwise, with respect to this Indenture, or for the
appointment of a receiver or trustee, or for any other remedy hereunder, unless

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

                  (b) the Securityholders of not less than 25% in principal
amount of the Outstanding Securities shall have made written request to the
Trustee to institute proceedings in respect of such Event of Default in its own
name as Trustee hereunder;

                  (c) such Holder or Securityholders have offered to the Trustee
reasonable indemnity against the costs, expenses and liabilities to be incurred
in compliance with such request;

                  (d) the Trustee for 30 days after its receipt of such notice,
request and offer of indemnity has failed to institute any such proceeding; and

                  (e) no direction inconsistent with such written request has
been given to the Trustee during such 30-day period by the Securityholders of a
majority in principal amount of the Outstanding Securities;

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

         (2) After the declaration of acceleration provided for in Section 402
hereof, Holders of 5% or more in principal amount of Outstanding Securities may
institute judicial proceedings in respect to such Event of Default which
triggers the declaration of acceleration in their own name in the manner
provided in Section 403 if the Trustee has not instituted such proceedings
within 60 days after such declaration, it being understood that such Holders
shall not have any right in any manner whatever by virtue of, or by availing of,
any provision of the Indenture to affect, disturb or prejudice the rights of any
other Holders of Securities, or to obtain or to seek to obtain priority or
preference over any other Holders or to enforce any rights under this Indenture,
except in the manner herein provided and for the equal and ratable benefit of
all the Holders of Securities.

Section 408.  Unconditional Right of Securityholders to Receive Principal,
              Premium and Interest.

         Notwithstanding any other provision in this Indenture, the Holder of
any Security shall have the right to receive payment of the principal of (and
premium, if any) and (subject to Section 212) interest on such Security when it
becomes due; including payments pursuant to Article Ten and to institute suit
for the enforcement of any such payment, and such rights shall not be impaired
without the consent of such Holder.

                                       31
<PAGE>

Section 409.  Restoration of Rights and Remedies.

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

Section 410.  Rights and Remedies Cumulative.

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

Section 411.  Delay or Omission Not Waiver.

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

Section 412.  Control by Securityholders.

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

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

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

Section 413.  Waiver of Past Defaults.

         The Holders of not less than a majority in aggregate principal amount
of the Outstanding Securities may on behalf of the Holders of all the Securities
waive any past default hereunder and its consequences, provided that a default
in the payment of the principal of, premium, if any, or interest on any
Security, or in respect of certain other covenants or provisions hereof cannot
be modified or amended except as set forth in Section 802 hereof.

                                       32
<PAGE>

         Upon any such waiver, such default shall cease to exist and any Event
of Default arising therefrom shall be deemed to have been cured, for every
purpose of this Indenture, but no such waiver shall extend to any subsequent or
other default or impair any right consequent thereon.

Section 414.  Undertaking for Costs.

         All parties to this Indenture agree, and each Holder of any Security 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, suffered or omitted by it as Trustee, the filing by any party litigant in
such suit of an undertaking to pay the costs of such suit, and that such court
may in its discretion assess reasonable costs, including reasonable attorneys'
fees, against any party litigant in such suit, having due regard to the merits
and good faith of the claims or defenses made by such party litigant. The
provisions of this Section shall not apply to any suit instituted by the
Trustee, to any suit instituted by any Holder, or group of Securityholders,
holding in the aggregate more than 10% in principal amount of the Outstanding
Securities, or to any suit instituted by any Holder for the enforcement of the
payment of the principal of, premium, if any, or interest on any Security when
it becomes due, including payment pursuant to Article Ten.

Section 415.  Waiver of Stay or Extension Laws.

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

                                  ARTICLE FIVE

                                   THE TRUSTEE

Section 501.  Certain Duties and Responsibilities.

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

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

                  (b) in the absence of bad faith on its part, the Trustee may
conclusively rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon certificates or opinions furnished to the
Trustee and conforming to the requirements of this Indenture, but in the case of

                                       33
<PAGE>

any such certificates or opinions which by any provision hereof are specifically
required to be furnished to the Trustee, the Trustee shall be under a duty to
examine the same to determine whether or not they conform to the requirements of
this Indenture.

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

         (3) 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:

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

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

                  (c) the Trustee shall not be liable with respect to any action
taken or omitted to be taken by it in good faith in accordance with the
direction of the Holders of a majority in principal amount of the Outstanding
Securities 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; and

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

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

Section 502.  Notice of Defaults.

         Within 60 days after the occurrence of any default hereunder, the
Trustee shall transmit by mail to all Securityholders, as their names and
addresses appear in the Security Register, notice of such default hereunder
known to a Responsible Officer of Trustee, unless such default shall have been
cured or waived, provided that (i) except in the case of a default in the
payment of the principal of (or premium, if any) or interest on any Security,
the Trustee shall be protected in withholding such notice if and so long as the
board of directors, the executive committee or a trust committee of directors or
Responsible Officers of the Trustee in good faith determine that the withholding
of such notice is in the interests of the Securityholders, and (ii) in the case
of any default of the character specified in Section 401(4), no such notice to
Securityholders shall be given until at least 30 days after the occurrence
thereof. For the purpose of this Section, the term "default" means any event
which is, or after notice or lapse of time or both would become, an Event of
Default.

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<PAGE>

Section 503.  Certain Rights of Trustee.

         Except as otherwise provided in Section 501:

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

         (2) any request or direction of the Company mentioned herein shall be
sufficiently evidenced by a Company Request or Company Order and any resolution
of the board of directors of the Company may be sufficiently evidenced by a
Company Resolution;

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

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

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

         (6) prior to the occurrence of an Event of Default hereunder and after
the curing of all Events of Default, the Trustee shall not be bound to make any
investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent,
order, bond, Security, note or other paper or document unless requested to do so
by the Holders of not less than a majority in aggregate principal amount of the
Securities then outstanding, but the Trustee, in its discretion, may make such
further inquiry or investigation into such facts or matters as it may see fit,
and, provided that if the payment within a reasonable time to the Trustee of the
costs, expenses and liabilities likely to be incurred in the making of such
investigation is not, in the opinion of the Trustee, reasonably assured to the
Trustee by the terms of this Indenture, the Trustee may require reasonable
indemnity against such expense or liability as a condition to so proceeding.

         (7) the Trustee shall have no duty to inquire as to the performance of
the Company's covenants in Article Nine or Section 1002 hereof. In addition, the
Trustee shall not be deemed to have knowledge of any Default or Event of
Default, except (i) any Default or Event of Default occurring pursuant to
Section 401(1), 401(2) or 901, or (ii) any Default or Event of Default of which
the Trustee shall have received written notification or obtained actual
knowledge.

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<PAGE>

Section 504.  Not Responsible for Recitals or Issuance of Securities.

         The recitals contained herein and in the Securities, except the
Trustee's certificates of authentication, shall be taken as the statements of
the Company and the Trustee assumes no responsibility for their correctness. The
Trustee makes no representations as to the validity or sufficiency of this
Indenture or of the Securities. The Trustee shall not be accountable for the use
or application by the Company of Securities or the proceeds thereof.

Section 505.  Trustee May Hold Securities.

         The Trustee, any Authenticating Agent, any Paying Agent, any Securities
Registrar or any other agent of the Company, in its individual or any other
capacity, may become the owner or pledgee of Securities and, subject to Section
512, may otherwise deal with the Company with the same rights it would have it
if were not Trustee, Authenticating Agent, Paying Agent, Securities Registrar or
such other agent.

Section 506.  Money Held in Trust.

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

Section 507.  Compensation and Reimbursement.

         The Company agrees

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

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

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

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

Section 508.  Disqualification; Conflicting Interests.

         (1) If the Trustee has or shall acquire any conflicting interest, as
defined in this Section 508, then, within 90 days after ascertaining that it has
such conflicting interest, and if the default (as defined in Section 508(3)) to
which such conflicting interest relates has not been cured or duly waived or
otherwise eliminated before the end of such 90-day period, the Trustee shall
either eliminate such conflicting interest or resign in the manner and with the
effect hereinafter specified in this Article.

                                       36
<PAGE>

         (2) In the event that the Trustee shall fail to comply with the
provisions of Subsection (1) of this Section, within ten (10) days after the
expiration of such 90-day period, the Trustee shall transmit by mail to all
Securityholders, as their names and addresses appear in the Securities Register,
notice of such failure.

         (3) For the purposes of this Section, the Trustee shall be deemed to
have a conflicting interest if:

                  (a) the Trustee is trustee under another indenture under which
any other securities, or certificates of interest or participation in any other
securities, of the Company are outstanding, unless such other indenture is a
collateral trust indenture under which the only collateral consists of
Securities issued under this Indenture, provided that there shall be excluded
from the operation of this paragraph any indenture or indentures under which
other securities, or certificates of interest or participation in other
securities, of the Company are outstanding, if

                           (i) this Indenture and such other indenture or
indentures are wholly unsecured and such other indenture or indentures are
hereafter qualified under the Trust Indenture Act, unless the Commission shall
have found and declared by order pursuant to Section 306(b) or Section 307(1) of
the Trust Indenture Act that differences exist between the provisions of this
Indenture and the provisions of such other indenture or indentures which are so
likely to involve a material conflict of interest as to make it necessary in the
public interest or for the protection of investors to disqualify the Trustee
from acting as such under this Indenture and such other indenture or indentures,
or

                           (ii) the Company shall have sustained the burden of
proving, on application to the Commission and after opportunity for hearing
thereon, that trusteeship under this Indenture and such other indenture or
indentures is not so likely to involve a material conflict of interest as to
make it necessary in the public interest or for the protection of investors to
disqualify the Trustee from acting as such under one of such indentures;

                  (b) the Trustee or any of its directors or executive officers
is an underwriter for the Company;

                  (c) the Trustee directly or indirectly controls or is directly
or indirectly controlled by or is under direct or indirect common control with
an underwriter for the Company;

                  (d) the Trustee or any of its directors or executive officers
is a director, officer, partner, employee, appointee or representative of the
Company, or of an underwriter (other than the Trustee itself) for the Company
who is currently engaged in the business of underwriting, except that (i) one
individual may be a director or an executive officer, or both, of the Trustee
and a director or an executive officer, or both, of the Company but may not be

                                       37
<PAGE>

at the same time an executive officer of both the Trustee and the Company; (ii)
if and so long as the number of directors of the Trustee in office is more than
nine, one additional individual may be a director or an executive officer, or
both, of the Trustee and a director of the Company; and (iii) the Trustee may be
designated by the Company or by any underwriter for the Company to act in the
capacity of transfer agent, registrar, custodian, paying agent, fiscal agent,
escrow agent or depositary, or in any other similar capacity or, subject to the
provisions of paragraph (a) of this Subsection, to act as trustee, whether under
an indenture or otherwise;

                  (e) 10% or more of the voting securities of the Trustee is
beneficially owned either by the Company or by any director or executive officer
thereof, or 20% or more of such voting securities is beneficially owned,
collectively, by any two or more of such persons; or 10% or more of the voting
securities of the Trustee is beneficially owned either by an underwriter for the
Company or by any director, partner or executive officer of any such
underwriter, or is beneficially owned, collectively, by any two or more such
persons;

                  (f) the Trustee is the beneficial owner of, or holds as
collateral security for an obligation which is in default (as hereinafter in
this Subsection defined), (i) 5% or more of the voting securities, or 10% or
more of any other class of security of the Company not including the Securities
issued under this Indenture and securities issued under any other indenture
under which the Trustee is also trustee, or (ii) 10% or more of any class of
security of an underwriter for the Company;

                  (g) the Trustee is the beneficial owner of, or holds as
collateral security for an obligation which is in default (as hereinafter in
this Subsection defined), 5% or more of the voting securities of any person who,
to the knowledge of the Trustee, owns 10% or more of the voting securities of,
or controls directly or indirectly or is under direct or indirect common control
with the Company;

                  (h) the Trustee is the beneficial owner of, or holds as
collateral security for an obligation which is in default (as hereinafter in
this Subsection defined), 10% or more of a class of security of any person who,
to the knowledge of the Trustee, owns 50% or more of the voting securities of
the Company;

                  (i) the Trustee owns, on the date of default upon the
Securities or on any anniversary of such default while the default upon the
Securities remains outstanding, in the capacity of executor, administrator,
testamentary or inter vivos trustee, guardian, committee or conservator, or in
any other similar capacity, an aggregate of 25% or more of the voting
securities, or of any class of security, of any person, the beneficial ownership
of a specified percentage of which would have constituted a conflicting interest
under paragraph (f), (g) or (h) of this Subsection. As to any such securities of
which the Trustee acquired ownership through becoming executor, administrator or
testamentary trustee of an estate which included them, the provisions of the
preceding sentence shall not apply, for a period of two years from the date of
such acquisition, to the extent that such securities included in such estate do
not exceed 25% of such voting securities or 25% of any such class of security.
Promptly after the date of any such default and annually each succeeding year
that the Securities remain in default, the Trustee shall make a check of its
holdings of such securities in any of the above-mentioned capacities as of such

                                       38
<PAGE>

dates. If the Company fails to make payment in full of the principal of (or
premium, if any) or interest on any of the Securities when and as the same
becomes due and payable, and such failure continues for 30 days thereafter, the
Trustee shall make a prompt check of its holdings of such securities in any of
the above-mentioned capacities as of the date of the expiration of such 30-day
period, and after such date, notwithstanding the foregoing provisions of this
paragraph, all such securities so held by the Trustee, with sole or joint
control over such securities vested in it, shall, but only so long as such
failure shall continue, be considered as though beneficially owned by the
Trustee for the purposes of paragraphs (f), (g) and (h) of this Subsection; or

                  (j) except under the circumstances described in paragraphs
(1), (3), (4), (5) or (6) of Section 311(b) of the Trust Indenture Act, the
Trustee shall be or become a creditor of the Company.

         The specification of percentages in paragraphs (e) to (i), inclusive,
of this Subsection shall not be construed as indicating that the ownership of
such percentage of the securities of a person is or is not necessary or
sufficient to constitute direct or indirect control for the purposes of
paragraph (c) or (g) of this Subsection.

         For the purposes of paragraphs (f), (g), (h) and (i) of this Subsection
only, (i) the terms "security" and "securities" shall include only such
securities as are generally known as corporate securities, but shall not include
any note or other evidence of indebtedness issued to evidence an obligation to
repay moneys lent to a person by one or more banks, trust companies or banking
firms, or any certificate of interest or participation in any such note or
evidence of indebtedness; (ii) an obligation shall be deemed to be "in default"
when a default in payment of principal shall have continued for 30 days or more
and shall not have been cured; and (iii) the Trustee shall not be deemed to be
the owner or holder of (A) any security which it holds as collateral security,
as trustee or otherwise, for an obligation which is not in default as defined in
clause (ii) above, or (B) any security which it holds as collateral security
under this Indenture, irrespective of any default hereunder, or (C) any security
which it holds as agent for collection, or as custodian, escrow agent or
depositary, or in any similar representative capacity.

         (4) For the purposes of this Section:

                  (a) The term "underwriter," when used with reference to the
Company means every person who, within one year prior to the time as of which
the determination is made, has purchased from the Company with a view to, or has
offered or sold for the Company in connection with, the distribution of any
security of the Company outstanding at such time, or has participated or has had
a direct or indirect participation in any such undertaking, or has participated
or has had a participation in the direct or indirect underwriting of any such
undertaking, but such term shall not include a person whose interest was limited
to a commission from an underwriter or dealer not in excess of the usual and
customary distributors' or sellers' commission.

                  (b) The term "director" means any director of a corporation or
any individual performing similar functions with respect to any organization,
whether incorporated or unincorporated.

                                       39
<PAGE>

                  (c) The term "person" means an individual, a corporation, a
partnership, an association, a joint-stock company, a trust, an unincorporated
organization or a government or political subdivision thereof. As used in this
paragraph, the term "trust" shall include only a trust where the interest or
interests of the beneficiary or beneficiaries are evidenced by a security.

                  (d) The term "voting security" means any security presently
entitling the owner or holder thereof to vote in the direction or management of
the affairs of a person, or any security issued under or pursuant to any trust,
agreement or arrangement whereby a trustee or trustees or agent or agents for
the owner or holder of such security are presently entitled to vote in the
direction or management of the affairs of a person.

                  (e) The term "Company" means any obligor upon the Securities.

                  (f) The term "executive officer" means the president, every
vice president, every trust officer, the cashier, the secretary and the
treasurer of a corporation, and any individual customarily performing similar
functions with respect to any organization whether incorporated or
unincorporated, but shall not include the chairman of the board of directors.

                  (g) The term "default" shall mean an Event of Default or an
event which with notice or passage of time, or both, would constitute an Event
of Default.

         (5) The percentages of voting securities and other securities specified
in this Section shall be calculated in accordance with the following provisions:

                  (a) A specified percentage of the voting securities of the
Trustee, the Company or any other person referred to in this Section (each of
whom is referred to as a "person" in this paragraph) means such amount of the
outstanding voting securities of such person as entitles the holder or holders
thereof to cast such specified percentage of the aggregate votes which the
holders of all the outstanding voting securities of such person are entitled to
cast in the direction or management of the affairs of such person.

                  (b) A specified percentage of a class of securities of a
person means such percentage of the aggregate amount of securities of the class
outstanding.

                  (c) The term "amount," when used in regard to securities,
means the principal amount if relating to evidences of indebtedness, the number
of shares if relating to capital shares and the number of units if relating to
any other kind of security.

                  (d) The term "outstanding" means issued and not held by or for
the account of the issuer. The following securities shall not be deemed
outstanding within the meaning of this definition:

                           (i) securities of an issuer held in a sinking fund
relating to securities of the issuer of the same class;

                           (ii) securities of an issuer held in a sinking fund
relating to another class of securities of the issuer, if the obligation
evidenced by such other class of securities is not in default as to principal or
interest or otherwise;

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<PAGE>

                           (iii) securities pledged by the issuer thereof as
security for an obligation of the issuer not in default as to principal or
interest or otherwise; and

                           (iv) securities held in escrow if placed in escrow by
the issuer thereof, provided, that any voting securities of an issuer shall be
deemed outstanding if any person other than the issuer is entitled to exercise
the voting rights thereof.

                  (e) A security shall be deemed to be of the same class as
another security if both securities confer upon the holder or holders thereof
substantially the same rights and privileges, provided, that, in the case of
secured evidences of indebtedness, all of which are issued under a single
indenture, differences in the interest rates or maturity dates of various series
thereof shall not be deemed sufficient to constitute such series different
classes and provided, further, that, in the case of unsecured evidences of
indebtedness, differences in the interest rates or maturity dates thereof shall
not be deemed sufficient to constitute them securities of different classes,
whether or not they are issued under a single indenture.

Section 509.  Trustee Required; Eligibility.

         There shall at all times be a Trustee hereunder which shall (a) be a
corporation or trust company organized and doing business under the laws of the
United States of America, any State thereof or the District of Columbia,
authorized under such laws to exercise corporate trust powers, (b) have a
combined capital and surplus of at least $25,000,000, and (c) either have an
office in Minneapolis or Saint Paul, Minnesota or appoint an agent in
Minneapolis or Saint Paul, Minnesota to conduct any activities which the Trustee
is required under the Indenture to conduct in Saint Paul or Minneapolis. If such
corporation publishes reports of condition at least annually, pursuant to law or
to the requirements of said supervising or examining authority, then for the
purposes of this Section, the combined capital and surplus of such corporation
shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. If at any time the Trustee shall cease
to be eligible in accordance with the provisions of this Section, it shall
resign immediately in the manner and with the effect hereinafter specified in
this Article.

Section 510.  Resignation and Removal; Appointment of Successor.

         (1) No resignation or removal of the Trustee and no appointment of a
successor Trustee pursuant to this Article shall become effective until the
acceptance of appointment by the successor Trustee under Section 511.

         (2) The Trustee may resign at any time by giving written notice thereof
to the Company. If an instrument of acceptance by a successor Trustee shall not
have been delivered to the Trustee within 30 days after the giving of such
notice of resignation, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor Trustee. Such court may
thereupon after such notice, if any, as it may deem proper and prescribe, remove
the Trustee and appoint a successor Trustee.

         (3) The Trustee may be removed at any time by Act of the Holders of a
majority in principal amount of the Outstanding Securities, delivered to the
Trustee and to the Company. If an instrument of acceptance by a successor
Trustee shall not have been delivered to the Trustee within 30 days after the
giving of such notice of removal, the Trustee may petition any court of
competent jurisdiction for the appointment of a successor Trustee.

                                       41
<PAGE>

         (4) If at any time:

                  (a) the Trustee shall fail to comply with Section 508(1) after
written request therefor by the Company or by any Holder who has been a bona
fide Holder of a Security for at least six months, or

                  (b) the Trustee shall cease to be eligible under Section 509
and shall fail to resign after written request therefor by the Company or by any
Holder who has been a bona fide Holder of a Security for at least six months, or

                  (c) the Trustee shall become incapable of acting or shall be
adjudged bankrupt or insolvent or a receiver of the Trustee or of its property
shall be appointed or any public officer shall take charge or control of the
Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation, then, in any such case, (1) the Company by a
Company Resolution may remove the Trustee, or (ii) subject to Section 414, any
Holder who has been a bona fide Holder of a Security for at least six months, on
behalf of himself and all others similarly situated, may petition any court of
competent jurisdiction for the removal of the Trustee and the appointment of a
successor Trustee.

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

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

Section 511.  Acceptance of Appointment by Successor.

         Every successor Trustee appointed hereunder shall execute, acknowledge
and deliver to the Company and to the retiring Trustee an instrument accepting
such appointment, and thereupon the resignation or removal of the retiring
Trustee shall become effective and such successor Trustee, without any further
act, deed or conveyance, shall become vested with all the rights, powers, trusts
and duties of the retiring Trustee; but, on request of the Company or the

                                       42
<PAGE>

successor Trustee, such retiring Trustee, upon payment of its charges, shall
execute and deliver an instrument transferring to such successor Trustee all the
rights, powers and trusts of the retiring Trustee and shall duly assign,
transfer and deliver to such successor Trustee all property and money held by
such retiring Trustee hereunder, subject nevertheless to its lien, if any,
provided for in Section 507. Upon request of any such successor Trustee, the
Company shall execute any and all instruments for more fully and certainly
vesting in and confirming to such successor Trustee all such rights, powers and
trusts.

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

Section 512.  Merger, Conversion, Consolidation or Succession to Business.

         Any corporation into which the Trustee may be merged or converted or
with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any
corporation succeeding to all or substantially all the corporate trust business
of the Trustee, shall be the successor of the Trustee hereunder, provided that
such corporation shall be otherwise qualified and eligible under this Article,
without the execution or filing of any paper or any further act on the part of
any of the parties hereto. In case any Securities shall have been authenticated
but not delivered by the Trustee then in office, any successor by merger,
conversion or consolidation to such authenticating Trustee may adopt such
authentication and deliver the Securities so authenticated with the same effect
as if such successor Trustee had itself authenticated such Securities.

Section 513.  Preferential Collection of Claims Against Company.

         (1) Subject to Subsection (2) of this Section, if the Trustee shall be
or shall become a creditor, directly or indirectly, secured or unsecured, of the
Company within three months prior to a default, as defined in Subsection (3) of
this Section, or subsequent to such a default, then, unless and until such
default shall be cured, the Trustee shall set apart and hold in a special
account for the benefit of the Trustee individually, the Holders of the
Securities and the holders of other indenture securities, as defined in
Subsection (3) of this Section:

                  (a) an amount equal to any and all reductions in the amount
due and owing upon any claim as such creditor in respect of principal or
interest, effected after the beginning of such three-month period and valid as
against the Company and its other creditors, except any such reduction resulting
from the receipt or disposition of any property described in paragraph (2) of
this Subsection, or from the exercise of any right of set off which the Trustee
could have exercised if a petition in bankruptcy had been filed by or against
the Company upon the date of such default; and

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

                                       43
<PAGE>

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

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

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

                           (iii) to realize for its own account, but only to the
extent of the claim hereinafter mentioned, upon any property held by it as
security for any such claim, if such claim was created after the beginning of
such three-month period and such property was received as security therefor
simultaneously with the creation thereof, and if the Trustee shall sustain the
burden of proving that at the time such property was so received the Trustee had
no reasonable cause to believe that a default, as defined in Subsection (3) of
this Section, would occur within three months; or

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

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

         If the Trustee shall be required to account, the funds and property
held in such special account and the proceeds thereof shall be apportioned among
the Trustee, the Securityholders and the holders of other indenture securities
in such manner that the Trustee, the Securityholders and the holders of other
indenture securities realize, as a result of payments from such special account
and payments of dividends on claims filed against the Company in bankruptcy or
receivership or in proceedings for reorganization pursuant to the Federal
Bankruptcy Act or applicable State law, the same percentage of their respective
claims, figured before crediting to the claim of the Trustee anything on account
of the receipt by it from the Company of the funds and property in such special
account and before crediting to the respective claims of the Trustee and the
Securityholders and the holders of other indenture securities dividends on
claims filed against the Company in bankruptcy or receivership or in proceedings
for reorganization pursuant to the Federal Bankruptcy Act or applicable State
law, but after crediting thereon receipts on account of the indebtedness
represented by their respective claims from all sources other than from such
dividends and from the funds and property so held in such special account. As
used in this paragraph, with respect to any claim, the term "dividends" shall

                                       44
<PAGE>

include any distribution with respect to such claim, in bankruptcy or
receivership or proceedings for reorganization pursuant to the Federal
Bankruptcy Act or applicable State law, whether such distribution is made in
cash, securities or other property, but shall not include any such distribution
with respect to the secured portion, if any, of such claim. The court in which
such bankruptcy, receivership or proceedings for reorganization is pending shall
have jurisdiction (i) to apportion among the Trustee, the Securityholders and
the holders of other indenture securities, in accordance with the provisions of
this paragraph, the funds and property held in such special account and proceeds
thereof, or (ii) in lieu of such apportionment, in whole or in part, to give to
the provisions of this paragraph due consideration in determining the fairness
of the distributions to be made to the Trustee and the Securityholders and the
holders of other indenture securities with respect to their respective claims,
in which event it shall not be necessary to liquidate or to appraise the value
of any securities or other property held in such special account or as security
for any such claim, or to make a specific allocation of such distributions as
between the secured and unsecured portions of such claims, or otherwise to apply
the provisions of this paragraph as a mathematical formula.

         Any Trustee which has resigned or been removed after the beginning of
such three-month period shall be subject to the provisions of this Subsection as
though such resignation or removal had not occurred. If any Trustee has resigned
or been removed prior to the beginning of such three-month period, it shall be
subject to the provisions of this Subsection if and only if the following
conditions exist: (i) the receipt of property or reduction of claim, which would
have given rise to the obligation to account, if such Trustee had continued as
Trustee, occurred after the beginning of such three-month period; and (ii) such
receipt of property or reduction of claim occurred within three months after
such resignation or removal.

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

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

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

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

                  (d) an indebtedness created as a result of services rendered
or premises rented; or an indebtedness created as a result of goods or
securities sold in a cash transaction, as defined in Subsection (3) of this
Section;

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<PAGE>

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

                  (f) the acquisition, ownership, acceptance or negotiation of
any drafts, bills of exchange, acceptances or obligations which fall within the
classification of self-liquidating paper, as defined in Subsection (3) of this
Section.

         (3) For the purposes of this Section only:

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

                  (b) the term "other indenture securities" means securities
upon which the Company is an obligor outstanding under any other indenture (i)
under which the Trustee is also trustee, (ii) which contains provisions
substantially similar to the provisions of this Section, and (iii) under which a
default exists at the time of the apportionment of the funds and property held
in such special account;

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

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

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

                  (f) the term "Federal Bankruptcy Act" means the Bankruptcy Act
or Title 11 of the United States Code.

                                   ARTICLE SIX

                         REPORTS BY TRUSTEE AND COMPANY

Section 601.  Preservation of Information; Communications to Securityholders.

         (1) The Trustee shall preserve, in as current a form as is reasonably
practicable, the names and addresses of Securityholders received by the Trustee
in its capacity as Securities Registrar.

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<PAGE>

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

                  (a) afford such applicants access to the information preserved
at the time by the Trustee in accordance with Section 601(1), or

                  (b) inform such applicants as to the approximate number of
Securityholders whose names and addresses appear in the information preserved at
the time by the Trustee in accordance with Section 601(1) and as to the
approximate cost of mailing to such Securityholders the form of proxy or other
communication, if any, specified in such application.

         If the Trustee shall elect not to afford such applicants access to such
information, the Trustee shall, upon the written request of such applicants,
mail to each Holder whose name and address appears in the information preserved
at the time by the Trustee in accordance with Section 601(1) a copy of the form
of proxy or other communication which is specified in such request, with
reasonable promptness after a tender to the Trustee of the material to be mailed
and of payment, or provision for the payment, of the reasonable expenses of
mailing, unless within five days after such tender the Trustee shall mail to
such applicants and file with the Commission, together with a copy of the
material to be mailed, a written statement to the effect that, in the opinion of
the Trustee, such mailing would be contrary to the best interest of the
Securityholders or would be in violation of applicable law. Such written
statement shall specify the basis of such opinion. If the Commission, after
opportunity for a hearing upon the objections specified in the written statement
so filed and, on notice to the Trustee, shall enter an order refusing to sustain
any of such objections or if, after the entry of an order sustaining one or more
of such objections, the Commission shall find, after notice and opportunity for
hearing, that all the objections so sustained have been met and shall enter an
order so declaring, the Trustee shall mail copies of such material to all such
Securityholders with reasonable promptness after the entry of such order and the
renewal of such applicants respecting their applications.

         (3) Every Holder of Securities, by receiving and holding the same,
agrees with the Company and the Trustee that neither the Company nor the Trustee
nor any agent of either of them shall be held accountable by reason of the
disclosure of any such information as to the names and addresses of the
Securityholders in accordance with Section 601(2), regardless of the source from
which such information was derived, and that the Trustee shall not be held
accountable by reason of mailing any material pursuant to a request made under
Section 601(2).

Section 602.  Reports by the Company.

         The Company shall:

         (1) File with the Trustee, within 15 days after the Company is required
to file the same with the Commission or to mail the same to its shareholders,
copies of the quarterly reports, annual reports and the information, documents

                                       47
<PAGE>

and other reports (or copies of such portions of the foregoing as the Commission
may from time to time by rules and regulations prescribe) which the Company may
be required to file with the Commission pursuant to Section 12 or 13 or Section
15(d) of the Securities Exchange Act of 1934, as amended (the "1934 Act"), or to
mail to its shareholders pursuant to Section 14(a) thereof. The Company agrees
to make all filings with the Commission required by Section 15(d) of the 1934
Act without regard to the number of holders of record of the Securities.

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

         (3) Within 15 days after the date on which the Company is required to
file reports with the Commission under the 1934 Act, or within 15 days after
such date would have occurred had the Company been required to file reports
under the 1934 Act, the Company shall transmit copies of such reports by mail to
all Securityholders, as their names and addresses appear on the Securities
Register, without cost to such Securityholders.

         (4) Transmit by mail to all Securityholders, as their names and
addresses appear in the Securities Register, within 30 days after the filing
thereof with the Trustee (unless some other time shall be fixed by the
Commission) (a) any annual report filed with the Trustee pursuant to paragraph
(1) of this Section; (b) summaries, including a balance sheet and income
statement, of the quarterly reports filed with the Trustee pursuant to paragraph
(1) of this Section, provided, however, that, if requested by a Securityholder,
the Company shall transmit to such Securityholder, within 15 days after such
request, a copy of the Company's quarterly report as filed with the Commission;
and (c) any other information, documents or reports required to be filed by the
Company pursuant to paragraphs (1) and (2) of this Section as may be required by
rules and regulations prescribed from time to time by the Commission.

         (5) File with the Trustee within 45 days after the end of each of the
Company's fiscal quarters a certificate of the Chief Executive Officer and the
principal accounting officer of the Company stating that the Company is in
compliance with Article Nine, setting forth the calculations supporting such
certification, where applicable, and attaching the unaudited financial
statements of the Company, and file a supplemental certificate to the same
effect attaching the audited financial statements of the Company promptly after
such statements become available.

         (6) File with the Trustee, within 90 days after the end of each fiscal
year of the Company ending after the date hereof, a certificate of the Chief
Executive Officer and the principal accounting officer of the Company as to such
person's knowledge of the Company's compliance with all conditions and covenants
under this Indenture, such compliance to be determined without regard to any
period of grace requirement of notice provided under this Indenture.

Section 603.  Reports by Trustee.

         (1) Within sixty (60) days of May 15 of each year commencing with the
year 2003, the Trustee shall transmit by mail to all Securityholders, as
hereafter provided for, a brief report with respect to the following, provided
that no report need be transmitted if no event requiring to be disclosed in the
report has occurred:

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<PAGE>

                  (a) any change to its eligibility under Section 509 and its
qualifications under Section 508, or in lieu thereof, if to the best of its
knowledge it has continued to be eligible and qualified under said Section, a
written statement to such effect;

                  (b) the creation of or any material change to a relationship
specified in paragraphs (e) through (f) of subsection (3) of Section 508;

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

                  (d) the amount, interest rate and maturity date of all other
indebtedness owing by the Company (or by any other obligor on the Securities) to
the Trustee in its corporate capacity, on the date of such report, with a brief
description of any property held as collateral security therefor, except an
indebtedness based upon a creditor relationship arising in any manner described
in Section 512(b), (c), (d) or (f);

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

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

                  (g) any action taken by the Trustee in the performance of its
duties hereunder which it has not previously reported and which in its opinion
materially affects the Securities, except action in respect of a default, notice
of which has been or is to be withheld by the Trustee in accordance with Section
502.

         (2) The Trustee shall transmit by mail to all Securityholders, as their
names and addresses appear in the Securities Register, a brief report with
respect to the character and amount of any advances (and if the Trustee elects
so to state, the circumstances surrounding the making thereof) made by the
Trustee (as such) since the date of the last report transmitted pursuant to
Subsection (1) of this Section (or if no such report has yet been so
transmitted, since the date of execution of this instrument) for the
reimbursement of which it claims or may claim a lien or charge, prior to that of
the Securities, on property or funds held or collected by it as Trustee and
which it has not previously reported pursuant to this subsection, except that
the Trustee shall not be required (but may elect) to report such advances if
such advances remaining unpaid at any time aggregate 10% or less of the
principal amount of the Securities Outstanding at such time, such report to be
transmitted within 90 days after such time.

                                       49
<PAGE>

         (3) Reports pursuant to this Section 603 shall be transmitted by mail
to all Securityholders, as the names and addresses of such Securityholders
appear upon the Securities Register.

         (4) A copy of each such report, at the time of such transmission to
Securityholders, shall be filed by the Trustee with each stock exchange or
market upon which the Securities are listed, with the Commission and with the
Company. The Company will notify the Trustee when the Securities are listed on
any stock exchange.

                                  ARTICLE SEVEN

              CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

Section 701.  Company May Consolidate, Etc., Only on Certain Terms.

         The Company shall not consolidate with or merge into any other Person
or convey, transfer or lease its properties and assets substantially as an
entirety to any Person, and the Company shall not permit any Person to
consolidate with or merge into the Company or any Subsidiary or convey, transfer
or lease its properties and assets substantially as an entirety to the Company
or any Subsidiary, unless:

         (1) in case the Company shall consolidate with or merge into another
corporation, trust or entity, the Person formed by such consolidation or into
which the Company is merged shall be a trust, corporation or other entity
organized and existing under the laws of the United States of America, any State
thereof or the District of Columbia and shall expressly assume, by an indenture
supplemental hereto, executed and delivered to the Trustee, in form satisfactory
to the Trustee and counsel to the Trustee, the due and punctual payment of the
principal of, premium, if any, and interest on all the Securities and the
performance of every covenant of this Indenture on the part of the Company to be
performed or observed;

         (2) immediately after giving effect to such transaction, and treating
any indebtedness which becomes an obligation of the Company or a Subsidiary as a
result of such transaction as having been incurred by the Company or such
Subsidiary at the time of such transaction, no Event of Default, and no event
which, with the passage of time or the giving of notice, would become an Event
of Default, shall have occurred and be continuing;

         (3) the Company, or the surviving entity, as the case may be,
immediately before and immediately after giving effect to such transaction or
series of transactions (including, without limitation, any Indebtedness incurred
or anticipated to be incurred in connection with or in respect of such
transaction or series of transactions) shall have a Consolidated Tangible Net
Worth equal to or greater than the amount required by Section 911 hereof,

         (4) immediately after giving effect to such transaction or series of
transactions, the Company or the surviving entity, as the case may be, could
incur $1.00 of Indebtedness pursuant to paragraph (3) of Section 907 hereof; and

         (5) the Company has delivered to the Trustee an Officers' Certificate
and an Opinion of Counsel, each stating that such consolidation, merger,
conveyance, transfer or lease and, if a supplemental indenture is required in
connection with such transaction, such supplemental indenture comply with this
Article and that all conditions precedent herein provided for relating to such
transaction have been complied with.

                                       50
<PAGE>

Section 702.  Successor Substituted.

         Upon any consolidation or merger of the Company with or into any other
corporation, trust or other entity in accordance with Section 701, the successor
Person formed by such consolidation or into which the Company is merged or to
which such conveyance, transfer or lease is made shall succeed to, and be
substituted for, and may exercise every right and power of, the Company under
this Indenture with the same effect as if such successor Person had been named
as the Company herein, and thereafter the predecessor Person shall be relieved
of all obligations and covenants under this Indenture and the Securities.

Section 703.  Effect of Change in Control.

         The provisions of this Article Seven shall not affect the operation of
Section 1002 regarding redemption of the Securities upon a Change of Control. In
the event any transaction entered into pursuant to this Article Seven shall
constitute a Change of Control, Section 1002 shall control.

                                  ARTICLE EIGHT

                             SUPPLEMENTAL INDENTURES

Section 801.  Supplemental Indentures Without Consent of Securityholders.

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

         (1) to evidence the succession of another trust, corporation or other
entity to the Company and the assumption by any such successor of the covenants
of the Company herein and in the Securities; or

         (2) to add to the covenants of the Company for the benefit of the
Securityholders, or to surrender any right or power herein conferred upon the
Company; or

         (3) to evidence and provide for acceptance of appointment of a
successor trustee; or

         (4) to convey, transfer, assign, mortgage or pledge any property to or
with the Trustee; or

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

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<PAGE>

Section 802.  Supplemental Indentures with Consent of Securityholders.

         With the consent of the Holders of not less than 66-2/3% aggregate
principal amount of the Outstanding Securities, by Act of such Securityholders
delivered to the Company and the Trustee, the Company, when authorized by a
Company Resolution, and the Trustee may enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of this Indenture or of
modifying in any manner the rights of the Securityholders under this Indenture,
provided that without the consent of the Holder of each Outstanding Security
affected thereby, no such supplemental indenture shall,

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

         (2) reduce the percentages in principal amount of the Outstanding
Securities, the consent of whose Securityholders is required for any such
supplemental indenture, or the consent of whose Securityholders is required for
any waiver (of compliance with certain provisions of this Indenture or certain
defaults hereunder and their consequences) provided for in this Indenture, or

         (3) modify any of the provisions of this Section, Section 413, or
Section 913, except to increase any such percentage or to provide that certain
other provisions of this Indenture cannot be modified or waived without the
consent of the Holder of each Outstanding Security affected thereby, or

         (4) modify any of the provisions of this Indenture relating to the
subordination of the Securities in a manner adverse to the Securityholders.

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

                                       52
<PAGE>

Section 803.  Execution of Supplemental Indentures.

         In executing, or accepting the additional trusts created by, any
supplemental indenture permitted by this Article or the modifications thereby of
the trusts created by this Indenture, the Trustee shall be entitled to receive,
and (subject to Section 501) shall be fully protected in relying upon, an
Opinion of Counsel stating that the execution of such supplemental indenture is
authorized or permitted by this Indenture. The Trustee may, but shall not
(except to the extent required in the case of a supplemental indenture entered
into under Section 801(4)) be obligated to, enter into any such supplemental
indenture which affects the Trustee's own rights, duties or immunities under
this Indenture or otherwise.

Section 804.  Effect of Supplemental Indentures.

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

Section 805.  Effect on Senior Debt.

         No supplemental indenture shall adversely affect the rights of any
holder of Senior Debt under Article Eleven without the consent of such holder.

Section 806.  Compliance with Trust Indenture Act.

         Every amendment to or of this Indenture or the Securities shall comply
with the TIA as in effect at the date of such amendment or supplement.

                                  ARTICLE NINE

                                    COVENANTS

Section 901.  Payment of Principal and Interest.

         The Company will duly and punctually pay the principal of, premium, if
any, and interest on the Securities in accordance with the terms of the
Securities and this Indenture.

Section 902.  Maintenance of Office or Agency.

         The Company will maintain in Minneapolis or in St. Paul, Minnesota, an
office or agency where documentation to transfer, exchange or surrender
securities for payment may be presented and where notices and demands to or upon
the Company in respect of the Securities and this Indenture may be served. The
Company will give prompt written notice to the Trustee of the location and any
change in the location, of such office or agency. Until otherwise designated by
the Company in a written notice to the Trustee, and if at any time the Company
shall fail to maintain any such required office or agency or shall fail to
furnish the Trustee with the address thereof, such presentations, surrenders,
notices and demands may be made or served at the Corporate Trust Office of the
Trustee, and the Company hereby appoints the Trustee its agent to receive such
presentations, surrenders, notices and demands.

                                       53
<PAGE>

         The Company may also from time to time designate one or more other
offices or agencies where documentation related to the Securities may be
presented for any or all such purposes and may from time to time rescind such
designations, provided that no such designation or rescission shall in any
manner relieve the Company of its obligation to maintain an office or agency in
Minneapolis or St. Paul, Minnesota, for such purposes. The Company will give
prompt written notice to the Trustee of any such designation or rescission and
of any change in the location of any such other office or agency.

         The Company hereby initially designates the Corporate Trust Office of
the Trustee set forth in the first paragraph of this instrument as an agency of
the Company.

Section 903.  Money for Securities Payments to be Held in Trust.

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

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

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

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

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

         The Company may at any time, for the purpose of obtaining the
satisfaction and discharge of this Indenture or for any other purpose, pay, or
by Company Order direct any Paying Agent to pay, to the Trustee all sums held in
trust by the Company or such Paying Agent, such sums to be held by the Trustee
upon the same trusts as those upon which such sums were held by the Company or
such Paying Agent. 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.

         Unless otherwise required by applicable law, any money deposited with
the Trustee or any Paying Agent, or then held by the Company, in trust for the
payment of the principal of (and premium, if any) or interest on any Security
and remaining unclaimed for two years after such principal (and premium, if any)

                                       54
<PAGE>

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

Section 904.  Maintenance of Corporate Existence, Licensing and Rights.

         Subject to Article Seven hereof, the Company will do or cause to be
done all things necessary to preserve and keep in full force and effect the
corporate existence of the Company and each Subsidiary, and all material rights,
certificates, authorities, licenses, permits and approvals of any of them, and
shall conduct its business in conformity with the requirements of such rights,
certificates, authorities, licenses, permits and approvals provided that the
Company shall not be required to preserve any such right, certificate,
authority, license or permit if the Board of Directors of the Company shall
reasonably and in good faith determine that the preservation thereof is no
longer desirable in the conduct of the business of the Company or of its
Subsidiaries and that the loss thereof is not disadvantageous in any material
respect to the Securityholders.

Section 905.  Payment of Taxes and Assessments.

         The Company and each of its Subsidiaries will cause to be paid and
discharged all lawful taxes, assessments and governmental charges or levies
imposed upon the Company or any Subsidiary or upon the income or profits of the
Company or any Subsidiary or upon property or any part thereof belonging to the
Company or any Subsidiary before the same shall be in default, as well as all
lawful claims for labor, materials and supplies which, if unpaid, might become a
lien or charge upon such property or any part thereof, provided that the Company
shall not be required to cause to be paid or discharged any such tax,
assessment, charge, levy or claim so long as the validity or amount thereof
shall be contested in good faith by appropriate proceedings and for which
disputed amounts adequate reserves (in the good faith judgment of the Board of
Directors of the Company) have been established.

Section 906.  Maintenance of Properties, Insurance; Books and Records;
              Compliance with Law.

         (1) The Company and each of its Subsidiaries shall maintain insurance
in such amounts and covering such risks as are usually and customarily carried
with respect to similar facilities according to their respective locations.

                                       55
<PAGE>

         (2) The Company and each of its Subsidiaries shall cause all its
properties (including leased properties) used or useful in the conduct of its
business to be maintained and kept in good condition, repair and working order
and supplied with all necessary equipment and will cause to be made all
necessary repairs, renewals, replacements, betterments and improvements thereof,
all as in the judgment of the Company may be necessary so that the business
carried on in connection therewith may be properly and advantageously conducted
at all times; provided, however, that nothing in this subsection (2) shall
prevent the Company or any Subsidiary from discontinuing the operation and
maintenance of any of its properties if such discontinuance is, in the judgment
of the Company, desirable in the conduct of its business and not disadvantageous
in any material respect to the Securityholders.

         (3) The Company and each of its Subsidiaries shall keep proper books of
record and account, in which full and correct entries shall be made of all
financial transactions and the assets and business of the Company and each
Subsidiary, in accordance with GAAP consistently applied to the Company and its
Subsidiaries taken as a whole.

         (4) The Company and each of its Subsidiaries shall comply with all
statutes, laws, ordinances, or government rules and regulations, including
rules, regulations and orders of governmental agencies, decrees, orders,
injunctions, writs to which it is subject, noncompliance with which would
adversely affect the business, prospects, earnings, properties, assets or
condition (financial or otherwise) of the Company and its Subsidiaries taken as
a whole.

Section 907.  Limitation on Additional Indebtedness.

         The Company shall not, and shall not permit any Subsidiary to, create,
incur, assume or issue, directly or indirectly, or guarantee or in any manner
become, directly or indirectly, liable for or with respect to the payment of any
Indebtedness, except for:

         (1) Indebtedness under the Securities and this Indenture;

         (2) Indebtedness of the Company and any Subsidiary not otherwise
referred to in this Section 907 outstanding on the Issue Date (specifically
including the full amount available to the Company or its Subsidiary pursuant to
the loan agreements referred to in clause (i) of the definition of "Senior Debt"
contained in Section 101 hereof);

         (3) Indebtedness (plus interest, premium, fees and other obligations
associated therewith), that, immediately after giving pro forma effect to the
incurrence thereof, (i) does not cause the ratio of Indebtedness to Consolidated
Tangible Net Worth to exceed 4:1; (ii) does not cause the ratio of the sum of
(a) Securities Outstanding plus (b) all Parity Debt to Consolidated Tangible Net
Worth to exceed 1:1; (iii) does not cause the ratio of cash and Cash Equivalents
plus Inventory plus Contracts and Mortgages Receivable to Senior Debt to be less
than 1.5:1; and (iv) does not cause the ratio of Consolidated Earnings Before
Interest and Taxes plus Depreciation and Amortization to Consolidated Interest
Expense plus the amount of principal payments on Indebtedness not secured by
land or Contracts and Mortgages Receivable for the immediately preceding four
full fiscal quarters or four times the most recent fiscal quarter for which
financial statements are available, whichever is greater, to be less than 1.5:1;
or

                                       56
<PAGE>

         (4) any deferrals, renewals, extensions, replacements, refinancings or
refundings of, or amendments, modifications or supplements to, Indebtedness
incurred under paragraph (3) above, whether involving the same or any other
lender or creditor or group of lenders or creditors, provided that any such
deferrals, renewals, extensions, replacements, refinancings, refundings,
amendments, modifications or supplements (i) shall not provide for any mandatory
redemption, amortization or sinking fund requirement in an amount greater than
or at a time prior to the amounts and times specified in the Indebtedness being
deferred, renewed, extended, replaced, refinanced, refunded, amended, modified
or supplemented, (ii) shall not exceed the principal amount (plus accrued
interest and prepayment premium, if any) of the Indebtedness being renewed,
extended, replaced, refinanced or refunded and (iii) shall be subordinated to
the Securities at least to the extent and in the manner, if at all, that the
Indebtedness being renewed, extended, replaced, refinanced or refunded is
subordinated to the Securities.

Section 908.  Limitations on Restricted Payments.

         The Company shall not make and shall not permit any Subsidiary to make,
directly or indirectly, any Restricted Payment:

         (1) if at the time of such action an Event of Default shall have
occurred and be continuing or with the lapse of time will occur, after giving
effect to such Restricted Payment; or

         (2) if at the time, upon giving effect to such Restricted Payment, the
Company could not incur at least $1.00 of Indebtedness pursuant to paragraph (3)
of Section 907 hereof, or

         (3) if, immediately after giving effect to such Restricted Payment, the
aggregate of all Restricted Payments declared or made from the date of this
Indenture, through and including the date of such Restricted Payment (the "Base
Period") exceeds 50% of the audited Consolidated Net Income accumulated
subsequent to December 31, 2002 as determined in accordance with the Company's
audited financial statements as of the end of each fiscal year.

Section 909.  Limitation on Transactions with Affiliates.

         The Company shall not, and shall not permit, cause or suffer any
Subsidiary of the Company to, conduct any business or enter into any transaction
or series of transactions with or for the benefit of any Affiliate or any
Subsidiary of the Company, or any holder of 5% or more of any class of capital
stock of the Company (each an "Affiliate Transaction"), except in good faith and
on terms that are, in the aggregate, no less favorable to the Company or such
Subsidiary, as the case may be, than those that could have been obtained in a
comparable transaction on an arm's-length basis from a Person not an Affiliate
of the Company or such Subsidiary.

Section 910.  Limitation on Dividends and Other Payment Restrictions Affecting a
              Subsidiary/Restricted Subsidiary.

         If the Company or any Subsidiary of the Company, directly or
indirectly, creates or otherwise causes or suffers to exist or become effective
or enters into any agreement with any Person that would cause or create any
consensual encumbrance or restriction of any kind on the ability of any
Subsidiary of the Company to (a) pay dividends, in cash or otherwise, or make

                                       57
<PAGE>

any other distributions on its capital stock or any other interest or
participation in, or measured by, its profits owned by the Company or a
Subsidiary of the Company, (b) make any loans or advances to, or pay any
Indebtedness owed to, the Company or any Subsidiary of the Company or (c)
transfer any of its properties or assets to the Company or to any Subsidiary of
the Company, except, in each case, for such encumbrances or restrictions
existing under or contemplated by or by reason of (i) the Securities or this
Indenture, (ii) any restrictions existing under agreements in effect on the
Issue Date, and (iii) any restrictions existing under any agreement that
refinances or replaces an agreement containing a restriction permitted by clause
(i) or (ii) above, provided that the terms and conditions of such restrictions
are not materially less favorable in the aggregate to the Securityholders than
those under or pursuant to the agreement being replaced or the agreement
evidencing the Indebtedness being refinanced or replaced, such affected
Subsidiary shall be deemed a "Restricted Subsidiary" for purposes of this
Agreement.

Section 911.  Net Worth.

         The Company will at all times during the term of the Securities keep
and maintain Consolidated Tangible Net Worth at an amount not less than Eight
Million Dollars ($8,000,000) plus 25% of positive Consolidated Net Income earned
after December 31, 2002, for any year that the Company elects to be taxed as an
S Corp and 50% of positive Consolidated Net Income earned after December 31,
2002, for any year that the Company elects to be taxed as a C Corp.

Section 912.  Maintenance of Blue Sky Qualification.

         The Company will file and make such statements and reports and renewals
of registration, and pay all fees applicable thereto, necessary in order to
continue to qualify the Securities for secondary market transactions in the
various states in which the Securities were originally registered for sale until
all of the Securities have been paid in full.

Section 913.  Waiver of Certain Covenants.

         The Company may omit in any particular instance to comply with the
covenants set forth in Section 904 through 912, inclusive, if before the time
for such compliance the Securityholders of at least two-thirds in aggregate
principal amount of the Outstanding Securities shall, by Act of such
Securityholders, either waive such compliance in such instance or generally
waive compliance with such covenants, but no such waiver shall extend to or
affect such covenant except to the extent so expressly waived, and, until such
waiver shall become effective, the obligations of the Company and the duties of
the Trustee in respect of such covenant shall remain in full force and effect.

                                   ARTICLE TEN

                            REDEMPTION OF SECURITIES

Section 1001.  Optional Redemption by the Company.

         The Securities may not be redeemed at the option of the Company prior
to September 30, 2005. Thereafter the Securities may be redeemed at the option
of the Company, in whole or in part, at a Redemption Price (expressed as a
percentage of the principal amount redeemed) set forth below plus interest

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<PAGE>

accrued to the Redemption Date, if redeemed during the 12-month period beginning
September 30 of each of the following years:

                           Year             Redemption Price
                           ----             ----------------
                      Sept. 30, 2005               103%

                      Sept. 30, 2006               102%

                      Sept. 30, 2007               101%

                      Sept. 30, 2008                Par

                      Sept. 30, 2009                Par

Section 1002.  Redemption upon the Occurrence of a Change of Control.

         (1) As a condition precedent to any Change in Control, each Holder
shall have the right (a "Change in Control Repurchase Right"), at the Holder's
option, but subject to the provisions of this Section 1002(1), to require the
Company to repurchase, and upon the exercise of such right the Company shall
repurchase, all of such Holder's Securities not theretofore called for
redemption, or any portion of the principal amount thereof that is equal to
$1,000 or an integral multiple thereof as directed by such Holder pursuant to
the provisions set forth below (provided that no single Securities may be
repurchased in part unless the portion of the principal amount of such
Securities to be outstanding after such repurchase is equal to $1,000 or an
integral multiple thereof) on the date on which the Change of Control occurs
(the "Change of Control Repurchase Date") at a purchase price in cash equal to
101% of the principal amount of the Securities to be repurchased, plus accrued
and unpaid interest to, but excluding, the Change in Control Repurchase Date
(the "Change in Control Repurchase Price"), subject to satisfaction by or on
behalf of any Holder of the requirements set forth in subsection (3) of this
Section 1002.

         (2) Within at least 30 Business Days prior to the occurrence of a
Change in Control, the Company shall mail a written notice of the Change in
Control to the Trustee (and the Paying Agent if the Trustee is not then acting
as Paying Agent) and to each Holder (and to beneficial owners as required by
applicable law). The notice shall include the form of a Change in Control
Repurchase Notice (as defined below) to be completed by the Holder and shall
state:

                  (a) the anticipated date of such Change in Control and,
briefly, the events causing such Change in Control;

                  (b) the date by which the Change in Control Repurchase Notice
pursuant to this Section must be given;

                  (c) the Change in Control Repurchase Date;

                  (d) the Change in Control Repurchase Price;

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<PAGE>

                  (e) the name and address of the Paying Agent;

                  (f) the procedures that the Holder must follow to exercise
rights under this Section; and

                  (g) the procedures for withdrawing a Change in Control
Repurchase Notice, including a form of notice of withdrawal.

         If any of the Securities is in the form of a Global Security, then the
Company shall modify such notice to the extent necessary to accord with the
procedures of the Depositary applicable to the repurchase of Global Securities.

         (3) A Holder may exercise its rights specified in subsection (1) of
this Section upon delivery of a written notice (which shall be in substantially
the form included in Exhibit A hereto and which may be delivered by letter,
overnight courier, hand delivery, facsimile transmission or in any other written
form and, in the case of Global Securities, may be delivered electronically or
by other means in accordance with the Depositary's customary procedures) of the
exercise of such rights (a "Change in Control Repurchase Notice") to any Paying
Agent at any time prior to the close of business on the Business Day next
preceding the Change in Control Repurchase Date.

         The delivery of such Security to any Paying Agent (together with all
necessary endorsements) at the office of such Paying Agent shall be a condition
to the receipt by the Holder of the Change in Control Repurchase Price therefor.

         The Company shall purchase from the Holder thereof, pursuant to this
Section, a portion of a Security if the principal amount of such portion is
$1,000 or an integral multiple of $1,000. Provisions of the Indenture that apply
to the purchase of all of a Security pursuant to this Section 1002 also apply to
the purchase of such portion of such Security.

         Notwithstanding anything herein to the contrary, any Holder delivering
to a Paying Agent the Change in Control Repurchase Notice contemplated by this
subsection (3) shall have the right to withdraw such Change in Control
Repurchase Notice in whole or in a portion thereof that is a principal amount of
$1,000 or in an integral multiple thereof at any time prior to the close of
business on the Business Day next preceding the Change in Control Repurchase
Date by delivery of a written notice of withdrawal to the Paying Agent in
accordance with subsection 4 below.

         A Paying Agent shall promptly notify the Company of the receipt by it
of any Change in Control Repurchase Notice or written withdrawal thereof.

         Anything herein to the contrary notwithstanding, in the case of Global
Securities, any Change in Control Repurchase Notice may be delivered or
withdrawn and such Securities may be surrendered or delivered for purchase in
accordance with the Applicable Procedures as in effect from time to time.

         (4) Upon receipt by any Paying Agent of the Change in Control
Repurchase Notice specified above, the Holder of the Security in respect of
which such Change in Control Repurchase Notice was given shall (unless such
Change in Control Repurchase Notice is withdrawn as specified below) thereafter

                                       60
<PAGE>

be entitled to receive the Change in Control Repurchase Price with respect to
such Security. Such Change in Control Repurchase Price shall be paid to such
Holder promptly following the later of (a) the Change in Control Repurchase Date
with respect to such Security (provided the conditions set forth above have been
satisfied) and (b) if applicable, the time of delivery of such Security to a
Paying Agent by the Holder thereof in the manner required by subsection 3.

         A Change in Control Repurchase Notice may be withdrawn by means of a
written notice (which may be delivered by letter, overnight courier, hand
delivery, facsimile transmission or in any other written form and, in the case
of Global Securities, may be delivered electronically or by other means in
accordance with the Depositary's customary procedures) of withdrawal delivered
by the Holder to a Paying Agent at any time prior to the close of business on
the Business Day immediately preceding the Change in Control Repurchase Date,
specifying the principal amount of the Security or portion thereof (which must
be a principal amount of $1,000 or an integral multiple of $1,000 in excess
thereof) with respect to which such notice of withdrawal is being submitted.

         (5) On or before 11:00 a.m., Minneapolis time, on the Change in Control
Repurchase Date, the Company shall deposit with the Trustee or with a Paying
Agent (other than the Company or an Affiliate of the Company) an amount of money
(in immediately available funds if deposited on such Business Day) sufficient to
pay the aggregate Change in Control Repurchase Price of all the Securities or
portions thereof that are to be purchased as of such Change in Control
Repurchase Date. The manner in which the deposit required by this Section is
made by the Company shall be at the option of the Company, provided that such
deposit shall be made in a manner such that the Trustee or a Paying Agent shall
have immediately available funds on the Change in Control Repurchase Date.

         If a Paying Agent holds, in accordance with the terms hereof, money
sufficient to pay the Change in Control Repurchase Price of any Security for
which a Change in Control Repurchase Notice has been tendered and not withdrawn
in accordance with this Indenture then, on the Change in Control Repurchase
Date, such Security will cease to be outstanding and the rights of the Holder in
respect thereof shall terminate (other than the right to receive the Change in
Control Repurchase Price as aforesaid). The Company shall publicly announce the
principal amount of Securities purchased as a result of such Change in Control
on or as soon as practicable after the Change in Control Repurchase Date.

         (6) To the extent that the aggregate amount of cash deposited by the
Company pursuant to the provisions set forth above exceeds the aggregate Change
in Control Repurchase Price together with interest, if any, thereon of the
Securities or portions thereof that the Company is obligated to purchase, then
promptly after the Change in Control Repurchase Date the Trustee or a Paying
Agent, as the case may be, shall return any such excess cash to the Company.

Section 1003.  Mandatory Sinking Fund Redemption.

         Beginning on September 30, 2006 and annually thereafter, the Company
shall make a sinking fund payment to the Trustee in an amount equal to twenty
percent (20%) of the original aggregate principal amount of the Securities sold
in the offering. Any redemption of Securities by the Company pursuant to Section

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<PAGE>

1004 and Article Twelve and any purchases of the Securities by the Company on
the open market will be credited toward the Company's required sinking fund
payments to be made pursuant to this provision. The Redemption Price for the
Securities redeemed pursuant to this Section shall be equal to the principal
amount of the Securities to be redeemed plus interest accrued but unpaid to the
Redemption Date.

Section 1004.  Mandatory Redemption Pursuant to Put Provision.

         (1) Following the one-year anniversary of the initial Closing Date of
the offering of the Securities, Doughtery & Company LLC, on behalf of the
Securityholders, shall have the right to require the Company to redeem annually
up to $500,000 aggregate principal amount of Securities tendered by Dougherty &
Company LLC. The Redemption Price for the Securities pursuant to this Section
shall be equal to the principal amount of the Securities to be redeemed plus
interest accrued but unpaid to the Redemption Date. This redemption right shall
be noncumulative. Securities redeemed by the Company pursuant to this Section
will be applied and credited to the Company's required sinking fund payments
under Section 1003. The aggregate principal amount of any Securities purchased
by the Company on the open market will be credited toward the Company's
redemption obligations set forth herein.

         (2) In case of any redemption at the election of Dougherty & Company
LLC pursuant to this Section, at least thirty (30) days prior to the Redemption
Date, Dougherty & Company LLC shall notify the Trustee and the Company of such
Redemption Date and of the aggregate principal amount of the securities held by
Dougherty & Company LLC to be redeemed and shall deliver to the Trustee such
documentation and records as shall enable the Trustee to identify the Securities
to be redeemed.

Section 1005.  Applicability of Article.

         Redemption of Securities at the election of the Company or otherwise,
as permitted or required by any provision of this Indenture, or any supplement
hereto shall be made in accordance with such provisions and this Article,
provided that no Redemption shall be made under this Article during any period
in which an Event of Default, or an event which, with notice or lapse of time or
both, would constitute an Event of Default, has occurred and is continuing.

Section 1006.  Election to Redeem; Notice to Trustee.

         The election of the Company to redeem any Securities pursuant to
Section 1001 shall be evidenced by a Company Resolution. In case of any
redemption at the election of the Company of less than all the Securities, at
least 60 days prior to the Redemption Date fixed by the Company (unless a
shorter notice shall be satisfactory to the Trustee), the Company shall notify
the Trustee of such Redemption Date and of the aggregate principal amount of the
Securities to be redeemed and shall deliver to the Trustee such documentation
and records as shall enable the Trustee to select the Securities to be redeemed
pursuant to Section 1007.

Section 1007.  Selection by Trustee of Securities to Be Redeemed.

         If less than all the Securities are to be redeemed under Sections 1001
or 1003, the Securities shall be redeemed on a pro rata basis. If such pro rata
redemption would leave any Securityholder with an aggregate outstanding
principal amount of Securities of less than $1,000 then all of the Securities
held by such Securityholder shall be redeemed.

                                       62
<PAGE>

         The Trustee shall promptly notify the Company and the Securities
Registrar in writing of the Securities to be redeemed and, in the case of any
Securities to be partially redeemed, the principal amount thereof to be
redeemed.

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

Section 1008.  Notice of Redemption.

         Notice of redemption shall be given by first-class mail, postage
prepaid, mailed not less than 30 nor more than 60 days prior to the Redemption
Date, to each Holder of Securities to be redeemed, at the address appearing in
the Securities Register.

         All notices of redemption shall state:

         (1) the Redemption Date,

         (2) the Redemption Price,

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

         (4) that on the Redemption Date, the Redemption Price will become due
and payable upon each such Securities to be redeemed and that interest thereon
will cease to accrue on and after said date, and

         (5) the place or places where documentation regarding redemption of
such Securities is to be submitted for payment of the Redemption Price.

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

Section 1009.  Deposit of Redemption Price.

         On or prior to any Redemption Date, the Company shall deposit with the
Trustee or with a Paying Agent in immediately available funds an amount of money
sufficient to pay the Redemption Price of all the Securities which are to be
redeemed on that date.

                                       63
<PAGE>

Section 1010.  Securities Payable on Redemption Date.

         Notice of redemption having been given as aforesaid, the Securities so
to be redeemed shall become, on the Redemption Date, due and payable at the
Redemption Price therein specified, and on and after such date (unless the
Company shall default in the payment of the Redemption Price and accrued
interest) such Securities shall cease to bear interest. Upon surrender of any
such Securities for redemption in accordance with said notice, such Securities
shall be paid by the Company at the Redemption Price, together with accrued
interest to the Redemption Date, exclusive of installments of interest whose
Stated Maturity is on or prior to the Redemption Date, which shall be payable to
the Securityholders of such Security, or one or more Predecessor Securities,
registered as such at the close of business on the relevant Record Dates
according to their terms and the provisions of Section 207.

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

                                 ARTICLE ELEVEN

                           SUBORDINATION OF SECURITIES

Section 1101.  Agreement to Subordinate.

         The Company covenants and agrees, and each Holder of Securities by such
Holder's acceptance thereof (whether upon original issue or upon transfer or
assignment) likewise covenants and agrees, that the indebtedness represented by
the Securities and the payment of the principal of (and premium, if any) and
interest on each and all of the Securities is hereby expressly subordinated, and
junior to the extent and in the manner hereinafter set forth, in right of
payment to the prior payment in full of all Senior Debt.

Section 1102.  Distribution of Assets, Etc.

         Upon any distribution of assets of the Company upon any dissolution,
winding-up, liquidation or reorganization of the Company, whether in bankruptcy,
insolvency, reorganization or receivership proceedings or upon an assignment for
the benefit of creditors or any other marshalling of the assets and liabilities
of the Company or upon any acceleration or maturity of the Securities or
otherwise:

         (1) the holders of all Senior Debt shall first be entitled to receive
payment in full of the principal thereof (and premium, if any) and interest due
thereon, or adequate provisions shall be made for such payment, before the
Securityholders of the Securities are entitled to receive any payment on account
of the principal of (or premium, if any) or interest on the Indebtedness
evidenced by the Securities; and

         (2) any payment by, or distribution of assets of, the Company of any
kind or character, whether in cash, property or securities, to which the
Securityholders of the Securities or the Trustee would be entitled except for
the provisions of this Article Eleven shall be paid or delivered by the person
making such payment or distribution, whether a trustee in bankruptcy, a receiver

                                       64
<PAGE>

or liquidating trustee or otherwise, directly to the holders of Senior Debt
which may have been issued, ratably according to the aggregate amounts remaining
unpaid on account of the Senior Debt held or represented by each, to the extent
necessary to make payment in full of all Senior Debt remaining unpaid after
giving effect to any concurrent payment or distribution (or provision therefor)
to the holders of such Senior Debt.

Section 1103.  No Payment to Securityholders if Senior Debt is in Default.

         (1) Upon the maturity of any Senior Debt by lapse of time, acceleration
or otherwise, all principal thereof (and premium, if any) and interest due
thereon shall first be paid in full, or such payment duly provided for in cash
or in a manner satisfactory to the holder or holders of such Senior Debt before
any payment is made on account of the principal of (or premium, if any) or
interest on the Securities or to acquire any of the Securities.

         (2) Upon the happening of an event of default with respect to any
Senior Debt, as such event of default is defined therein or in the instrument
under which it is outstanding, permitting the holders to accelerate the maturity
thereof, and, if the default is other than default in payment of the principal
of (or premium, if any) or interest on such Senior Debt, upon written notice
thereof given to the Company and the Trustee by the holder or holders of such
Senior Debt or their representative or representatives, then, unless and until
such event of default shall have been cured or waived or shall have ceased to
exist, no payment shall be made by the Company with respect to the principal (or
premium, if any) or interest on the Securities or to acquire any of the
Securities.

Section 1104.  Subrogation.

         Subject to the payment in full of all Senior Debt, the Holders of the
Securities shall be subrogated to the rights of the holders of Senior Debt to
receive payments or distributions of cash, property or securities of the Company
applicable to the Senior Debt until all amounts owing on the Securities shall be
paid in full, and, as between the Company, its creditors other than holders of
Senior Debt, and the Securityholders of the Securities, no such payment or
distribution made to the holders of Senior Debt by virtue of this Article Eleven
which otherwise would have been made to the Holders of the Securities shall be
deemed to be a payment by the Company on account of the Senior Debt, it being
understood that the provisions of this Article Eleven are and are intended
solely for the purpose of defining the relative rights of the Holders of the
Securities, on the one hand, and the holders of Senior Debt, on the other hand.

Section 1105.  Obligation of Company Unconditional.

         Nothing contained in this Article Eleven or elsewhere in this Indenture
or in the Securities is intended to or shall impair, as between the Company, its
creditors other than the holders of Senior Debt, and the Holders of the
Securities, the obligation of the Company, which is absolute and unconditional,
to pay to the Holders of the Securities the principal of (and premium, if any)
and interest on the Securities as and when the same shall become due and payable
in accordance with their terms, or affect the relative rights of the Holders of
the Securities and creditors of the Company other than the holders of Senior
Debt, nor shall anything herein or exercising all remedies otherwise permitted
by applicable law upon default under this Indenture, subject to the rights, if
any, under this Article Eleven of the holders of Senior Debt in respect of cash,
property or securities of the Company received upon the exercises of any such
remedy.

                                       65
<PAGE>

         Upon any payment or distribution of assets of the Company referred to
in this Article Eleven, the Trustee and the Securityholders of the Securities
shall be entitled to rely upon any order or decree made by any court of
competent jurisdiction in which any such dissolution, winding-up, liquidation or
reorganization proceeding affecting the affairs of the Company is pending or
upon a certificate of the liquidating trustee or agent or other person making
any payment or distribution to the Trustee or to the Securityholders of the
Securities for the purpose of ascertaining the persons entitled to participate
in such payment or distribution, the holders of the Senior Debt and other
Indebtedness or the Company, the amount thereof or payable thereon, the amount
paid or distributed thereon and all other facts pertinent thereto or to this
Article Eleven.

Section 1106.  Payments on Securities Permitted.

         Nothing contained in this Article Eleven or elsewhere in this
Indenture, or in any of the Securities, shall (a) affect the obligation of the
Company to make, or prevent the Company from making, at any time except during
the pendency of any dissolution, winding-up, liquidation of reorganization
proceeding, and except during the continuance of any event of default specified
in Section 1103 (not cured or waived), payments at the Stated Maturity of
principal (or premium, if any) or interest on the Securities, or (b) prevent the
application by the Trustee or any Paying Agent of any moneys held by the Trustee
or such Paying Agent, in trust for the benefit of the Securityholders of
Securities as to which notice of redemption shall have been mailed or published
at least once prior to the happening of an event of default specified in Section
1103, to the payment of or on account of the principal of (and premium, if any)
and interest on such Securities, (c) prevent the application by the Trustee or
any Paying Agent of any moneys deposited prior to the happening of any event of
default specified in Section 1103, with the Trustee or such Paying Agent in
trust for the purpose of paying a specified installment or installments of
interest on the Securities, to the payment of such installments of interest on
the Securities, or (d) prevent the application by the Trustee of the proceeds of
the Key-man Insurance in accordance with Sections 1302.

Section 1107.  Effectuation of Subordination by Trustee.

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

Section 1108.  Knowledge of Trustee.

         Notwithstanding the provisions of this Article Eleven or any other
provisions of this Indenture, the Trustee shall not be charged with knowledge of
the existence of any facts which would prohibit the making of any payment of
moneys to or by the Trustee, or the taking of any other action by the Trustee,
unless and until the Trustee shall have received written notice thereof, within
one business day prior to the relevant payment date, from the Company, any
Holder, any Paying Agent or the holder or representative or any class of Senior
Debt.

                                       66
<PAGE>

Section 1109.  Rights of Holders of Senior Debt Not Impaired.

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

Section 1110.  Trustee Not Fiduciary for Holders of Senior Debt.

         The Trustee shall not be deemed to owe any fiduciary duty to the
holders of Senior Debt and shall not be liable to any such holders if it shall
in good faith pay over or distribute to the Securityholders of the Securities,
to the Company or to any other Person cash, property or securities to which any
holders of Senior Debt shall be entitled by virtue of this Article or otherwise.

Section 1111.  Rights of Trustee as Holder of Senior Debt.

         The Trustee in its individual capacity shall be entitled to all the
rights set forth in this Article with respect to any Senior Debt which may at
any time be held by it, to the same extent as any other holder of Senior Debt,
and nothing in this Indenture shall deprive the Trustee of any of its rights as
such holder.

Section 1112.  Article Applicable to Paying Agents.

         In case at any time any Paying Agent other than the Trustee shall have
been appointed by the Company and be then acting hereunder, the term "Trustee"
as used in this Article shall in such case (unless the context shall otherwise
require) be construed as extending to and including such Paying Agent within its
meaning as fully for all intents and purposes as if such Paying Agent were named
in this Article in addition to or in place of the Trustee.

                                       67
<PAGE>

Section 1113.  Rights and Obligations Subject to Power of Court.

         The rights of the holders of Senior Debt and the obligations of the
Trustee and the Securityholders set forth in this Article Eleven are subject to
the power of a court of competent jurisdiction to make other equitable provision
reflecting the rights conferred in this Indenture upon the Senior Debt and the
holders thereof with respect to the Securities and the Securityholders thereof
by a plan or reorganization under applicable bankruptcy law.

                                 ARTICLE TWELVE

                     REDEMPTION OPTION UPON DEATH OF HOLDER

Section 1201.  Redemption Option Upon Death of Holder.

         Upon the death of any Holder of a Security or Securities, the Company
shall be required to redeem at par up to $20,000 principal amount of, together
with interest accrued to the Redemption Date on, all or such part (in integral
multiples of $1,000) of the Securities held by the deceased Holder of such
Securities at the date of such Holder's death, as requested in the manner, and
subject to the limitations, set forth below. Redemption of such Securities shall
be made within 30 days following the receipt by the Company or the Trustee of
the following:

         (1) a written request for redemption of the Security signed by a duly
authorized representative of the deceased Holder, which request shall set forth
the name of the deceased Holder, the date of death of the deceased Holder and
the principal amount of the Securities to be redeemed; and

         (2) evidence satisfactory to the Trustee and the Company of the death
of such deceased Holder and the authority of the representative to the extent as
may be required by Trustee.

The Securities held by the deceased Holder shall not be entitled to redemption
pursuant to this Section unless each of the following conditions are met:

         (1) the Securities to be redeemed have been registered on the Security
Register in the deceased Holder's name since their Date of Issue or for a period
of at least six months prior to the date of the deceased Holder's death,
whichever is less;

         (2) either the Company or the Trustee has been notified in writing of
the request for redemption within 180 days after the date of the deceased
Holder's death; and

         (3) not more than $100,000 principal amount of Securities (including
those subject to the particular redemption request) have been redeemed from
Holders in the past twelve months pursuant to this Section 1201.

         Authorized representatives of a Holder shall include only the
following: executors, administrators or other legal representatives of an
estate; trustee of a trust; joint owners of Securities owned in joint tenancy or
tenancy by the entirety; custodians; conservators; guardians; attorneys-in-fact;
and other persons generally recognized as having legal authority to act on
behalf of another.

                                       68
<PAGE>

         For purposes of this Article Twelve the death of a person owning a
Security in joint tenancy or tenancy by the entirety with another or others
shall be deemed the death of the Holder of the Security, and the entire
principal amount of the Security so held (up to $20,000) shall be subject to
redemption in accordance with the provisions of this Article Thirteen. For
purposes of this Article Twelve, the death of a person owning a Security by
tenancy in common shall be deemed the death of a Holder of a Security only with
respect to the deceased Holder's interest in the Security so held (up to
$20,000) by tenancy in common; except that in the event a Security is held by
husband and wife as tenants in common, the death of either shall be deemed the
death of the Holder of the Security, and the entire principal amount of the
Security so held shall be subject to redemption in accordance with the
provisions of this Article Twelve. A Person who, during his or her lifetime, was
entitled to substantially all of the beneficial interest of ownership of a
Security will, upon such person's death, be deemed the Holder thereof for
purposes of this Article Twelve regardless of the registered Holder, if such
beneficial interest can be established to the satisfaction of the Trustee. Such
beneficial interest will be deemed to exist in typical cases of street name or
nominee ownership, ownership under the Uniform Gifts to Minors Act, community
property or other joint ownership arrangements between a husband and wife, and
trust arrangement where one person has substantially all of the beneficial
ownership interest in the Security during his or her lifetime. Beneficial
interests shall include the power to sell, transfer or otherwise dispose of a
Security and the right to receive the proceeds therefrom, as well as interest
and principal payment with respect thereto.

Section 1202.  Redemption of Securities.

         Within 30 days after the receipt of the Company or the Trustee of any
request for redemption of the Securities (or any portion thereof) duly made
pursuant to section 1201, the Company shall deposit with the Trustee or with a
Paying Agent an amount of money sufficient to repay the principal amount of all
Securities which are to be redeemed, together with interest accrued thereon to
the Redemption Date, exclusive of installments of interest with a Stated
Maturity on or prior to the Redemption Date, payment of which shall have been
made or duly provided for to the registered Holders of the Securities on the
relevant Record Dates in accordance with Section 307. The Securities so to be
redeemed shall become due and payable on the Redemption Date with respect to
each such Security at the amount to be repaid as provided above and from and
after the Redemption Date (unless the Company shall default in such repayment)
such Security shall cease to bear interest.

         Immediately upon deposit with the Trustee or with a Paying Agent of the
amounts as provided above with respect to each Security (or portion thereof),
the Company shall cause such Security (or portion thereof) to be repaid.
Installments of interest whose Stated Maturity is on or prior to the Redemption
Date shall be payable to the Holders of such Securities registered as such on
the relevant Record Dates according to their terms and the provisions of Section
307.

         If any Security duly requested to be repaid shall not be repaid upon
the Redemption Date, the principal shall, until paid, bear interest from the
Redemption Date at the rate borne by the Security.

                                       69
<PAGE>

         No premium shall be payable by the Company upon redemptions of
Securities pursuant to this Article Twelve.

         If all or any portion of the Securities otherwise eligible for
redemption under this Article Thirteen are not so repurchased because of the
$100,000 limitation of Section 1201, such unredeemed amount shall be subject to
redemption in the first month thereafter in which such Securities would then be
so eligible.

                                ARTICLE THIRTEEN

                                KEY-MAN INSURANCE

Section 1301.  Delivery and Maintenance of Policy.

         The Company shall obtain and deliver to the Trustee, for the benefit of
the Securityholders, a life insurance policy from an insurer acceptable to the
Trustee insuring the life of Philip Taylor in the amount of $2,000,000 on which
the Securityholders are the beneficiaries and payees. The Company shall also
deliver to the Trustee for the benefit of the Securityholders, an agreement to
assign to the Trustee upon the redemption and discharge of all of the 1995
Debentures the life insurance policy insuring the life of Philip Taylor in the
amount of $1,000,000 on which the 1995 Debentureholders are the current
beneficiaries and payees (collectively, with the $2,000,000 policy, the "Key-man
Insurance"). The Company shall maintain the Key-man Insurance in full force and
effect throughout the term of the Securities and this Indenture.

Section 1302.  Distribution of Insurance Proceeds.

         (1) In the event of the death of Philip Taylor, the proceeds of the
policies referred to in Section 1301 shall be immediately distributed by the
Trustee to the Securityholders on a pro rata basis provided that if distribution
of the proceeds on a pro rata basis would leave any Securityholder with an
aggregate outstanding principal amount of Securities of less then $1,000 then
all of the Securities held by such Securityholder shall be redeemed. Upon
payment in full of the principal and interest on all of the Securities, the
Trustee shall distribute any Insurance Proceeds, not otherwise distributed in
accordance hereof, to the Company.

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

                                       70
<PAGE>

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

                                        TAYLOR INVESTMENT CORPORATION

                                        By
                                           -------------------------------------
                                        Its President and
                                        Chief Executive Officer

                                        U.S. BANK NATIONAL ASSOCIATION,
                                          as Trustee

                                        By
                                           -------------------------------------
                                           Its
                                               ---------------------------------

                                       71
<PAGE>

                                    EXHIBIT A
                           [FORM OF FACE OF SECURITY]

         [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT HEREON IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. THIS SECURITY IS A
GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND
IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY IS
EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE
DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR
SECURITIES IN DEFINITIVE FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A
WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE
DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE
DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH
SUCCESSOR DEPOSITARY.]*

         *This paragraph should be included only if the Security is a Global
Security.

                                       A-1
<PAGE>

                          TAYLOR INVESTMENT CORPORATION

CUSIP: _______________                                            R-____________

                    SENIOR SUBORDINATED ADJUSTABLE RATE NOTES

         Taylor Investment Corporation, a Minnesota corporation (the "Company,"
which term shall include any successor corporation under the Indenture referred
to on the reverse hereof), promises to pay to __________________________, or
registered assigns, the principal sum of _____________________________ Dollars
($__________) on _______________, 2010 [or such greater or lesser amount as is
indicated on the Schedule of Exchanges of Securities on the other side of this
Security.]*

         Interest Payment Dates: March 31, June 30, September 30 and December
31.

         Record Dates: March 15, June 15, September 15 and December 15.

         Additional provisions of this Security are set forth on the other side
of this Security.

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

                                        TAYLOR INVESTMENT CORPORATION

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

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

Dated:
       ---------------------------------

Trustee's Certificate of Authentication: This is one of the Securities referred
to in the within-mentioned Indenture.

U.S. BANK NATIONAL ASSOCIATION,
  as Trustee

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

*This phrase shall be included only if the Security is a Global Security.

                                      A-2
<PAGE>

                       [FORM OF REVERSE SIDE OF SECURITY]

                          TAYLOR INVESTMENT CORPORATION
                    SENIOR SUBORDINATED ADJUSTABLE RATE NOTES

         1.       INTEREST

         Taylor Investment Corporation, a Minnesota corporation (the "Company,"
which term shall include any successor corporation under the Indenture
hereinafter referred to), promises to pay interest on the principal amount of
this Security at an initial rate equal to the great of 8.00% per annum or Prime
Rate plus 3.00% determined on the Closing Date. Thereafter, the initial interest
rate will be re-set quarterly (starting on September 30, 2002) to equal the
greater of 8.00% per annum or Prime Rate plus 3.00%. Notwithstanding anything to
the contrary in this Security, the interest rate payable on this Security shall
not exceed 14.00% per annum. The Company shall pay interest quarterly on March
31, June 30, September 30 and December 31 of each year, commencing on the first
Interest Payment Date following closing. Interest on the Securities shall accrue
from the Closing Date. To the extent any Securities are sold pursuant to
Dougherty & Company LLC's over-allotment option after an Interest Payment Date,
such Securities shall accrue interest from the most recent date to which
interest has been paid; PROVIDED, HOWEVER, that if there is not an existing
default in the payment of interest and if this Security is authenticated between
a Record Date referred to on the face hereof and the next succeeding Interest
Payment Date, interest shall accrue from such Interest Payment Date. Interest
will be computed on the basis of a 360-day year of twelve 30-day months.

         2.       METHOD OF PAYMENT

         The Company shall pay interest on this Security (except defaulted
interest) to the person who is the Holder of this Security at the close of
business on March 15, June 15, September 15 and December 15, as the case may be,
next preceding the related Interest Payment Date. The Holder must surrender this
Security to a Paying Agent to collect payment of principal. The Company will pay
principal and interest in money of the United States that at the time of payment
is legal tender for payment of public and private debts. The Company may mail an
interest check to the Holder's registered address. Notwithstanding the
foregoing, so long as this Security is registered in the name of a Depositary or
its nominee, all payments hereon shall be made by wire transfer of immediately
available funds to the account of the Depositary or its nominee.

         3.       PAYING AGENT, REGISTRAR AND CONVERSION AGENT

         Initially, U.S. Bank National Association (the "Trustee," which term
shall include any successor trustee under the Indenture hereinafter referred to)
will act as Paying Agent and Securities Registrar. The Company may change any
Paying Agent or Securities Registrar without notice to the Holder. The Company
or any of its Subsidiaries may, subject to certain limitations set forth in the
Indenture, act as Paying Agent or Registrar.

                                      A-3
<PAGE>

         4.       INDENTURE, LIMITATIONS

         This Security is one of a duly authorized issue of Securities of the
Company designated as its Senior Subordinated Adjustable Rate Notes (the
"Securities"), issued under an Indenture dated as of _______________, 2002
(together with any supplemental indentures thereto, the "Indenture"), between
the Company and the Trustee. The terms of this Security include those stated in
the Indenture and those required by or made part of the Indenture by reference
to the Trust Indenture Act of 1939, as amended, as in effect on the date of the
Indenture. This Security is subject to all such terms, and the Holder of this
Security is referred to the Indenture and said Act for a statement of them.

         5.       REDEMPTION

         (a) The Securities may not be redeemed at the option of the Company
prior to September 30, 2005. Thereafter, the Securities may be redeemed at the
option of the Company, in whole or in part, at a Redemption Price (expressed as
a percentage of the principal amount redeemed) set forth below plus interest
accrued to the Redemption Date, if redeemed during the 12-month period beginning
September 30 of each of the following years:

                                  Year           Redemption Price
                                  ----           ----------------

                            Sept. 30, 2005             103%

                            Sept. 30, 2006             102%

                            Sept. 30, 2007             101%

                            Sept. 30, 2008              Par

                            Sept. 30, 2009              Par

         (b) Beginning on September 30, 2006 and annually thereafter, the
Company shall make a sinking fund payment to the Trustee in an amount equal to
twenty percent (20%) of the original aggregate principal amount of the
Securities. Any redemption of Securities by the Company pursuant to subsection
5(c) and (d) below and any purchases of the Securities by the Company on the
open market will be credited toward the Company's required sinking fund payments
to be made pursuant to this provision. The Redemption Price for the Securities
redeemed pursuant to this Section shall be equal to the principal amount of the
Securities to be redeemed plus interest accrued but unpaid to the Redemption
Date.

         (c) Following the one-year anniversary of the initial closing date of
the offering of the Securities, Doughtery & Company LLC, on behalf of the
Securityholders, shall have the right to require the Company to redeem annually
up to $500,000 aggregate principal amount of Securities tendered by Dougherty &
Company LLC. The Redemption Price for the Securities pursuant to this subsection
shall be equal to the principal amount of the Securities to be redeemed plus
interest accrued but unpaid to the Redemption Date. This redemption right shall
be noncumulative. Securities redeemed by the Company pursuant to this subsection
will be applied and credited to the Company's required sinking fund payments

                                      A-4
<PAGE>

under subsection (b) above. The aggregate principal amount of any Securities
purchased by the Company on the open market will be credited toward the
Company's redemption obligation set forth herein. Dougherty & Company LLC shall
follow the procedures set forth in the Indenture for exercising this right.

         (d) Upon the death of any Holder of a Security or Securities, the
Company shall be required to redeem at par up to $20,000 principal amount of,
together with interest accrued to the Redemption Date on, all or such part (in
integral multiples of $1,000) the Securities held by the deceased Holder of such
Securities at the date of such Holder's death, as requested in the manner, and
the subject to the limitations, set forth in the Indenture.

         6.       NOTICE OF REDEMPTION

         The applicable notice of redemption will be provided in accordance with
the terms of the Indenture. Securities in denominations larger than $1,000 may
be redeemed in part, but only in whole multiples of $1,000. On and after the
Redemption Date, subject to the deposit with the Paying Agent of funds
sufficient to pay the Redemption Price plus accrued interest, if any, accrued
to, but excluding, the Redemption Date, interest shall cease to accrue on
Securities or portions of them called for redemption.

         7.       PURCHASE OF SECURITIES AT OPTION OF HOLDER UPON A CHANGE IN
                  CONTROL

         Subject to the terms and conditions of the Indenture and at the option
of the Holder, following the occurrence of a Change in Control, the Company
shall become obligated to purchase all of such Holder's Securities, or any
portion of the principal amount thereof that is equal to any integral multiple
of $1,000, as a condition precedent to any Change in Control at a repurchase
price equal to 101% of the principal amount of the Securities to be repurchased,
plus accrued and unpaid interest to, but excluding, the Change in Control
Repurchase Date. The Holder shall have the right to withdraw any Change in
Control Purchase Notice (in whole or in a portion thereof that is $1,000 or an
integral multiple of $1,000 in excess thereof) at any time prior to the close of
business on the Business Day next preceding the Change in Control Purchase Date
by delivering a written notice of withdrawal to the Paying Agent in accordance
with the terms of the Indenture.

         8.       SUBORDINATION

         The indebtedness evidenced by the Securities is, to the extent and in
the manner provided in the Indenture, subordinate and junior in right of payment
to the prior payment in full in cash of all Senior Debt. Any Holder by accepting
this Security agrees to and shall be bound by such subordination provisions and
authorizes the Trustee to give them effect. In addition to all other rights of
Senior Debt described in the Indenture, the Senior Debt shall continue to be
Senior Indebtedness and entitled to the benefits of the subordination provisions
irrespective of any amendment, modification or waiver of any terms of any
instrument relating to the Senior Debt or any extension or renewal of the Senior
Debt.

                                      A-5
<PAGE>

         9.       DENOMINATIONS, TRANSFER, EXCHANGE

         The Securities are in registered form without coupons in minimum
denominations of $5,000 and $1,000 increments thereafter. A Holder may register
the transfer of or exchange Securities in accordance with the Indenture. The
Securities Registrar may require a Holder, among other things, to furnish
appropriate endorsements and transfer documents and to pay any taxes or other
governmental charges that may be imposed in relation thereto by law or permitted
by the Indenture.

         10.      PERSONS DEEMED OWNERS

         The Holder of a Security may be treated as the owner of it for all
purposes.

         11.      UNCLAIMED MONEY

         If money for the payment of principal or interest remains unclaimed for
two years, the Trustee or Paying Agent will pay the money back to the Company at
its written request. After that, Holders entitled to money must look to the
Company for payment.

         12.      AMENDMENT, SUPPLEMENT AND WAIVER

         Notwithstanding the consent and related provisions in the Indenture,
without the consent of or notice to any Holder, the Company and the Trustee may
amend or supplement the Indenture or the Securities to, among other things, cure
any ambiguity, defect or inconsistency or make any other change that does not
adversely affect the rights of any Holder.

         13.      SUCCESSOR CORPORATION

         When a successor corporation assumes all the obligations of its
predecessor under the Securities and the Indenture in accordance with the terms
and conditions of the Indenture, the predecessor corporation will (except in
certain circumstances specified in the Indenture) be released from those
obligations.

         14.      DEFAULTS AND REMEDIES

         If an Event of Default occurs and is continuing, the principal of all
the Securities may be declared due and payable in the manner and with the effect
provided in the Indenture. The Company shall pay all costs of collection,
whether or not judicial proceedings are instituted, in the manner provided in
the Indenture. The Indenture provides such declaration and its consequences may,
in certain circumstances, be annulled by the Holders of a majority in principal
amount of outstanding Securities.

         15.      TRUSTEE DEALINGS WITH THE COMPANY

         U.S. Bank National Association, the Trustee under the Indenture, in its
individual or any other capacity, may make loans to, accept deposits from and
perform services for the Company or an Affiliate of the Company, and may
otherwise deal with the Company or an Affiliate of the Company, as if it were
not the Trustee.

                                      A-6
<PAGE>

         16.      NO RECOURSE AGAINST OTHERS

         A director, officer, employee or shareholder, as such, of the Company
shall not have any liability for any obligations of the Company under the
Securities or the Indenture nor for any claim based on, in respect of or by
reason of such obligations or their creation. The Holder of this Security by
accepting this Security waives and releases all such liability. The waiver and
release are part of the consideration for the issuance of this Security.

         17.      AUTHENTICATION

         This Security shall not be valid until the Trustee or an authenticating
agent manually signs the certificate of authentication on the other side of this
Security.

         18.      ABBREVIATIONS AND DEFINITIONS

         Customary abbreviations may be used in the name of the Holder or an
assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the
entireties), JT TEN (= joint tenants with right of survivorship and not as
tenants in common), CUST (= Custodian) and UGMA (= Uniform Gifts to Minors Act).

         All terms defined in the Indenture and used in this Security but not
specifically defined herein are defined in the Indenture and are used herein as
so defined.

         19.      INDENTURE TO CONTROL; GOVERNING LAW

         In the case of any conflict between the provisions of this Security and
the Indenture, the provisions of the Indenture shall control. This Security
shall be governed by, and construed in accordance with, the laws of the State of
Minnesota, without regard to principles of conflicts of law.

         The Company will furnish to any Holder, upon written request and
without charge, a copy of the Indenture. Requests may be made to: Taylor
Investment Corporation, 43 Main Street, S.E., Suite 506, Minneapolis, MN 55414,
Attn: Chief Financial Officer.

                                      A-7
<PAGE>

                                 ASSIGNMENT FORM

To assign this Security, fill in the form below:

I or we assign and transfer this Security to

--------------------------------------------------------------------------------
                  (Insert assignee's soc. sec. or tax I.D. no.)

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

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

--------------------------------------------------------------------------------
              (Print or type assignee's name, address and zip code)

and irrevocably appoint ________________________________________________________
agent to transfer this Security on the books of the Company. The agent may
substitute another to act for him or her.

                                        Your Signature:

Date:
      ----------------------------      ----------------------------------------
                                        (Sign exactly as your name appears on
                                        the other side of this Security)

*Signature guaranteed by:

By:
    ------------------------------

-------------------------
* The signature must be guaranteed by an institution which is a member of one of
the following recognized signature guaranty programs: (i) the Securities
Transfer Agent Medallion Program (STAMP); (ii) the New York Stock Exchange
Medallion Program (MSP); (iii) the Stock Exchange Medallion Program (SEMP); or
(iv) such other guaranty program acceptable to the Trustee.

                                      A-8
<PAGE>

                      SCHEDULE OF EXCHANGES OF SECURITIES*

         The following exchanges, redemptions, repurchases or conversions of a
part of this Global Security have been made:

 PRINCIPAL AMOUNT
  OF THIS GLOBAL
SECURITY FOLLOWING     AUTHORIZED      AMOUNT OF DECREASE     AMOUNT OF INCREASE
SUCH DECREASE DATE    SIGNATORY OF        IN PRINCIPAL           IN PRINCIPAL
 OF EXCHANGE (OR       SECURITIES        AMOUNT OF THIS         AMOUNT OF THIS
    INCREASE)          CUSTODIAN         GLOBAL SECURITY       GLOBAL SECURITY
------------------    ------------     ------------------     ------------------

*This schedule should be included only if the Note is issued in global form.

                                      A-9
<PAGE>

            OPTION TO ELECT REPURCHASE UPON A CHANGE IN CONTROL OR ON
                                 SPECIFIC DATES

To:      Taylor Investment Corporation

         The undersigned registered owner of this Security hereby irrevocably
acknowledges receipt of a notice from Taylor Investment Corporation (the
"Company") as to the occurrence of a Change in Control with respect to the
Company and requests and instructs the Company to redeem the entire principal
amount of this Security, or the portion thereof (which is $1,000 or an integral
multiple thereof) below designated, in accordance with the terms of the
Indenture referred to in this Security at the Change in Control Purchase Price,
together with accrued interest to, but excluding, such date, to the registered
Holder hereof.

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

                                        ----------------------------------------
                                           Signature(s)

                                           Signature(s) must be guaranteed by a
                                           qualified guarantor institution with
                                           membership in an approved signature
                                           guarantee program pursuant to Rule
                                           17Ad-15 under the Securities Exchange
                                           Act of 1934.

                                        ----------------------------------------
                                          Signature Guaranty

Principal amount to be redeemed (in an integral
multiple of $1,000, if less than all):

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

NOTICE: The signature to the foregoing Election must correspond to the Name as
written upon the face of this Security in every particular, without alteration
or any change whatsoever.

                                      A-10EXHIBIT 10.18

                               OPERATING AGREEMENT
                                       OF
                         LAKERIDGE COMMUNITY CENTER, LLC

                                    SECTION 1
                                     OFFICES

         Section 1.1 Principal Executive Office. The principal executive office
of Lakeridge Community Center, LLC (the "Company") shall be c/o Taylor
Investment Corporation, Attn: Philip C. Taylor, 43 Main Street SE, Suite 506,
Minneapolis, MN 55414.

         Section 1.2 Registered Office. The location and address of the
registered office of the Company is c/o Taylor Investment Corporation, Attn:
Philip C. Taylor, 43 Main Street SE, Suite 506, Minneapolis, MN 55414. The
registered office need not be identical with the principal executive office of
the Company and may be changed from time to time by the Board of Governors.

         Section 1.3 Other Offices. The Company may have other offices at such
places within and without the State of Minnesota as the Board of Governors may
determine from time to time.

                                    SECTION 2
                                     MEMBERS

         Section 2.1 Place of Meetings. Each meeting of the members of the
Company shall be held at the principal executive office of the Company or at
such other place as may be designated by the Board of Governors or the Chief
Manager; provided, however, that any meeting called by or at the demand of a
member or members shall be held in the county where the principal executive
office of the Company is located.

         Section 2.2 Regular Meetings. Regular meetings of the members may be
held at the discretion of the Board of Governors, but at least four (4) times
during each fiscal year. If a regular meeting has not been held during the
immediately preceding four (4) months, a member or members owning three percent
or more of the voting power of all membership interests entitled to vote may
demand a regular meeting of members by written demand given to the Chief Manager
or Treasurer of the Company. At each regular meeting the members entitled to
vote shall elect qualified successors for governors who serve for an indefinite
term or whose terms have expired or are due to expire within six months after
the date of the meeting and may transact any other business, provided, however,
that no business with respect to which special notice is required by law shall
be transacted unless such notice shall have been given.

         Section 2.3 Special Meetings. A special meeting of the members may be
called for any purpose or purposes at any time by the Chief Manager; by the
Treasurer; by the Board of Governors; by any two or more governors; or by any
member, who shall demand such special meeting by written notice given to the
Chief Manager or Treasurer of the Company specifying the purposes of such
meeting.

<PAGE>

         Section 2.4 Meetings Held Upon Member Demand. Within 30 days after
receipt of a demand by the Chief Manager or the Treasurer or from any member, it
shall be the duty of the Board of Governors of the Company to cause a special or
regular meeting of members, as the case may be, to be duly called and held on
notice no later than 90 days after receipt of such demand. If the Board fails to
cause such a meeting to be called and held as required by this Section, the
member making the demand may call the meeting by giving notice as provided in
Section 2.6 hereof at the expense of the Company.

         Section 2.5 Adjournments. Any meeting of the members may be adjourned
from time to time to another date, time and place. If any meeting of the members
is so adjourned, no notice as to such adjourned meeting need be given if the
date, time and place at which the meeting will be reconvened are announced at
the time of adjournment.

         Section 2.6 Notice of Meetings. Unless otherwise required by law,
written notice of each meeting of the members, stating the date, time, and
place, and in the case of a special meeting, the purpose or purposes, shall be
given at least ten (10) days and not more than sixty (60) days prior to the date
of such meeting to every owner of membership interests entitled to vote at such
meeting except as specified in Section 2.5, or as otherwise permitted by law.
The business transacted at a special meeting of members shall be limited to the
purposes stated in the notice of the meeting.

         Section 2.7 Waiver of Notice. A member may waive notice of the date,
time, place and purpose or purposes of a meeting of members. A waiver of notice
by a member entitled to notice is effective whether given before, at, or after
the meeting and whether given orally, in writing, or by attendance. Attendance
by a member at a meeting is a waiver of notice of that meeting, unless the
member objects at the beginning of the meeting to the transaction of business
because the meeting is not lawfully called or convened, or objects before a vote
on an item of business because the item may not lawfully be considered at that
meeting and does not participate in the consideration of the item at the
meeting.

         Section 2.8 Voting Rights. Members shall have the voting power
specified in any applicable member control agreement of the Company. In the
absence of a member control agreement, each Member shall have one vote on all
matters to come before the Members.

         Section 2.9 Proxies. A member may cast or authorize the casting of a
vote by filing a written appointment of a proxy with a manager of the Company at
or before the meeting at which the appointment is to be effective. The member
may sign or authorize the written appointment by telegram, cablegram, or other
means of electronic transmission setting forth or submitted with information
sufficient to determine that the member authorized such transmission. Any copy,
facsimile, telecommunication or other reproduction of the original of either the
writing or transmission may be used in lieu of the original, provided that it is
a complete and legible reproduction of the entire original.

<PAGE>

         Section 2.10 Quorum. The owners of a majority of the voting power of
the membership interests entitled to vote at a meeting of the members are a
quorum for the transaction of business, unless a larger or smaller proportion is
provided in the Articles of Organization of the Company or any applicable member
control agreement. If a quorum is present when a duly called or held meeting is
convened, the members present may continue to transact business until
adjournment, even though the withdrawal of members originally present leaves
less than the proportion otherwise required for a quorum.

         Section 2.11 Acts of Members. Except as otherwise required by law or
specified in the Articles of Organization of the Company or in any applicable
member control agreement, the members shall take action by the affirmative vote
of the owners of the greater of (a) a majority of the voting power of the
membership interests present and entitled to vote on that item of business or
(b) a majority of the voting power that would constitute a quorum for the
transaction of business at a duly held meeting of members.

         Section 2.12 Action Without a Meeting. Any action required or permitted
to be taken at a meeting of the members of the Company may be taken without a
meeting by written action signed by all members. The written action is effective
when signed by the members, unless a different effective date is provided in the
written action.

                                    SECTION 3
                               BOARD OF GOVERNORS

         Section 3.1 Number; Qualifications. Except as authorized by the members
pursuant to an applicable member control agreement or unanimous affirmative
vote, the business and affairs of the Company shall be managed by or under the
direction of a Board of Governors. Governors shall be natural persons subject to
the provisions of an applicable member control agreement. The members at each
regular meeting shall determine the number of governors to constitute the Board,
and thereafter the authorized number of governors may be increased and decreased
by the members. Governors need not be members.

         Section 3.2 Term. Each governor shall serve for an indefinite term that
expires at the next annual meeting of the members. A governor shall hold office
until a successor is elected and has qualified or until his or her sooner death,
resignation, removal or disqualification.

         Section 3.3 Vacancies. Vacancies on the Board of Governors resulting
from the death, resignation, removal or disqualification of a governor, or from
newly created governorships, shall be filled by affirmative vote of the members,
except as may be specifically provided in a member control agreement. Each
person elected to fill a vacancy shall hold office until a qualified successor
is elected by the members at their next annual meeting or at any special meeting
duly called for that purpose, or until a successor is appointed pursuant to the
provisions of a member control agreement.

<PAGE>

         Section 3.4 Place of Meetings. Each meeting of the Board of Governors
shall be held at the principal executive office of the Company or at such other
place as may be designated from time to time by a majority of the governors or
by the Chief Manager.

         Section 3.5 Regular Meetings. Regular meetings of the Board of
Governors for the election of managers and the transaction of any other business
shall be held without notice at the place of and immediately after each regular
meeting of the members.

         Section 3.6 Special Meetings. A special meeting of the Board of
Governors may be called for any purpose or purposes at any time by any governor
by giving not less than two days' notice to all governors of the date, time and
place of the meeting, provided that when notice is mailed, at least four days'
notice shall be given. The notice need not state the purpose of the meeting.

         Section 3.7 Waiver of Notice; Previously Scheduled Meetings. Governors
may waive notice of meetings as follows:

                  (a) A governor of the Company entitled to notice of a meeting
         of the Board may waive notice of the date, time and place of the
         meeting, which waiver is effective whether given before, at, or after
         the meeting, and whether given in writing, orally or by attendance.
         Attendance by a governor at a meeting shall constitute waiver of notice
         of that meeting, unless the governor objects at the beginning of the
         meeting to the transaction of business because the meeting is not
         lawfully called or convened and thereafter does not participate in the
         meeting.

                  (b) If the date, time, and place of a Board meeting have been
         announced at a previous meeting of the Board, no notice is required.
         Notice of an adjourned meeting need not be given other than by
         announcement at the meeting at which adjournment is taken of the date,
         time, and place at which the meeting will be reconvened.

         Section 3.8 Quorum. A majority of the governors currently holding
office shall be necessary to constitute a quorum for the transaction of
business. In the absence of a quorum, a majority of the governors present may
adjourn a meeting from time to time without further notice until a quorum is
present. If a quorum is present when a duly called or held meeting is convened,
the governors present may continue to transact business until adjournment, even
though the withdrawal of a number of the governors originally present leaves
less than the proportion or number otherwise required for a quorum.

         Section 3.9 Acts of Board. Except as otherwise required by law or
specified in the Articles of Organization of the Company or in any member
control agreement, the Board shall take action by the affirmative vote of a
majority of the governors present at a duly held meeting.

         Section 3.10 Participation by Electronic Communications. A governor may
participate in a Board meeting by any means of communication through which the
governor, other governors so participating, and all governors physically present
at the meeting, may simultaneously hear each other during the meeting. A
governor so participating shall be deemed present in person at the meeting. A
meeting held entirely by conference telephone call shall qualify as a meeting
under this Section 3.10 if all governors participating may simultaneously hear
each other during the meeting.

<PAGE>

         Section 3.11 Absent Governors. A governor of the Company may give
advance written consent or opposition to a proposal to be acted on at a Board
meeting. If the governor is not present at the meeting, consent or opposition to
a proposal does not constitute presence for purposes of determining the
existence of a quorum, but consent or opposition shall be counted as a vote in
favor of or against the proposal and shall be entered in the minutes or other
record of action at the meeting, if the proposal acted on at the meeting is
substantially the same or has substantially the same effect as the proposal to
which the governor has consented or objected.

         Section 3.12 Action Without a Meeting. Any action required or permitted
to be taken at a meeting of the Board of Governors may be taken without a
meeting by written action signed by all the governors then in office. The
written action is effective when signed by the required number of governors,
unless a different effective date is provided in the written action.

         Section 3.13 Committees. The Board of Governors may establish
committees from time to time, as follows:

         (a) By resolutions approved by the affirmative vote of a majority of
the Governors, the Board may establish committees to assist the Board and make
recommendations to the Board concerning the management of the business of the
Company. Committees shall be subject at all times to the direction and control
of the Board, except as provided in Section 3.14.

         (b) A committee shall consist of two or more natural persons, who need
not be governors or members, appointed by affirmative vote of a majority of the
governors present at a duly held meeting of the Board.

         (c) Section 3.4 and Sections 3.6 to 3.12 hereof, to the extent germane,
shall apply to committees and proceedings of committees.

         (d) Minutes, if any, of committee meetings shall be made available upon
request to members of the committee and to any governor.

         Section 3.14 Special Litigation Committee. Pursuant to the procedure
set forth in Section 3.13, the Board may establish a Special Litigation
Committee composed of one or more independent governors or other independent
persons to determine whether it is in the best interests of the Company to
pursue a particular legal right or remedy of the Company and whether to cause,
to the extent permitted by law, the dismissal or discontinuance of a particular
proceeding that seeks to assert a right or remedy on behalf of the Company. The
Special Litigation Committee, once established, is not subject to the direction
or control of, or termination by, the Board of Governors. A vacancy on the
Special Litigation Committee may be filled by a majority vote of the remaining
members of the Special Litigation Committee. The good faith determinations of
the Special Litigation Committee are binding upon the Company and its governors,
managers, and members to the extent permitted by law. The Special Litigation
Committee terminates when it issues a written report of its determinations to
the Board.

<PAGE>

         Section 3.15 Compensation. Subject to the terms of any Member Control
Agreement, the Board may fix the compensation, if any, of governors and members
of committees. All such compensation shall require the unanimous approval of all
members of the Board of Governors, to be given at a regular or special meeting
of the Board.

                                    SECTION 4
                                    MANAGERS

         Section 4.1 Number and Qualification. The Company shall have one or
more natural persons exercising the functions of the position of Chief Manager,
Treasurer and Development Manager. The Board of Governors may elect such other
managers and assistant managers as it deems necessary for the operation and
management of the Company. Except as provided in this Operating Agreement or in
any applicable member control agreement, the Board of Governors shall fix the
powers, duties, and compensation of all Managers. Managers may be, but need not
be, governors of the Company. Any of the positions or functions of those
positions may be held by the same person.

         Section 4.2 Term of Office. Each manager of the Company shall hold
office for a term of one (1) year or until his or her respective successor is
elected and has qualified, or until his or her sooner death, resignation, or
removal.

         Section 4.3 Removal and Vacancies. Any manager may be removed at any
time, with or without cause, by a resolution approved by the affirmative vote of
a majority of the governors present at a duly held Board meeting, subject to the
provisions of any applicable member control agreement. A vacancy in a position
because of death, resignation, removal, disqualification or other cause may, or
in the case of a vacancy in the position of Chief Manager or Treasurer shall, be
filled for the unexpired portion of the term by the Board.

         Section 4.4 Chief Manager. Unless provided otherwise by any applicable
member control agreement or by a resolution adopted by the Board of Governors,
the Chief Manager (a) shall have general active management of the business of
the Company, except as otherwise provided herein; (b) shall, when present,
preside at all meetings of the members and the Board; (c) shall see that all
orders and resolutions of the Board are carried into effect; (d) with the
approval of the Board of Governors, shall have authority to sign and deliver in
the name of the Company any deeds, mortgages, bonds, contracts, or other
instruments pertaining to the business of the Company, except in cases in which
the authority to sign and deliver is required by law to be exercised by another
person or is expressly delegated by the Articles of Organization, this Operating
Agreement, any applicable member control agreement, or resolution of the Board
of Governors to one or more other managers or agents of the Company; (e) may
maintain records of and certify proceedings of the members and the Board; and
(f) shall perform such other duties as may from time to time be prescribed by
the Board.

<PAGE>

         Section 4.5 Treasurer. Unless provided otherwise by any applicable
member control agreement or by a resolution adopted by the Board of Governors,
the Treasurer (a) shall keep accurate financial records for the Company; (b)
shall deposit all monies, drafts, and checks in the name of and to the credit of
the Company in such banks and depositories as the Board shall designate from
time to time; (c) shall endorse for deposit all notes, checks, and drafts
received by the Company as ordered by the Board, making proper vouchers
therefor; (d) shall disburse Company funds and issue checks and drafts in the
name of the Company as ordered by the Board, (e) shall render to the Chief
Manager and the Board, whenever requested, an account of all such transactions
of the Treasurer and of the financial condition of the Company; and (f) and
shall perform such other duties as may be prescribed by the Board or the Chief
Manager from time to time.

         Section 4.6 Development Manager. Unless provided otherwise by any
applicable member control agreement or by a resolution adopted by the Board of
Governors, the Development Manager shall have general responsibility for
development of the Company's real estate development project, including but not
limited to land planning, surveying, platting, completion of a development
agreement with the City of Sauk Center, oversight of completion of improvements
to the property and development of installation of project signage.

         Section 4.7 Delegation. Unless prohibited by a resolution approved by
the affirmative vote of a majority of all governors then in office, a manager
elected or appointed by the Board of Governors may delegate in writing some or
all of the duties and powers of such person's management position to other
persons.

         Section 4.8 Compensation. The compensation of managers of the Company,
if any, shall be fixed by the Board of Governors.

                                    SECTION 5
                                 INDEMNIFICATION

         Section 5.1 Indemnification. The Company shall indemnify its managers
and governors for such expenses and liabilities, in such manner, under such
circumstances, and to such extent, as required or permitted by Minnesota
Statutes, Section 322B.699, as amended from time to time, or as required or
permitted by other provisions of law.

         Section 5.2 Insurance. The Company may purchase and maintain insurance
on behalf of any person in such person's official capacity against any liability
asserted against and incurred by such person in or arising from that capacity,
whether or not the Company would otherwise be required to indemnify the person
against the liability.

<PAGE>

                                    SECTION 6
                              MEMBERSHIP INTERESTS

         Section 6.1 Statement of Membership Interests. At the request of any
member, the managers of the Company shall state in writing the particular
membership interest in the Company held by that member at the time of the
statement. The statement must describe the member's rights to vote, rights to
share in profits and losses, rights to share in distributions, restrictions on
assignments of financial rights under Minnesota Statutes Section 322B.31,
Subdivision 3, restrictions on governance rights under Minnesota Statutes
Section 322B.313, Subdivision 6, then in effect, as well as any assignment of
the member's rights then in effect.

         Section 6.2 Declaration of Distributions. The Board of Governors shall
have the authority to declare distributions upon the membership interests of the
Company to the extent permitted by law and subject to the provisions of any
applicable member control agreement.

         Section 6.3 Transfer of Membership Interests. Membership interests in
the Company may be transferred only to the extent permitted by law and subject
to the provisions of any applicable member control agreement.

                                    SECTION 7
                                REQUIRED RECORDS

The books and records of the Company shall be maintained at the designated or
principal office of the Company as listed in the Articles of Organization and
shall be available for examination there by any member or by his, her, or its
duly authorized representatives by appointment during ordinary business hours of
the Company, upon five (5) days notice. The Company shall keep the following
records:

                  (a) a current list of the full legal name and last known
business address of each member;

                  (b) a copy of the Articles of Organization, this Operating
Agreement, any applicable member control agreement, and all amendments to any of
the foregoing, and executed copies of any powers of attorney pursuant to which
any of the foregoing have been executed;

                  (c) copies of the Company's federal, state, and local income
tax returns and reports, if any, for the three (3) most recent years;

                  (d) copies of any financial statements of the Company for the
three (3) most recent years; and

                  (e) to the extent not contained in a member control agreement,
a writing setting out contributions made and agreed to be made by each member,
and, if other than cash, the agreed value of such contributions.

<PAGE>

         In addition, the Company shall maintain any other books and records
required to be maintained by Minnesota Statutes Chapter 322B and such additional
books and records as the Board of Governors or Chief Manager deems advisable.

                                    SECTION 8
                                  MISCELLANEOUS

         Section 8.1 Fiscal Year. The fiscal year of the Company shall end on
the last day of such month as is established in any applicable member control
agreement and, if not so established, then as determined by resolution of the
Board of Governors.

         Section 8.2 Amendments. This Operating Agreement may be amended or
repealed by unanimous action of the members.

         Section 8.3 Construction. In the event of any conflict or inconsistency
between this Operating Agreement, as amended, and the terms of any applicable
member control agreement, whenever adopted, the terms of such member control
agreement shall control.

         Section 8.4 Seal. The Company shall have no seal.

                                  * * * * * * *

         The undersigned, Chief Manager of Lakeridge Community Center, LLC, a
Minnesota limited liability company, does hereby certify that the foregoing
Operating Agreement is the Operating Agreement adopted for the Company by its
Board of Governors by unanimous written consent.

Date: April 5, 2002                     By /s/ Philip C. Taylor
                                           ------------------------------
                                              Philip C. Taylor
                                              Its Chief Manager

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