Document:

INDENTURE

 

MIRANT AMERICAS GENERATION, LLC

TO

[
           ], TRUSTEE

INDENTURE

DATED AS OF _____________, 2003

PROVIDING FOR THE ISSUANCE FROM TIME TO TIME

OF SENIOR SECURED NOTES IN ONE OR MORE SERIES

 

 

MIRANT AMERICAS GENERATION, LLC

RECONCILIATION AND TIE BETWEEN TRUST INDENTURE ACT OF 1939

AND INDENTURE, DATED AS OF      , 2003

TRUST INDENTURE

	 	 	 
	 	 	INDENTURE
	TRUST INDENTURE ACT SECTION	 	SECTION
	
	 	

	310(a)(1)	 	609
	(a)(2)	 	609
	(a)(3)	 	Not Applicable
	(a)(4)	 	Not Applicable
	(b)	 	608, 610
	311(a)	 	613
	311(b)(4)	 	613(a)
	(b)(6)	 	613(b)
	312(a)	 	701, 702(a)
	(b)	 	702(b)
	(c)	 	702(b)
	313(a)	 	703(a)
	313(b)	 	703(b)
	313(c)	 	703(c), 704
	(d)	 	703(c)
	314(a)	 	704, 1007
	(b)	 	1203
	(c)(1)	 	102
	(c)(2)	 	102
	(c)(3)	 	Not Applicable
	(d)	 	1202
	(e)	 	102
	(f)	 	Not Applicable
	315(a)	 	601(a)
	(b)	 	602
	(c)	 	601(b)
	(d)	 	601(c)
	(d)(1)	 	601(a)(1)
	(d)(2)	 	601(c)(2)
	(d)(3)	 	601(c)(3)
	(e)	 	514
	316(a)	 	101
	(a)(1)(A)	 	502, 512
	(a)(1)(B)	 	513
	(a)(2)	 	Not Applicable
	(b)	 	508
	317(a)(1)	 	503
	(a)(2)	 	504
	(b)	 	1003
	318(a)	 	107

i

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page
	 	 	 	 	 	 	

	ARTICLE ONE DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	 	 	1	 
	Section 101.	 	Definitions
	 	 	1	 
	Section 102.	 	Compliance Certificates and Opinions
	 	 	6	 
	Section 103.	 	Form of Documents Delivered to Trustee
	 	 	7	 
	Section 104.	 	Acts of Holders
	 	 	7	 
	Section 105.	 	Notices, etc., to Trustee and Company
	 	 	8	 
	Section 106.	 	Notice to Holders of Senior Secured Notes; Waiver
	 	 	9	 
	Section 107.	 	Conflict with Trust Indenture Act
	 	 	9	 
	Section 108.	 	Effect of Headings and Table of Contents
	 	 	9	 
	Section 109.	 	Successors and Assigns
	 	 	10	 
	Section 110.	 	Separability Clause
	 	 	10	 
	Section 111.	 	Benefits of Indenture
	 	 	10	 
	Section 112.	 	Governing Law
	 	 	10	 
	Section 113.	 	Legal Holidays
	 	 	10	 
	ARTICLE TWO FORMS OF NOTES
	 	 	10	 
	Section 201.	 	Forms Generally
	 	 	10	 
	Section 202.	 	Form of Trustee’s Certificate of Authentication
	 	 	11	 
	Section 203.	 	Senior Secured Notes Issuable in the Form of a Global Note
	 	 	11	 
	ARTICLE THREE THE SENIOR SECURED NOTES
	 	 	13	 
	Section 301.	 	Amount Unlimited; Issuable in Series
	 	 	13	 
	Section 302.	 	Execution, Authentication, Delivery and Dating
	 	 	15	 
	Section 303.	 	Registration, Registration of Transfer and Exchange
	 	 	17	 
	Section 304.	 	Mutilated, Destroyed, Lost and Stolen Senior Secured Notes
	 	 	18	 
	Section 305.	 	Payment of Interest; Interest Rights Preserved
	 	 	19	 
	Section 306.	 	Persons Deemed Owners
	 	 	20	 
	Section 307.	 	Cancellation
	 	 	20	 
	Section 308.	 	Computation of Interest
	 	 	21	 
	ARTICLE FOUR SATISFACTION AND DISCHARGE
	 	 	21	 
	Section 401.	 	Defeasance
	 	 	21	 
	Section 402.	 	Application of Trust Money
	 	 	23	 
	ARTICLE FIVE REMEDIES
	 	 	23	 
	Section 501.	 	Events of Default
	 	 	23	 
	Section 502.	 	Acceleration of Maturity; Rescission and Annulment
	 	 	24	 
	Section 503.	 	Collection of Indebtedness and Suits for Enforcement by Trustee
	 	 	25	 
	Section 504.	 	Trustee May File Proofs of Claim
	 	 	25	 
	Section 505.	 	Trustee May Enforce Claims Without Possession Of Senior
Secured Notes
	 	 	26	 

ii

 

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page
	 	 	 	 	 	 	

	Section 506.	 	Application of Money Collected
	 	 	26	 
	Section 507.	 	Limitation on Suits
	 	 	27	 
	Section 508.	 	Unconditional Right Of Holders To Receive Principal,
Premium And Interest
	 	 	28	 
	Section 509.	 	Restoration of Rights and Remedies
	 	 	28	 
	Section 510.	 	Rights and Remedies Cumulative
	 	 	28	 
	Section 511.	 	Delay or Omission Not Waiver
	 	 	28	 
	Section 512.	 	Control by Holders of Senior Secured Notes
	 	 	28	 
	Section 513.	 	Waiver of Past Defaults
	 	 	29	 
	Section 514.	 	Undertaking for Costs
	 	 	29	 
	Section 515.	 	Waiver of Stay or Extension Laws
	 	 	30	 
	ARTICLE SIX THE TRUSTEE
	 	 	30	 
	Section 601.	 	Certain Duties and Responsibilities
	 	 	30	 
	Section 602.	 	Notice of Defaults
	 	 	31	 
	Section 603.	 	Certain Rights of Trustee
	 	 	32	 
	Section 604.	 	Not Responsible for Recitals or Issuance of Senior Secured Notes
	 	 	33	 
	Section 605.	 	May Hold Senior Secured Notes
	 	 	33	 
	Section 606.	 	Money Held in Trust
	 	 	33	 
	Section 607.	 	Compensation and Reimbursement
	 	 	33	 
	Section 608.	 	Disqualification; Conflicting Interests
	 	 	34	 
	Section 609.	 	Corporate Trustee Required; Eligibility
	 	 	34	 
	Section 610.	 	Resignation and Removal; Appointment of Successor
	 	 	34	 
	Section 611.	 	Acceptance of Appointment by Successor
	 	 	36	 
	Section 612.	 	Merger, Conversion, Consolidation or Succession to Business
	 	 	37	 
	Section 613.	 	Preferential Collection of Claims Against Company
	 	 	38	 
	Section 614.	 	Appointment of Authenticating Agent
	 	 	38	 
	Section 615.	 	Right Of Trustee in Capacity of Security Registrar and
Paying Agent
	 	 	40	 
	ARTICLE SEVEN HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY
	 	 	40	 
	Section 701.	 	Company to Furnish Trustee Names and Addresses of Holders
	 	 	40	 
	Section 702.	 	Preservation of Information; Communications to Holders
	 	 	40	 
	Section 703.	 	Reports by Trustee
	 	 	40	 
	Section 704.	 	Reports by Company
	 	 	41	 
	ARTICLE EIGHT CONSOLIDATION, MERGER, SALE, CONVEYANCE, TRANSFER
OR LEASE
	 	 	41	 
	Section 801.	 	Company may Consolidate, etc., Only on Certain Terms
	 	 	41	 
	Section 802.	 	Successor Corporation Substituted
	 	 	42	 
	ARTICLE NINE SUPPLEMENTAL INDENTURES
	 	 	42	 
	Section 901.	 	Supplemental Indentures Without Consent of Holders
	 	 	42	 
	Section 902.	 	Supplemental Indentures with Consent of Holders
	 	 	43	 

iii

 

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page
	 	 	 	 	 	 	

	Section 903.	 	General Provisions Regarding Supplemental Indenture
	 	 	44	 
	Section 904.	 	Execution of Supplemental Indentures
	 	 	45	 
	Section 905.	 	Effect of Supplemental Indentures
	 	 	45	 
	Section 906.	 	Conformity with Trust Indenture Act
	 	 	45	 
	Section 907.	 	Reference in Senior Secured Notes to Supplemental Indentures
	 	 	45	 
	ARTICLE TEN COVENANTS
	 	 	45	 
	Section 1001.	 	Payment of Principal and Interest
	 	 	45	 
	Section 1002.	 	Maintenance of Office or Agency
	 	 	46	 
	Section 1003.	 	Money for Senior Secured Notes Payments to be Held in Trust
	 	 	46	 
	Section 1004.	 	Restrictions on Impairment of Security Interest
	 	 	47	 
	Section 1005.	 	Waiver of Certain Covenants
	 	 	47	 
	Section 1006.	 	Restrictions on Amendments to Collateral Documents
	 	 	48	 
	Section 1007.	 	Statement by Officers as to Default
	 	 	48	 
	Section 1008.	 	Further Assurances
	 	 	48	 
	ARTICLE ELEVEN REDEMPTION OF SENIOR SECURED NOTES
	 	 	48	 
	Section 1101.	 	Applicability of Article
	 	 	48	 
	Section 1102.	 	Election to Redeem; Notice to Trustee
	 	 	48	 
	Section 1103.	 	Selection by Trustee of Senior Secured Notes to be Redeemed
	 	 	49	 
	Section 1104.	 	Notice of Redemption
	 	 	49	 
	Section 1105.	 	Deposit of Redemption Price
	 	 	50	 
	Section 1106.	 	Senior Secured Notes Payable on Redemption Date
	 	 	50	 
	Section 1107.	 	Senior Secured Notes Redeemed in Part
	 	 	51	 
	ARTICLE TWELVE SECURITY ARRANGEMENTS
	 	 	51	 
	Section 1201.	 	Collateral and Security Documents
	 	 	51	 
	Section 1202.	 	Release of Collateral
	 	 	52	 
	Section 1203.	 	Opinions as to Recording
	 	 	52	 
	ARTICLE THIRTEEN MISCELLANEOUS PROVISIONS
	 	 	53	 
	Section 1301.	 	No Recourse Against Others
	 	 	53	 
	Section 1302.	 	Assignment; Binding Effect
	 	 	53	 
	ARTICLE FOURTEEN HOLDERS’ MEETINGS
	 	 	53	 
	Section 1401.	 	Purposes for Which Meetings May be Called
	 	 	53	 
	Section 1402.	 	Calling and Notice of Meetings
	 	 	53	 
	Section 1403.	 	Persons Entitled to Vote at Meetings
	 	 	54	 
	Section 1404.	 	Quorum
	 	 	54	 
	Section 1405.	 	Determination of Voting Rights; Conduct of Meetings
	 	 	54	 
	Section 1406.	 	Binding Nature of Amendments, Notices, Notations, etc
	 	 	55	 
	Section 1407.	 	Action
	 	 	56	 

iv

 

INDENTURE

     THIS
INDENTURE is made as of [
                         
], 2003, between MIRANT
AMERICAS GENERATION, LLC, a limited liability company duly organized and existing under the laws of the
State of Delaware (herein called the “Company”), having its principal office at
1155 Perimeter Center West, Atlanta, Georgia 30338, and [
                     ], a banking
corporation duly organized and existing under the laws of the State of [New
York], having its principal corporate trust office at [
                     ], New York,
New York [
          ], as Trustee (herein called the “Trustee”).

W I T N E S S E T H:

     WHEREAS, the Company has duly authorized the execution and delivery of
this Indenture to provide for the issuance from time to time of its secured
senior notes or other evidences of indebtedness (herein called the “Senior
Secured Notes”), to be issued in one or more series as in this Indenture
provided; and

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

     NOW, THEREFORE, for and in consideration of the premises and the purchase
of the Senior Secured Notes by the Holders thereof, it is mutually covenanted
and agreed, for the equal and proportionate benefit of all Holders of the
Senior Secured Notes or of series thereof, as follows:

ARTICLE ONE

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

Section 101. Definitions.

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

		
	 	     (1) the terms defined in this Article have the meanings assigned to
them in this Article and include the plural as well as the singular;
	 
	 	     (2) all other terms used herein that are defined in the Trust
Indenture Act, 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 in the United States of America, and, except as
otherwise herein expressly provided, the term “generally accepted
accounting principles” with respect to any computation required or
permitted hereunder shall mean such
accounting principles as are generally accepted in the United States
of America at the date of such computation; 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 Six, are defined in that
Article.

     “Act” when used with respect to any Holder of a Senior Secured Notes, 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.

     “Authenticating Agent” means any Person or Persons authorized by the
Trustee to authenticate one or more series of Senior Secured Notes.

     “Board
of Managers” means either the board of managers of the Company or
any duly authorized committee of the officers and/or managers of the Company
appointed by that board.

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

     “Business Day” means a day other than (i) a Saturday or a Sunday, (ii) a
day on which banks in New York, New York are authorized or obligated by law or
executive order to remain closed, or (iii) a day on which the Trustee’s
Corporate Trust Office is closed for business.

     “Certificate of a Firm of Independent Public Accountants” means a
certificate signed by an independent public accountant or a firm of independent
public accountants who may be the independent public accountants regularly
retained by the Company or who may be other independent public accountants.
Such accountant or firm shall be entitled to rely upon an Opinion of Counsel as
to the interpretation of any legal matters relating to such certificate.

     “Collateral Documents” means, with respect to any series of Senior Secured
Notes, the security and pledge agreements, collateral agency agreements,
intercreditor agreements or other agreements entered into from time to time
relating to the collateral
securing any such series of Senior Secured Notes and to the creation and
perfection of security interests in any such collateral.

2

 

     “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.

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

     “Company Request” or “Company Order” means a written request or order
signed in the name of the Company by its Chairman of the Board, its President
or a Vice President, and by its Treasurer, an Assistant Treasurer, its
Secretary or an Assistant Secretary, and delivered to the Trustee.

     “Corporate Trust Office” means the office of the Trustee in the Borough of
Manhattan, New York City, at which at any particular time its corporate trust
business shall be principally administered, which office at the date of
execution of this Indenture is located at [
                    
], New York, New York [
               
].

     “Corporation” includes corporations, partnerships, limited liability
companies, associations, companies and business trusts.

     “Defaulted Interest” has the meaning specified in Section 305.

     “Depositary” means, unless otherwise specified by the Company pursuant to
either Section 203 or 301, with respect to Senior Secured Notes of any series
issuable or issued as a Global Note, The Depository Trust Company, New York,
New York, or any successor thereto registered as a clearing agency under the
Securities Exchange Act of 1934, as amended, or other applicable statute or
regulation.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended.

     “Event of Default” has the meaning specified in Section 501.

     “Global Note” means, with respect to any series of Senior Secured Notes
issued hereunder, a Senior Secured Note that is executed by the Company and
authenticated and delivered by the Trustee to the Depositary or pursuant to the
Depositary’s instruction, all in accordance with Section 203 of this Indenture
and any indenture supplemental hereto.

     “Holder”, when used with respect to any Senior Secured Note, means the
Person in whose name the Senior Secured Note is registered in the Security
Register.

     “Indenture” means this instrument as originally executed or as it may from
time to time be supplemented or amended by one or more indentures supplemental
hereto entered into pursuant to the applicable provisions hereof and shall
include the terms of the particular series of Senior Secured Notes established
as contemplated by Section 301.

3

 

     “Interest Payment Date”, when used with respect to any series of Senior
Secured Notes, means the dates established for the payment of interest thereon,
as provided in the supplemental indenture for such series.

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

     “Officers’ Certificate” means a certificate signed (i) by the Chairman of
the Board, the President or a Vice President, and (ii) by the Treasurer, an
Assistant Treasurer, the 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 an
employee of or counsel to the Company, who shall be reasonably acceptable to
the Trustee.

     “Outstanding”, when used with respect to Senior Secured Notes, means, as
of the date of determination, all Senior Secured Notes theretofore
authenticated and delivered under this Indenture, except:

		
	 	     (i) Senior Secured Notes theretofore canceled by the Trustee or
delivered to the Trustee for cancellation;
	 
	 	     (ii) Senior Secured Notes for whose payment or redemption money in
the necessary amount has been theretofore deposited with the Trustee or
any Paying Agent (other than the Company) in trust or set aside and
segregated in trust by the Company (if the Company shall act as its own
Paying Agent) for the Holders of such Senior Secured Notes; provided that
if such Senior Secured Notes 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) Senior Secured Notes that have been paid or in exchange for or
in lieu of which other Senior Secured Notes have been authenticated and
delivered pursuant to this Indenture, other than any such Senior Secured
Notes in respect of which there shall have been presented to the Trustee
proof satisfactory to it that such Senior Secured Notes are held by a
bona fide purchaser in whose hands such Senior Secured Notes are valid
obligations of the Company; and
	 
	 	     (iv) Senior Secured Notes, or portions thereof, converted into or
exchanged for another security if the terms of such Senior Secured Notes
provide for such conversion or exchange;

provided, however, that in determining, during any period in which any Senior
Secured Notes of a series are owned by any Person other than the Company or any
Affiliate thereof, whether the Holders of the requisite principal amount of
Outstanding Senior Secured Notes of such series have given any request, demand,
authorization, direction, notice, consent or waiver hereunder, Senior Secured
Notes of such series owned by the

4

 

Company or any Affiliate thereof shall be
disregarded and deemed not to be Outstanding. In determining whether the
Trustee shall be protected in relying upon any such request, demand,
authorization, direction, notice, consent or waiver, only Senior Secured Notes
that the Trustee knows to be so owned by the Company or an Affiliate of the
Company in the above circumstances shall be so disregarded. Senior Secured
Notes so owned that have been pledged in good faith may be regarded as
Outstanding if the pledgee establishes to the satisfaction of the Trustee the
pledgee’s right so to act with respect to such Senior Secured Notes and that
the pledgee is not the Company or any Affiliate of the Company.

     “Paying Agent” means any Person authorized by the Company to pay the
principal of (and premium, if any) or interest on any Senior Secured Notes on
behalf of the Company.

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

     “Predecessor Security” of any particular Senior Secured Note means every
previous Senior Secured Note evidencing all or a portion of the same debt as
that evidenced by such particular Senior Secured Note; and, for the purposes of
this definition, any Senior Secured Note authenticated and delivered under
Section 304 in exchange for or in lieu of a mutilated, destroyed, lost or
stolen Senior Secured Note shall be deemed to evidence the same debt as the
mutilated, destroyed, lost or stolen Senior Secured Note.

     “Redemption Date”, when used with respect to any Senior Secured Note to be
redeemed, means the date fixed for such redemption by or pursuant to this
Indenture.

     “Redemption Price”, when used with respect to any Senior Secured Note to
be redeemed, means the price at which it is to be redeemed pursuant to this
Indenture.

     “Regular Record Date” for the interest payable on any Interest Payment
Date on the Senior Secured Notes of any series means the date specified for
that purpose as contemplated by Section 301, whether or not a Business Day.

     “Responsible Officer”, when used with respect to the Trustee, means any
managing director, any vice president, director, any assistant vice president,
any assistant secretary, associate, any assistant treasurer, or any other
officer of the Corporate Trust and Agency Services of the Trustee customarily
performing functions similar to those performed by any of the above designated
officers and also means, with respect to a
particular corporate trust matter, any other officer to whom such matter
is referred because of his knowledge of and familiarity with the particular
subject.

     “Securities Act” means the Securities Act of 1933, as amended.

     “Security Register” and “Security Registrar” have the respective meanings
specified in Section 303.

5

 

     “Senior Secured Note” has the meaning stated in the first recital of this
Indenture and more particularly means any Senior Secured Notes authenticated
and delivered under this Indenture.

     “Special Record Date” for the payment of any Defaulted Interest on the
Senior Secured Notes of any series means a date fixed by the Trustee pursuant
to Section 305.

     “Stated Maturity”, when used with respect to any Senior Secured Note or
any installment of principal thereof or interest thereon, means the date
specified in such Senior Secured Note as the fixed date on which the principal
of such Senior Secured Note or such installment of principal or interest is due
and payable.

     “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended,
and any reference herein to the Trust Indenture Act or a particular provision
thereof shall mean such Trust Indenture Act or provision, as the case may be,
as amended or replaced from time to time.

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

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

Section 102. Compliance Certificates and Opinions.

     Upon any application or request by the Company to the Trustee to take any
action under any provision of this Indenture, the Company shall furnish to the
Trustee 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

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

6

 

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

Section 103. Form of Documents Delivered to Trustee.

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

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

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

Section 104. Acts of Holders.

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

7

 

(subject to Section 601) conclusive in favor of the Trustee
and the Company, if made in the manner provided in this Section.

     (b)  The fact and date of the execution by any Person of any such
instrument or writing may be proved by the 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 in a capacity other than his individual capacity,
such certificate or affidavit shall also constitute sufficient proof of his
authority.

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

     (d)  Any request, demand, authorization, direction, notice, consent,
election, waiver or other Act of the Holder of any Senior Secured Note shall
bind every future Holder of the same Senior Secured Note and the Holder of
every Senior Secured Note 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 Senior Secured Note.

     (e)  The fact and date of execution of any such instrument or writing and
the authority of the Person executing the same may also be proved in any other
manner that the Trustee deems sufficient; and the Trustee may in any instance
require further proof with respect to any of the matters referred to in this
Section.

     (f)  If the Company shall solicit from the Holders of Senior Secured Notes
of any series any Act, the Company may, at its option, by Board Resolution, fix
in advance a record date for the determination of Holders of Senior Secured
Notes entitled to take such Act, but the Company shall have no obligation to do
so. Any such record date shall be fixed at the Company’s discretion. If such
a record date is fixed, such Act may be sought or given before or after the
record date, but only the Holders of record at the close
of business on such record date shall be deemed to be Holders of Senior
Secured Notes for the purpose of determining whether Holders of the requisite
proportion of Senior Secured Notes of such series Outstanding have authorized
or agreed or consented to such Act, and for that purpose the Senior Secured
Notes of such series Outstanding shall be computed as of such record date.

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

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

		
	 	     (1) the Trustee by any Holder of a Senior Secured Note or by the
Company shall be sufficient for every purpose hereunder if made, given,

8

 

		
	 	furnished or filed in writing to or with the Trustee at its Corporate
Trust Office, Attention: Corporate Trust and Agency Services, 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 the attention of its Secretary, 1155 Perimeter Center West,
Atlanta, Georgia 30338, or at any other address previously furnished in
writing to the Trustee by the Company.

Section 106. Notice to Holders of Senior Secured Notes; Waiver.

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

     In case by reason of the suspension of regular mail service or by reason
of any other cause it shall be impracticable to give such notice by mail, then
such notification as shall be made with the approval of the Trustee shall
constitute a sufficient notification for every purpose hereunder. In any case
where notice to Holders is given by mail, neither the failure to mail such
notice, nor any defect in any notice so mailed, to any particular Holder shall
affect the sufficiency of such notice with respect to other Holders.

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

Section 107. Conflict with Trust Indenture Act.

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

Section 108. Effect of Headings and Table of Contents.

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

9

 

Section 109. Successors and Assigns.

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

Section 110. Separability Clause.

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

Section 111. Benefits of Indenture.

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

Section 112. Governing Law.

     THIS INDENTURE AND THE SENIOR SECURED NOTES SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

Section 113. Legal Holidays.

     In any case where any Interest Payment Date, Redemption Date or Stated
Maturity of any Senior Secured Note shall not be a Business Day, then
(notwithstanding any other provision of this Indenture or of the Senior Secured
Notes) 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, except that,
if such Business Day is in the next succeeding calendar year, such payment
shall be made on the immediately preceding Business Day, in each case with the
same force and effect as if made on the Interest Payment Date or Redemption
Date, or at the Stated Maturity, provided that no interest shall accrue on the
amount so payable for the period from and after such Interest Payment Date,
Redemption Date or Stated Maturity, as the case may be.

ARTICLE TWO

FORMS OF NOTES

Section 201. Forms Generally.

     The Senior Secured Notes of each series shall be in substantially the form
appended to the supplemental indenture authorizing such series, in each case
with such appropriate insertions, omissions, substitutions and other variations
as are required or permitted by this Indenture, and may have such letters,
numbers or other marks of identification and such legends or endorsements
placed thereon as may be required to

10

 

comply with the rules of any securities
exchange or as may, consistently herewith, be determined by the officers
executing such Senior Secured Notes, as evidenced by their execution of the
Senior Secured Notes.

     The Senior Secured Notes of each series shall be issuable in registered
form without coupons.

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

Section 202. Form of Trustee’s Certificate of Authentication.

     The form of the Trustee’s Certificate of Authentication for a series of
Senior Secured Notes shall be in substantially the form appended to the
supplemental indenture authorizing such series.

Section 203. Senior Secured Notes Issuable in the Form of a Global Note.

     (a)  If the Company shall establish pursuant to Section 301 that the Senior
Secured Notes of a particular series are to be issued in whole or in part in
the form of one or more Global Notes, then the Company shall execute and the
Trustee shall, in accordance with Section 302 and the Company Order delivered
to the Trustee thereunder, authenticate and deliver such Global Note or Global
Notes, which (i) shall represent, and shall be denominated in an amount equal
to the aggregate principal amount of the Outstanding Senior Secured Notes of
such series to be represented by such Global Note or Global Notes, (ii) may
provide that the aggregate amount of Outstanding Senior Secured Notes
represented thereby may from time to time be increased or reduced to reflect
exchanges, (iii) shall be registered in the name of the Depositary for such
Global Note or Global Notes or its nominee, (iv) shall be delivered by the
Trustee to the Depositary or pursuant to the Depositary’s instruction and (v)
shall bear a legend in accordance with the requirements of the Depositary.

     (b)  Notwithstanding any other provision of this Section 203 or of Section
303, subject to the provisions of paragraph (c) below, unless the terms of a
Global Note expressly permit such Global Note to be exchanged in whole or in
part for individual Senior Secured Notes in certificated form, a Global Note
may be transferred, in whole but not in part and in the manner provided in
Section 303, only to a nominee of the Depositary for such Global Note, or to
the Depositary, or to a successor Depositary for such Global Note selected or
approved by the Company, or to a nominee of such successor Depositary.

     (c)  (1) If at any time the Depositary for a Global Note notifies the
Company that it is unwilling or unable to continue as Depositary for such
Global Note or if at any time the Depositary for the Senior Secured Notes for
such series shall no longer be eligible or in good standing as a “clearing
agency” under the Securities Exchange Act of 1934, as amended, or other
applicable statute or regulation, the Company shall appoint a

11

 

successor
Depositary with respect to such Global Note. If a successor Depositary for
such Global Note is not appointed by the Company within 90 days after the
Company receives such notice or becomes aware of such ineligibility, the
Company will execute, and the Trustee, upon receipt of a Company Order for the
authentication and delivery of individual Senior Secured Notes of such series
in exchange for such Global Note, will authenticate and deliver individual
Senior Secured Notes of such series of like tenor and terms in certificated
form in an aggregate principal amount equal to the principal amount of the
Global Note in exchange for such Global Note.

		
	 	     (2) The Company may at any time and in its sole discretion determine
that the Senior Secured Notes of any series issued or issuable in the
form of one or more Global Notes shall no longer be represented by such Global
Note or Global Notes. In such event the Company will execute, and the
Trustee, upon receipt of a Company Order for the authentication and
delivery of individual Senior Secured Notes of such series in exchange in
whole or in part for such Global Note or Global Notes, will authenticate
and deliver individual Senior Secured Notes of such series of like tenor
and terms in certificated form in an aggregate principal amount equal to
the principal amount of such Global Note or Global Notes representing
such series in exchange for such Global Note or Global Notes.
	 
	 	     (3) If there shall have occurred an Event of Default with respect to
a series of Senior Secured Notes, the Company will execute, and the
Trustee, upon receipt of a Company Order for the authentication and
delivery of individual Senior Secured Notes of such series in exchange
for the Global Note or Global Notes of such series, will authenticate and
deliver individual Senior Secured Notes of such series of like tenor and
terms in certificated form in an aggregate principal amount equal to the
principal amount of such Global Note or Global Notes representing such
series in exchange for such Global Note or Global Notes.
	 
	 	     (4) If specified by the Company pursuant to Section 301 with respect
to Senior Secured Notes issued or issuable in the form of a Global Note,
the Depositary for such Global Note may surrender such Global Note in
exchange in whole or in part for individual Senior Secured Notes of such
series of like tenor and terms in certificated form on such terms as are
acceptable to the Company and such Depositary. Thereupon the Company
shall execute, and the Trustee shall authenticate and deliver, without
service charge, (A) to each Person specified by such Depositary a new
Senior Secured Note or Notes of the same series of like tenor and terms
and of any authorized denomination as requested by such Person in
aggregate principal amount equal to and in exchange for such Person’s
beneficial interest in the Global Note; and (B) to such Depositary a new
Global Note of like tenor and terms and in an authorized denomination
equal to the difference, if any, between the principal amount of the
surrendered Global Note and the aggregate principal amount of Senior
Secured Notes delivered to Holders thereof.

12

 

		
	 	     (5) In any exchange provided for in any of the preceding four
paragraphs, the Company will execute and the Trustee will authenticate
and deliver individual Senior Secured Notes in certificated form in
authorized denominations. Subject to Section 303, in the case of
certificated Notes issued in exchange for Global Notes bearing any legend
setting forth restrictions on transfer in compliance with the Securities
Act, such certificated Notes will bear, and be subject to, such legend.
Upon the exchange of the entire principal amount of a Global Note for
individual certificated Senior Secured Notes, such Global Note shall be
canceled by the Trustee. Except as provided in the preceding paragraph,
Senior Secured Notes issued in exchange for a Global Note pursuant to
this Section shall be registered in such names and in such authorized
denominations as the Depositary for such Global Note, pursuant to
instructions from its direct or indirect participants or otherwise, shall instruct the Trustee.
Provided that the Company and the Trustee have so agreed, the Trustee
shall deliver such Senior Secured Notes to the Persons in whose names the
Senior Secured Notes are registered.
	 
	 	     (6) Any endorsement of a Global Note to reflect the amount, or any
increase or decrease in the amount, or changes in the rights of Holders,
of Outstanding Senior Secured Notes represented thereby shall be made in
such manner and by such Person or Persons as shall be specified therein
or in the Company Order to be delivered pursuant to Section 302 with
respect thereto. Subject to the provisions of Section 302, the Trustee
shall deliver and redeliver any such Global Note in the manner and upon
written instructions given by the Person or Persons specified therein or
in the applicable Company Order. If a Company Order pursuant to Section
302 has been, or simultaneously is, delivered, any instructions by the
Company with respect to such Global Note shall be in writing but need not
be accompanied by or contained in an Officers’ Certificate and need not
be accompanied by an Opinion of Counsel.

ARTICLE THREE

THE SENIOR SECURED NOTES

Section 301. Amount Unlimited; Issuable in Series.

     The aggregate principal amount of Senior Secured Notes that may be
authenticated and delivered under this Indenture is unlimited.

     The Senior Secured Notes may be issued in one or more series. There may
be established, pursuant to one or more indentures supplemental hereto, prior
to the issuance of Senior Secured Notes of any series,

		
	 	     (1) the title of the Senior Secured Notes of the series (which shall
distinguish the Senior Secured Notes of the series from Senior Secured
Notes of all other series);

13

 

		
	 	     (2) any limit upon the aggregate principal amount of the Senior
Secured Notes of the series that may be authenticated and delivered under
this Indenture (except for Senior Secured Notes authenticated and
delivered upon registration of transfer of, or in exchange for, or in
lieu of, other Senior Secured Notes of the series pursuant to Sections
203, 303, 304, 907 or 1107);
	 
	 	     (3) the Person to whom interest on a Senior Secured Note of the
series shall be payable if other than the Person in whose name that
Senior Secured Note (or one or more Predecessor Securities) is registered
at the close of business on the Regular Record Date for such interest;
	 
	 	     (4) the date or dates on which the principal of the Senior Secured
Notes of the series is payable;
	 
	 	     (5) the rate or rates at which the Senior Secured Notes of the
series shall bear interest, if any, or any method by which such rate or
rates shall be determined, the date or dates from which such interest
shall accrue, the Interest Payment Dates on which such interest shall be
payable, the Regular Record Date for the interest payable on Senior
Secured Notes on any Interest Payment Date and the basis upon which
interest shall be calculated if other than that of a 360-day year
consisting of twelve 30-day months;
	 
	 	     (6) the place or places where the principal of (and premium, if any)
and interest, if any, on Senior Secured Notes of the series shall be
payable;
	 
	 	     (7) the period or periods within which, the price or prices at which
and the terms and conditions upon which Senior Secured Notes of the
series may be redeemed, in whole or in part, at the option of the
Company;
	 
	 	     (8) the obligation, if any, of the Company to redeem or purchase
Senior Secured Notes of the series pursuant to any sinking fund or
analogous provision or at the option of a Holder thereof and the period
or periods within which, the price or prices at which, and the terms and
conditions upon which, Senior Secured Notes of the series shall be
redeemed or purchased, in whole or in part, pursuant to such obligation;
	 
	 	     (9) the denominations in which Senior Secured Notes of the series
shall be issuable;
	 
	 	     (10) if the amount of payments of principal of (and premium, if any)
or interest on the Senior Secured Notes of the series may be determined
with reference to an index or formula, the manner in which such amounts
shall be determined;
	 
	 	     (11) if other than the principal amount thereof, the portion of the
principal amount of Senior Secured Notes of the series that shall be
payable upon declaration of acceleration of the Maturity thereof pursuant
to Section 502;

14

 

		
	 	     (12) any deletions from, modifications of or additions to the Events
of Default or covenants of the Company as provided herein pertaining to
the Senior Secured Notes of the series, and any change in the rights of
the Trustee or Holders of such series pursuant to Section 901 or 902;
	 
	 	     (13) any additions to the definitions currently set forth in this
Indenture with respect to such series;
	 
	 	     (14) whether the Senior Secured Notes of the series shall be issued
in whole or in part in the form of a Global Note or Global Notes; the
terms and conditions, if any, upon which such Global Note or Global Notes
may be exchanged in whole or in part for certificated Senior Secured Notes
of such series and of like tenor of any authorized denomination and the
circumstances under which such exchange may occur, if other than in the
manner provided for in Section 203; the Depositary for such Global Note
or Global Notes; and the form of any legend or legends to be borne by any
such Global Note or Global Notes in addition to or in lieu of the legend
referred to in Section 203;
	 
	 	     (15) any restriction or condition on the transferability of such
Senior Secured Notes;
	 
	 	     (16) the terms of any right to convert or exchange such Senior
Secured Notes into or for other securities or property of the Company;
	 
	 	     (17) the terms upon which, and Collateral Documents pursuant to
which, the Senior Secured Notes will be secured;
	 
	 	     (18) the period or periods within which, the price or prices at
which and the terms and conditions upon which, Senior Secured Notes of
the series may be redeemed, in whole or in part, at the option of the
Company; and
	 
	 	     (19) any other terms of the series.

     All Senior Secured Notes of any one series shall be substantially
identical except as to the date or dates from which interest, if any, shall
accrue and denomination and except as may otherwise be provided in the terms of
such Senior Secured Notes determined or established as provided above. All
Senior Secured Notes of any one series need not be issued at the same time and,
unless otherwise provided, a series may be reopened for issuances of additional
Senior Secured Notes of such series.

Section 302. Execution, Authentication, Delivery and Dating.

     The Senior Secured Notes shall be executed on behalf of the Company by its
Chairman of the Board, its President or one of its Vice Presidents. The
signature of any of these officers on the Senior Secured Notes may be manual or
facsimile. Senior Secured Notes bearing the manual or facsimile signatures of
individuals who were at the time relevant to the authorization thereof the
proper officers of the Company shall bind the Company, notwithstanding that
such individuals or any of them have ceased to hold

15

 

such offices prior to the
authentication and delivery of such Senior Secured Notes or did not hold such
offices at the date of such Senior Secured Notes.

     At any time and from time to time after the execution and delivery of this
Indenture, the Company may deliver Senior Secured Notes of any series executed
by the Company to the Trustee for authentication, together with a Company Order
for the authentication and delivery of such Senior Secured Notes, and the
Trustee, in accordance with the Company Order, shall authenticate and deliver
such Senior Secured Notes. If all of the Senior Secured Notes of any series
are not to be issued at one time and if the
supplemental indenture establishing such series shall so permit, such
Company Order may set forth procedures acceptable to the Trustee for the
issuance of such Senior Secured Notes and determining the terms of particular
Senior Secured Notes of such series, such as interest rate, maturity date, date
of issuance and date from which interest shall accrue. In authenticating
Senior Secured Notes hereunder, and accepting the additional responsibilities
under this Indenture in relation to such Senior Secured Notes, the Trustee
shall be entitled to receive, and (subject to Section 601) shall be fully
protected in relying upon:

		
	 	     (1) an Opinion of Counsel, to the effect that:

		
	 	     (a) the form and terms of such Senior Secured Notes or the
manner of determining such terms have been established in
conformity with the provisions of this Indenture; and
	 
	 	     (b) such Senior Secured Notes, when authenticated and
delivered by the Trustee and issued by the Company in the manner
and subject to any conditions specified in such Opinion of
Counsel, will constitute valid and legally binding obligations of
the Company, enforceable in accordance with their terms, subject,
as to enforcement, to bankruptcy, insolvency, reorganization and
other laws of general applicability relating to or affecting the
enforcement of creditors’ rights and to general equity principles;
and

		
	 	     (2) an Officers’ Certificate stating, to the best knowledge of each
signer of such certificate, that no event that is, or after notice or
lapse of time would become, an Event of Default with respect to any of
the Senior Secured Notes shall have occurred and be continuing.

     The Trustee shall not be required to authenticate such Senior Secured
Notes if the issue of such Senior Secured Notes pursuant to this Indenture will
affect the Trustee’s own rights, protections, duties or immunities under the
Senior Secured Notes and this Indenture or otherwise in a manner that is not
reasonably acceptable to the Trustee.

     Each Senior Secured Note shall be dated the date of its authentication.

     No Senior Secured Note shall be entitled to any benefit under this
Indenture or be valid or obligatory for any purpose unless there appears on
such Senior Secured Note a certificate of authentication substantially in the
form provided for herein or in the

16

 

relevant supplemental indenture executed by
the Trustee by manual signature, and such certificate upon any Senior Secured
Note shall be conclusive evidence, and the only evidence, that such Senior
Secured Note has been duly authenticated and delivered hereunder and is
entitled to the benefits of this Indenture.

Section 303. Registration, Registration of Transfer and Exchange.

     The Company shall cause to be kept at the office of the Security Registrar
designated pursuant to this Section 303 or Section 1002 a register (referred to
as the “Security Register”) in which, subject to such reasonable regulations as
it may prescribe, the Company shall provide for the registration of Senior
Secured Notes and of transfers of Senior Secured Notes. The Trustee is hereby
initially appointed as Security Registrar for the purpose of registering Senior
Secured Notes and transfers of Senior Secured Notes as herein provided. If, at
any time, the Trustee is not the Security Registrar, the Security Registrar
shall make available to the Trustee ten days prior to each payment date and at
such other times as the Trustee may request the names and addresses of the
Holders as they appear in the Security Register.

     Subject to Section 203, upon surrender for registration of transfer of any
Senior Secured Note of any series at the office or agency maintained for such
purpose for such series, the Company shall execute, and the Trustee shall
authenticate and deliver, in the name of the designated transferee or
transferees, one or more new Senior Secured Notes of the same series, Stated
Maturity and original issue date, of any authorized denominations and of like
tenor and aggregate principal amount.

     Subject to Section 203, Senior Secured Notes of any series may be
exchanged, at the option of the Holder, for Senior Secured Notes of the same
series, Stated Maturity and original issue date, of any authorized
denominations and of like tenor and aggregate principal amount, upon surrender
of the Senior Secured Notes to be exchanged at the Corporate Trust Office.

     Whenever any Senior Secured Notes are so surrendered for exchange, the
Company shall execute, and the Trustee shall authenticate and deliver, the
Senior Secured Notes that the Holder making the exchange is entitled to
receive.

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

     Every Senior Secured Note presented or surrendered for registration of
transfer or for exchange shall (if so required by the Company or the Trustee)
be duly endorsed, or be accompanied by a written instrument of transfer in form
satisfactory to the Company and the Security Registrar duly executed, by the
Holder thereof or his attorney duly authorized in writing.

     No service charge shall be made for any registration of transfer or
exchange of Senior Secured Notes, but the Company or Trustee may require
payment of a sum

17

 

sufficient to cover any tax or other governmental charge that
may be imposed in connection with any registration of transfer or exchange of
Senior Secured Notes, other than exchanges pursuant to Section 304, 907 or 1107
not involving any transfer.

     The Company shall not be required (i) to issue, to register the transfer
of or to exchange Senior Secured Notes of any series during a period of 15 days
immediately
preceding the date notice is given identifying the serial numbers of the
Senior Secured Notes of that series called for redemption, or (ii) to issue, to
register the transfer of or to exchange any Senior Secured Notes so selected
for redemption in whole or in part, except the unredeemed portion of any Senior
Secured Note being redeemed in part.

     None of the Company, the Trustee, any Paying Agent or the Security
Registrar will have any responsibility or liability for any aspect of the
records relating to or payments made on account of beneficial ownership
interests of a Global Note or for maintaining, supervising or reviewing any
records relating to such beneficial ownership interests.

     Upon the transfer, exchange or replacement of certificated Senior Secured
Notes bearing any legend, or upon specific request for removal of any legend on
a certificated Senior Secured Note, the Company will deliver only certificated
Senior Secured Notes that bear such legend, or will refuse to remove such
legend, as the case may be, unless there is delivered to the Company such
satisfactory evidence, which may include an opinion of counsel, as may
reasonably be required by the Company that neither the legend nor the
restrictions on transfer set forth therein are required to ensure compliance
with the provisions of the Securities Act.

Section 304. Mutilated, Destroyed, Lost and Stolen Senior Secured Notes.

     If any mutilated Senior Secured Note is surrendered to the Trustee, the
Company shall execute and the Trustee shall authenticate and deliver in
exchange therefor a new Senior Secured Note of the same series, Stated Maturity
and original issue date, and of like tenor and principal amount and bearing a
number not contemporaneously outstanding.

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

     In case any such mutilated, destroyed, lost or stolen Senior Secured Note
has become or is about to become due and payable, the Company in its discretion
may,

18

 

instead of issuing a new Senior Secured Note, pay such Senior Secured Note
(without surrender thereof except in the case of a mutilated Senior Secured
Note).

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

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

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

Section 305. Payment of Interest; Interest Rights Preserved.

     Unless otherwise provided as contemplated by Section 301 with respect to
any series of Senior Secured Notes, interest on any Senior Secured Note that 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 Senior Secured Note (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 Senior Secured Note of any series that is payable, but
is not punctually paid or duly provided for on any Interest Payment Date
(herein called “Defaulted Interest”) shall forthwith cease to be payable to the
Holder on the relevant Regular Record Date by virtue of having been such
Holder, and such Defaulted Interest may be paid by the Company, at its election
in each case, as provided in Clause (1) or (2) below:

		
	 	     (1) The Company may elect to make payment of any Defaulted Interest
to the Persons in whose names the Senior Secured Notes of such series (or
their respective Predecessor Securities) are registered at the close of
business on a Special Record Date for the payment of such Defaulted
Interest, which shall be fixed in the following manner. The Company
shall notify the Trustee in writing of the amount of Defaulted Interest
proposed to be paid on each Senior Secured Note of such series and the
date of the proposed payment, and at the same time the Company shall
deposit with the Trustee an amount of money equal to the aggregate amount
proposed to be paid in respect of such Defaulted Interest or shall make
arrangements satisfactory to the Trustee for such deposit prior to the
date of the proposed payment, such money when deposited to be held in
trust for the benefit of the Persons entitled to such Defaulted Interest
as in this Clause

19

 

		
	 	provided. Thereupon the Trustee shall fix a Special
Record Date for the payment of such Defaulted Interest that shall be not
more than 15 days and not less than 10 days prior to the date of the
proposed payment and not less than 10 days after the
receipt by the Trustee of the notice of the proposed payment. The
Trustee shall promptly notify the Company of such Special Record Date
and, in the name and at the expense of the Company, shall cause notice of
the proposed payment of such Defaulted Interest and the Special Record
Date therefor to be mailed, first-class postage prepaid, to each Holder
of Senior Secured Notes of such series at the address of such Holder as
it appears in the Security Register, not less than 10 days prior to such
Special Record Date. Notice of the proposed payment of such Defaulted
Interest and the Special Record Date therefor having been so mailed, such
Defaulted Interest shall be paid to the Persons in whose names the Senior
Secured Notes of such series (or their respective Predecessor Securities)
are registered at the close of business on such Special Record Date and
shall no longer be payable pursuant to the following Clause (2).
	 
	 	     (2) The Company may make payment of any Defaulted Interest on the
Senior Secured Notes of any series in any other lawful manner not
inconsistent with the requirements of any securities exchange on which
such Senior Secured Notes may be listed, and upon such notice as may be
required by such exchange, if, after notice given by the Company to the
Trustee of the proposed payment pursuant to this Clause, such manner of
payment shall be deemed practicable by the Trustee.

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

Section 306. Persons Deemed Owners.

     Prior to due presentment of a Senior Secured Note for registration of
transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name such Senior Secured Note is registered as
the absolute owner of such Senior Secured Note for the purpose of receiving
payment of principal of (and premium, if any) and (subject to Section 305)
interest on such Senior Secured Note and for all other purposes whatsoever,
whether or not such Senior Secured Note be overdue, and neither the Company,
the Trustee, the Paying Agent, nor any agent of the Company or the Trustee
shall be affected by notice to the contrary.

Section 307. Cancellation.

     All Senior Secured Notes surrendered for payment, redemption, registration
of transfer or exchange or for credit against any sinking fund payment shall,
if surrendered to any Person other than the Trustee, be delivered to the
Trustee and shall be promptly canceled by the Trustee. The Company may at any
time deliver to the Trustee for cancellation any Senior Secured Notes
previously authenticated and delivered hereunder

20

 

which the Company may have acquired in any manner whatsoever, and all
Senior Secured Notes so delivered shall be canceled by the Trustee. No Senior
Secured Notes shall be authenticated in lieu of or in exchange for any Senior
Secured Notes canceled as provided in this Section, except as expressly
permitted by this Indenture. All canceled Senior Secured Notes held by the
Trustee shall be disposed of in accordance with a Company Order or, in the
absence of such a Company Order, in accordance with the Trustee’s usual
procedures and the Trustee shall promptly deliver a certificate of disposition
to the Company.

Section 308. Computation of Interest.

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

ARTICLE FOUR

SATISFACTION AND DISCHARGE

Section 401. Defeasance.

     The Company, at its option:

		
	 	     (1) will be discharged from any and all obligations in respect of a
series of Senior Secured Notes (except in each case for the obligations
to register the transfer or exchange of such Senior Secured Notes,
replace stolen, lost or mutilated Senior Secured Notes of such series,
maintain paying agencies and hold moneys for payment in trust); or

		
	 	     (2) need not comply with any term, provision or condition set forth
in Article 8 with respect to the Senior Secured Notes of any series, and,
with respect to a series of Senior Secured Notes, need not comply with
any term, provision or condition identified as being subject to
defeasance pursuant to this Section 401(2) in the supplemental indenture
authorizing such series,

     provided that the following conditions shall have been satisfied:

     The Company has deposited or caused to be irrevocably deposited with the
Trustee (specifying that each deposit is pursuant to this Section 401) as trust
funds in trust, specifically pledged as security for, and dedicated solely to,
the benefit of the holders of the Senior Secured Notes of such series, (i)
money or (ii) U.S. Government Obligations which through the payment of interest
and principal in respect thereof in accordance with their terms will provide
money in an amount, or (iii) a combination thereof, in each case, sufficient to
pay and discharge the principal and interest on the
Outstanding Senior Secured Notes of such series on the dates such payments
are due in accordance with the terms of the Senior Secured Notes of such
series, (or if the Company has designated a redemption date pursuant to the
final sentence of this paragraph, to and including the redemption date so
designated by the Company), and no Event of Default

21

 

or event which with notice
or lapse of time would become an Event of Default (including by reason of such
deposit) with respect to the Senior Secured Notes of such Series shall have
occurred and be continuing on the date of such deposit. To exercise any such
option, the Company is required to deliver to the Trustee (x) an Opinion of
Counsel (who may be counsel to the Company) to the effect that the Holders of
the Senior Secured Notes of such series will not recognize income, gain or loss
for federal income tax purposes as a result of such deposit, defeasance and
discharge, which in the case of Section 401(1) above must be based on a change
in law or a ruling by the U.S. Internal Revenue Service and (y) an Officers’
Certificate as to compliance with all conditions precedent provided for in the
Indenture relating to the satisfaction and discharge of the Senior Secured
Notes of such series. If the Company shall wish to deposit or cause to be
deposited money or U.S. Government Obligations to pay or discharge the
principal of (and premium, if any) and interest, if any, on the outstanding
Senior Secured Notes of such series to and including the Redemption Date on
which all of the Outstanding Senior Secured Notes of such series are to be
redeemed, such Redemption Date shall be irrevocably designated by a Board
Resolution delivered to the Trustee on or prior to the date of deposit of such
money or U.S. Government Obligations, and such Board Resolution shall be
accompanied by an irrevocable Company Request that the Trustee give notice of
such redemption in the name and at the expense of the Company not less than 15
nor more than 30 days prior to such Redemption Date in accordance with this
Indenture.

     For purposes of this Section 401, “U.S. Government Obligations” means
securities which are (i) direct obligations of the United States government, or
(ii) obligations of a Person controlled or supervised by and acting as an
agency or instrumentality of the United States government, the payment of which
is unconditionally guaranteed by the United States government, which, in either
case, are full faith and credit obligations of the United States government
payable in Dollars and are not callable or redeemable at the option of the
issuer thereof or any other Person. “U.S. Government Obligations” shall also
mean a depository receipt issued by a bank or trust company as custodian with
respect to any U.S. Government Obligation referred to in the preceding sentence
or a specific payment of interest on or principal of any such U.S. Government
Obligation held by such custodian for the account of the holders of a
depository receipt; provided that (except as required by law) such custodian is
not authorized to make any deduction from the amount payable to the holders of
such depository receipt from any amount received by the custodian in respect of
the U.S. Government Obligation or the specific payment of interest or principal
of the U.S. Government Obligation evidenced by such depository receipt.

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

22

 

Section 402. Application of Trust Money.

     Subject to the provisions of the last paragraph of Section 1003, all money
deposited with the Trustee pursuant to Section 401 shall be held in trust and
applied by it, in accordance with the provisions of the Senior Secured Notes,
and this Indenture, to the payment, either directly or through any Paying Agent
(including the Company or an Affiliate acting as its own 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 FIVE

REMEDIES

Section 501. Events of Default.

     “Event of Default,” wherever used herein with respect to Senior Secured
Notes of any series, means any one of the following events:

		
	 	     (1) the Company’s default in the payment of all or any part of the
principal of, or premium, if any, on, any of the Senior Secured Notes of
that series as and when the same shall become due and payable either at
Maturity, upon any redemption, by declaration of acceleration or
otherwise;
	 
	 	     (2) the Company’s default in the payment of any installment of
interest upon any of the Senior Secured Notes of that series as and when
the same shall become due and payable, and continuance of such default
for period of 30 days;
	 
	 	     (3) default in the payment of the principal of any bond, debenture,
note or other evidence of indebtedness, in each case for money borrowed
or in the payment of principal under any mortgage, indenture, fiscal
agency agreement or instrument under which there may be issued or by
which there may be secured or evidenced any indebtedness for money
borrowed, of the Company which default for payment of principal is in an
aggregate principal amount exceeding $50,000,000 (or its equivalent in
any other currency or currencies) when such indebtedness becomes due and
payable (whether at maturity, upon redemption or acceleration or
otherwise), if such default shall continue unremedied or unwaived for
more than 30 Business Days and the time for payment of such amount has
not been expressly extended; provided, that if such default under such
evidence of indebtedness shall be remedied or cured by the Company or
waived by the holders of such indebtedness, then the Event of Default
hereunder by reason
thereof shall be deemed likewise to have been remedied, cured or
waived without further action upon the part of the Trustee or any of the
holders;
	 
	 	     (4) the Company’s material default in the performance, or material
breach, of any of the Company’s covenants or agreements contained in any
provision of the Indenture or otherwise established with respect to that
series of Senior Secured Notes pursuant to Section 301 hereof (other than
a covenant or 

23

 

		
	 	agreement that has been expressly included in this
Indenture solely for the benefit of one or more series of Senior Secured
Notes other than such series) and such failure shall continue uncured for
more than 60 days after written notice is given to the Company by the
Trustee or to the Company and the Trustee by the Holders of at least 66
2/3% in aggregate principal amount of the Outstanding Senior Secured
Notes of that series;
	 
	 	     (5) the failure of the Company generally to pay its debts as they
become due, or the admission in writing of its inability to pay its debts
generally, or the making of a general assignment for the benefit of its
creditors, or the institution of any proceeding by or against the Company
(other than any such proceeding brought against the Company that is
dismissed within 180 days from the commencement thereof) seeking to
adjudicate it bankrupt or insolvent, or seeking liquidation, winding up,
reorganization, arrangement, adjustment, protection, relief or
composition (in each case, other than a solvent liquidation, winding up,
reorganization, arrangement, adjustment, protection, relief or
composition) of it or its debts under any law relating to bankruptcy,
insolvency, reorganization, moratorium or relief of debtors, or seeking
the entry of an order for relief or appointment of an administrator,
receiver, fiscal agent, intervenor or other similar official for it or
for any substantial part of its property, or the taking of any action by
the Company to authorize any of the actions set forth in this
subparagraph (5); or
	 
	 	     (6) any other Event of Default provided with respect to Senior
Secured Notes of that series in the supplemental indenture authorizing
such series.

Section 502. Acceleration of Maturity; Rescission and Annulment.

     If an Event of Default with respect to Senior Secured Notes of any series
at the time Outstanding occurs and is continuing, then in every such case the
Trustee or the Holders of not less than 33 1/3% in aggregate principal amount of
the Outstanding Senior Secured Notes of that series may declare the principal
amount (or such portion of the principal amount as may be specified in the
terms of that series) of and accrued interest on all of the Senior Secured
Notes of that series to be due and payable immediately, by a notice in writing
to the Company (and to the Trustee if given by Holders), and upon any such
declaration such principal amount (or specified amount) and accrued interest
shall become immediately due and payable.

     At any time after such a declaration of acceleration with respect to
Senior Secured Notes of any series has been made, but before a judgment or
decree for payment of the money due has been obtained by the Trustee as
hereinafter in this Article provided, if all Events of Default with respect to
Senior Secured Notes of that series, other than the non-payment of the
principal of Senior Secured Notes of that series that have become due solely by
such declaration of acceleration, have been cured or waived as provided in
Section 513 then such declaration of acceleration and its consequences shall be
automatically annulled and rescinded. No such rescission shall affect any
subsequent default or impair any right consequent thereon.

24

 

Section 503. Collection of Indebtedness and Suits for Enforcement by
Trustee.

     The Company covenants that if an Event of Default occurs under Section
501(1) or (2) with respect to any Senior Secured Notes the Company will, upon
demand of the Trustee, pay to it, for the benefit of the Holders of such Senior
Secured Notes, the whole amount then due and payable on such Senior Secured
Notes for principal (and premium, if any) and interest and, to the extent that
payment of such interest shall be legally enforceable, interest on any overdue
principal (and premium, if any) and on any overdue interest, at the rate or
rates prescribed therefor in such Senior Secured Notes, 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, and any
other amounts due to the Trustee under Section 607.

     If the Company fails to pay such amounts forthwith upon such demand, the
Trustee, in its own name and as trustee of an express trust, may institute a
judicial proceeding for the collection of the sums so due and unpaid, may
prosecute such proceeding to judgment or final decree and may enforce the same
against the Company or any other obligor upon such Senior Secured Notes and
collect the moneys adjudged or decreed to be payable in the manner provided by
law out of the property of the Company or any other obligor upon such Senior
Secured Notes, wherever situated.

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

Section 504. Trustee May File Proofs of Claim.

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

		
	 	     (1) to file and prove a claim for the whole amount of principal (and
premium, if any) and interest owing and unpaid in respect of the Senior
Secured Notes 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,

25

 

		
	 	its agents and counsel, and
any other amounts due to the Trustee under Section 607) and of the
Holders of Senior Secured Notes allowed in such judicial proceeding,
	 
	 	     (2) unless prohibited by applicable law and regulations, to vote on
behalf of and at the written direction of the Holders of the Notes in any
election of a trustee or a standby trustee in arrangement,
reorganization, liquidation or other bankruptcy or insolvency proceedings
or person performing similar functions in comparable proceedings, and
	 
	 	     (3) 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 of Senior Secured Notes to make such payments to the Trustee and,
in the event that the Trustee shall consent to the making of such payments
directly to the Holders of Senior Secured Notes, to pay to the Trustee any
amount due it for the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel, and any other amounts due the
Trustee under Section 607.

     Nothing herein contained shall be deemed to authorize the Trustee to
authorize or consent to or accept or adopt on behalf of any Holder of a Senior
Secured Note any plan of reorganization, arrangement, adjustment or composition
affecting the Senior Secured Notes or the rights of any Holder thereof or to
authorize the Trustee to vote in respect of the claim of any Holder of a Senior
Secured Note in any such proceeding except, as aforesaid, to vote for the
election of a trustee in bankruptcy or similar person at the written direction
of the Holders.

Section 505. Trustee May Enforce Claims Without Possession Of Senior
Secured Notes.

     All rights of action and claims under this Indenture or the Senior Secured
Notes may be prosecuted and enforced by the Trustee without the possession of
any of the Senior Secured Notes or the production thereof in any proceeding
relating thereto, and any such proceeding instituted by the Trustee shall be
brought in its own name as trustee of an express trust, and any recovery of
judgment shall, after provision for the payment of the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel, be
for the ratable benefit of the Holders of the Senior Secured Notes in respect
of which such judgment has been recovered.

Section 506. Application of Money Collected.

     Any moneys collected by the Trustee pursuant to this Article shall be
applied in the following order, at the date or dates fixed by the Trustee and,
in case of the distribution of such money on account of principal (or premium,
if any) or interest, upon presentation of the Senior Secured Notes, and the
notation thereon of the payment if only partially paid and upon surrender
thereof if fully paid:

26

 

     First: To the payment of all amounts due the Trustee under Section 607;

     Second: In case the principal and premium, if any, of the Senior Secured
Notes shall not have become and be then due and payable, to the payment of
interest in default in the order of the maturity of the installments of such
interest;

     Third: In case the principal of the Senior Secured Notes shall have
become and shall be then due and payable, to the payment of the whole amount
then owing and unpaid upon all the Senior Secured Notes for principal, premium,
and interest.

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

Section 507. Limitation on Suits.

     No Holder of any Senior Secured Note of any series shall have any right by
virtue or by availing of any provision of this Indenture to institute any
proceeding, judicial or otherwise, with respect to this Indenture, or for the
appointment of a receiver or trustee, or for any other remedy hereunder,
unless:

		
	 	     (1) such Holder has previously given written notice to the Trustee
of a continuing Event of Default with respect to the Senior Secured Notes
of that series;
	 
	 	     (2) the Holders of not less than a majority in principal amount of
the Outstanding Senior Secured Notes of that series shall have made
written request to the Trustee to institute proceedings in respect of
such Event of Default in its own name as Trustee hereunder;
	 
	 	     (3) such Holder or Holders have offered to the Trustee indemnity
satisfactory to the Trustee against the costs, expenses and liabilities
to be incurred in compliance with such request;
	 
	 	     (4) the Trustee for 60 days after its receipt of such notice,
request and offer of indemnity has failed to institute any such
proceeding; and
	 
	 	     (5) no direction inconsistent with such written request has been
given to the Trustee during such 60-day period by the Holders of a
majority in principal amount of the Outstanding Senior Secured Notes;

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

27

 

Section 508. Unconditional Right Of Holders To Receive Principal, Premium
And Interest.

     Notwithstanding any other provision in this Indenture, the Holder of any
Senior Secured Notes shall have the right, which is absolute and unconditional,
to receive payment of the principal of (and premium, if any) and (subject to
Section 305) interest on such Senior Secured Note on the due dates expressed in
such Senior Secured Note (or, in the case of redemption, on the Redemption
Date) and to institute suit for the enforcement of any such payment, and such
rights shall not be impaired without the consent of such Holder.

Section 509. Restoration of Rights and Remedies.

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

Section 510. Rights and Remedies Cumulative.

     Except as otherwise provided with respect to the replacement or payment of
mutilated, destroyed, lost or stolen Senior Secured Notes in the last paragraph
of Section 304, no right or remedy herein conferred upon or reserved to the
Trustee or to the Holders of Senior Secured Notes 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 511. Delay or Omission Not Waiver.

     No delay or omission of the Trustee or of any Holder of any Senior Secured
Note to exercise any right or remedy 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. Subject to Section 507, every right and remedy given by
this Indenture or by law to the Trustee or to the Holders of Senior Secured
Notes may be exercised from time to time, and as often as may be deemed
expedient, by the Trustee or by the Holders of Senior Secured Notes.

Section 512. Control by Holders of Senior Secured Notes.

     The Holders of not less than a majority in principal amount of the
Outstanding Senior Secured Notes of any series shall have the right to direct
the time, method and

28

 

place of conducting any proceeding for any remedy
available to the Trustee, or exercising any trust or power conferred on the
Trustee, with respect to the Senior Secured Notes of such series, provided the
Holders shall have offered to the Trustee reasonable indemnity against expenses
and liabilities, and provided further that

		
	 	     (1) such direction shall not be in conflict with any rule of law or
with this Indenture, and could not involve the Trustee in personal
liability in circumstances where reasonable indemnity would not be
adequate, and
	 
	 	     (2) the Trustee may take any other action deemed proper by the
Trustee which is not inconsistent with such direction.

Section 513. Waiver of Past Defaults.

     The Holders of not less than a majority in principal amount of the
Outstanding Senior Secured Notes, by written notice to the Trustee, of any
series may, on behalf of the Holders of all the Senior Secured Notes of such
series, waive any past default or
Event of Default hereunder with respect to such series and its
consequences, except a default

		
	 	     (1) in the payment of the principal of (or premium, if any) or
interest on any Senior Secured Note of such series, or
	 
	 	     (2) in respect of a covenant or provision hereof that under Article
Nine cannot be modified or amended without the consent of the Holder of
each Outstanding Senior Secured Note of such series affected.

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

Section 514. Undertaking for Costs.

     All parties to this Indenture agree, and each Holder of any Senior Secured
Note by his 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; but the provisions of this Section shall not apply to any suit
instituted by the Company, to any suit instituted by the Trustee, to any suit
instituted by any Holder, or group of Holders, holding in the aggregate more
than 10% in principal amount of the Outstanding Senior Secured Notes of any
series, or to any suit instituted by any Holder of any Senior Secured Note for
the enforcement of the payment of the principal of (or premium, if any) or
interest on any Senior Secured Note on or after the Stated Maturity or
Maturities

29

 

expressed in such Senior Secured Note (or, in the case of
redemption, on or after the Redemption Date).

Section 515. 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, that 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 SIX

THE TRUSTEE

Section 601. Certain Duties and Responsibilities.

     (a)  Except during the continuance of an Event of Default with respect to
Senior Secured Notes of any series,

		
	 	     (1) the Trustee undertakes to perform, with respect to Senior
Secured Notes of such series, 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
	 
	 	     (2) in the absence of bad faith on its part, the Trustee may, with
respect to Senior Secured Notes of such series, conclusively rely, as to
the truth of the statements and the correctness of the opinions expressed
therein, upon any statements, certificates or opinions furnished to the
Trustee and conforming to the requirements of this Indenture; but in the
case of any such statements, 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.

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

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

30

 

		
	 	     (1) this Subsection shall not be construed to limit the effect of
Subsection (a) of this Section;
	 
	 	     (2) the Trustee shall not be liable for any error of judgment made
in good faith by a Responsible Officer, unless it shall be proved that
the Trustee was negligent in ascertaining the pertinent facts;
	 
	 	     (3) the Trustee shall not be liable with respect to any action taken
or omitted to be taken by it in good faith in accordance with the
direction of the Holders of a majority in principal amount of the
Outstanding Senior Secured Notes of any series relating to the time,
method and place of conducting any proceeding for any remedy available to
the Trustee, or exercising any trust or
power conferred upon the Trustee, under this Indenture with respect
to the Senior Secured Notes of such series; and
	 
	 	     (4) no provision of this Indenture shall require the Trustee to
expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its duties hereunder, or in the exercise of
any of its rights or powers, if it shall have reasonable grounds for
believing that repayment of such funds or adequate indemnity against such
risk or liability is not reasonably assured to it.

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

Section 602. Notice of Defaults.

     Within 90 days after the occurrence of any default hereunder with respect
to the Senior Secured Notes of any series, the Trustee shall transmit by mail
to all Holders of Senior Secured Notes of such series entitled to receive
reports pursuant to Section 313(c) of the Trust Indenture Act, notice of all
defaults hereunder known to the Trustee in accordance with Section 603(h),
unless such default shall have been cured or waived; provided, however, that,
except in the case of a default in the payment of the principal of (or premium,
if any) or interest on any Senior Secured Note of such series with respect to
Senior Secured Notes of such series, the Trustee shall be protected in
withholding such notice if and so long as the board of directors, the executive
committee or a trust committee of directors or Responsible Officers of the
Trustee in good faith determine that the withholding of such notice is in the
interest of the Holders of Senior Secured Notes of such series; and provided,
further, that in the case of any default of the character specified in Section
501(3) with respect to Senior Secured Notes of such series, no such notice to
Holders shall be given until at least 45 days after the Company has actual
knowledge of the occurrence thereof. For the purpose of this Section, the term
“default” means any event that is, or after notice or lapse of time or both
would become, an Event of Default with respect to Senior Secured Notes of such
series.

31

 

Section 603. Certain Rights of Trustee.

     Subject to the provisions of Section 601:

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

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

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

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

     (e)  the Trustee shall be under no obligation to exercise any of the rights
or powers vested in it by this Indenture at the request or direction of any of
the Holders of Senior Secured Notes of any series pursuant to this Indenture,
unless such Holders shall have offered to the Trustee reasonable security or
indemnity satisfactory to the Trustee against the costs, expenses and
liabilities that might be incurred by it in compliance with such request or
direction;

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

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

     (h)  the Trustee shall not be charged with knowledge of any Event of
Default with respect to the Senior Secured Notes of any series for which it is
acting as Trustee

32

 

unless either (1) a Responsible Officer of the Trustee shall
have actual knowledge of the Event of Default or (2) written notice of such
Event of Default shall have been given to the Trustee by the Company, any other
obligor on such Senior Secured Notes or by any Holder of such Senior Secured
Notes.

Section 604. Not Responsible for Recitals or Issuance of Senior Secured
Notes.

     The recitals contained herein and in the Senior Secured Notes (except the
Trustee’s certificates of authentication) shall be taken as the statements of
the Company, and the Trustee or any Authenticating Agent assumes no
responsibility for their correctness. The Trustee makes no representations as
to the validity or sufficiency of this Indenture or of the Senior Secured
Notes. The Trustee or any Authenticating Agent shall not be accountable for
the use or application by the Company of Senior Secured Notes or the proceeds
thereof.

Section 605. May Hold Senior Secured Notes.

     The Trustee, any Authenticating Agent, any Paying Agent, any Security
Registrar or any other agent of the Company, in its individual or any other
capacity, may become the owner or pledgee of Senior Secured Notes and, subject
to Sections 608 and 613, may otherwise deal with the Company with the same
rights it would have if it were not Trustee, Authenticating Agent, Paying
Agent, Security Registrar or such other agent.

Section 606. Money Held in Trust.

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

Section 607. Compensation and Reimbursement.

     The Company agrees

		
	 	     (1) to pay to the Trustee from time to time 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 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, willful
misconduct or bad faith; and

33

 

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

     As security for the performance of the obligations of the Company under
this Section, the Trustee shall have a lien prior to the Senior Secured Notes
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, if any, on particular Senior Secured Notes.

     The obligations of this Section shall survive the termination of this
Agreement and the earlier resignation or removal of the Trustee.

Section 608. Disqualification; Conflicting Interests.

     If the Trustee has or shall acquire any conflicting interest, within the
meaning of the Trust Indenture Act, it shall, within 90 days after ascertaining
that it has such conflicting interest, either eliminate such conflicting
interest or resign, to the extent and in the manner provided by, and subject to
the provisions of, the Trust Indenture Act and this Indenture.

Section 609. Corporate Trustee Required; Eligibility.

     There shall at all times be a Trustee hereunder that shall be a
corporation organized and doing business under the laws of the United States of
America, any State thereof or the District of Columbia, authorized under such
laws to exercise corporate trust powers, having a combined capital and surplus
of at least $50,000,000, subject to supervision or examination by federal or
state authority and qualified and eligible under this Article and otherwise
permitted by the Trust Indenture Act to act as Trustee under an Indenture
qualified under the Trust Indenture Act. 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 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 610. Resignation and Removal; Appointment of Successor.

     (a)  No resignation or removal of the Trustee and no appointment of a
successor Trustee pursuant to this Article shall become effective until the
acceptance of appointment by the successor Trustee in accordance with the
applicable requirements of Section 611.

34

 

     (b)  The Trustee may resign at any time with respect to the Senior Secured
Notes of one or more series by giving written notice thereof to the Company.
If the instrument of acceptance by a successor Trustee required by Section 611
shall not have been delivered to the Trustee within 30 days after the giving of
such notice of resignation, the resigning Trustee may petition any court of
competent jurisdiction for the appointment of a successor Trustee with respect
to the Senior Secured Notes of such series.

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

     (d)  If at any time:

		
	 	     (1) the Trustee shall fail to comply with Section 608 after written
request therefor by the Company or by any Holder of a Senior Secured Note
who has been a Holder of a Senior Secured Note for at least six months,
or
	 
	 	     (2) the Trustee shall cease to be eligible under Section 609 and
shall fail to resign after written request therefor by the Company or by
any such Holder, or
	 
	 	     (3) the Trustee shall become incapable of acting or shall be
adjudged a bankrupt or insolvent or a receiver or liquidator 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, winding-up or liquidation,

then, in any such case, (i) the Company, by a Board Resolution, may remove the
Trustee with respect to all Senior Secured Notes, or (ii) subject to Section
514, any Holder of a Senior Secured Note who has been a bona fide Holder of a
Senior Secured Note for at least six months may, on behalf of himself and all
others similarly situated, petition any court of competent jurisdiction for the
removal of the Trustee with respect to all Senior Secured Notes and the
appointment of a successor Trustee or Trustees.

     (e)  If the Trustee shall resign, be removed or become incapable of acting,
or if a vacancy shall occur in the office of Trustee for any cause, with
respect to the Senior Secured Notes of one or more series, the Company, by a
Board Resolution, shall promptly appoint a successor Trustee or Trustees with
respect to the Senior Secured Notes of that or those series (it being
understood that any such successor Trustee may be appointed with respect to the
Senior Secured Notes of one or more or all of such series and that at any time
there shall be only one Trustee with respect to the Senior Secured
Notes of any particular series) and shall comply with the applicable
requirements of Section 611. If, within one year after such resignation,
removal or incapability, or the occurrence of such vacancy, a successor Trustee
with respect to the Senior Secured Notes of any series shall be appointed by
Act of the Holders of a majority in principal amount

35

 

of the Outstanding Senior
Secured Notes of such series delivered to the Company and the retiring Trustee,
the successor Trustee so appointed shall, forthwith upon its acceptance of such
appointment in accordance with the applicable requirements of Section 611,
become the successor Trustee with respect to the Senior Secured Notes of such
series and to that extent supersede the successor Trustee appointed by the
Company. If no successor Trustee with respect to the Senior Secured Notes of
any series shall have been so appointed by the Company or the Holders of Senior
Secured Notes and accepted appointment in the manner required by Section 611,
any Holder of a Senior Secured Note who has been a bona fide Holder of a Senior
Secured Note of such series for at least six months may, on behalf of himself
and all others similarly situated, petition any court of competent jurisdiction
for the appointment of a successor Trustee with respect to the Senior Secured
Notes of such series.

     (f)  The Company shall give notice of each resignation and each removal of
the Trustee with respect to the Senior Secured Notes of any series and each
appointment of a successor Trustee with respect to the Senior Secured Notes of
any series by mailing written notice of such event by first-class mail, postage
prepaid, to all Holders of such series of Senior Secured Notes as their names
and addresses appear in the Security Register.

Section 611. Acceptance of Appointment by Successor.

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

     (b)  In case of the appointment hereunder of a successor Trustee with
respect to the Senior Secured Notes of one or more (but not all) series, the
Company, the retiring Trustee and each successor Trustee with respect to the
Senior Secured Notes of one or more series shall execute and deliver an
indenture supplemental hereto wherein each successor Trustee shall accept such
appointment and that (1) shall contain such provisions as shall be necessary or
desirable to transfer and confirm to, and to vest in, each successor Trustee
all the rights, powers, trusts and duties of the retiring Trustee with
respect to the Senior Secured Notes of that or those series to which the
appointment of such successor Trustee relates, (2) if the retiring Trustee is
not retiring with respect to all Senior Secured Notes, shall contain such
provisions as shall be deemed necessary or desirable to confirm that all the
rights, powers, trusts and duties of the retiring Trustee with respect to the
Senior Secured Notes of that or those series as to which the retiring Trustee
is not retiring shall continue to be vested in the retiring Trustee, and (3)
shall add

36

 

to or change any of the provisions of this Indenture as shall be
necessary to provide for or facilitate the administration of the trusts
hereunder by more than one Trustee, it being understood that nothing herein or
in such supplemental indenture shall constitute such Trustees co-trustees of
the same trust and that each such Trustee shall be trustee of a trust or trusts
hereunder separate and apart from any trust or trusts hereunder administered by
any other such Trustee; and upon the execution and delivery of such
supplemental indenture the resignation or removal of the retiring Trustee shall
become effective to the extent provided therein and each such successor
Trustee, without any further act, deed or conveyance, shall become vested with
all the rights, powers, trusts and duties of the retiring Trustee with respect
to the Senior Secured Notes of that or those series to which the appointment of
such successor Trustee relates; but, on request of the Company or any successor
Trustee, such retiring Trustee shall duly assign, transfer and deliver to such
successor Trustee all property and money held by such retiring Trustee
hereunder with respect to the Senior Secured Notes of that or those series to
which the appointment of such successor Trustee relates.

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

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

Section 612. Merger, Conversion, Consolidation or Succession to Business.

     Any corporation into which the Trustee may be merged or converted or with
which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any
corporation succeeding to all or substantially all the corporate trust business
of the Trustee, shall be the successor of the Trustee hereunder, provided such
corporation shall be otherwise qualified and eligible under this Article Six,
without the execution or filing of any paper or any further act on the part of
any of the parties hereto. In case any Senior Secured Notes 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 Senior Secured Notes so authenticated with
the same effect as if such successor Trustee had itself authenticated such
Senior Secured Notes. In case at that time any of the Senior Secured Notes
shall not have been authenticated, any successor to the Trustee may
authenticate such Senior Secured Notes either in the name of any
predecessor hereunder or in the name of the successor Trustee, and in such
cases such certificate shall have the full force which it is anywhere in the
Senior Secured Notes or in this Indenture provided that the certificate of
authentication of the Trustee shall have; provided, however, that the right to
adopt the certificate of authentication of any predecessor Trustee or to
authenticate Senior Secured Notes in the name of any predecessor Trustee shall
apply only to its successor or successors by merger, conversion or
consolidation.

37

 

Section 613. Preferential Collection of Claims Against Company.

     If and when the Trustee shall be or become a creditor of the Company (or
any other obligor upon the Senior Secured Notes), the Trustee shall be subject
to the provisions of the Trust Indenture Act regarding the collection of claims
against the Company (or any such other obligor). For purposes of Section
311(b)(4) and (6) of the Trust Indenture Act:

     (a)  “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; and

     (b)  “self-liquidating paper” means any draft, bill of exchange, acceptance
or obligation which is made, drawn, negotiated or incurred by the Company (or
any such obligor) 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 (or any such
obligor) arising from the making, drawing, negotiating or incurring of the
draft, bill of exchange, acceptance or obligation.

Section 614. Appointment of Authenticating Agent.

     At any time when any of the Senior Secured Notes remain Outstanding, the
Trustee may appoint an Authenticating Agent or Agents with respect to one or
more series of Senior Secured Notes that shall be authorized to act on behalf
of the Trustee to authenticate Senior Secured Notes of such series issued upon
exchange, registration of transfer or partial redemption thereof or pursuant to
Section 304, and Senior Secured Notes so authenticated shall be entitled to the
benefits of this Indenture and shall be valid and obligatory for all purposes
as if authenticated by the Trustee hereunder. Wherever reference is made in
this Indenture to the authentication and delivery of Senior Secured Notes by
the Trustee or the Trustee’s certificate of authentication, such reference
shall be deemed to include authentication and delivery on behalf of the Trustee
by an
Authenticating Agent and a certificate of authentication executed on
behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent
shall be acceptable to the Company and shall at all times be a corporation
organized and doing business under the laws of the United States of America,
any State thereof or the District of Columbia, authorized under such laws to
act as Authenticating Agent, having a combined capital and surplus of not less
than $50,000,000 and subject to supervision or examination by federal or state
authority. If such Authenticating Agent publishes reports of condition at
least annually, pursuant to law or to the requirements of said supervising or
examining authority, then for the purposes of this Section, the combined
capital and surplus of such Authenticating Agent shall be deemed to be its
combined capital and surplus as set forth in its most recent report of
condition so published. If at any time an Authenticating

38

 

Agent shall cease to
be eligible in accordance with the provisions of this Section, such
Authenticating Agent shall resign immediately in the manner and with the effect
specified in this Section.

     Any corporation into which an Authenticating Agent may be merged or
converted or with which it may be consolidated, or any corporation resulting
from any merger, conversion or consolidation to which such Authenticating Agent
shall be a party, or any corporation succeeding to the corporate agency or
corporate trust business of an Authenticating Agent, shall continue to be an
Authenticating Agent, provided such corporation shall be otherwise eligible
under this Section, without the execution or filing of any paper or any further
act on the part of the Trustee or the Authenticating Agent.

     An Authenticating Agent may resign at any time by giving written notice
thereof to the Trustee and to the Company. The Trustee may at any time
terminate the agency of an Authenticating Agent by giving written notice
thereof to such Authenticating Agent and to the Company. Upon receiving such a
notice of resignation or upon such a termination, or in case at any time such
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, the Trustee may appoint a successor Authenticating
Agent that shall be acceptable to the Company and shall mail written notice of
such appointment by first-class mail, postage prepaid, to all Holders of Senior
Secured Notes, if any, of the series with respect to which such Authenticating
Agent will serve, as their names and addresses appear in the Security Register.
Any successor Authenticating Agent upon acceptance of its appointment
hereunder shall become vested with all the rights, powers and duties of its
predecessor hereunder, with like effect as if originally named as an
Authenticating Agent. No successor Authenticating Agent shall be appointed
unless eligible under the provisions of this Section.

     The Company agrees to pay to each Authenticating Agent from time to time
reasonable compensation for its services under this Section.

     The provisions of Sections 306, 604 and 605 shall be applicable to each
Authenticating Agent.

     If an appointment with respect to one or more series is made pursuant to
this Section, the Senior Secured Notes of such series may have endorsed
thereon, in addition
to the Trustee’s certificate of authentication, an alternate certificate
of authentication in the following form:

     This is one of the Senior Secured Notes of the series designated therein
referred to in the within-mentioned Indenture.

	 	 	 
	 	 	

	 	 	
As Trustee
	 	 	 
	 	 	
By
	 	 	

	 	 	
As Authenticating Agent

39

 

	 	 	 
	 	 	
By
	 	 	

	 	 	
Authorized Signatory

Section 615. Right Of Trustee in Capacity of Security Registrar and Paying
Agent.

     In the event that the Trustee is also acting in the capacity of Paying
Agent or Security Registrar hereunder, the rights, protections, immunities and
indemnities afforded to the Trustee pursuant to this Article 6 shall also be
afforded to the Trustee in its capacity as Paying Agent or Security Registrar.

ARTICLE SEVEN

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY

Section 701. Company to Furnish Trustee Names and Addresses of Holders.

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

     (a)  not more than 15 days after each Regular Record Date, a list, in such
form as the Trustee may reasonably require, of the names and addresses of the
Holders of the applicable series of Senior Secured Notes as of such Regular
Record Date;

     (b)  at such other times as the Trustee may request in writing, within 30
days after the receipt by the Company of any such request, a list of similar
form and content as of the most recent Regular Record Date; and

excluding from any such list names and addresses received by the Trustee in its
capacity as Security Registrar.

Section 702. Preservation of Information; Communications to Holders.

     (a)  The Trustee shall comply with the obligations imposed on it pursuant
to Section 312 of the Trust Indenture Act.

     (b)  Holders may communicate as provided in Section 312(b) of the Trust
Indenture Act with other Holders with respect to their rights under this
Indenture or under the Senior Secured Notes. The Company, the Trustee, the
Security Registrar and anyone else shall have the protection of Section 312(c)
of the Trust Indenture Act.

Section 703. Reports by Trustee.

     (a)  Within 60 days after May 15 of each year commencing with the first May
15 after the first issuance of Senior Secured Notes pursuant to this Indenture,
if required by Section 313(a) of the Trust Indenture Act, the Trustee shall
transmit a brief report dated as of such May 15 with respect to any of the
events specified in such Section

40

 

313(a) that may have occurred since the later
of the immediately preceding May 15 and the date of this Indenture.

     (b)  The Trustee shall transmit the reports required by Section 313(b) of
the Trust Indenture Act at the times specified therein.

     (c)  Reports pursuant to this Section shall be transmitted in the manner
and to the Persons required by Sections 313(c) and (d) of the Trust Indenture
Act.

Section 704. Reports by Company.

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

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

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

ARTICLE EIGHT

CONSOLIDATION, MERGER, SALE, CONVEYANCE, TRANSFER OR LEASE

Section 801. Company may Consolidate, etc., Only on Certain Terms.

     Nothing contained in this Indenture shall prevent the Company from
consolidating with or merging into another Person or conveying,
transferring or leasing its properties and assets substantially as an entirety
to any Person, provided that (a) the successor entity assumes the Company’s
applicable obligations on the Senior

41

 

Secured Notes, (b) immediately after
giving effect to such transaction no Event of Default and; no event which,
after notice or lapse of time or both, would become an Event of Default, shall
have happened and be continuing, and (c) 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.

Section 802. Successor Corporation Substituted.

     Upon any consolidation by the Company with or merger by the Company into
any Person or any sale, conveyance, transfer or lease of the properties
and assets of the Company substantially as an entirety in accordance with
Section 801, the successor Person formed by such consolidation or into
which the Company is merged or to which such sale, conveyance, transfer or
lease is made, shall succeed to, and be substituted for, and may exercise every
right and power of, the Company under this Indenture with the same effect as if
such successor Person had been named as the Company herein, and
thereafter, except in the case of a lease, the predecessor corporation shall be
relieved of all obligations and covenants under this Indenture and the Senior
Secured Notes.

ARTICLE NINE

SUPPLEMENTAL INDENTURES

Section 901. Supplemental Indentures Without Consent of Holders.

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

		
	 	     (1) to evidence the succession of another corporation to the Company
and the assumption by any such successor of the covenants, agreements and
obligations of the Company herein and in the Senior Secured Notes; or
	 
	 	     (2) to add to the covenants of the Company for the benefit of the
Holders of all or any series of Senior Secured Notes (and if such
covenants are to be for the benefit of less than all series of Senior
Secured Notes, stating that such covenants are expressly being included
solely for the benefit of such series) or to surrender any right or power
herein conferred upon the Company; or
	 
	 	     (3) to add any additional Events of Default; or
	 
	 	     (4) to add to or change any of the provisions of this Indenture, to
change or eliminate any restrictions on the payment of principal (or
premium, if any) on Senior Secured Notes or to permit the issuance of
Senior Secured Notes 

42

 

		
	 	in uncertificated form, provided any such action
shall not adversely affect the interests of any Holder of Senior Secured
Notes of any series in any material respect; or
	 
	 	     (5) to change or eliminate any of the provisions of this Indenture
with respect to any series of Senior Secured Notes theretofore unissued;
or
	 
	 	     (6) to add additional security to the Senior Secured Notes or
release all or any portion of the collateral securing any series of
Senior Secured Notes pursuant to the terms of the applicable Collateral
Documents; or
	 
	 	     (7) to establish the form or terms of Senior Secured Notes of any
series as permitted by Sections 201 and 301; or
	 
	 	     (8) to evidence and provide for the acceptance of appointment
hereunder by a successor Trustee with respect to the Senior Secured Notes
of one or more series and to add to or change any of the provisions of
this Indenture as shall be necessary to provide for or facilitate the
administration of the trusts hereunder by more than one Trustee, pursuant
to the requirements of Section 611(b); or
	 
	 	     (9) to cure any ambiguity, to correct or supplement any provision
herein or in the Senior Secured Notes that may be inconsistent with any
other provision herein or therein, to make provisions with respect to
matters or questions arising under this Indenture or the Senior Secured
Notes, or in any manner that the Company and the Trustee determine is not
inconsistent with the Indenture and the Senior Secured Notes, provided
such action shall not adversely affect the interests of any Holder of
Senior Secured Notes of any series; or
	 
	 	     (10) to modify, eliminate or add to the provisions of this Indenture
to such extent as shall be necessary to effect, or to maintain, the
qualification of this Indenture under the Trust Indenture Act or under
any similar federal statute hereafter enacted, and to add to this
Indenture such other provisions as may be expressly required by the Trust
Indenture Act.

Section 902. Supplemental Indentures with Consent of Holders.

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

43

 

		
	 	     (1) change the Stated Maturity of the principal of, or any
installment of principal of or interest on, any Senior Secured Note, or
reduce the principal amount thereof or the rate of interest thereon or
any premium payable upon the redemption thereof, or change the method of
calculating the rate of interest thereon, or extend the time of payment
of interest thereon, or impair or affect the right of any Holder 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 change any place of payment or the currency in which
any Senior Secured Notes or the interest thereon is payable, or
	 
	 	     (2) reduce the percentage in principal amount of the Outstanding
Senior Secured Notes of any series, the consent of whose Holders is
required for any such modification or supplemental indenture, or the
consent of whose Holders is required for any waiver (of compliance with
certain provisions of this Indenture or certain defaults hereunder and
their consequences) provided for in this Indenture, or
	 
	 	     (3) release any security interest that may have been granted in
favor of the Holders, other than in accordance with the terms of the
applicable Collateral Documents, or
	 
	 	     (4) make any change in the Collateral Documents or any provision of
Indenture or any Senior Secured Notes relating to any security interest
that may have been granted in favor of the Holders of any series of
Senior Secured Notes that would adversely affect the holders of such
Senior Secured Notes, other than in accordance with the terms of the
applicable Collateral Documents, or
	 
	 	     (5) modify any of the provisions of this Section 902, except to
increase the percentage in principal amount of Outstanding Senior Secured
Notes of any series, the consent of whose Holders is required for
modification or amendment of this Indenture or for waiver of compliance
with certain provisions of this Indenture or for waiver of certain
defaults, or to provide that certain other provisions of this Indenture
cannot be modified or waived without the consent of the Holder of each
outstanding Senior Secured Note affected thereby.

Section 903. General Provisions Regarding Supplemental Indenture.

     (a)  A supplemental indenture that changes or eliminates any covenant or
other provision of this Indenture that has expressly been included solely for
the benefit of one or more particular series of Senior Secured Notes, or that
modifies the rights of the Holders of Senior Secured Notes of such series with
respect to such covenant or other provision, shall be deemed not to affect the
rights under this Indenture of the Holders of Senior Secured Notes of any other
series.

     (b)  It shall not be necessary for any Act of Holders of Senior Secured
Notes under this Section to approve the particular form of any proposed
supplemental

44

 

indenture, but it shall be sufficient if such Act or action shall
approve the substance thereof.

Section 904. Execution of Supplemental Indentures.

     In executing, or accepting the additional trusts created by, any
supplemental indenture permitted by this Article or the modifications thereby
of the trusts created by this Indenture, the Trustee shall be entitled to
receive, and (subject to Section 601) shall be fully protected in relying upon,
an Opinion of Counsel stating that the execution of such supplemental indenture
is authorized or permitted by this Indenture. The Trustee may, but shall not
be obligated to, enter into any such supplemental indenture that affects the
Trustee’s own rights, duties, immunities or liabilities under this Indenture or
otherwise.

Section 905. Effect of Supplemental Indentures.

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

Section 906. Conformity with Trust Indenture Act.

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

Section 907. Reference in Senior Secured Notes to Supplemental Indentures.

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

ARTICLE TEN

COVENANTS

Section 1001. Payment of Principal and Interest.

     The Company covenants and agrees for the benefit of each series of Senior
Secured Notes that it will duly and punctually pay the principal of (and
premium, if any)

45

 

and interest on the Senior Secured Notes of that series in
accordance with the terms of the Senior Secured Notes and this Indenture.

Section 1002. Maintenance of Office or Agency.

     The Company will maintain in the Borough of Manhattan, The City of New
York, an office or agency of a Paying Agent where Senior Secured Notes may be
paid and where notices and demands to or upon the Company in respect of the
Senior Secured Notes and this Indenture may be served, and if Senior Secured
Notes in certificated form have been issued, an office or agency of a Security
Registrar where Senior Secured Notes may be surrendered for registration of
transfer and exchange. The Company will give prompt written notice to the
Trustee of the location, and any change in the location, of any such office or
agency. If at any time the Company shall fail to maintain any such required
office or agency or shall fail to furnish the Trustee with the address thereof,
such presentations, surrenders, notices and demands may be made or served at
the Corporate Trust Office of the Trustee.

Section 1003. Money for Senior Secured Notes Payments to be Held in Trust.

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

     Whenever the Company shall have one or more Paying Agents for any series
of Senior Secured Notes, it will, prior to each due date of the principal of
(and premium, if any) or interest on any Senior Secured Notes of that series,
deposit with a Paying Agent a sum sufficient to pay the principal (and premium,
if any) or interest so becoming due, such sum to be held in trust for the
benefit of the

     Persons entitled to such principal, premium or interest, and (unless such
Paying Agent is the Trustee) the Company will promptly notify the Trustee of
its action or failure so to act.

     The Company will cause each Paying Agent for any series of Senior Secured
Notes 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 Senior Secured Notes of that series
in trust for the benefit of the Persons entitled thereto until such sums
shall be paid to such Persons or otherwise disposed of as herein
provided;

46

 

		
	 	     (2) give the Trustee notice of any default by the Company (or any
other obligor upon the Senior Secured Notes of that series) in the making
of any payment of principal of (and premium, if any) or interest on the
Senior Secured Notes of that series; 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; and, upon such payment by any Paying Agent to the Trustee, such
Paying Agent shall be released from all further liability with respect to such
money.

     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 Senior Secured Note of any series and remaining unclaimed
for two years after such principal (and premium, if any) or interest has become
due and payable shall be paid to the Company on Company Request, or (if then
held by the Company) shall be discharged from such trust; and the Holder of
such Senior Secured Note shall thereafter, as an unsecured general creditor,
look only to the Company for payment thereof, and all liability of the Trustee
or such Paying Agent with respect to such trust money, and all liability of the
Company as trustee thereof, shall thereupon cease; provided, however, that the
Trustee or such Paying Agent, before being required to make any such repayment,
may at the expense of the Company cause to be published once, in a newspaper of
general circulation in New York City notice that such money remains unclaimed
and that, after a date specified therein, which shall not be less than 30 days
from the date of such publication, any unclaimed balance of such money then
remaining will be repaid to the Company.

Section 1004. Restrictions on Impairment of Security Interest.

     The Company is not permitted to take or omit to take any action that would
materially impair the security interest with respect to collateral securing any
series of Senior Secured Notes for the benefit of the Trustee and the Holders
of such series of Senior Secured Notes, and the Company is not permitted to
grant to any person any security interest whatsoever in any of the collateral
securing any series of Senior Secured Notes; provided, however, that the
Company may take any such actions and grant any such security interests in
accordance with the Collateral Documents.

Section 1005. Waiver of Certain Covenants.

     Subject to Section 902, the Company may omit in any particular instance to
comply with any term, provision or condition set forth in this Article Ten with
respect to

47

 

the Senior Secured Notes of any series if before the time for such
compliance the Holders of at least a majority in principal amount of the
Outstanding Senior Secured Notes of
such series shall, by Act of such Holders, either waive such compliance in
such instance or generally waive compliance with such term, provision or
condition, but no such waiver shall extend to or affect such term, provision or
condition except to the extent so expressly waived, and, until such waiver
shall become effective, the obligations of the Company and the duties of the
Trustee in respect of any such term, provision or condition shall remain in
full force and effect.

Section 1006. Restrictions on Amendments to Collateral Documents.

     The Company is not permitted to amend, waive or otherwise modify, or
permit or consent to any amendment, waiver or other modification of the
Collateral Documents in any way that would be adverse to the Holders of any
series of Senior Secured Notes, except for any such amendment, waiver or
modification entered into in accordance with the terms of the applicable
Collateral Documents, as in effect from time to time. The Trustee is hereby
authorized and directed to execute any amendment, waiver or modification
entered into in accordance with this Section 1006.

Section 1007. Statement by Officers as to Default.

     The Company shall comply with Section 314(a)(4) of the Trust Indenture Act.

Section 1008. Further Assurances.

     The Company and the Trustee shall execute and deliver all such other
documents, instruments and agreements and do all such other acts and things as
may be reasonably required to enable the Trustee to exercise and enforce its
rights under this Indenture and under documents, instruments and agreements
required under this Indenture and to carry out the intent of this Indenture.

ARTICLE ELEVEN

REDEMPTION OF SENIOR SECURED NOTES

Section 1101. Applicability of Article.

     Senior Secured Notes of any series that are redeemable before their Stated
Maturity shall be redeemable in accordance with their terms and (except as
otherwise specified as contemplated by Section 301 for Senior Secured Notes of
any series) in accordance with this Article.

Section 1102. Election to Redeem; Notice to Trustee.

     The election of the Company to redeem any Senior Secured Notes shall be
evidenced by a Board Resolution. In case of any redemption at the election of
the Company of all of the Senior Secured Notes of any series, the Company
shall, at least 60

48

 

days prior to the Redemption Date fixed by the Company
(unless a shorter notice shall be satisfactory to the Trustee), notify the
Trustee in writing of such Redemption Date. In case of any redemption at the
election of the Company of less than all the Senior Secured Notes of any
series, the Company shall, at least 60 days prior to the Redemption Date fixed
by the Company (unless a shorter notice shall be satisfactory to the Trustee),
notify the Trustee in writing of such Redemption Date and of the principal
amount of Senior Secured Notes of such series to be redeemed. In the case of
any redemption of Senior Secured Notes (i) prior to the expiration of any
restriction on such redemption provided in the terms of such Senior Secured
Notes or elsewhere in this Indenture, or (ii) pursuant to an election of the
Company that is subject to a condition specified in the terms of such Senior
Secured Notes, the Company shall furnish the Trustee with an Officers’
Certificate evidencing compliance with such restriction or condition.

Section 1103. Selection by Trustee of Senior Secured Notes to be Redeemed.

     If the Senior Secured Notes are registered in the name of only one Holder,
any partial redemptions shall be pro rata. If the Senior Secured Notes are held
in certificated form by more than one Holder and if less than all the Senior
Secured Notes of any series are to be redeemed, the particular Senior Secured
Notes to be redeemed shall be selected not more than 60 days prior to the
Redemption Date by the Trustee, from the Outstanding Senior Secured Notes of
such series not previously called for redemption, by lot or other such method
as the Trustee shall deem fair and appropriate and that may provide for the
selection for redemption of portions (equal to the minimum authorized
denomination for Senior Secured Notes of that series or any integral multiple
thereof) of the principal amount of Senior Secured Notes of such series of a
denomination larger than the minimum authorized denomination for Senior Secured
Notes of that series.

     The Trustee shall promptly notify the Company in writing of the Senior
Secured Notes selected for redemption and, in the case of any Senior Secured
Notes selected for partial redemption, the principal amount thereof to be
redeemed.

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

Section 1104. Notice of Redemption.

     Notice of redemption shall be given in the manner provided in Section 106
to the Holders of Senior Secured Notes to be redeemed not less than 30 nor more
than 60 days prior to the Redemption Date.

     All notices of redemption shall state:

     (1)  that Outstanding Senior Secured Notes of the applicable series are
being redeemed pursuant to Article Eleven hereof,

49

 

     (2)  the Redemption Date,

     (3)  the Redemption Price,

     (4)  the CUSIP and ISIN numbers (as applicable),

     (5)  if less than all the Outstanding Senior Secured Notes of any
series are to be redeemed, the identification (and, in the case of partial
redemption, the principal amounts) of the particular Senior Secured Notes to be
redeemed,

     (6)  that on the Redemption Date, the Redemption Price will become due and
payable upon each such Senior Secured Note to be redeemed and, if applicable,
that interest thereon will cease to accrue on and after said date,

     (7)  the place or places where such Senior Secured Notes are to be
surrendered for payment of the Redemption Price, and

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

     Notice of redemption of Senior Secured Notes to be redeemed at the
election of the Company shall be given by the Company or, at the Company’s
request, by the Trustee in the name and at the expense of the Company.

Section 1105. Deposit of Redemption Price.

     Except as otherwise provided in a supplemental indenture pursuant to
Section 301, prior to any Redemption Date, the Company shall deposit with the
Trustee or with a Paying Agent (or, if the Company or its Affiliate is acting
as its own Paying Agent, segregate and hold in trust as provided in Section
1003) an amount of money sufficient to pay the Redemption Price of and accrued
interest, if any, on all the Senior Secured Notes which are to be redeemed on
that date.

Section 1106. Senior Secured Notes Payable on Redemption Date.

     Notice of redemption having been given as aforesaid, the Senior Secured
Notes so to be redeemed shall, on the Redemption Date, become due and payable
at the edemption Price therein specified together with any accrued interest thereon,
and from and after such date (unless the Company shall default in the payment
of the Redemption Price and accrued interest) such Senior Secured Notes shall
cease to bear interest. Upon surrender of any such Senior Secured Note for
redemption in accordance with such notice, such Senior Secured Note shall be
paid by the Company at the Redemption Price, together with accrued interest, if
any; provided, however, that, except as otherwise provided in a supplemental
indenture pursuant to Section 301, installments of interest on Senior Secured
Notes whose Stated Maturity is on or prior to the Redemption Date shall be
payable to the Holders of such Senior Secured Notes, or one or more Predecessor

50

 

Securities, registered as such at the close of business on the relevant Record
Dates according to their terms and the provisions of Section 305.

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

Section 1107. Senior Secured Notes Redeemed in Part.

     Any Senior Secured Note that is to be redeemed only in part shall be
surrendered at an office or agency of the Company therefor (with, if the
Company or the Trustee so requires, due endorsement by, or a written instrument
of transfer in form satisfactory to the Company and the Trustee duly executed
by, the Holder thereof or his attorney duly authorized in writing), and the
Company shall execute, and the Trustee shall authenticate and deliver to the
Holder of such Senior Secured Note without service charge, a new Senior Secured
Note of the same series, Stated Maturity and original issue date of any
authorized denomination as requested by such Holder, in aggregate principal
amount equal to and in exchange for the unredeemed portion of the principal of
the Senior Secured Note so surrendered.

ARTICLE TWELVE

SECURITY ARRANGEMENTS

Section 1201. Collateral and Security Documents.

     (a)  To secure the due and punctual payment of the obligations of the
Company under this Indenture and the Senior Secured Notes of any series, the
Company and the Trustee may enter into such Collateral Documents as may be
specified in the terms of the particular series of Senior Secured Notes
established as contemplated by Section 301, to create the security interests
and related matters referred to therein.

     (b)  Each Holder, by accepting a Senior Secured Note, agrees to all of the
terms and provisions of the Collateral Documents applicable to such series of
Senior Secured Notes, and authorizes and directs the Trustee and the applicable
collateral agent to perform their respective obligations and exercise their
respective rights under the applicable Collateral Documents in accordance
therewith; provided, however, that if any provisions of the Collateral
Documents limit, qualify or conflict with the duties imposed by the provisions
of the Trust Indenture Act, the Trust Indenture Act will control.

     (c)  As more fully set forth in, and subject to the provisions of, the
applicable Collateral Documents, the Holders, and the Trustee on behalf of such
Holders will have rights in and to the collateral securing such series of
Senior Secured Notes that are subject to the rights that have been or may be
created in favor of the holders of other debt and obligations of the Company.

51

 

Section 1202. Release of Collateral.

     Collateral may be released from the security interest created by the
applicable Collateral Documents at any time or from time to time, and the
applicable Collateral Documents may be terminated, in accordance with the
provisions of the applicable Collateral Documents. The release of any
collateral from the terms hereof and of the applicable Collateral Documents or
the release of, in whole or in part, the liens created by the applicable
Collateral Documents, or the termination of the applicable Collateral Documents, will not be deemed to impair the lien on the collateral in
contravention of the provisions hereof if and to the extent the collateral or
liens are released, or the applicable Collateral Documents are terminated,
pursuant to the applicable Collateral Documents. The Trustee and each of the
Holders acknowledge that a release of collateral or a lien strictly in
accordance with the terms of the applicable Collateral Documents will not be
deemed for any purpose to be an impairment of the lien on the collateral in
contravention of the terms of this Indenture. To the extent applicable, the
Company and each obligor on any series of Senior Secured Notes shall cause
Section 314(d) of the Trust Indenture Act relating to the release of property
or securities from the lien hereof and of the applicable Collateral Documents
to be complied with. Any certificate or opinion required by 314(d) of the Trust
Indenture Act may be made by an officer of the Company, except in cases which
314(d) of the Trust Indenture Act requires that such certificate or opinion be
made by an independent person.

Section 1203. Opinions as to Recording.

     The Company shall deliver to the Trustee:

          (i) promptly after the issuance of any series of Senior Secured Notes, an
Opinion of Counsel either stating that in the opinion of such counsel the
Indenture and the applicable Collateral Documents (or including financing
statements or other
instruments, as applicable) have been properly recorded and filed so as to make
effective the lien intended to be created for the benefit of the Holders
thereof, and reciting the details of such action, or stating that in the
opinion of such counsel no such action is necessary to make such lien
effective; and

          (ii) on or before December 1 of each year, an Opinion of Counsel either
stating that in the opinion of such counsel such action has been taken with
respect to the recording, filing, re-recording and re-filing of the Indenture
and the and the applicable Collateral Documents (or financing statements or
other instruments, as applicable) as is necessary to maintain the lien intended
to be created thereby for the benefit of the Holders thereof, and reciting the
details of such action, or stating that in the opinion of such counsel no such
action is necessary to maintain such lien.

52

 

ARTICLE THIRTEEN

MISCELLANEOUS PROVISIONS

Section 1301. No Recourse Against Others.

     An incorporator or any past, present or future director, officer, employee
or stockholder, as such, of the Company shall not have any liability for any
obligations of the Company under the Senior Secured Notes or this Indenture or
for any claim based on, in respect of or by reason of such obligations or their
creation. By accepting a Senior Secured Note, each Holder shall waive and
release all such liability. Such waiver and release shall be part of the
consideration for the issue of the Senior Secured Notes.

Section 1302. Assignment; Binding Effect.

     The Company shall have the right at all times to assign any of its rights
or obligations under this Indenture to a direct or indirect wholly-owned
subsidiary of the Company, provided that, in the event of any such assignment,
the Company shall remain primarily liable for the performance of all such
obligations. This Indenture may also be assigned by the Company in connection
with a transaction described in Article Eight. This Indenture shall be binding
upon and inure to the benefit of the Company, the Trustee, the Holders, any
Security Registrar, Paying Agent, and Authenticating Agent and their respective
successors and assigns.

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

ARTICLE FOURTEEN

HOLDERS’ MEETINGS

Section 1401. Purposes for Which Meetings May be Called.

     A meeting of the holders may be called at any time and from time to time
pursuant to this Indenture to make, give or take any request, demand,
authorization, direction, notice, consent, waiver, amendment or other action
provided by this Indenture and the Senior Secured Notes to be made, given or
taken by the Holders.

Section 1402. Calling and Notice of Meetings.

     The Trustee or the Company may at any time call a meeting of the Holders
for any purpose specified in Section 1401, to be held at such time and at such
place in Atlanta, Georgia or New York City, New York as the Company or the
Trustee determines. Notice of every meeting of the Holders, setting forth the
time and place of such meeting and in general terms the action proposed to be
taken at such meeting, shall be given, in the manner provided in Section 106,
not less than 20 nor more than 60 days prior to the date fixed for the meeting.
In case at any time the Holders of at least 10% in

53

 

aggregate principal amount
of the Senior Secured Notes at the time outstanding shall have requested the
Trustee or the Company to call a meeting of Holders of Senior Secured Notes for
any purpose specified in the Senior Secured Notes, by written request setting
forth in reasonable detail the action proposed to be taken at the meeting, and
neither the Trustee nor the Company shall have mailed notice of such meeting to
holders of Senior Secured Notes within 21 days after receipt of such request or
shall thereafter have proceeded to cause the meeting to be held as provided in
the Senior Secured Notes, then the holders of the Senior Secured Notes in the
amount above specified may determine the time and the place in New York, New
York for such meeting and may call such meeting for such purposes by giving
notice thereof in the manner provided in this Indenture.

Section 1403. Persons Entitled to Vote at Meetings.

     To be entitled to vote at any meeting of Holders of Senior Secured Notes,
a Person shall be (1) a registered Holder of one or more Senior Secured Notes,
or (2) a person duly appointed by an instrument in writing as proxy for Holders
or a Holder of one or more Senior Secured Notes by such holders or Holders.
The only Persons who shall be entitled to be present or to speak at any meeting
of Holders of Senior Secured Notes shall be the persons entitled to vote at
such meeting and their counsel, any representatives of the Trustee and its
counsel and any representatives of the Company and its counsel.

Section 1404. Quorum.

     At any meeting of Holders of Senior Secured Notes, the representative of
persons holding or representing Senior Secured Notes of a series in an
aggregate principal amount sufficient under the appropriate provisions of this
Indenture or the Senior Secured Notes to take action upon the business for the
transaction of which such meeting was called shall constitute a quorum. Any
meetings of Holders duly called pursuant to this Indenture may be adjourned
from time to time by vote of the Holders (or proxies for the holders) of a
majority of the Senior Secured Notes of a series represented at the meeting and
entitled to vote, whether or not a quorum shall be present; and the meeting may
be held as so adjourned without further notice. No action at a meeting of
Holders shall be effective unless approved by persons holding or representing
Senior Secured Notes of a series in the aggregate principal amount required by
the provision of this Indenture pursuant to which such action is being taken.
At any meeting of Holders of the Senior Secured Notes each Holder or proxy
shall be entitled to one vote for each $1,000 principal amount of outstanding
Senior Secured Notes of a series held or represented.

Section 1405. Determination of Voting Rights; Conduct of Meetings.

     The Trustee may make such reasonable and customary regulations as it may
deem advisable for any meeting of Holders in regard to the proof of appointment
of proxies in respect of the Holders of Senior Secured Notes, the adjournment
of such meeting, the appointment and duties of inspectors of votes, the
submission and examination of proxies, certificates and other evidence of the
right to vote, and such other matters

54

 

concerning the conduct of the meeting as
it shall deem appropriate. The appointment of any proxy shall be proved by
having the signature of the person executing the proxy guaranteed by any bank,
banker, trust company or recognized securities dealer satisfactory to the
Company. The Company or the Holders of Senior Secured Notes calling the
meeting shall, by an instrument in writing, appoint a temporary chairman of the
meeting. A permanent chairman and a permanent secretary of the meeting shall
be elected by vote of the persons entitled to vote a majority in principal
amount of the Senior Secured Notes represented at the meeting. The chairman of
the meeting shall have not right to vote, except as a holder of Senior Secured
Notes or proxy. A record of the proceedings of each meeting of Holders of
Senior Secured Notes shall be prepared, and one copy of such record shall be
delivered to the Company and another to the Trustee to be preserved by the
Trustee.

     For purposes of determining the holders entitled to make, give or take any
modifications, amendments, supplements, requests, demands, authorizations,
directions, notices, consents, waivers or other action under the terms of this
Agreement and the Senior Secured Notes, any Senior Secured Notes owned by or on
behalf of the Company, any subsidiary of the Company or any of their affiliates
shall be disregarded and deemed not outstanding and shall not participate in
making giving or taking such action (except
only Senior Secured Notes which the Trustee knows to be so owned shall be
so disregarded and deemed not outstanding).

Section 1406. Binding Nature of Amendments, Notices, Notations, etc.

     Any instrument given by or on behalf of any Holders of a Senior Secured
Note in connection with any consent to or vote for any modification, amendment,
supplement, request, demand, authorization, direction, notice, consent, waiver
or other action will be irrevocable once given and will be conclusive and
binding on all subsequent Holders of such Senior Secured Note or any Senior
Secured Note issued directly or indirectly in exchange or substitution therefor
or in lieu thereof. Any such modification, amendment, supplement, request,
demand, authorization, direction, notice, consent, waiver or other action
taken, made or given in accordance with the required percentage of Holders of
Notes as set forth herein shall be conclusive and binding on all Holders of
Senior Secured Notes, whether or not they have given such consent or cast such
vote or were present at any meeting, and whether or not notation of such
modification, amendment, supplement, request, demand, authorization, direction,
notice, consent, waiver or other action is made upon the Senior Secured Notes.
Notice of any modification or amendment of, supplement to, or request, demand,
authorization, direction, notice, consent, waiver or other action with respect
to the Senior Secured Notes or this Indenture (other than for purposes of
curing any ambiguity or of curing, correcting or supplementing any defective
provision hereof or thereof) shall be given to each Holder of Senior Secured
Notes affected thereby, in all cases as provided in the Senior Secured Notes.

     Senior Secured Notes authenticated and delivered after the effectiveness
of any such modification, amendment, supplement, request, demand,
authorization, direction, notice, consent, waiver or other action may bear a
notation in the form approved by the

55

 

Trustee and the Company as to any matter
provided for in such modification, amendment, supplement, request, demand,
authorization, direction, notice, consent, waiver or other action. New Senior
Secured Notes modified to conform, in the opinion of the Trustee and the
Company, to any such modification, amendment, supplement, request, demand,
authorization, direction, notice, consent, waiver or other action taken, made
or given in accordance with a majority of Holders of Senior Secured Notes may
be prepared by the Company, authenticated by the Trustee and delivered in
exchange for Outstanding Senior Secured Notes.

Section 1407. Action.

     Any resolution passed or decision taken at any meeting of Holders of
Senior Secured Notes duly held in accordance with this Article 14 shall be
binding on all the Holders of Senior Secured Notes. Any meeting of the Holders
of the Senior Secured Notes duly called pursuant to the terms of the Senior
Secured Notes and this Article 14 at
which a quorum is present may be adjourned once to a date within 30 days
from the date of such meeting by persons entitled to vote a majority in
principal amount of the Senior Secured Notes represented at the meeting, and
the meeting may be held as so adjourned without further notice.

56

 

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

	 	 	 	 	 
	 	 	MIRANT
AMERICAS GENERATION, LLC
	 	 	 	 	 
	 	 	
By:	 	 
	 	 	 	 	

	 	 	 	 	Name:
	 	 	 	 	Title:
	 	 	 	 	 
	 	 	
[
	 	], AS TRUSTEE
	 	 	 	 	 
	 	 	
By:	 	 
	 	 	 	 	

	 	 	 	 	Name:
	 	 	 	 	Title:<PAGE>
                                                                     EXHIBIT 4.1

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

                            CENTERPOINT ENERGY, INC.

                                       To

                              JPMORGAN CHASE BANK,

                                     Trustee

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

                                    INDENTURE

                            Dated as of May 19, 2003

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

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

<PAGE>

                 CERTAIN SECTIONS OF THIS INDENTURE RELATING TO
                            SECTIONS 310 THROUGH 318,
                 INCLUSIVE, OF THE TRUST INDENTURE ACT OF 1939:

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

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

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

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                        Page
<S>                                                                                                     <C>
ARTICLE ONE          DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION...........................   1
   SECTION 101.      Definitions.......................................................................   1
   SECTION 102.      Compliance Certificates and Opinions..............................................   8
   SECTION 103.      Form of Documents Delivered to Trustee............................................   8
   SECTION 104.      Acts of Holders; Record Dates.....................................................   9
   SECTION 105.      Notices, Etc., to Trustee and Company.............................................  10
   SECTION 106.      Notice to Holders; Waiver.........................................................  11
   SECTION 107.      Conflict with Trust Indenture Act.................................................  11
   SECTION 108.      Effect of Headings and Table of Contents..........................................  11
   SECTION 109.      Successors and Assigns............................................................  12
   SECTION 110.      Separability Clause...............................................................  12
   SECTION 111.      Benefits of Indenture.............................................................  12
   SECTION 112.      Governing Law.....................................................................  12
   SECTION 113.      Legal Holidays....................................................................  12

ARTICLE TWO          SECURITY FORMS....................................................................  12
   SECTION 201.      Forms Generally...................................................................  12
   SECTION 202.      Form of Face of Security..........................................................  13
   SECTION 203.      Form of Reverse of Security.......................................................  15
   SECTION 204.      Form of Legend for Global Securities..............................................  20
   SECTION 205.      Form of Trustee's Certificate of Authentication...................................  20

ARTICLE THREE        THE SECURITIES....................................................................  21
   SECTION 301.      Amount Unlimited; Issuable in Series..............................................  21
   SECTION 302.      Denominations.....................................................................  24
   SECTION 303.      Execution, Authentication, Delivery and Dating....................................  24
   SECTION 304.      Temporary Securities..............................................................  26
   SECTION 305.      Registration, Registration of Transfer and Exchange...............................  26
   SECTION 306.      Mutilated, Destroyed, Lost and Stolen Securities..................................  28
   SECTION 307.      Payment of Interest; Interest Rights Preserved; Optional Interest Reset...........  29
   SECTION 308.      Optional Extension of Maturity....................................................  31
   SECTION 309.      Persons Deemed Owners.............................................................  32
   SECTION 310.      Cancellation......................................................................  32
   SECTION 311.      Computation of Interest; Usury Not Intended.......................................  33
   SECTION 312.      CUSIP Numbers.....................................................................  33

ARTICLE FOUR         SATISFACTION AND DISCHARGE........................................................  34
   SECTION 401.      Satisfaction and Discharge of Indenture...........................................  34
   SECTION 402.      Application of Trust Money........................................................  35
</TABLE>

<PAGE>

<TABLE>
<S>                                                                                                     <C>
ARTICLE FIVE         REMEDIES..........................................................................  35
   SECTION 501.      Events of Default.................................................................  35
   SECTION 502.      Acceleration of Maturity; Rescission and Annulment................................  37
   SECTION 503.      Collection of Indebtedness and Suits for Enforcement by Trustee...................  38
   SECTION 504.      Trustee May File Proofs of Claim..................................................  38
   SECTION 505.      Trustee May Enforce Claims Without Possession of Securities.......................  39
   SECTION 506.      Application of Money Collected....................................................  39
   SECTION 507.      Limitation on Suits...............................................................  40
   SECTION 508.      Unconditional Right of Holders to Receive Principal, Premium and Interest.........  40
   SECTION 509.      Restoration of Rights and Remedies................................................  40
   SECTION 510.      Rights and Remedies Cumulative....................................................  41
   SECTION 511.      Delay or Omission Not Waiver......................................................  41
   SECTION 512.      Control by Holders................................................................  41
   SECTION 513.      Waiver of Past Defaults...........................................................  41
   SECTION 514.      Undertaking for Costs.............................................................  42
   SECTION 515.      Waiver of Usury, Stay or Extension Laws...........................................  42

ARTICLE SIX          THE TRUSTEE.......................................................................  42
   SECTION 601.      Certain Duties and Responsibilities...............................................  42
   SECTION 602.      Notice of Defaults................................................................  43
   SECTION 603.      Certain Rights of Trustee.........................................................  43
   SECTION 604.      Not Responsible for Recitals or Issuance of Securities............................  44
   SECTION 605.      May Hold Securities...............................................................  44
   SECTION 606.      Money Held in Trust...............................................................  45
   SECTION 607.      Compensation and Reimbursement....................................................  45
   SECTION 608.      Conflicting Interests.............................................................  45
   SECTION 609.      Corporate Trustee Required; Eligibility...........................................  46
   SECTION 610.      Resignation and Removal; Appointment of Successor.................................  46
   SECTION 611.      Acceptance of Appointment by Successor............................................  47
   SECTION 612.      Merger, Conversion, Consolidation or Succession to Business.......................  48
   SECTION 613.      Preferential Collection of Claims Against Company.................................  49
   SECTION 614.      Appointment of Authenticating Agent...............................................  49

ARTICLE SEVEN        HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY.................................  51
   SECTION 701.      Company to Furnish Trustee Names and Addresses of Holders.........................  51
   SECTION 702.      Preservation of Information; Communications to Holders............................  51
   SECTION 703.      Reports by Trustee................................................................  51
   SECTION 704.      Reports by Company................................................................  52

ARTICLE EIGHT        CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE..............................  52
   SECTION 801.      Company May Consolidate, Etc., Only on Certain Terms..............................  52
   SECTION 802.      Successor Substituted.............................................................  53
</TABLE>

                                       ii

<PAGE>

<TABLE>
<S>                                                                                                     <C>
ARTICLE NINE         SUPPLEMENTAL INDENTURES...........................................................  53
   SECTION 901.      Supplemental Indentures Without Consent of Holders................................  53
   SECTION 902.      Supplemental Indentures With Consent of Holders...................................  55
   SECTION 903.      Execution of Supplemental Indentures..............................................  56
   SECTION 904.      Effect of Supplemental Indentures.................................................  56
   SECTION 905.      Conformity with Trust Indenture Act...............................................  56
   SECTION 906.      Reference in Securities to Supplemental Indentures................................  57

ARTICLE TEN          COVENANTS.........................................................................  57
   SECTION 1001.     Payment of Principal, Premium and Interest........................................  57
   SECTION 1002.     Maintenance of Office or Agency...................................................  57
   SECTION 1003.     Money for Securities Payments to Be Held in Trust.................................  57
   SECTION 1004.     Statement by Officers as to Default...............................................  58
   SECTION 1005.     Existence.........................................................................  59
   SECTION 1006.     Waiver of Certain Covenants.......................................................  59

ARTICLE ELEVEN       REDEMPTION OF SECURITIES..........................................................  59
   SECTION 1101.     Applicability of Article..........................................................  59
   SECTION 1102.     Election to Redeem; Notice to Trustee.............................................  59
   SECTION 1103.     Selection by Trustee of Securities to Be Redeemed.................................  60
   SECTION 1104.     Notice of Redemption..............................................................  60
   SECTION 1105.     Deposit of Redemption Price.......................................................  61
   SECTION 1106.     Securities Payable on Redemption Date.............................................  61
   SECTION 1107.     Securities Redeemed in Part.......................................................  62

ARTICLE TWELVE       SINKING FUNDS.....................................................................  62
   SECTION 1201.     Applicability of Article..........................................................  62
   SECTION 1202.     Satisfaction of Sinking Fund Payments with Securities.............................  62
   SECTION 1203.     Redemption of Securities for Sinking Fund.........................................  63

ARTICLE THIRTEEN     REPAYMENT AT THE OPTION OF THE HOLDERS............................................  63
   SECTION 1301.     Applicability of Article..........................................................  63
   SECTION 1302.     Repayment of Securities...........................................................  63
   SECTION 1303.     Exercise of Option................................................................  63
   SECTION 1304.     When Securities Presented for Repayment Become Due and Payable....................  64
   SECTION 1305.     Securities Repaid in Part.........................................................  64

ARTICLE FOURTEEN     DEFEASANCE AND COVENANT DEFEASANCE................................................  65
   SECTION 1401.     Company's Option to Effect Defeasance or Covenant Defeasance......................  65
   SECTION 1402.     Defeasance and Discharge..........................................................  65
   SECTION 1403.     Covenant Defeasance...............................................................  65
   SECTION 1404.     Conditions to Defeasance or Covenant Defeasance...................................  66
   SECTION 1405.     Acknowledgment of Discharge By Trustee............................................  67
   SECTION 1406.     Deposited Money and U.S. Government Obligations to Be Held in Trust;
                       Miscellaneous Provisions........................................................  68
</TABLE>

                                       iii

<PAGE>

<TABLE>
<S>                                                                                                     <C>
   SECTION 1407.     Reinstatement.....................................................................  68

ARTICLE FIFTEEN      IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS, DIRECTORS AND EMPLOYEES........  69
   SECTION 1501.     Exemption from Individual Liability...............................................  69
</TABLE>

                                       iv

<PAGE>

         INDENTURE (herein called this "Indenture"), dated as of May 19, 2003,
between CenterPoint Energy, Inc., a corporation duly organized and existing
under the laws of the State of Texas (herein called the "Company"), having its
principal office at 1111 Louisiana, Houston, Texas 77002, and JPMorgan Chase
Bank, a New York state banking corporation having an office in Houston, Texas,
as Trustee (herein called the "Trustee").

                             RECITALS OF THE COMPANY

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

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

         NOW, THEREFORE, THIS INDENTURE WITNESSETH:

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

                                  ARTICLE ONE

                        DEFINITIONS AND OTHER PROVISIONS
                             OF GENERAL APPLICATION

SECTION 101. Definitions.

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

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

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

                  (3)      all accounting terms not otherwise defined herein
         have the meanings assigned to them in accordance with generally
         accepted accounting principles in the United States of America, and,
         except as otherwise herein expressly provided, the term "generally
         accepted accounting principles" with respect to any computation
         required or permitted hereunder shall mean such accounting principles
         as are generally accepted in the United States of America at the date
         of such computation, provided that when two or more principles are so
         generally accepted, it shall mean that set of principles consistent
         with those in use by the Company;

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

                                       1

<PAGE>

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

                  (6)      words importing any gender include the other genders;

                  (7)      references to statutes are to be construed as
         including all statutory provisions consolidating, amending or replacing
         the statute referred to;

                  (8)      references to "writing" include printing, typing,
         lithography and other means of reproducing words in a tangible, visible
         form;

                  (9)      the words "including," "includes" and "include" shall
         be deemed to be followed by the words "without limitation"; and

                  (10)     unless otherwise provided, references to agreements
         and other instruments shall be deemed to include all amendments and
         other modifications to such agreements and instruments, but only to the
         extent such amendments and other modifications are not prohibited by
         the terms of this Indenture.

         "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.

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

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

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

         "Business Day", when used with respect to any Place of Payment, means
each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which
banking institutions in that Place of Payment are authorized or obligated by law
or executive order to close.

         "Commission" means the Securities and Exchange Commission, from time to
time constituted, created under the Exchange Act, or, if at any time after the
execution of this

                                       2

<PAGE>

instrument such Commission is not existing and performing the duties now
assigned to it under the Trust Indenture Act, then the body performing such
duties at such time.

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

         "Company Request" or "Company Order" mean, respectively, a written
request or order signed in the name of the Company by its Chairman of the Board,
its Chief Executive Officer, a Vice Chairman of the Board, its Chief Financial
Officer, its President or a Vice President, and by its Treasurer, an Assistant
Treasurer, its Corporate Secretary or an Assistant Corporate Secretary, and
delivered to the Trustee.

         "Corporate Trust Office" means the principal office of the Trustee at
which at any particular time its corporate trust business shall be administered,
which, in the case of JPMorgan Chase Bank, shall be as follows: (a) for payment,
registration, transfer and exchange of the Securities: 2001 Bryan Street, 9th
Floor, Dallas, Texas 75201, Attention: Registered Bond Events; telephone: (214)
672-5125 or (800) 275-2048; telecopier: (214) 672-5873; and (b) for all other
communications relating to the Securities: 600 Travis Street, Suite 1150,
Houston, Texas 77002, Attention: Institutional Trust Services; telephone: (713)
216-6815; telecopier: (713) 577-5200.

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

         "Covenant Defeasance" has the meaning specified in Section 1403.

         "Defaulted Interest" has the meaning specified in Section 307(a).

         "Defeasance" has the meaning specified in Section 1402.

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

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

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

         "Exchange Rate" has the meaning specified in Section 501.

         "Expiration Date" has the meaning specified in Section 104.

         "Extension Notice" has the meaning specified in Section 308.

         "Extension Period" has the meaning specified in Section 308.

                                       3

<PAGE>

         "Final Maturity" has the meaning specified in Section 308.

         "Global Security" means a Security that evidences all or part of the
Securities of any series and bears the legend set forth in Section 204 (or such
legend as may be specified as contemplated by Section 301 for such Securities).

         "Holder" means a Person in whose name a Security is registered in the
Security Register.

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

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

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

         "Investment Company Act" means the Investment Company Act of 1940 and
any statute successor thereto, in each case as amended from time to time.

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

         "Maximum Interest Rate" has the meaning specified in Section 311.

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

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

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

         "Optional Reset Date" has the meaning specified in Section 307(b).

         "Original Issue Discount Security" means any Security which provides
for an amount less than the principal amount thereof to be due and payable upon
a declaration of acceleration of the Maturity thereof pursuant to Section 502.

                                       4

<PAGE>

         "Original Stated Maturity" has the meaning specified in Section 308.

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

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

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

                  (3)      Securities as to which Defeasance has been effected
         pursuant to Section 1402; and

                  (4)      Securities which have been paid pursuant to Section
         306 or in exchange for or in lieu of which other Securities have been
         authenticated and delivered pursuant to this Indenture, other than any
         such Securities in respect of which there shall have been presented to
         the Trustee proof satisfactory to it that such Securities are held by a
         bona fide purchaser in whose hands such Securities are valid
         obligations of the Company; provided, however, that in determining
         whether the Holders of the requisite principal amount of the
         Outstanding Securities have given, made or taken any request, demand,
         authorization, direction, notice, consent, waiver or other action
         hereunder as of any date, (A) the principal amount of an Original Issue
         Discount Security which shall be deemed to be Outstanding shall be the
         amount of the principal thereof which would be due and payable as of
         such date upon acceleration of the Maturity thereof to such date
         pursuant to Section 502, (B) if, as of such date, the principal amount
         payable at the Stated Maturity of a Security is not determinable, the
         principal amount of such Security which shall be deemed to be
         Outstanding shall be the amount as specified or determined as
         contemplated by Section 301, (C) the principal amount of a Security
         denominated in one or more foreign currencies or currency units which
         shall be deemed to be Outstanding shall be the U.S. dollar equivalent,
         determined as of such date in the manner provided as contemplated by
         Section 301, of the principal amount of such Security (or, in the case
         of a Security described in Clause (A) or (B) above, of the amount
         determined as provided in such Clause), and (D) 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, waiver or other action, only
         Securities which the Trustee knows to be so owned shall be so
         disregarded. Securities so owned which have been pledged in good faith
         may be regarded as Outstanding if the pledgee establishes to the
         satisfaction of the Trustee the pledgee's right so to act with respect
         to such Securities and that the pledgee is not the

                                       5

<PAGE>

         Company or any other obligor upon the Securities or any Affiliate of
         the Company or of such other obligor.

         "Paying Agent" means any Person authorized by the Company to pay the
principal of or any premium or interest on any Securities on behalf of the
Company. The Company initially authorizes and appoints the Trustee as the Paying
Agent for the Securities.

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

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

         "Predecessor Security" of any particular Security means every previous
Security evidencing all or a portion of the same debt as that evidenced by such
particular Security; and, for the purposes of this definition, any Security
authenticated and delivered under Section 306 in exchange for or in lieu of a
mutilated, destroyed, lost or stolen Security shall be deemed to evidence the
same debt as the mutilated, destroyed, lost or stolen Security.

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

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

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

         "Repayment Date" means, when used with respect to any Security to be
repaid at the option of the Holder, the date fixed for such repayment by or
pursuant to this Indenture.

         "Reset Notice" has the meaning specified in Section 307(b).

         "Responsible Officer," when used with respect to JPMorgan Chase Bank,
as Trustee, means an officer in the Institutional Trust Services department of
the Trustee having direct responsibility for administration of this Indenture
and, when used with respect to any successor 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 vice president, the secretary, any assistant
secretary, the treasurer, any assistant treasurer, the cashier, any assistant
cashier, any trust officer or assistant trust officer, the controller or any
assistant controller or any other officer of the Trustee customarily performing
functions similar to those performed by any of the above designated officers and
also means, with respect to a particular corporate trust matter, any other
officer to whom such matter is referred because of his knowledge of and
familiarity with the particular subject.

                                       6

<PAGE>

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

         "Securities Act" means the Securities Act of 1933 and any statute
successor thereto, in each case as amended from time to time.

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

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

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

         "Subsequent Interest Period" has the meaning specified in Section
307(b).

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

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

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

         "U.S. Government Obligation" has the meaning specified in Section 1404.

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

         "Yield to Maturity" means the yield to maturity, computed at the time
of issuance of a Security (or, if applicable, at the most recent redetermination
of interest on such Security) and as set forth in such Security in accordance
with generally accepted United States bond yield computation principles.

                                       7

<PAGE>

SECTION 102. Compliance Certificates and Opinions.

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

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

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

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

                  (3)      a statement that, in the opinion of each such
         individual, the individual has made or caused to be made such
         examination or investigation as is necessary to enable such individual
         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 103. Form of Documents Delivered to Trustee.

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

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

                                       8

<PAGE>

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

SECTION 104. Acts of Holders; Record Dates.

         Any request, demand, authorization, direction, notice, consent, waiver
or other action provided or permitted by this Indenture to be given, made or
taken by Holders may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by such Holders in person or by 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 Holders signing
such instrument or instruments. Proof of execution of any such instrument or of
a writing appointing any such agent shall be sufficient for any purpose of this
Indenture and (subject to Section 601) conclusive in favor of the Trustee and
the Company, if made in the manner provided in this Section 104.

         The fact and date of the execution by any Person of any such instrument
or writing may be proved in any reasonable manner which the Trustee deems
sufficient. Where such execution is by a signer acting in a capacity other than
his individual capacity, such certificate or affidavit shall also constitute
sufficient proof of his authority. The fact and date of the execution of any
such instrument or writing, or the authority of the Person executing the same,
may also be proved in any other manner which the Trustee deems sufficient.

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

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

         The Company may set any day as a record date for the purpose of
determining the Holders of Outstanding Securities of any series entitled to
give, make or take any request, demand, authorization, direction, notice,
consent, waiver or other action provided or permitted by this Indenture to be
given, made or taken by Holders of Securities of such series, provided that the
Company may not set a record date for, and the provisions of this paragraph
shall not apply with respect to, the giving or making of any notice,
declaration, request or direction referred to in the next paragraph. If any
record date is set pursuant to this paragraph, the Holders of Outstanding
Securities of the relevant series on such record date, and no other Holders,
shall be entitled to take the relevant action, whether or not such Holders
remain Holders after such record date; provided that no such action shall be
effective hereunder unless taken on or prior to the applicable Expiration Date
by Holders of the requisite principal amount of Outstanding Securities of such
series on such record date. Nothing in this paragraph shall be construed to
prevent the Company from setting a new record date for any action for which a
record date has previously been set pursuant to this paragraph (whereupon the
record date previously set shall

                                       9

<PAGE>

automatically and with no action by any Person be canceled and of no effect),
and nothing in this paragraph shall be construed to render ineffective any
action taken by Holders of the requisite principal amount of Outstanding
Securities of the relevant series on the date such action is taken. Promptly
after any record date is set pursuant to this paragraph, the Company, at its own
expense, shall cause notice of such record date, the proposed action by Holders
and the applicable Expiration Date to be given to the Trustee in writing and to
each Holder of Securities of the relevant series in the manner set forth in
Section 106.

         The Trustee may set any day as a record date for the purpose of
determining the Holders of Outstanding Securities of any series entitled to join
in the giving or making of (i) any Notice of Default, (ii) any declaration of
acceleration referred to in Section 502, (iii) any request to institute
proceedings referred to in Section 507(2) or (iv) any direction referred to in
Section 512, in each case with respect to Securities of such series. If any
record date is set pursuant to this paragraph, the Holders of Outstanding
Securities of such series on such record date, and no other Holders, shall be
entitled to join in such notice, declaration, request or direction, whether or
not such Holders remain Holders after such record date; provided that no such
action shall be effective hereunder unless taken on or prior to the applicable
Expiration Date by Holders of the requisite principal amount of Outstanding
Securities of such series on such record date. Nothing in this paragraph shall
be construed to prevent the Trustee from setting a new record date for any
action for which a record date has previously been set pursuant to this
paragraph (whereupon the record date previously set shall automatically and with
no action by any Person be canceled and of no effect), and nothing in this
paragraph shall be construed to render ineffective any action taken by Holders
of the requisite principal amount of Outstanding Securities of the relevant
series on the date such action is taken. Promptly after any record date is set
pursuant to this paragraph, the Trustee, at the Company's expense, shall cause
notice of such record date, the proposed action by Holders and the applicable
Expiration Date to be given to the Company in writing and to each Holder of
Securities of the relevant series in the manner set forth in Section 106.

         With respect to any record date set pursuant to this Section 104, the
party hereto which sets such record dates may designate any day as the
"Expiration Date" and from time to time may change the Expiration Date to any
earlier or later day; provided that no such change shall be effective unless
notice of the proposed new Expiration Date is given to the other party hereto in
writing, and to each Holder of Securities of the relevant series in the manner
set forth in Section 106, on or prior to the existing Expiration Date. If an
Expiration Date is not designated with respect to any record date set pursuant
to this Section 104, the party hereto which set such record date shall be deemed
to have initially designated the 180th day after such record date as the
Expiration Date with respect thereto, subject to its right to change the
Expiration Date as provided in this paragraph. Notwithstanding the foregoing, no
Expiration Date shall be later than the 180th day after the applicable record
date.

         Without limiting the foregoing, a Holder entitled hereunder to take any
action hereunder with regard to any particular Security may do so with regard to
all or any part of the principal amount of such Security or by one or more duly
appointed agents, each of which may do so pursuant to such appointment with
regard to all or any part of such principal amount.

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

                                       10

<PAGE>

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

                  (1)      the Trustee by any Holder or by the Company shall be
         sufficient for every purpose hereunder if made, given, furnished or
         filed in writing to or with the Trustee at its Corporate Trust Office,
         Attention: Institutional Trust Services, 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 the attention of the Treasurer of
         the Company at the address of the Company's 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 106. Notice to Holders; Waiver.

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

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

SECTION 107. Conflict with Trust Indenture Act.

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

SECTION 108. Effect of Headings and Table of Contents.

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

                                       11

<PAGE>

SECTION 109. Successors and Assigns.

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

SECTION 110. Separability Clause.

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

SECTION 111. Benefits of Indenture.

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

SECTION 112. Governing Law.

         THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF
LAWS PRINCIPLES THEREOF.

SECTION 113. Legal Holidays.

         In any case where any Interest Payment Date, Redemption Date or Stated
Maturity of any Security shall not be a Business Day at any Place of Payment,
then (notwithstanding any other provision of this Indenture or of the Securities
(other than a provision of any Security which specifically states that such
provision shall apply in lieu of this Section 113)) payment of interest or
principal (and premium, if any) need not be made at such Place of Payment on
such date, but may be made on the next succeeding Business Day at such Place of
Payment with the same force and effect as if made on the Interest Payment Date
or Redemption Date, or at the Stated Maturity, and no additional interest shall
accrue as the result of such delayed payment.

                                   ARTICLE TWO

                                 SECURITY FORMS

SECTION 201. Forms Generally.

         The Securities of each series and the Trustee's certificate of
authentication shall be in substantially the form set forth in this Article Two,
or in such other form as shall be established by or pursuant to a Board
Resolution or in one or more indentures supplemental hereto, in each case with
such appropriate insertions, omissions, substitutions and other variations as
are required or permitted by this Indenture, and may have such letters, numbers
or other marks of identification and such legends or endorsements placed thereon
as may be required to comply with applicable tax laws or the rules of any
securities exchange or automated quotation system on which the Securities of
such series may be listed or traded or Depositary therefor or as may,

                                       12

<PAGE>

consistently herewith, be determined by the officers executing such Securities,
as evidenced by their execution thereof. If the form of Securities of any series
is established by action taken pursuant to a Board Resolution, a copy of an
appropriate record of such action shall be certified by the Corporate Secretary
or an Assistant Corporate Secretary of the Company and delivered to the Trustee
at or prior to the delivery of the Company Order contemplated by Section 303 for
the authentication and delivery of such Securities.

         The definitive Securities of each series shall be typewritten, printed,
lithographed or engraved or produced by any combination of these methods, if
required by any securities exchange or automated quotation system on which the
Securities of such series may be listed or traded, on steel engraved borders or
may be produced in any other manner permitted by the rules of any securities
exchange or automated quotation system on which the Securities of such series
may be listed or traded, all as determined by the officers executing such
Securities, as evidenced by their execution of such Securities.

SECTION 202. Form of Face of Security.

            [INSERT ANY LEGEND REQUIRED BY THE INTERNAL REVENUE CODE
                        AND THE REGULATIONS THEREUNDER.]

                            CENTERPOINT ENERGY, INC.

                               (Title of Security)

No. __________                                                     $ ___________
                                                              CUSIP No. ________

         CenterPoint Energy, Inc., a corporation duly organized and existing
under the laws of the State of Texas (herein called the "Company", which term
includes any successor Person under the Indenture hereinafter referred to), for
value received, hereby promises to pay to _______________, or registered
assigns, the principal sum of ____________________ Dollars on
____________________ [if the Security is to bear interest prior to Maturity,
insert -- , and to pay interest thereon from _______________ or from the most
recent Interest Payment Date to which interest has been paid or duly provided
for, semi-annually on __________ and __________ in each year, commencing
__________, at the rate of _____% per annum, until the principal hereof is paid
or made available for payment [if applicable, insert -- , provided that any
principal and premium, and any such installment of interest, which is overdue
shall bear interest at the rate of _____% per annum (to the extent permitted by
applicable law), from the dates such amounts are due until they are paid or made
available for payment, and such interest shall be payable on demand]. [If
applicable, insert -- The amount of interest payable for any period shall be
computed on the basis of twelve 30-day months and a 360-day year. The amount of
interest payable for any partial period shall be computed on the basis of a
360-day year of twelve 30-day months and the days elapsed in any partial month.
In the event that any date on which interest is payable on this Security is not
a Business Day, then a payment of the interest payable on such date will be made
on the next succeeding day which is a Business Day (and without any interest or
other payment in respect of any such delay) with the same force and effect as if
made on the date the payment was originally payable. A "Business Day" shall
mean, when used with respect

                                       13

<PAGE>

to any Place of Payment, each Monday, Tuesday, Wednesday, Thursday and Friday
which is not a day on which banking institutions in that Place of Payment are
authorized or obligated by law or executive order to close.] The interest so
payable, and punctually paid or duly provided for, on any Interest Payment Date
will, as provided in such Indenture, be paid to the Person in whose name this
Security (or one or more Predecessor Securities) is registered at the close of
business on the Regular Record Date for such interest, which shall be the
__________ or __________ (whether or not a Business Day), as the case may be,
next preceding such Interest Payment Date. Any such interest not so punctually
paid or duly provided for shall forthwith cease to be payable to the Holder on
such Regular Record Date and may either be paid to the Person in whose name this
Security (or one or more Predecessor Securities) is registered at the close of
business on a Special Record Date for the payment of such Defaulted Interest to
be fixed by the Trustee, notice whereof shall be given to Holders of Securities
of this series not less than 10 days prior to such Special Record Date, or be
paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange or automated quotation system on which
the Securities of this series may be listed or traded, and upon such notice as
may be required by such exchange or automated quotation system, all as more
fully provided in said Indenture.

         [If the Security is not to bear interest prior to Maturity, insert --
The principal of this Security shall not bear interest except in the case of a
default in payment of principal upon acceleration, upon redemption or at Stated
Maturity and in such case the overdue principal and any overdue premium shall
bear interest at the rate of _____% per annum (to the extent that the payment of
such interest shall be legally enforceable), from the dates such amounts are due
until they are paid or made available for payment. Interest on any overdue
principal or premium shall be payable on demand.]

         Payment of the principal of (and premium, if any) and [if applicable,
insert -- any such] interest on this Security will be made at the office or
agency of the Paying Agent maintained for that purpose in __________, in such
coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts [if applicable, insert -- ;
provided, however, that at the option of the Company payment of interest may be
made (i) by check mailed to the address of the Person entitled thereto as such
address shall appear in the Security Register or (ii) by wire transfer in
immediately available funds at such place and to such account as may be
designated in writing by the Person entitled thereto as specified in the
Security Register].

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

         Unless the certificate of authentication hereon has been executed by
the Trustee referred to on the reverse hereof by manual signature, this Security
shall not be entitled to any benefit under the Indenture or be valid or
obligatory for any purpose.

                                       14

<PAGE>

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

Dated: _______________                       CENTERPOINT ENERGY, INC.

                                             By: _______________________________
Attest:
______________________

SECTION 203. Form of Reverse of Security.

         This Security is one of a duly authorized issue of securities of the
Company (herein called the "Securities"), issued and to be issued in one or more
series under an Indenture, dated as of May 19, 2003 (herein called the
"Indenture", which term shall have the meaning assigned to it in such
instrument), between the Company and JPMorgan Chase Bank, as Trustee (herein
called the "Trustee", which term includes any successor trustee under the
Indenture), to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the respective rights, limitations of rights,
duties and immunities thereunder of the Company, the Trustee and the Holders of
the Securities and of the terms upon which the Securities are, and are to be,
authenticated and delivered. This Security is one of the series designated on
the face hereof [if applicable, insert --, limited in aggregate principal amount
to $__________; provided, however, that the authorized aggregate principal
amount of the Securities may be increased above such amount by a Board
Resolution to such effect].

         [If applicable, insert-- The interest rate (or the spread or spread
multiplier used to calculate such interest rate, if applicable) on this Security
may be reset by the Company on ____________ (each an "Optional Reset Date"). The
Company may exercise such option with respect to this Security by notifying the
Trustee of such exercise at least 50 but not more than 60 days prior to an
Optional Reset Date for this Security. Not later than 40 days prior to each
Optional Reset Date, the Trustee shall transmit, in the manner provided for in
Section 106 of the Indenture, to the Holder of this Security a notice (the
"Reset Notice") indicating whether the Company has elected to reset the interest
rate (or the spread or spread multiplier used to calculate such interest rate,
if applicable), and if so (i) such new interest rate (or such new spread or
spread multiplier, if applicable) and (ii) the provisions, if any, for
redemption during the period from such Optional Reset Date to the next Optional
Reset Date or if there is no such next Optional Reset Date, to the Stated
Maturity of this Security (each such period a "Subsequent Interest Period"),
including the date or dates on which or the period or periods during which and
the price or prices at which such redemption may occur during the Subsequent
Interest Period.

         Notwithstanding the foregoing, not later than 20 days prior to the
Optional Reset Date, the Company may, at its option, revoke the interest rate
(or the spread or spread multiplier used to calculate such interest rate, if
applicable) provided for in the Reset Notice and establish an interest rate (or
a spread or spread multiplier used to calculate such interest rate, if
applicable) that is higher than the interest rate (or the spread or spread
multiplier, if applicable) provided for in the Reset Notice, for the Subsequent
Interest Period by causing the Trustee to transmit, in the

                                       15

<PAGE>

manner provided for in Section 106 of the Indenture, notice of such higher
interest rate (or such higher spread or spread multiplier, if applicable) to the
Holder of this Security. Such notice shall be irrevocable. All Securities of
this series with respect to which the interest rate (or the spread or spread
multiplier used to calculate such interest rate, if applicable) is reset on an
Optional Reset Date, and with respect to which the Holders of such Securities
have not tendered such Securities for repayment (or have validly revoked any
such tender) pursuant to the next succeeding paragraph, will bear such higher
interest rate (or such higher spread or spread multiplier, if applicable).

         The Holder of this Security will have the option to elect repayment by
the Company of the principal of this Security on each Optional Reset Date at a
price equal to the principal amount hereof plus interest accrued to such
Optional Reset Date. In order to obtain repayment on an Optional Reset Date, the
Holder must follow the procedures set forth in Article Thirteen of the Indenture
for repayment at the option of Holders except that the period for delivery or
notification to the Trustee shall be at least 25 but not more than 35 days prior
to such Optional Reset Date and except that, if the Holder has tendered this
Security for repayment pursuant to the Reset Notice, the Holder may, by written
notice to the Trustee, revoke such tender or repayment until the close of
business on the tenth day before such Optional Reset Date.]

         [If applicable, insert -- The Stated Maturity of this Security may be
extended at the option of the Company for _______________ (each an "Extension
Period") up to but not beyond ____________ (the "Final Maturity"). The Company
may exercise such option with respect to this Security by notifying the Trustee
of such exercise at least 50 but not more than 60 days prior to the Stated
Maturity of this Security in effect prior to the exercise of such option (the
"Original Stated Maturity"). If the Company exercises such option, the Trustee
shall transmit, in the manner provided for in Section 106 of the Indenture, to
the Holder of this Security not later than 40 days prior to the Original Stated
Maturity a notice (the "Extension Notice") indicating (i) the election of the
Company to extend the Maturity, (ii) the new Stated Maturity, (iii) the interest
rate applicable to the Extension Period and (iv) the provisions, if any, for
redemption during such Extension Period. Upon the Trustee's transmittal of the
Extension Notice, the Stated Maturity of this Security shall be extended
automatically and, except as modified by the Extension Notice and as described
in the next paragraph, this Security will have the same terms as prior to the
transmittal of such Extension Notice.

         Notwithstanding the foregoing, not later than 20 days before the
Original Stated Maturity of this Security, the Company may, at its option,
revoke the interest rate provided for in the Extension Notice and establish a
higher interest rate for the Extension Period by causing the Trustee to
transmit, in the manner provided for in Section 106 of the Indenture, notice of
such higher interest rate to the Holder of this Security. Such notice shall be
irrevocable. All Securities of this series with respect to which the Stated
Maturity is extended will bear such higher interest rate.

         If the Company extends the Maturity of this Security, the Holder will
have the option to elect repayment of this Security by the Company on the
Original Stated Maturity at a price equal to the principal amount hereof, plus
interest accrued to such date. In order to obtain repayment on the Original
Stated Maturity once the Company has extended the Maturity hereof, the Holder
hereof must follow the procedures set forth in Article Thirteen of the Indenture
for repayment at

                                       16

<PAGE>

the option of Holders, except that the period for delivery or notification to
the Trustee shall be at least 25 but not more than 35 days prior to the Original
Stated Maturity and except that, if the Holder has tendered this Security for
repayment pursuant to an Extension Notice, the Holder may, by written notice to
the Trustee, revoke such tender for repayment until the close of business on the
tenth day before the Original Stated Maturity.]

         [If applicable, insert -- The Securities of this series are subject to
redemption upon not less than 30 days' notice by mail, [if applicable, insert --
(1) on __________ in any year commencing with the year _____ and ending with the
year _____ through operation of the sinking fund for this series at a Redemption
Price equal to 100% of the principal amount, and (2)] at any time [if
applicable, insert -- on or after __________, 20__], as a whole or in part, at
the election of the Company, at the following Redemption Prices (expressed as
percentages of the principal amount): If redeemed [if applicable, insert -- on
or before __________, _____%, and if redeemed] during the 12-month period
beginning __________ of the years indicated,

<TABLE>
<CAPTION>
                                    Redemption                                                   Redemption
Year                                  Price                         Year                           Price
---                                   -----                         ----                           -----
<S>                                 <C>                             <C>                          <C>
</TABLE>

and thereafter at a Redemption Price equal to _____% of the principal amount,
together in the case of any such redemption [if applicable, insert -- (whether
through operation of the sinking fund or otherwise)] with accrued interest to
the Redemption Date, but interest installments whose Stated Maturity is on or
prior to such Redemption Date will be payable to the Holders of such Securities,
or one or more Predecessor Securities, of record at the close of business on the
relevant Record Dates referred to on the face hereof, all as provided in the
Indenture.]

         [If applicable, insert -- The Securities of this series are subject to
redemption upon not less than 30 days' notice by mail, (1) on __________ in any
year commencing with the year _____ and ending with the year _____ through
operation of the sinking fund for this series at the Redemption Prices for
redemption through operation of the sinking fund (expressed as percentages of
the principal amount) set forth in the table below, and (2) at any time [if
applicable, insert -- on or after __________], as a whole or in part, at the
election of the Company, at the Redemption Prices for redemption otherwise than
through operation of the sinking fund (expressed as percentages of the principal
amount) set forth in the table below: If redeemed during the 12-month period
beginning __________ of the years indicated,

<TABLE>
<CAPTION>
                             Redemption Price For                 Redemption Price For
                              Redemption Through                  Redemption Otherwise
                               Operation of the                  Than Through Operation
Year                             Sinking Fund                     of the Sinking Fund
----                             ------------                     -------------------
<S>                          <C>                                 <C>
</TABLE>

                                       17

<PAGE>

and thereafter at a Redemption Price equal to _____% of the principal amount,
together in the case of any such redemption (whether through operation of the
sinking fund or otherwise) with accrued interest to the Redemption Date, but
interest installments whose Stated Maturity is on or prior to such Redemption
Date will be payable to the Holders of such Securities, or one or more
Predecessor Securities, of record at the close of business on the relevant
Record Dates referred to on the face hereof, all as provided in the Indenture.]

         [If applicable, insert -- Notwithstanding the foregoing, the Company
may not, prior to __________, redeem any Securities of this series as
contemplated by [if applicable, insert -- Clause (2) of] the preceding paragraph
as a part of, or in anticipation of, any refunding operation by the application,
directly or indirectly, of moneys borrowed having an interest cost to the
Company (calculated in accordance with generally accepted financial practice) of
less than _____% per annum.]

         [If applicable, insert -- The sinking fund for this series provides for
the redemption on __________ in each year beginning with the year _____ and
ending with the year _____ of [if applicable, insert -- not less than
$__________ ("mandatory sinking fund") and not more than] $__________ aggregate
principal amount of Securities of this series. Securities of this series
acquired or redeemed by the Company otherwise than through [if applicable,
insert -- mandatory] sinking fund payments may be credited against subsequent
[if applicable, insert -- mandatory] sinking fund payments otherwise required to
be made [if applicable, insert --, in the inverse order in which they become
due].]

         [If the Security is subject to redemption of any kind, insert -- In the
event of redemption of this Security in part only, a new Security or Securities
of this series and of like tenor for the unredeemed portion hereof will be
issued in the name of the Holder hereof upon the cancellation hereof.]

         [If applicable, insert -- The Securities of this series are not subject
to redemption by the Company prior to their Stated Maturity and will not be
entitled to the benefit of any sinking fund.]

         The Indenture contains provisions for satisfaction and discharge of the
entire indebtedness of this Security upon compliance by the Company with certain
conditions set forth in the Indenture.

         [If applicable, insert -- The Indenture contains provisions for
defeasance at any time of [the entire indebtedness of this Security] [or]
[certain restrictive covenants and Events of Default with respect to this
Security] [, in each case] upon compliance with certain conditions set forth in
the Indenture.]

         [If the Security is not an Original Issue Discount Security, insert --
If an Event of Default with respect to Securities of this series shall occur and
be continuing, the principal of the Securities of this series may be declared
due and payable in the manner and with the effect provided in the Indenture.]

         [If the Security is an Original Issue Discount Security, insert -- If
an Event of Default with respect to Securities of this series shall occur and be
continuing, an amount of principal of

                                       18

<PAGE>

the Securities of this series may be declared due and payable in the manner and
with the effect provided in the Indenture. Such amount shall be equal to --
insert formula for determining the amount. Upon payment (i) of the amount of
principal so declared due and payable and (ii) of interest on any overdue
principal, premium and interest (in each case to the extent that the payment of
such interest shall be legally enforceable), all of the Company's obligations in
respect of the payment of the principal of and premium and interest, if any, on
the Securities of this series shall terminate.]

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each series to be
affected under the Indenture at any time by the Company and the Trustee with the
consent of the Holders of a majority in principal amount of the Securities at
the time Outstanding of each series to be affected. The Indenture also contains
provisions permitting the Holders of specified percentages in principal amount
of the Securities of each series at the time Outstanding, on behalf of the
Holders of all Securities of such series, to waive compliance by the Company
with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of
this Security shall be conclusive and binding upon such Holder and upon all
future Holders of this Security and of any Security issued upon the registration
of transfer hereof or in exchange herefor or in lieu hereof, whether or not
notation of such consent or waiver is made upon this Security.

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

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

         As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Security is registrable in the Security
Register, upon surrender of this Security for registration of transfer at the
office or agency of the Company in any place where the principal of and any
premium and interest on this Security are payable, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Company and the Security Registrar duly executed by, the Holder hereof or his
attorney duly authorized in writing, and thereupon one

                                       19

<PAGE>

or more new Securities of this series and of like tenor, of authorized
denominations and for the same aggregate principal amount, will be issued to the
designated transferee or transferees. No service charge shall be made for any
such registration of transfer or exchange, but the Company may require payment
of a sum sufficient to cover any tax or other governmental charge payable in
connection therewith.

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

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

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

         THE INDENTURE AND THIS SECURITY SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF
LAWS PRINCIPLES THEREOF.

SECTION 204. Form of Legend for Global Securities.

         Unless otherwise specified as contemplated by Section 301 for the
Securities evidenced thereby, every Global Security authenticated and delivered
hereunder shall, in addition to the provisions contained in Sections 202 and
203, bear a legend in substantially the following form:

         THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE OF A DEPOSITARY. 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 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.

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

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

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

                                       20

<PAGE>

Date of authentication:  ____________                 __________________________
                                                                      As Trustee

                                                      By: ______________________
                                                            Authorized Signatory

                                  ARTICLE THREE

                                 THE SECURITIES

SECTION 301. Amount Unlimited; Issuable in Series.

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

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

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

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

                  (3)      the date or dates on which the principal of any
         Securities of the series is payable, or the method by which such date
         or dates shall be determined or extended;

                  (4)      the rate or rates at which the Securities of the
         series shall bear interest, if any, or the method by which such rate or
         rates shall be determined, the date or dates from which such interest
         shall accrue, or the method by which such date or dates shall be
         determined, the Interest Payment Dates on which such interest shall be
         payable and the Regular Record Date, if any, for the interest payable
         on any Interest Payment Date, or the method by which such date or dates
         shall be determined, and the basis upon which interest shall be
         calculated if other than that of a 360-day year of twelve 30-day
         months, the right, if any, to extend or defer interest payments and the
         duration of such extension or deferral;

                                       21

<PAGE>

                  (5)      the place or places where the principal of and any
         premium and interest on any Securities of the series shall be payable,
         the place or places where the Securities of such series may be
         presented for registration of transfer or exchange, and the place or
         places where notices and demands to or upon the Company in respect of
         the Securities of such series may be made;

                  (6)      the period or periods within or the date or dates on
         which, the price or prices at which and the term and conditions upon
         which any Securities of the series may be redeemed, in whole or in
         part, at the option of the Company and, if other than by a Board
         Resolution, the manner in which any election by the Company to redeem
         the Securities shall be evidenced;

                  (7)      the obligation or the right, if any, of the Company
         to redeem or purchase any Securities of the series pursuant to any
         sinking fund, amortization or analogous provisions or at the option of
         the Holder thereof and the period or periods within which, the price or
         prices at which, the currency or currencies (including currency unit or
         units) in which and the other terms and conditions upon which any
         Securities of the series shall be redeemed or purchased, in whole or in
         part, pursuant to such obligation;

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

                  (9)      if the amount of principal of or any premium or
         interest on any Securities of the series may be determined with
         reference to an index or pursuant to a formula, the manner in which
         such amounts shall be determined;

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

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

                  (12)     the percentage of the principal amount at which such
         Securities will be issued and, if other than the principal amount
         thereof, the portion of the principal amount of Securities of the
         series that shall be payable upon declaration of acceleration of the
         Maturity thereof pursuant to Section 502 or the method by which such
         portion shall be determined;

                                       22

<PAGE>

                  (13)     if the principal amount payable at the Stated
         Maturity of any Securities of the series will not be determinable as of
         any one or more dates prior to the Stated Maturity, the amount which
         shall be deemed to be the principal amount of such Securities as of any
         such date for any purpose thereunder or hereunder, including the
         principal amount thereof which shall be due and payable upon any
         Maturity other than the Stated Maturity or which shall be deemed to be
         Outstanding as of any date prior to the Stated Maturity (or, in any
         such case, the manner in which such amount deemed to be the principal
         amount shall be determined);

                  (14)     if applicable, that the Securities of the series, in
         whole or any specified part, shall not be defeasible or shall be
         defeasible in a manner varying from Section 1402 and Section 1403 and,
         if other than by a Board Resolution, the manner in which any election
         by the Company to defease such Securities shall be evidenced;

                  (15)     whether the Securities of the series, or any portion
         thereof, shall initially be issuable in the form of a temporary Global
         Security representing all or such portion of the Securities of such
         series and provisions for the exchange of such temporary Global
         Security for definitive Securities of such series;

                  (16)     if applicable, that any Securities of the series, or
         any portion thereof, shall be issuable in whole or in part in the form
         of one or more Global Securities and, in such case, the respective
         Depositaries for such Global Securities, the form of any legend or
         legends which shall be borne by any such Global Security in addition to
         or in lieu of that set forth in Section 204 and any circumstances in
         addition to or in lieu of those set forth in Clause (2) of the last
         paragraph of Section 305 in which any such Global Security may be
         exchanged in whole or in part for Securities registered, and any
         transfer of such Global Security in whole or in part may be registered,
         in the name or names of Persons other than the Depositary for such
         Global Security or a nominee thereof;

                  (17)     if applicable, that the Securities of the series, in
         whole or any specified part, shall be subject to the optional interest
         reset provisions of Section 307(b);

                  (18)     if applicable, that the Securities of the series, in
         whole or any specified part, shall be subject to the optional extension
         of maturity provisions of Section 308;

                  (19)     any addition to or change in the Events of Default
         which applies to any Securities of the series and any change in the
         right of the Trustee or the requisite Holders of such Securities to
         declare the principal amount thereof due and payable pursuant to
         Section 502;

                  (20)     any addition to or change in the covenants set forth
         in Article Ten which applies to Securities of the series;

                  (21)     the additions or changes, if any, to this Indenture
         with respect to the Securities of such series as shall be necessary to
         permit or facilitate the issuance of the Securities of such series in
         bearer form, registrable or not registrable as to principal, and with
         or without interest coupons;

                                       23

<PAGE>

                  (22)     the appointment of any Paying Agent or Agents for the
         Securities of such series, if other than the Company;

                  (23)     the terms of any right to convert or exchange
         Securities of such series into any other securities or property of the
         Company or of any other corporation or Person, and the additions or
         changes, if any, to this Indenture with respect to the Securities of
         such series to permit or facilitate such conversion or exchange;

                  (24)     the terms and conditions, if any, pursuant to which
         the Securities of the series are secured;

                  (25)     any restriction or condition on the transferability
         of the Securities of such series; and

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

         All Securities of any one series shall be substantially identical
except as to denomination and except as may otherwise be provided herein or in
or pursuant to the Board Resolution referred to above and (subject to Section
303) set forth, or determined in the manner provided, in the Officers'
Certificate referred to above or in any such indenture supplemental hereto.

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

SECTION 302. Denominations.

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

SECTION 303. Execution, Authentication, Delivery and Dating.

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

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

                                       24

<PAGE>

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

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

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

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

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

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

         Each Security shall be dated the date of its authentication.

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

                                       25

<PAGE>

Security to the Trustee for cancellation as provided in Section 310, for all
purposes of this Indenture such Security shall be deemed never to have been
authenticated and delivered hereunder and shall never be entitled to the
benefits of this Indenture.

SECTION 304. Temporary Securities.

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

         If temporary Securities of any series are issued, the Company will
cause definitive Securities of that series to be prepared without unreasonable
delay. After the preparation of definitive Securities of such series, the
temporary Securities of such series shall be exchangeable for definitive
Securities of such series upon surrender of the temporary Securities of such
series at the office or agency of the Company in a Place of Payment for that
series, without charge to the Holder. Upon surrender for cancellation of any one
or more temporary Securities of any series, the Company shall execute and the
Trustee shall authenticate and deliver in exchange therefor one or more
definitive Securities of the same series, of any authorized denominations and of
like tenor and aggregate principal amount. Until so exchanged, the temporary
Securities of any series shall in all respects be entitled to the same benefits
under this Indenture as definitive Securities of such series and tenor.

SECTION 305. Registration, Registration of Transfer and Exchange.

         The Company shall cause to be kept at the Corporate Trust Office of the
Trustee a register (the register maintained in such office and in any other
office or agency of the Company in a Place of Payment being herein sometimes
collectively referred to as the "Security Register") in which, subject to such
reasonable regulations as it may prescribe, the Company shall provide for the
registration of Securities and of transfers of Securities. The Trustee is hereby
appointed "Security Registrar" for the purpose of registering Securities and
transfers of Securities as herein provided. If any indenture supplemental hereto
refers to any transfer agents (in addition to the Security Registrar) initially
designated by the Company with respect to any series of Securities, the Company
may at any time rescind the designation of any such transfer agent or approve a
change in the location through which any such transfer agent acts, provided that
the Company maintains a transfer agent in each Place of Payment for such series.
The Company may at any time designate additional transfer agents with respect to
any series of Securities.

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

                                       26

<PAGE>

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

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

         Every Security presented or surrendered for registration of transfer or
for exchange shall (if so required by the Company or the Trustee) be duly
endorsed, or be accompanied by a written instrument of transfer in form
satisfactory to the Company and the Security Registrar duly executed, by the
Holder thereof or his attorney duly authorized in writing.

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

         If the Securities of any series are to be redeemed in part, neither the
Trustee nor the Company shall be required, pursuant to the provisions of this
Section 305, (A) to issue, register the transfer of or exchange any Securities
of any series (or of any series and specified tenor, as the case may be) during
a period beginning at the opening of business 15 days before the day of the
mailing of a notice of redemption of any such Securities selected for redemption
under Section 1103 and ending at the close of business on the day of such
mailing, or (B) to register the transfer of or exchange any Security so selected
for redemption, in whole or in part, except, in the case of any Security to be
redeemed in part, any portion not to be redeemed.

         The provisions of Clauses (1), (2), (3) and (4) below shall apply only
to Global Securities:

                  (1)      Each Global Security authenticated under this
         Indenture shall be registered in the name of the Depositary designated
         for such Global Security or a nominee thereof and delivered to such
         Depositary or a nominee thereof or custodian therefor, and each such
         Global Security shall constitute a single Security for all purposes of
         this Indenture.

                  (2)      Notwithstanding any other provision in this
         Indenture, no Global Security may be exchanged in whole or in part for
         Securities registered, and no transfer of a Global Security in whole or
         in part may be registered, in the name of any Person other than the
         Depositary for such Global Security or a nominee thereof unless (A)
         such Depositary (i) has notified the Company that it is unwilling or
         unable to continue as Depositary for such Global Security, (ii)
         defaults in the performance of its duties as Depositary, or (iii) has
         ceased to be a clearing agency registered under the Exchange Act at a
         time when the Depositary is required to be so registered to act as
         depositary, in each case, unless the Company has approved a successor
         Depositary within 90 days, (B) the

                                       27

<PAGE>

         Company in its sole discretion determines that such Global Security
         will be so exchangeable or transferable or (C) there shall exist such
         circumstances, if any, in addition to or in lieu of the foregoing as
         have been specified for this purpose as contemplated by Section 301.

                  (3)      Subject to Clause (2) above, any exchange of a Global
         Security for other Securities may be made in whole or in part, and all
         Securities issued in exchange for a Global Security or any portion
         thereof shall be registered in such names as the Depositary for such
         Global Security shall direct.

                  (4)      Every Security authenticated and delivered upon
         registration of transfer of, or in exchange for or in lieu of, a Global
         Security or any portion thereof, whether pursuant to this Section 305,
         Section 304, 306, 906 or 1107 or otherwise, shall be authenticated and
         delivered in the form of, and shall be, a Global Security, unless such
         Security is registered in the name of a Person other than the
         Depositary for such Global Security or a nominee thereof.

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

         If any mutilated Security is surrendered to the Trustee together with
such security or indemnity as may be required by the Company or the Trustee to
save each of them harmless, the Company shall execute and the Trustee shall
authenticate and deliver in exchange therefor a new Security of the same series
and of like tenor and principal amount and bearing a number not
contemporaneously outstanding and shall cancel and destroy such mutilated
Security.

         If there shall be delivered to the Company and the Trustee (i) evidence
to their satisfaction of the destruction, loss or theft of any Security and (ii)
such security or indemnity as may be required by them to save each of them and
any agent of either of them harmless, then, in the absence of notice to the
Company or the Trustee that such Security has been acquired by a bona fide
purchaser, the Company shall execute and the Trustee shall authenticate and
deliver, in lieu of any such destroyed, lost or stolen Security, a new Security
of the same series and of like tenor and principal amount and bearing a number
not contemporaneously outstanding. If, after the delivery of such new Security,
a bona fide purchaser of the original Security in lieu of which such new
Security was issued presents for payment or registration such original Security,
the Trustee shall be entitled to recover such new Security from the party to
whom it was delivered or any party taking therefrom, except a bona fide
purchaser, and shall be entitled to recover upon the security or indemnity
provided therefor to the extent of any loss, damage, cost or expense incurred by
the Company and the Trustee in connection therewith and shall cancel and destroy
such new Security.

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

         Upon the issuance of any new Security under this Section 306, the
Company may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto and any other
expenses (including the fees and expenses of counsel to

                                       28

<PAGE>

the Company and the fees and expenses of the Trustee, its agents and counsel)
connected therewith.

         Every new Security of any series issued pursuant to this Section 306 in
lieu of any destroyed, lost or stolen Security shall constitute an original
additional contractual obligation of the Company, whether or not the destroyed,
lost or stolen Security shall be at any time enforceable by anyone, and shall be
entitled to all the benefits of this Indenture equally and proportionately with
any and all other Securities of that series duly issued hereunder.

         The provisions of this Section 306 are exclusive and shall preclude (to
the extent lawful) all other rights and remedies with respect to the replacement
or payment of mutilated, destroyed, lost or stolen Securities.

SECTION 307. Payment of Interest; Interest Rights Preserved; Optional Interest
             Reset.

                  (a)      Except as otherwise provided as contemplated by
Section 301 with respect to any series of Securities, interest on any Security
of any series 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 in respect of Securities
of such series, except that, unless otherwise provided in the Securities of such
series, interest payable on the Stated Maturity of the principal of a Security
shall be paid to the Person to whom principal is paid. The initial payment of
interest on any Security of any series which is issued between a Regular Record
Date and the related Interest Payment Date shall be payable as provided in such
Security or in the Board Resolution pursuant to Section 301 with respect to the
related series of Securities. Except in the case of a Global Security, at the
option of the Company, interest on any series of Securities may be paid (i) by
check mailed to the address of the Person entitled thereto as it shall appear on
the Security Register of such series or (ii) by wire transfer in immediately
available funds at such place and to such account as designated in writing by
the Person entitled thereto as specified in the Security Register of such
series.

         Any Paying Agents will be identified in a supplemental indenture
hereto. The Company may at any time designate additional Paying Agents or
rescind the designation of any Paying Agent; however, the Company at all times
will be required to maintain a Paying Agent in each Place of Payment for each
series of Securities.

         Unless otherwise provided as contemplated by Section 301 with respect
to any series of Securities, any interest on any Security of any series which is
payable, but is not timely paid or duly provided for, on any Interest Payment
Date for Securities of such series (herein called "Defaulted Interest") shall
forthwith cease to be payable to the registered Holder on the relevant Regular
Record Date by virtue of having been such Holder, and such Defaulted Interest
may be paid by the Company, at its election in each case, as provided in Clause
(1) or (2) below:

                  (1)      The Company may elect to make payment of any
         Defaulted Interest to the Persons in whose names the Securities of such
         series in respect of which interest is in default (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

                                       29

<PAGE>

         in the following manner. The Company shall notify the Trustee in
         writing of the amount of Defaulted Interest proposed to be paid on each
         Security of such series and the date of the proposed payment, and at
         the same time the Company shall deposit with the Trustee an amount of
         money equal to the aggregate amount proposed to be paid in respect of
         such Defaulted Interest or shall make arrangements satisfactory to the
         Trustee for such deposit prior to the date of the proposed payment,
         such money when deposited to be held in trust for the benefit of the
         Persons entitled to such Defaulted Interest as provided in this Clause
         (1). Thereupon the Trustee shall fix a Special Record Date for the
         payment of such Defaulted Interest which shall be not more than 15 days
         and not less than 10 days prior to the date of the proposed payment and
         not less than 10 days after the receipt by the Trustee of the notice of
         the proposed payment. The Trustee shall promptly notify the Company of
         such Special Record Date and, in the name and at the expense of the
         Company, shall cause notice of the proposed payment of such Defaulted
         Interest and the Special Record Date therefor to be given to each
         Holder of Securities of such series in the manner set forth in Section
         106, not less than 10 days prior to such Special Record Date. Notice of
         the proposed payment of such Defaulted Interest and the Special Record
         Date therefor having been so mailed, such Defaulted Interest shall be
         paid to the Persons in whose names the Securities of such series (or
         their respective Predecessor Securities) are registered at the close of
         business on such Special Record Date and shall no longer be payable
         pursuant to the following Clause (2).

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

Subject to the foregoing provisions of this Section 307, 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.

                  (b)      The provisions of this Section 307(b) may be made
applicable to any series of Securities pursuant to Section 301 (with such
modifications, additions or substitutions as may be specified pursuant to such
Section 301). The interest rate (or the spread or spread multiplier used to
calculate such interest rate, if applicable) on any Security of such series may
be reset by the Company on the date or dates specified on the face of such
Security (each an "Optional Reset Date"). The Company may exercise such option
with respect to such Security by notifying the Trustee of such exercise at least
50 but not more than 60 days prior to an Optional Reset Date for such Security.
Not later than 40 days prior to each Optional Reset Date, the Trustee shall
transmit, in the manner provided for in Section 106, to the Holder of any such
Security a notice (the "Reset Notice") indicating whether the Company has
elected to reset the interest rate (or the spread or spread multiplier used to
calculate such interest rate, if applicable), and if so (i) such new interest
rate (or such new spread or spread multiplier, if applicable) and (ii) the
provisions, if any, for redemption during the period from such Optional Reset
Date to the

                                       30

<PAGE>

next Optional Reset Date or if there is no such next Optional Reset Date, to the
Stated Maturity of such Security (each such period a "Subsequent Interest
Period"), including the date or dates on which or the period or periods during
which and the price or prices at which such redemption may occur during the
Subsequent Interest Period.

         Notwithstanding the foregoing, not later than 20 days prior to the
Optional Reset Date, the Company may, at its option, revoke the interest rate
(or the spread or spread multiplier used to calculate such interest rate, if
applicable) provided for in the Reset Notice and establish an interest rate (or
a spread or spread multiplier used to calculate such interest rate, if
applicable) that is higher than the interest rate (or the spread or spread
multiplier, if applicable) provided for in the Reset Notice, for the Subsequent
Interest Period by causing the Trustee to transmit, in the manner provided for
in Section 106, notice of such higher interest rate (or such higher spread or
spread multiplier, if applicable) to the Holder of such Security. Such notice
shall be irrevocable. All Securities with respect to which the interest rate (or
the spread or spread multiplier used to calculate such interest rate, if
applicable) is reset on an Optional Reset Date, and with respect to which the
Holders of such Securities have not tendered such Securities for repayment (or
have validly revoked any such tender) pursuant to the next succeeding paragraph,
will bear such higher interest rate (or such higher spread or spread multiplier,
if applicable).

         The Holder of any such Security will have the option to elect repayment
by the Company of the principal of such Security on each Optional Reset Date at
a price equal to the principal amount thereof plus interest accrued to such
Optional Reset Date. In order to obtain repayment on an Optional Reset Date, the
Holder must follow the procedures set forth in Article Thirteen for repayment at
the option of Holders except that the period for delivery or notification to the
Trustee shall be at least 25 but not more than 35 days prior to such Optional
Reset Date and except that, if the Holder has tendered any Security for
repayment pursuant to the Reset Notice, the Holder may, by written notice to the
Trustee, revoke such tender or repayment until the close of business on the
tenth day before such Optional Reset Date.

         Subject to the foregoing provisions of this Section 307 and Section
305, each Security delivered under this Indenture upon registration of transfer
of or in exchange for or in lieu of any other Security shall carry the rights to
interest accrued and unpaid, and to accrue, which were carried by such other
Security.

SECTION 308. Optional Extension of Maturity.

         The provisions of this Section 308 may be made applicable to any series
of Securities pursuant to Section 301 (with such modifications, additions or
substitutions as may be specified pursuant to such Section 301). The Stated
Maturity of any Security of such series may be extended at the option of the
Company for the period or periods specified on the face of such Security (each
an "Extension Period") up to but not beyond the date (the "Final Maturity") set
forth on the face of such Security. The Company may exercise such option with
respect to any Security by notifying the Trustee of such exercise at least 50
but not more than 60 days prior to the Stated Maturity of such Security in
effect prior to the exercise of such option (the "Original Stated Maturity"). If
the Company exercises such option, the Trustee shall transmit, in the manner
provided for in Section 106, to the Holder of such Security not later than 40
days prior to the Original Stated Maturity a notice (the "Extension Notice")
indicating (i) the election of the

                                       31

<PAGE>

Company to extend the Maturity, (ii) the new Stated Maturity, (iii) the interest
rate applicable to the Extension Period and (iv) the provisions, if any, for
redemption during such Extension Period. Upon the Trustee's transmittal of the
Extension Notice, the Stated Maturity of such Security shall be extended
automatically and, except as modified by the Extension Notice and as described
in the next paragraph, such Security will have the same terms as prior to the
transmittal of such Extension Notice.

         Notwithstanding the foregoing, not later than 20 days before the
Original Stated Maturity of such Security, the Company may, at its option,
revoke the interest rate provided for in the Extension Notice and establish a
higher interest rate for the Extension Period by causing the Trustee to
transmit, in the manner provided for in Section 106, notice of such higher
interest rate to the Holder of such Security. Such notice shall be irrevocable.
All Securities with respect to which the Stated Maturity is extended will bear
such higher interest rate.

         If the Company extends the Maturity of any Security, the Holder will
have the option to elect repayment of such Security by the Company on the
Original Stated Maturity at a price equal to the principal amount thereof, plus
interest accrued to such date. In order to obtain repayment on the Original
Stated Maturity once the Company has extended the Maturity thereof, the Holder
must follow the procedures set forth in Article Thirteen for repayment at the
option of Holders, except that the period for delivery or notification to the
Trustee shall be at least 25 but not more than 35 days prior to the Original
Stated Maturity and except that, if the Holder has tendered any Security for
repayment pursuant to an Extension Notice, the Holder may, by written notice to
the Trustee, revoke such tender for repayment until the close of business on the
tenth day before the Original Stated Maturity.

SECTION 309. Persons Deemed Owners.

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

SECTION 310. Cancellation.

         All Securities surrendered for payment, redemption, registration of
transfer or exchange or for credit against any sinking fund payment shall, if
surrendered to any Person other than the Trustee, be delivered to the Trustee
and shall be promptly canceled by it. The Company may at any time deliver to the
Trustee for cancellation any Securities previously authenticated and delivered
hereunder which the Company may have acquired in any manner whatsoever, and may
deliver to the Trustee (or to any other Person for delivery to the Trustee) for
cancellation any Securities previously authenticated hereunder which the Company
has not issued and sold, and all Securities so delivered shall be promptly
canceled by the Trustee. No Securities shall be authenticated in lieu of or in
exchange for any Securities canceled as provided in this Section

                                       32

<PAGE>

310, except as expressly permitted by this Indenture. All canceled Securities
held by the Trustee shall be treated in accordance with its document retention
policies.

SECTION 311. Computation of Interest; Usury Not Intended.

         Except as otherwise specified as contemplated by Section 301 for
Securities of any series, interest on the Securities of each series shall be
computed on the basis of a 360-day year of twelve 30-day months and interest on
the Securities of each series for any partial period shall be computed on the
basis of a 360-day year of twelve 30-day months and the number of days elapsed
in any partial month.

         The amount of interest (or amounts deemed to be interest under
applicable law) payable or paid on any Security shall be limited to an amount
which shall not exceed the lesser of (i) the maximum nonusurious rate of
interest allowed by the applicable laws of the State of Texas or (ii) the
maximum nonusurious rate of interest allowed by the applicable laws of the State
of New York, or any applicable law of the United States permitting a higher
maximum nonusurious rate that preempts such applicable Texas and New York laws,
which could lawfully be contracted for, taken, reserved, charged or received
(the "Maximum Interest Rate"). If, as a result of any circumstances whatsoever,
the Company or any other Person is deemed to have paid interest (or amounts
deemed to be interest under applicable law) or any Holder of a Security is
deemed to have contracted for, taken, reserved, charged or received interest (or
amounts deemed to be interest under applicable law), in excess of the Maximum
Interest Rate, then, ipso facto, the obligation to be fulfilled shall be reduced
to the limit of validity, and if from any such circumstance, the Trustee, acting
on behalf of the Holders, or any Holder shall ever receive interest or anything
that might be deemed interest under applicable law that would exceed the Maximum
Interest Rate, such amount that would be excessive interest shall be applied to
the reduction of the principal amount owing on the applicable Security or
Securities and not to the payment of interest, or if such excessive interest
exceeds the unpaid principal balance of any such Security or Securities, such
excess shall be refunded to the Company. In addition, for purposes of
determining whether payments in respect of any Security are usurious, all sums
paid or agreed to be paid with respect to such Security for the use, forbearance
or detention of money shall, to the extent permitted by applicable law, be
amortized, prorated, allocated and spread throughout the full term of such
Security.

SECTION 312. 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 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 and that reliance may be placed only on the other identification
numbers printed on the Securities, and any such redemption shall not be affected
by any defect in or omission of such numbers. The Company shall promptly notify
the Trustee in writing of any change in "CUSIP" numbers.

                                       33

<PAGE>

                                  ARTICLE FOUR

                           SATISFACTION AND DISCHARGE

SECTION 401. Satisfaction and Discharge of Indenture.

         This Indenture shall upon Company Request cease to be of further effect
(except as to any surviving rights of registration of transfer or exchange of
Securities herein expressly provided for and as otherwise provided in this
Section 401), 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 Securities theretofore authenticated and
                  delivered (other than (i) Securities which have been
                  destroyed, lost or stolen and which have been replaced or paid
                  as provided in Section 306 and (ii) Securities for whose
                  payment money has theretofore been deposited in trust or
                  segregated and held in trust by the Company and thereafter
                  repaid to the Company or discharged from such trust, as
                  provided in Section 1003) have been delivered to the Trustee
                  for cancellation; or

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

                                    (i)      have become due and payable, or

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

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

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

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

                                       34

<PAGE>

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

         Notwithstanding the satisfaction and discharge of this Indenture, the
obligations of the Company to the Trustee under Section 607, the obligations of
the Trustee to any Authenticating Agent under Section 614 and, if money shall
have been deposited with the Trustee pursuant to subclause (B) of Clause (1) of
this Section 401, the obligations of the Trustee under Section 402 and the last
paragraph of Section 1003 shall survive.

SECTION 402. Application of Trust Money.

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

                                  ARTICLE FIVE

                                    REMEDIES

SECTION 501. Events of Default.

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

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

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

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

                  (4)      default in the performance, or breach, in any
         material respect, of any covenant or warranty of the Company in this
         Indenture with respect to a Security of that series (other than a
         covenant or warranty a default in the performance of which or the
         breach of which is elsewhere in this Section 501 specifically dealt
         with or which has expressly been included in this Indenture solely for
         the benefit of series of Securities other than that series), and
         continuance of such default or breach for a period of 90 days after
         there has been given, by registered or certified mail, to the Company
         by the Trustee

                                       35

<PAGE>

         or to the Company and the Trustee by the Holders of at least 25% in
         principal amount of the Outstanding Securities of that series a written
         notice specifying such default or breach and requiring it to be
         remedied and stating that such notice is a "Notice of Default" under
         this Indenture; or

                  (5)      the entry by a court having jurisdiction in the
         premises of (A) a decree or order for relief in respect of the Company
         in an involuntary case or proceeding under any applicable federal or
         state bankruptcy, insolvency, reorganization or other similar law or
         (B) a decree or order adjudging the Company a bankrupt or insolvent, or
         approving as properly filed a petition seeking reorganization,
         arrangement, adjustment or composition of or in respect of the Company
         under any applicable federal or state law, or appointing a custodian,
         receiver, liquidator, assignee, trustee, sequestrator or other similar
         official of the Company 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 for relief or any such other
         decree or order unstayed and in effect for a period of 90 consecutive
         days; or

                  (6)      the commencement by the Company of a voluntary case
         or proceeding under any applicable federal or state bankruptcy,
         insolvency, reorganization or other similar law or of any other case or
         proceeding to be adjudicated a bankrupt or insolvent, or the consent by
         it to the entry of a decree or order for relief in respect of the
         Company in an involuntary case or proceeding under any applicable
         federal or state bankruptcy, insolvency, reorganization or other
         similar law or to the commencement of any bankruptcy or insolvency case
         or proceeding against it, or the filing by it of a petition or answer
         or consent seeking reorganization or relief under any applicable
         federal or state law, or the consent by it to the filing of such
         petition or to the appointment of or taking possession by a custodian,
         receiver, liquidator, assignee, trustee, sequestrator or other similar
         official of the Company or of any substantial part of its property, or
         the making by it of an assignment of a substantial part of its property
         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 in furtherance of any such action;
         or

                  (7)      any other Event of Default provided with respect to
         Securities of that series;

provided, however, that no event described in Clause (4) above shall constitute
an Event of Default hereunder until a Responsible Officer assigned to and
working in the Trustee's corporate trust department has actual knowledge thereof
or has received written notice thereof as contemplated in Section 602.

         Notwithstanding the foregoing provisions of this Section 501, if the
principal or any premium or interest on any Security is payable in a currency
other than the currency of the United States of America and such currency is not
available to the Company for making payment thereof due to the imposition of
exchange controls or other circumstances beyond the control of the Company, the
Company will be entitled to satisfy its obligations to Holders of the Securities
by making such payment in the currency of the United States of America in an
amount equal to the currency of the United States of America equivalent of the
amount payable in such other

                                       36

<PAGE>

currency, as determined by the Trustee by reference to the noon buying rate in
The City of New York for cable transfers for such currency ("Exchange Rate"), as
such Exchange Rate is reported or otherwise made available by the Federal
Reserve Bank of New York on the date of such payment, or, if such rate is not
then available, on the basis of the most recently available Exchange Rate.
Notwithstanding the foregoing provisions of this Section 501, any payment made
under such circumstances in the currency of the United States of America where
the required payment is in a currency other than the currency of the United
States of America will not constitute an Event of Default under this Indenture.

SECTION 502. Acceleration of Maturity; Rescission and Annulment.

         If an Event of Default (other than (a) an Event of Default specified in
Section 501(7) which is common to all Outstanding series of Securities or (b) an
Event of Default specified in Section 501(5) or 501(6)) with respect to
Securities of any series at the time Outstanding occurs and is continuing, then
in every such case the Trustee or the Holders of not less than 25% in principal
amount of the Outstanding Securities of that series may declare the principal
amount of all the Securities of that series (or, if any Securities of that
series are Original Issue Discount Securities, such portion of the principal
amount of such Securities as may be specified by the terms thereof) to be due
and payable immediately, by a notice in writing to the Company (and to the
Trustee if given by Holders), and upon any such declaration such principal
amount (or specified amount) shall become immediately due and payable. If an
Event of Default under Section 501(7) which is common to all Outstanding series
of Securities occurs and is continuing, then in such case, the Trustee or the
Holders of not less than 25% in aggregate principal amount of all the Securities
then Outstanding hereunder (treated as one class), by a notice in writing to the
Company (and to the Trustee if given by Holders) may declare the principal
amount (or, if any Securities are Original Issue Discount Securities, such
portion of the principal amount as may be specified by the terms thereof) of all
the Securities then Outstanding to be due and payable immediately, and upon any
such declaration such principal amount (or specified amount) shall become
immediately due and payable. If an Event of Default specified in Section 501(5)
or 501(6) with respect to the Securities of any series at the time Outstanding
occurs, then in such case the principal amount of all the Securities of that
series (or, if any Securities of that series are Original Issue Discount
Securities, such portion of the principal amount of such Securities as may be
specified by the terms thereof) shall automatically, and without any declaration
or other action on the part of the Trustee or any Holder, become immediately due
and payable.

         At any time after such a declaration of acceleration with respect to
Securities of any series has been made and before a judgment or decree for
payment of the money due has been obtained by the Trustee as hereinafter
provided in this Article Five, the Event of Default giving rise to such
declaration of acceleration shall, without further act, be deemed to have been
waived, and such declaration and its consequences shall, without further act, be
deemed to have been rescinded and annulled, 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 of that series,

                                       37

<PAGE>

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

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

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

         and

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

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

SECTION 503. Collection of Indebtedness and Suits for Enforcement by Trustee.

         The Company covenants that if:

                  (1)      default is made in the payment of any interest on any
         Security when such interest becomes due and payable and such default
         continues for a period of 30 days, or

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

         the Company will, upon demand of the Trustee, pay to the Trustee, for
         the benefit of the Holders of such Securities, the whole amount then
         due and payable on such Securities for principal and any premium and
         interest and, to the extent that payment of such interest shall be
         legally enforceable, interest on any overdue principal and premium and
         on any overdue interest, at the rate or rates prescribed therefor in
         such Securities, and, in addition thereto, all amounts owing the
         Trustee, its agents and counsel under Section 607.

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

SECTION 504. Trustee May File Proofs of Claim.

         In case of any judicial proceeding relative to the Company (or any
other obligor upon the Securities), its property or its creditors, the Trustee
shall be entitled and empowered, by

                                       38

<PAGE>

intervention in such proceeding or otherwise, to take any and all actions
authorized under the Trust Indenture Act in order to have claims of the Holders
and the Trustee allowed in any such proceeding. In particular, the Trustee shall
be authorized to collect and receive any moneys or other property payable or
deliverable on any such claims and to distribute the same; and any custodian,
receiver, assignee, trustee, liquidator, sequestrator or other similar official
in any such judicial proceeding is hereby authorized by each Holder to make such
payments to the Trustee and, in the event that the Trustee shall consent to the
making of such payments directly to the Holders, to pay to the Trustee any
amount due it and any predecessor Trustee under Section 607.

         No provision of this Indenture shall be deemed to authorize the Trustee
to authorize or consent to or accept or adopt on behalf of any Holder any plan
of reorganization, arrangement, adjustment or composition affecting the
Securities or the rights of any Holder thereof or to authorize the Trustee to
vote in respect of the claim of any Holder in any such proceeding; provided,
however, that the Trustee may, on behalf of the Holders, vote for the election
of a trustee in bankruptcy or similar official and be a member of a creditors'
or other similar committee.

SECTION 505. Trustee May Enforce Claims Without Possession of Securities.

         All rights of action and claims under this Indenture or the Securities
may be prosecuted and enforced by the Trustee without the possession of any of
the Securities or the production thereof in any proceeding relating thereto, and
any such proceeding instituted by the Trustee shall be brought in its own name
as trustee of an express trust, and any recovery of judgment shall, after
provision for the payment of all amounts owing the Trustee and any predecessor
Trustee under Section 607, its agents and counsel, be for the ratable benefit of
the Holders of the Securities in respect of which such judgment has been
recovered.

SECTION 506. Application of Money Collected.

         Any money or property collected or to be applied by the Trustee with
respect to a series of Securities pursuant to this Article Five 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 or property on account of principal or any
premium or interest, upon presentation of the Securities and the notation
thereon of the payment if only partially paid and upon surrender thereof if
fully paid:

                  FIRST:   To the payment of all amounts due the Trustee under
         Section 607;

                  SECOND:  To the payment of the amounts then due and unpaid for
         principal of and any premium and interest on such series of 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 series of Securities
         for principal and any premium and interest, respectively; and

                  THIRD:   To the payment of the remainder, if any, to the
         Company.

                                       39

<PAGE>

SECTION 507. Limitation on Suits.

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

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

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

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

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

                  (5)      no direction inconsistent with such written request
         has been given to the Trustee during such 60-day period by the Holders
         of a majority in principal amount of the Outstanding Securities of that
         series;

it being understood and intended that no one or more of such Holders shall have
any right in any manner whatever by virtue of, or by availing itself of, any
provision of this 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 of such Holders or to enforce any right under this
Indenture, except in the manner herein provided and for the equal and ratable
benefit of all such Holders.

SECTION 508. Unconditional Right of Holders to Receive Principal, Premium and
             Interest.

         Notwithstanding any other provision in this Indenture, the Holder of
any Security shall have the right, which is absolute and unconditional, to
receive payment of the principal of and any premium and (subject to Section 307)
interest on such Security on the respective Stated Maturities expressed in such
Security (or, in the case of redemption, on the Redemption Date) and to
institute suit for the enforcement of any such payment, and such rights shall
not be impaired without the consent of such Holder.

SECTION 509. Restoration of Rights and Remedies.

         If the Trustee or any Holder has instituted any proceeding to enforce
any right or remedy under this Indenture and such proceeding has been
discontinued or abandoned for any reason, or has been determined adversely to
the Trustee or to such Holder, then and in every such case, subject to any
determination in such proceeding, the Company, the Trustee and the Holders shall
be restored severally and respectively to their former positions hereunder and
thereafter all rights

                                       40

<PAGE>

and remedies of the Trustee and the Holders shall continue as though no such
proceeding had been instituted.

SECTION 510. Rights and Remedies Cumulative.

         Except as otherwise provided with respect to the replacement or payment
of mutilated, destroyed, lost or stolen Securities in the last paragraph of
Section 306, no right or remedy herein conferred upon or reserved to the Trustee
or to the Holders is intended to be exclusive of any other right or remedy, and
every right and remedy shall, to the extent permitted by law, be cumulative and
in addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any
right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy.

SECTION 511. Delay or Omission Not Waiver.

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

SECTION 512. Control by Holders.

         The Holders of not less than a majority in principal amount of the
Outstanding Securities of any series shall have the right to direct the time,
method and place of conducting any proceeding for any remedy available to the
Trustee, or exercising any trust or power conferred on the Trustee, with respect
to the Securities of such series, provided that

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

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

                  (3)      subject to the provisions of Section 601, the Trustee
         shall have the right to decline to follow such direction if a
         Responsible Officer or Officers of the Trustee shall, in good faith,
         determine that the proceeding so directed would involve the Trustee in
         personal liability or would otherwise be contrary to applicable law.

SECTION 513. Waiver of Past Defaults.

         The Holders of not less than a majority in principal amount of the
Outstanding Securities of any series may on behalf of the Holders of all the
Securities of such series waive any past default hereunder with respect to such
series and its consequences, except a default

                                       41

<PAGE>

                  (1)      in the payment of the principal of or any premium or
         interest on any Security of such series or

                  (2)      in respect of a covenant or provision hereof which
         under Article Nine cannot be modified or amended without the consent of
         the Holder of each Outstanding Security of such series affected.

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

SECTION 514. Undertaking for Costs.

         All parties to this Indenture agree, and each Holder of any Security by
his acceptance thereof shall be deemed to have agreed, that any court may in its
discretion require, in any suit for the enforcement of any right or remedy under
this Indenture, or in any suit against the Trustee for any action taken or
omitted by it as Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit, and such court may in its discretion
assess reasonable costs including reasonable attorneys' fees and expenses,
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; provided that
the provisions of this Section 514 shall not apply to any suit instituted by the
Trustee, to any suit instituted by any Holder or group of Holders 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 or interest on any Security, on or after the respective due dates
expressed in such Security. Neither this Section 514 nor the Trust Indenture Act
shall be deemed to authorize any court to require such an undertaking or such an
assessment in any proceeding instituted by the Company.

SECTION 515. Waiver of Usury, Stay or Extension Laws.

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

                                   ARTICLE SIX

                                   THE TRUSTEE

SECTION 601. Certain Duties and Responsibilities.

         The duties and responsibilities of the Trustee shall be as provided by
the Trust Indenture Act.

                                       42

<PAGE>

SECTION 602. Notice of Defaults.

         If a default occurs hereunder with respect to Securities of any series,
the Trustee shall give the Holders of Securities of such series notice of such
default as and to the extent provided by the Trust Indenture Act; provided,
however, that in the case of any default of the character specified in Section
501(4) with respect to Securities of such series, no such notice to Holders
shall be given until at least 30 days after the occurrence thereof. For the
purpose of this Section 602, the term "default" means any event which is, or
after notice or lapse of time or both would become, an Event of Default with
respect to Securities of such series.

         The Trustee is not required to take notice or deemed to have notice of
any Event of Default with respect to the Securities, except an Event of Default
under Section 501(1), Section 501(2) or Section 501(3) hereof, unless a
Responsible Officer shall have received written notice of such Event of Default
from the Company, any Subsidiary or the Holder of any Security.

SECTION 603. Certain Rights of Trustee.

         Subject to the provisions of Section 601:

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

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

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

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

                  (5)      the Trustee shall be under no obligation to exercise
         any of the rights or powers vested in it by this Indenture at the
         request or direction of any of the Holders pursuant to this Indenture,
         unless such Holders shall have offered to the Trustee reasonable
         security or indemnity against the costs, expenses and liabilities which
         might be incurred by it in compliance with such request or direction;

                  (6)      the Trustee shall not be bound to make any
         investigation into the facts or matters stated in any resolution,
         certificate, statement, instrument, opinion, report, notice, request,
         direction, consent, order, bond, debenture, note, other evidence of
         indebtedness

                                       43

<PAGE>

         or other paper or document, but the Trustee, in its discretion, may
         make such further inquiry or investigation into such facts or matters
         as it may see fit, and, if the Trustee shall determine to make such
         further inquiry or investigation, it shall be entitled to examine the
         books, records and premises of the Company, personally or by agent or
         attorney;

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

                  (8)      the Trustee is not required to give any bond or
         surety with respect to the performance of its duties or the exercise of
         its powers under this Indenture;

                  (9)      in the event the Trustee receives inconsistent or
         conflicting requests and indemnity from two or more groups of Holders
         of Securities, each representing less than a majority in aggregate
         principal amount of the Securities Outstanding, the Trustee, in its
         sole discretion, may determine what action, if any, shall be taken;

                  (10)     the Trustee's immunities and protections from
         liability and its right to indemnification in connection with the
         performance of its duties under this Indenture shall extend to the
         Trustee's officers, directors, agents and employees. Such immunities
         and protections and right to indemnification, together with the
         Trustee's right to compensation, shall survive the Trustee's
         resignation or removal and final payment of the Securities; and

                  (11)     except for information provided by the Trustee
         concerning the Trustee, the Trustee shall have no responsibility for
         any information in any offering memorandum or other disclosure material
         distributed with respect to the Securities, and the Trustee shall have
         no responsibility for compliance with any state or federal securities
         laws in connection with the Securities.

SECTION 604. Not Responsible for Recitals or Issuance of Securities.

         The recitals contained herein and in the Securities, except the
Trustee's certificates of authentication, shall be taken as the statements of
the Company, and neither the Trustee nor any Authenticating Agent assumes any
responsibility for their correctness. The Trustee makes no representations as to
the validity or sufficiency of this Indenture or of the Securities. Neither the
Trustee nor any Authenticating Agent shall be accountable for the use or
application by the Company of Securities or the proceeds thereof.

SECTION 605. May Hold Securities.

         The Trustee, any Authenticating Agent, any Paying Agent, any Security
Registrar or any other agent of the Company, in its individual or any other
capacity, may become the owner or pledgee of Securities and, subject to Sections
608 and 613, may otherwise deal with the Company with the same rights it would
have if it were not Trustee, Authenticating Agent, Paying Agent, Security
Registrar or such other agent.

                                       44

<PAGE>

SECTION 606. Money Held in Trust.

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

SECTION 607. Compensation and Reimbursement.

         The Company agrees:

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

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

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

         The Trustee shall notify the Company promptly of any claim for which it
may seek indemnity under this Section 607. The Company shall defend the claim
and the Trustee shall cooperate in the defense. The Trustee may have separate
counsel and, in the event the subject matter of the claim involves a conflict of
interest between the Company and the Trustee, the Company shall pay the
reasonable fees and expenses of such counsel. The Company need not pay for any
settlement made without its consent.

         In the event the Trustee incurs expenses or renders services in any
proceedings which result from an Event of Default under Section 501(5) or (6),
or from any default which, with the passage of time, would become such Event of
Default, the expenses so incurred and compensation for services so rendered are
intended to constitute expenses of administration under the United States
Bankruptcy Code or equivalent law.

SECTION 608. Conflicting Interests.

         If the Trustee has or shall acquire a conflicting interest within the
meaning of the Trust Indenture Act, the Trustee shall either eliminate such
interest or resign, to the extent and in the manner provided by, and subject to
the provisions of, the Trust Indenture Act and this Indenture. To the extent
permitted by such Act, the Trustee shall not be deemed to have a conflicting

                                       45

<PAGE>

interest by virtue of being a trustee under this Indenture with respect to
Securities of more than one series.

SECTION 609. Corporate Trustee Required; Eligibility.

         There shall at all times be one (and only one) Trustee hereunder with
respect to the Securities of each series, which may be Trustee hereunder for
Securities of one or more other series. Each Trustee shall be a Person that is
eligible pursuant to the Trust Indenture Act to act as such and has a combined
capital and surplus of at least $50,000,000. If any such Person publishes
reports of condition at least annually, pursuant to law or to the requirements
of its supervising or examining authority, then for the purposes of this Section
609 and to the extent permitted by the Trust Indenture Act, the combined capital
and surplus of such Person shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. If at
any time the Trustee with respect to the Securities of any series shall cease to
be eligible in accordance with the provisions of this Section 609, it shall
resign immediately in the manner and with the effect hereinafter specified in
this Article Six.

SECTION 610. Resignation and Removal; Appointment of Successor.

         No resignation or removal of the Trustee and no appointment of a
successor Trustee pursuant to this Article Six shall become effective until the
acceptance of appointment by the successor Trustee in accordance with the
applicable requirements of Section 611.

         The Trustee may resign at any time with respect to the Securities of
one or more series by giving written notice thereof to the Company. If the
instrument of acceptance by a successor Trustee required by Section 611 shall
not have been delivered to the Trustee within 30 days after the giving of such
notice of resignation, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the
Securities of such series.

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

         If at any time:

                  (1)      the Trustee shall fail to comply with Section 608
         after written request therefor by the Company or by any Holder who has
         been a bona fide Holder of a Security for at least six months, or

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

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

                                       46

<PAGE>

then, in any such case, (A) the Company, acting pursuant to the authority of a
Board Resolution, may remove the Trustee with respect to all Securities, or (B)
subject to Section 514, any Holder who has been a bona fide Holder of a Security
for at least six months may, on behalf of himself and all others similarly
situated, petition any court of competent jurisdiction for the removal of the
Trustee with respect to all Securities and the appointment of a successor
Trustee or Trustees.

         If the Trustee shall resign, be removed or become incapable of acting,
or if a vacancy shall occur in the office of Trustee for any cause, with respect
to the Securities of one or more series, the Company, by a Board Resolution,
shall promptly appoint a successor Trustee or Trustees with respect to the
Securities of that or those series (it being understood that any such successor
Trustee may be appointed with respect to the Securities of one or more or all of
such series and that at any time there shall be only one Trustee with respect to
the Securities of any particular series) and shall comply with the applicable
requirements of Section 611. If, within one year after such resignation, removal
or incapability, or the occurrence of such vacancy, a successor Trustee with
respect to the Securities of any series shall be appointed by Act of the Holders
of a majority in principal amount of the Outstanding Securities of such series
delivered to the Company and the retiring Trustee, the successor Trustee so
appointed shall, forthwith upon its acceptance of such appointment in accordance
with the applicable requirements of Section 611, become the successor Trustee
with respect to the Securities of such series and to that extent supersede the
successor Trustee appointed by the Company. If no successor Trustee with respect
to the Securities of any series shall have been so appointed by the Company or
the Holders and accepted appointment in the manner required by Section 611, any
Holder who has been a bona fide Holder of a Security of such series for at least
six months may, on behalf of himself and all others similarly situated, petition
any court of competent jurisdiction for the appointment of a successor Trustee
with respect to the Securities of such series.

         The Company shall give notice of each resignation and each removal of
the Trustee with respect to the Securities of any series and each appointment of
a successor Trustee with respect to the Securities of any series to all Holders
of Securities of such series in the manner provided in Section 106. Each notice
shall include the name of the successor Trustee with respect to the Securities
of such series and the address of its Corporate Trust Office.

SECTION 611. Acceptance of Appointment by Successor.

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

         In case of the appointment hereunder of a successor Trustee with
respect to the Securities of one or more (but not all) series, the Company, the
retiring Trustee and each successor Trustee

                                       47

<PAGE>

with respect to the Securities of one or more series shall execute and deliver
an indenture supplemental hereto wherein each successor Trustee shall accept
such appointment and which (1) shall contain such provisions as shall be
necessary or desirable to transfer and confirm to, and to vest in, each
successor Trustee all the rights, powers, trusts and duties of the retiring
Trustee with respect to the Securities of that or those series to which the
appointment of such successor Trustee relates, (2) if the retiring Trustee is
not retiring with respect to all Securities, shall contain such provisions as
shall be deemed necessary or desirable to confirm that all the rights, powers,
trusts and duties of the retiring Trustee with respect to the Securities of that
or those series as to which the retiring Trustee is not retiring shall continue
to be vested in the retiring Trustee, and (3) shall add to or change any of the
provisions of this Indenture as shall be necessary to provide for or facilitate
the administration of the trusts hereunder by more than one Trustee, it being
understood that nothing herein or in such supplemental indenture shall
constitute such Trustee's co-trustees of the same trust and that each such
Trustee shall be trustee of a trust or trusts hereunder separate and apart from
any trust or trusts hereunder administered by any other such Trustee; and upon
the execution and delivery of such supplemental indenture the resignation or
removal of the retiring Trustee shall become effective to the extent provided
therein and each such successor Trustee, without any further act, deed or
conveyance, shall become vested with all the rights, powers, trusts and duties
of the retiring Trustee with respect to the Securities of that or those series
to which the appointment of such successor Trustee relates; but, on request of
the Company or any successor Trustee, such retiring Trustee shall duly assign,
transfer and deliver to such successor Trustee all property and money held by
such retiring Trustee hereunder with respect to the Securities of that or those
series to which the appointment of such successor Trustee relates.

         Upon request of any such successor Trustee, the Company shall execute
any and all instruments for more fully and certainly vesting in and confirming
to such successor Trustee all such rights, powers and trusts referred to in the
first or second preceding paragraph, as the case may be.

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

SECTION 612. Merger, Conversion, Consolidation or Succession to Business.

         Any corporation into which the Trustee may be merged or converted or
with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any
corporation succeeding to all or substantially all the corporate trust business
of the Trustee, shall be the successor of the Trustee hereunder, provided such
corporation shall be otherwise qualified and eligible under this Article Six,
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, and in case any
Securities shall not have been authenticated, any successor to the Trustee may
authenticate such Securities either in the name of any predecessor Trustee or in
the name of such successor Trustee, and in all cases the certificate of
authentication shall have the full force which it is provided anywhere in the
Securities or in this Indenture that the certificate of the Trustee shall have.

                                       48

<PAGE>

SECTION 613. Preferential Collection of Claims Against Company.

         If and when the Trustee shall be or become a creditor of the Company
(or any other obligor upon the Securities), the Trustee shall be subject to the
provisions of the Trust Indenture Act regarding the collection of claims against
the Company (or any such other obligor). For purposes of Section 311(b)(4) and
(6) of the Trust Indenture Act:

                  (a)      "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 and payable upon demand; and

                  (b)      "self-liquidating paper" means any draft, bill of
         exchange, acceptance or obligation which is made, drawn, negotiated or
         incurred by the Company (or any such obligor) 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 (or any such
         obligor) arising from the making, drawing, negotiating or incurring of
         the draft, bill of exchange, acceptance or obligation.

SECTION 614. Appointment of Authenticating Agent.

         The Trustee may appoint an Authenticating Agent or Agents with respect
to one or more series of Securities which shall be authorized to act on behalf
of the Trustee to authenticate Securities of such series issued upon original
issue and upon exchange, registration of transfer or partial redemption thereof
or pursuant to Section 306, and Securities so authenticated shall be entitled to
the benefits of this Indenture and shall be valid and obligatory for all
purposes as if authenticated by the Trustee hereunder. Wherever reference is
made in this Indenture to the authentication and delivery of Securities by the
Trustee or the Trustee's certificate of authentication, such reference shall be
deemed to include authentication and delivery on behalf of the Trustee by an
Authenticating Agent and a certificate of authentication executed on behalf of
the Trustee by an Authenticating Agent. Each Authenticating Agent shall be
acceptable to the Company and shall at all times be a corporation organized and
doing business under the laws of the United States of America, any state thereof
or the District of Columbia, authorized under such laws to act as Authenticating
Agent, having a combined capital and surplus of not less than $50,000,000 and
subject to supervision or examination by federal or state authority. If such
Authenticating Agent publishes reports of condition at least annually, pursuant
to law or to the requirements of said supervising or examining authority, then
for the purposes of this Section 614, the combined capital and surplus of such
Authenticating Agent shall be deemed to be its combined capital and surplus as
set forth in its most recent report of condition so published. If at any time an
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section 614, such Authenticating Agent shall resign
immediately in the manner and with the effect specified in this Section 614.

                                       49

<PAGE>

         Any corporation into which an Authenticating Agent may be merged or
converted or with which it may be consolidated, or any corporation resulting
from any merger, conversion or consolidation to which such Authenticating Agent
shall be a party, or any corporation succeeding to all or substantially all of
the corporate agency or corporate trust business of an Authenticating Agent
shall be the successor Authenticating Agent hereunder, provided such corporation
shall be otherwise eligible under this Section 614, without the execution or
filing of any paper or any further act on the part of the Trustee or the
Authenticating Agent.

         An Authenticating Agent may resign at any time by giving written notice
thereof to the Trustee and to the Company. The Trustee may at any time terminate
the agency of an Authenticating Agent by giving written notice thereof to such
Authenticating Agent and to the Company. Upon receiving such a notice of
resignation or upon such a termination, or in case at any time such
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section 614, the Trustee may appoint a successor
Authenticating Agent which shall be acceptable to the Company and shall give
notice of such appointment in the manner provided in Section 106 to all Holders
of Securities of the series with respect to which such Authenticating Agent will
serve. Any successor Authenticating Agent upon acceptance of its appointment
hereunder shall become vested with all the rights, powers and duties of its
predecessor hereunder, with like effect as if originally named as an
Authenticating Agent. No successor Authenticating Agent shall be appointed
unless eligible under the provisions of this Section 614.

         The Trustee agrees to pay to each Authenticating Agent from time to
time reasonable compensation for its services under this Section 614, and the
Trustee shall be entitled to be reimbursed for such payments, subject to the
provisions of Section 607.

         If an appointment with respect to one or more series is made pursuant
to this Section 614, the Securities of such series may have endorsed thereon, in
addition to the Trustee's certificate of authentication, an alternative
certificate of authentication in the following form:

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

Dated: _____________

                                             _______________________________,
                                                                  as Trustee

                                             By: ___________________________,
                                                     as Authenticating Agent

                                             By: ___________________________
                                                          Authorized Officer

                                       50

<PAGE>

                                  ARTICLE SEVEN

                HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY

SECTION 701. Company to Furnish Trustee Names and Addresses of Holders.

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

                  (1)      semi-annually, not later than January 15 and July 15
         in each year, a list, in such form as the Trustee may reasonably
         require, of the names and addresses of the Holders of Securities of
         each series as of the preceding January 1 or July 1 as the case may be,
         and

                  (2)      at such other times as the Trustee may request in
         writing, within 30 days after the receipt by the Company of any such
         request, a list of similar form and content as of a date not more than
         15 days prior to the time such list is furnished;

provided, however, that if and so long as the Trustee shall be Security
Registrar for Securities of a series, no such list need be furnished with
respect to such series of Securities.

SECTION 702. Preservation of Information; Communications to Holders.

         The Trustee shall preserve, in as current a form as is reasonably
practicable, the names and addresses of Holders contained in the most recent
list furnished to the Trustee as provided in Section 701 and the names and
addresses of Holders received by the Trustee in its capacity as Security
Registrar. The Trustee may destroy any list furnished to it as provided in
Section 701 upon receipt of a new list so furnished.

         The rights of Holders to communicate with other Holders with respect to
their rights under this Indenture or under the Securities, and the corresponding
rights and privileges of the Trustee, shall be as provided in the Trust
Indenture Act.

         Every Holder of Securities, by receiving and holding the same, agrees
with the Company and the Trustee that neither the Company nor the Trustee nor
any agent of either of them shall be held accountable by reason of any
disclosure of information as to names and addresses of Holders made pursuant to
the Trust Indenture Act.

SECTION 703. Reports by Trustee.

         The Trustee shall transmit to Holders such reports concerning the
Trustee and its actions under this Indenture as may be required pursuant to the
Trust Indenture Act at the times and in the manner provided pursuant thereto.

         Reports so required to be transmitted at stated intervals of not more
than 12 months shall be transmitted no later than January 31 in each calendar
year, commencing with the first January 31 after the first issuance of
Securities under this Indenture.

                                       51

<PAGE>

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

SECTION 704. Reports by Company.

         The Company shall file with the Trustee and the Commission, and
transmit to Holders, such information, documents and other reports, and such
summaries thereof, as may be required pursuant to the Trust Indenture Act at the
times and in the manner provided in the Trust Indenture Act; provided that any
such information, documents or reports required to be filed with the Commission
pursuant to Section 13 or 15(d) of the Exchange Act shall be filed with the
Trustee within 15 days after the same is so required to be filed with the
Commission.

                                  ARTICLE EIGHT

              CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

SECTION 801. Company May Consolidate, Etc., Only on Certain Terms.

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

                  (1)      in case the Company shall consolidate with or merge
         into another Person or convey, transfer or lease its properties and
         assets substantially as an entirety to any Person, the Person formed by
         such consolidation or into which the Company is merged or the Person
         which acquires by conveyance or transfer, or which leases, the
         properties and assets of the Company substantially as an entirety shall
         be a corporation, partnership, trust or other entity, shall be
         organized and validly 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, the due
         and punctual payment of the principal of and any premium and interest
         on all the Securities and the performance or observance of every
         covenant of this Indenture on the part of the Company to be performed
         or observed;

                  (2)      immediately after giving effect to such transaction,
         no Event of Default, and no event which, after notice or lapse of time
         or both, would become an Event of Default, shall have happened and be
         continuing; and

                  (3)      the Company has delivered to the Trustee an Officers'
         Certificate and an Opinion of Counsel 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 Eight and that all conditions
         precedent herein provided for relating to such transaction have been
         complied with; provided, however, that the delivery of an Officers'
         Certificate or an Opinion of Counsel is not required with respect to
         any consolidation, merger, conveyance, transfer or lease involving the
         Company and any wholly owned subsidiary of the Company.

                                       52

<PAGE>

SECTION 802. Successor Substituted.

         Upon any consolidation of the Company with, or merger of the Company
into, any other Person or any conveyance, transfer or lease of the properties
and assets of the Company substantially as an entirety in accordance with
Section 801, the successor Person formed by such consolidation or into which the
Company is merged or to which such conveyance, transfer or lease is made shall
succeed to, and be substituted for, and may exercise every right and power of,
the Company under this Indenture with the same effect as if such successor
Person had been named as the Company herein; and in the event of any such
conveyance or transfer (but not in the case of a lease) the Company shall be
discharged from all obligations and covenants under the Indenture and the
Securities and may be dissolved and liquidated.

         Such successor Person may cause to be signed, and may issue either in
its own name or in the name of the Company, any or all of the Securities
issuable hereunder which theretofore shall not have been signed by the Company
and delivered to the Trustee; and, upon the order of such successor Person
instead of the Company and subject to all the terms, conditions and limitations
in this Indenture prescribed, the Trustee shall authenticate and shall deliver
any Securities which previously shall have been signed and delivered by the
officers of the Company to the Trustee for authentication pursuant to such
provisions and any Securities which such successor Person thereafter shall cause
to be signed and delivered to the Trustee on its behalf for the purpose pursuant
to such provisions. All the Securities so issued shall in all respects have the
same legal rank and benefit under this Indenture as the Securities theretofore
or thereafter issued in accordance with the terms of this Indenture as though
all of such Securities had been issued at the date of the execution hereof.

         In case of any such consolidation, merger, sale, conveyance or lease,
such changes in phraseology and form may be made in the Securities thereafter to
be issued as may be appropriate.

                                  ARTICLE NINE

                             SUPPLEMENTAL INDENTURES

SECTION 901. Supplemental Indentures Without Consent of Holders.

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

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

                  (2)      to add to the covenants of the Company for the
         benefit of the Holders of all or any series of Securities (and if such
         covenants are to be for the benefit of less than all series of
         Securities, stating that such covenants are expressly being included
         solely for

                                       53

<PAGE>

         the benefit of such series) or to surrender any right or power herein
         conferred upon the Company; or

                  (3)      to add any additional Events of Default for the
         benefit of the Holders of all or any series of Securities (and if such
         additional Events of Default are to be for the benefit of less than all
         series of Securities, stating that such additional Events of Default
         are expressly being included solely for the benefit of such series),
         provided, however, that in respect of any such additional Events of
         Default such supplemental indenture may provide for a particular period
         of grace after default (which period may be shorter or longer than that
         allowed in the case of other defaults) or may provide for an immediate
         enforcement upon such default or may limit the remedies available to
         the Trustee upon such default or may limit the right of the Holders of
         a majority in aggregate principal amount of that or those series of
         Securities to which such additional Events of Default apply to waive
         such default; or

                  (4)      to add to or change any of the provisions of this
         Indenture to such extent as shall be necessary to permit or facilitate
         the issuance of Securities in bearer form, registrable or not
         registrable as to principal, and with or without interest coupons, or
         to permit or facilitate the issuance of Securities in uncertificated
         form; or

                  (5)      to add to, change or eliminate any of the provisions
         of this Indenture in respect of one or more series of Securities;
         provided, however, that if such addition, change or elimination shall
         adversely affect the interests of Holders of Securities of any series,
         such addition, change or elimination shall become effective with
         respect to such series only when no such Security of such series
         remains Outstanding; or

                  (6)      to convey, transfer, assign, mortgage or pledge any
         property to or with the Trustee or to surrender any right or power
         herein conferred upon the Company; or

                  (7)      to establish the form or terms of Securities of any
         series as permitted by Sections 201 and 301; or

                  (8)      to provide for uncertificated securities in addition
         to certificated securities; or

                  (9)      to evidence and provide for the acceptance of
         appointment hereunder by a successor Trustee with respect to the
         Securities of one or more series and to add to or change any of the
         provisions of this Indenture as shall be necessary to provide for or
         facilitate the administration of the trusts hereunder by more than one
         Trustee, pursuant to the requirements of Section 611; or

                  (10)     to cure any ambiguity, to correct or supplement any
         provision herein which may be defective or inconsistent with any other
         provision herein, or to make any other provisions with respect to
         matters or questions arising under this Indenture, provided that such
         action pursuant to this Clause (10) shall not adversely affect the
         interests of the Holders of Securities of any series; or

                                       54

<PAGE>

                  (11)     to supplement any of the provisions of this Indenture
         to such extent as shall be necessary to permit or facilitate the
         defeasance and discharge of any series of Securities pursuant to
         Sections 401, 1402 and 1403; provided that any such action shall not
         adversely affect the interests of the holders of Securities of such
         series or any other series of Securities; or

                  (12)     to comply with the rules or regulations of any
         securities exchange or automated quotation system on which any of the
         Securities may be listed or traded; or

                  (13)     to add to, change or eliminate any of the provisions
         of this Indenture as shall be necessary or desirable in accordance with
         any amendments to the Trust Indenture Act, provided that such action
         does not adversely affect the rights or interests of any Holder of
         Securities.

SECTION 902. Supplemental Indentures With Consent of Holders.

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

                  (1)      except to the extent permitted by Section 307(b) or
         Section 308 or otherwise specified in the form or terms of the
         Securities of any series as permitted by Sections 201 and 301 with
         respect to extending the Stated Maturity of any Security of such
         series, change the Stated Maturity of the principal of, or any
         installment of principal of or interest on, any Security, or reduce the
         principal amount thereof or the rate of interest thereon or any premium
         payable upon the redemption thereof, or reduce the amount of the
         principal of an Original Issue Discount Security or any other Security
         which would be due and payable upon a declaration of acceleration of
         the Maturity thereof pursuant to Section 502, or change any Place of
         Payment where, or the coin or currency in which, any Security or any
         premium or interest thereon is payable, or impair the right to
         institute suit for the enforcement of any such payment on or after the
         Stated Maturity thereof (or, in the case of redemption, on or after the
         Redemption Date), or

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

                  (3)      modify any of the provisions of this Section 902,
         Section 513 or Section 1006, except to increase any such percentage or
         to provide that certain other provisions of

                                       55

<PAGE>

         this Indenture cannot be modified or waived without the consent of the
         Holder of each Outstanding Security affected thereby; provided,
         however, that this clause shall not be deemed to require the consent of
         any Holder with respect to changes in the references to "the Trustee"
         and concomitant changes in this Section 902 and Section 1006, or the
         deletion of this proviso, in accordance with the requirements of
         Sections 611 and 901(9), or

                  (4)      if the Securities of any series are convertible or
         exchangeable into any other securities or property of the Company, make
         any change that adversely affects the right to convert or exchange any
         Security of such series (except as permitted by Section 901) or
         decrease the conversion or exchange rate or increase the conversion
         price of any such Security of such series, or

                  (5)      if the Securities of any series are secured, change
         the terms and conditions pursuant to which the Securities of such
         series are secured in a manner adverse to the Holders of the secured
         Securities of such series.

A supplemental indenture which changes or eliminates any covenant or other
provision of this Indenture which has expressly been included solely for the
benefit of one or more particular series of Securities, or which modifies the
rights of the Holders of Securities of such series with respect to such covenant
or other provision, shall be deemed not to affect the rights under this
Indenture of the Holders of Securities of any other series.

         It shall not be necessary for any Act of Holders under this Section 902
to approve the particular form of any proposed supplemental indenture, but it
shall be sufficient if such Act shall approve the substance thereof.

SECTION 903. Execution of Supplemental Indentures.

         In executing, or accepting the additional trusts created by, any
supplemental indenture permitted by this Article Nine or the modifications
thereby of the trusts created by this Indenture, the Trustee shall be entitled
to receive, and (subject to Section 601) shall be fully protected in relying
upon, an Officers' Certificate and an Opinion of Counsel stating that the
execution of such supplemental indenture is authorized or permitted by this
Indenture. The Trustee may, but shall not be obligated to, enter into any such
supplemental indenture which affects the Trustee's own rights, duties or
immunities under this Indenture or otherwise.

SECTION 904. Effect of Supplemental Indentures.

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

SECTION 905. Conformity with Trust Indenture Act.

         Every supplemental indenture executed pursuant to this Article Nine
shall conform to the requirements of the Trust Indenture Act.

                                       56

<PAGE>

SECTION 906. Reference in Securities to Supplemental Indentures.

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

                                   ARTICLE TEN

                                    COVENANTS

SECTION 1001. Payment of Principal, Premium and Interest.

         The Company covenants and agrees for the benefit of each series of
Securities that it will duly and punctually pay the principal of and any premium
and interest on the Securities of that series in accordance with the terms of
the Securities and this Indenture.

SECTION 1002. Maintenance of Office or Agency.

         The Company will maintain in each Place of Payment for any series of
Securities an office or agency where Securities of that series may be presented
or surrendered for payment, where Securities of that series may be surrendered
for registration of transfer or exchange and where notices and demands to or
upon the Company in respect of the Securities of that series and this Indenture
may be served. The Company initially appoints the Trustee, acting through its
Corporate Trust Office, as its agent for said purpose. The Company will give
prompt written notice to the Trustee of the location, and any change in the
location, of such office or agency. If at any time the Company shall fail to
maintain any such required office or agency or shall fail to furnish the Trustee
with the address thereof, such presentations, surrenders, notices and demands
may be made or served at the Corporate Trust Office of the Trustee, and the
Company hereby appoints the Trustee as its agent to receive all such
presentations, surrenders, notices and demands.

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

SECTION 1003. Money for Securities Payments to Be Held in Trust.

         If the Company shall at any time act as its own Paying Agent with
respect to any series of Securities, it will, on or before each due date of the
principal of or any premium or interest on any of the Securities of that series,
segregate to the extent required by law and hold in trust for

                                       57

<PAGE>

the benefit of the Persons entitled thereto a sum sufficient to pay the
principal and any premium and interest so becoming due until such sums shall be
paid to such Persons or otherwise disposed of as herein provided and will
promptly notify the Trustee of its action or failure so to act.

         Whenever the Company shall have one or more Paying Agents for any
series of Securities, it will provide to a Paying Agent a sum sufficient to pay
the principal of or any premium or interest on any Securities of that series,
such sum to be held as provided by the Trust Indenture Act, and (unless such
Paying Agent is the Trustee) the Company will promptly notify the Trustee of its
action or failure so to act.

         The Company will cause each Paying Agent for any series of Securities
other than the Trustee to execute and deliver to the Trustee an instrument in
which such Paying Agent shall agree with the Trustee, subject to the provisions
of this Section 1003, that such Paying Agent will (1) comply with the provisions
of the Trust Indenture Act applicable to it as a Paying Agent and (2) during the
continuance of any default by the Company (or any other obligor upon the
Securities of that series) in the making of any payment in respect of the
Securities of that series, upon the written request of the Trustee, forthwith
pay to the Trustee all sums held in trust by such Paying Agent for payment in
respect of the Securities of that series.

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

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

SECTION 1004. Statement by Officers as to Default.

         The Company will deliver to the Trustee, within 120 days after the end
of each fiscal year of the Company ending after the date hereof, an Officers'
Certificate, one of the signers of which shall be the principal executive,
principal accounting or principal financial officer of the

                                       58

<PAGE>

Company, stating whether or not to the best knowledge of the signers thereof,
the Company is in default in the performance and observance of any of the terms,
provisions, covenants and conditions of this Indenture (without regard to any
period of grace or requirement of notice provided hereunder) and, if the Company
shall be in default, specifying all such defaults and the nature and status
thereof of which they may have knowledge.

SECTION 1005. Existence.

         Subject to Article Eight and the Company's ability to convert into a
limited liability company, limited partnership or limited liability partnership
under applicable law, the Company will do or cause to be done all things
necessary to preserve and keep in full force and effect its corporate existence.
On and after any conversion of the Company into a limited liability company,
limited partnership or limited liability partnership under applicable law, the
Company will do or cause to be done all things necessary to preserve and keep in
full force and effect its limited liability company, limited partnership or
limited liability partnership existence, as applicable.

SECTION 1006. Waiver of Certain Covenants.

         Except as otherwise specified as contemplated by Section 301 for
Securities of such series, the Company may, with respect to the Securities of
any series, omit in any particular instance to comply with any term, provision
or condition set forth in any covenant provided pursuant to Section 301(20),
901(2) or 901(7) for the benefit of the Holders of such series or in Section
1005, if the Holders of at least a majority in principal amount of the
Outstanding Securities of such series shall, by Act of such Holders, either
waive such compliance in such instance or generally waive compliance with such
term, provision or condition, but no such waiver shall extend to or affect such
term, provision or condition except to the extent so expressly waived, and,
until such waiver shall become effective, the obligations of the Company and the
duties of the Trustee in respect of any such term, provision or condition shall
remain in full force and effect.

                                 ARTICLE ELEVEN

                            REDEMPTION OF SECURITIES

SECTION 1101. Applicability of Article.

         Securities of any series which are redeemable before their Stated
Maturity shall be redeemable in accordance with their terms and (except as
otherwise specified as contemplated by Section 301 for such Securities) in
accordance with this Article Eleven.

SECTION 1102. Election to Redeem; Notice to Trustee.

         The election of the Company to redeem any Securities shall be evidenced
by a Board Resolution or in another manner specified as contemplated by Section
301 for such Securities. In case of any redemption at the election of the
Company of less than all the Securities of any series (including any such
redemption affecting only a single Security), the Company shall, not less than
30 nor more than 60 days prior to the Redemption Date fixed by the Company
(unless a

                                       59

<PAGE>

shorter notice shall be satisfactory to the Trustee), notify the Trustee of such
Redemption Date, of the principal amount of Securities of such series to be
redeemed and, if applicable, of the tenor of the Securities to be redeemed. In
the case of any redemption of Securities prior to the expiration of any
restriction on such redemption provided in the terms of such Securities or
elsewhere in this Indenture, the Company shall furnish the Trustee with an
Officers' Certificate and an Opinion of Counsel evidencing compliance with such
restriction.

SECTION 1103. Selection by Trustee of Securities to Be Redeemed.

         If less than all the Securities of any series are to be redeemed
(unless all the Securities of such series and of a specified tenor are to be
redeemed or unless such redemption affects only a single Security), the
particular Securities to be redeemed shall be selected not more than 60 days
prior to the Redemption Date by the Trustee, from the Outstanding Securities of
such series not previously called for redemption, by such method as the Trustee
shall deem fair and appropriate and which may provide for the selection for
redemption of a portion of the principal amount of any Security of such series,
provided that the unredeemed portion of the principal amount of any Security
shall be in an authorized denomination (which shall not be less than the minimum
authorized denomination) for such Security. If less than all the Securities of
such series and of a specified tenor are to be redeemed (unless such redemption
affects only a single Security), the particular Securities to be redeemed shall
be selected not more than 60 days prior to the Redemption Date by the Trustee,
from the Outstanding Securities of such series and specified tenor not
previously called for redemption in accordance with the preceding sentence.

         The Trustee shall promptly notify the Company in writing of the
Securities selected for redemption as aforesaid and, in case of any Securities
selected for partial redemption as aforesaid, the principal amount thereof to be
redeemed.

         The provisions of the two preceding paragraphs shall not apply with
respect to any redemption affecting only a single Security, whether such
Security is to be redeemed in whole or in part. In the case of any such
redemption in part, the unredeemed portion of the principal amount of the
Security shall be in an authorized denomination (which shall not be less than
the minimum authorized denomination) for such Security.

         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. If the Company shall so direct, Securities registered in the name of
the Company, any Affiliate or any Subsidiary thereof shall not be included in
the Securities selected for redemption.

SECTION 1104. Notice of Redemption.

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

         With respect to Securities of each series to be redeemed, each notice
of redemption shall identify the Securities to be redeemed (including CUSIP
numbers) and shall state:

                                       60

<PAGE>

                  (1)      the Redemption Date,

                  (2)      the Redemption Price,

                  (3)      if less than all the Outstanding Securities of any
         series consisting of more than a single Security are to be redeemed,
         the identification (and, in the case of partial redemption of any such
         Securities, the principal amounts) of the particular Securities to be
         redeemed and, if less than all the Outstanding Securities of any series
         consisting of a single Security are to be redeemed, the principal
         amount of the particular Security to be redeemed,

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

                  (5)      the place or places where each such Security is to be
         surrendered for payment of the Redemption Price, and

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

         Notice of redemption of Securities to be redeemed at the election of
the Company shall be given by the Company or, at the Company's request, by the
Trustee in the name and at the expense of the Company and shall be irrevocable.
The notice if mailed in the manner herein provided shall be conclusively
presumed to have been duly given, whether or not the Holder receives such
notice. In any case, a failure to give such notice by mail or any defect in the
notice to the Holder of any Security designated for redemption as a whole or in
part shall not affect the validity of the proceedings for the redemption of any
other Security.

SECTION 1105. Deposit of Redemption Price.

         On or before the Redemption Date specified in the notice of redemption
given as provided in Section 1104, the Company shall deposit with the Trustee or
with a Paying Agent (or, if the Company is acting as its own Paying Agent,
segregate and hold in trust as provided in Section 1003) an amount of money
sufficient to pay the Redemption Price of, and (except if the Redemption Date
shall be an Interest Payment Date) accrued interest on, all the Securities which
are to be redeemed on that date.

SECTION 1106. Securities Payable on Redemption Date.

         Notice of redemption having been given as aforesaid, the Securities so
to be redeemed shall, on the Redemption Date, become due and payable at the
Redemption Price therein specified, and from and after such date (unless the
Company shall default in the payment of the Redemption Price and accrued
interest) such Securities shall cease to bear interest. Upon surrender of any
such Security for redemption in accordance with said notice, such Security shall
be paid by the Company at the Redemption Price, together with accrued interest
to the Redemption Date; provided, however, that, unless otherwise specified as
contemplated by Section 301, installments of interest whose Stated Maturity is
on or prior to the Redemption Date will be payable to the Holders of such
Securities, or one or more Predecessor Securities,

                                       61

<PAGE>

registered as such at the close of business on the relevant Record Dates
according to their terms and the provisions of Section 307.

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

SECTION 1107. Securities Redeemed in Part.

         Any Security which is to be redeemed only in part shall be surrendered
at a Place of Payment therefor (with, if the Company or the Trustee so requires,
due endorsement by, or a written instrument of transfer in form satisfactory to
the Company and the Trustee duly executed by, the Holder thereof or his attorney
duly authorized in writing), and the Company shall execute, and the Trustee
shall authenticate and deliver to the Holder of such Security without service
charge, a new Security or Securities of the same series and of like tenor, of
any authorized denomination as requested by such Holder, in aggregate principal
amount equal to and in exchange for the unredeemed portion of the principal of
the Security so surrendered.

                                 ARTICLE TWELVE

                                  SINKING FUNDS

SECTION 1201. Applicability of Article.

         The provisions of this Article Twelve shall be applicable to any
sinking fund for the retirement of Securities of any series except as otherwise
specified as contemplated by Section 301 for such Securities.

         The minimum amount of any sinking fund payment provided for by the
terms of any Securities of any series is herein referred to as a "mandatory
sinking fund payment", and any sinking fund payment in excess of such minimum
amount which is permitted to be made by the terms of such Securities is herein
referred to as an "optional sinking fund payment". If provided for by the terms
of any Securities of any series, the cash amount of any sinking fund payment may
be subject to reduction as provided in Section 1202. Each sinking fund payment
shall be applied to the redemption of Securities of any series as provided for
by the terms of such Securities.

SECTION 1202. Satisfaction of Sinking Fund Payments with Securities.

         The Company (1) may deliver Outstanding Securities of a series (other
than any previously called for redemption) and (2) may apply as a credit
Securities of a series which have been redeemed either at the election of the
Company pursuant to the terms of such Securities or through the application of
permitted optional sinking fund payments pursuant to the terms of such
Securities, in each case in satisfaction of all or any part of any sinking fund
payment with respect to any Securities of such series required to be made
pursuant to the terms of such Securities as and to the extent provided for by
the terms of such Securities; provided that the Securities to be so credited
have not been previously so credited. The Securities to be so credited shall be
received and credited for such purpose by the Trustee at the Redemption Price,
as

                                       62

<PAGE>

specified in the Securities so to be redeemed, for redemption through operation
of the sinking fund and the amount of such sinking fund payment shall be reduced
accordingly.

SECTION 1203. Redemption of Securities for Sinking Fund.

         Not less than 60 days prior to each sinking fund payment date for any
series of Securities, the Company will deliver to the Trustee an Officers'
Certificate specifying the amount of the next ensuing sinking fund payment for
such Securities pursuant to the terms of such Securities, the portion thereof,
if any, which is to be satisfied by payment of cash and the portion thereof, if
any, which is to be satisfied by delivering and crediting Securities pursuant to
Section 1202 and will also deliver to the Trustee any Securities to be so
delivered. Not less than 45 days prior to each such sinking fund payment date,
the Trustee shall select the Securities to be redeemed upon such sinking fund
payment date in the manner specified in Section 1103 and cause notice of the
redemption thereof to be given in the name of and at the expense of the Company
in the manner provided in Section 1104. Such notice having been duly given, the
redemption of such Securities shall be made upon the terms and in the manner
stated in Sections 1106 and 1107.

                                ARTICLE THIRTEEN

                     REPAYMENT AT THE OPTION OF THE HOLDERS

SECTION 1301. Applicability of Article.

         Repayment of securities of any series before their Stated Maturity at
the option of Holders thereof shall be made in accordance with the terms of such
Securities and (except as otherwise specified as contemplated by Section 301 for
Securities of any series) in accordance with this Article Thirteen.

SECTION 1302. Repayment of Securities.

         Securities of any series subject to repayment in whole or in part at
the option of the Holders thereof will, unless otherwise provided in the terms
of such Securities, be repaid at a price equal to the principal amount thereof,
together with interest and/or premium, if any, thereon accrued to the Repayment
Date specified in or pursuant to the terms of such Securities. The Company
covenants that on or before the Repayment Date it will deposit with the Trustee
or with a Paying Agent (or, if the Company is acting as its own Paying Agent,
segregate and hold in trust as provided in Section 1003) an amount of money
sufficient to pay the principal (or, if so provided by the terms of the
Securities of any series, a percentage of the principal) of, the premium, if
any, and (except if the Repayment Date shall be an Interest Payment Date)
accrued interest on, all the Securities or portions thereof, as the case may be,
to be repaid on such date.

SECTION 1303. Exercise of Option.

         Securities of any series subject to repayment at the option of the
Holders thereof will contain an "Option to Elect Repayment" form on the reverse
of such Securities. To be repaid at the option of the Holder, any Security so
providing for such repayment, with the "Option to Elect Repayment" form on the
reverse of such Security duly completed by the Holder (or by the Holder's
attorney duly authorized in writing), must be received by the Company at the
Place of

                                       63

<PAGE>

Payment therefor specified in the terms of such Security (or at such other place
or places of which the Company shall from time to time notify the Holders of
such Securities) not earlier than 45 days nor later than 30 days prior to the
Repayment Date. If less than the entire principal amount of such Security is to
be repaid in accordance with the terms of such Security, the principal amount of
such Security to be repaid, in increments of the minimum denomination for
Securities of such series, the premium, if any, to be paid, and the denomination
or denominations of the Security or Securities to be issued to the Holder for
the portion of the principal amount of such Security surrendered that is not to
be repaid, must be specified. The principal amount of any Security providing for
repayment at the option of the Holder thereof may not be repaid in part if,
following such repayment, the unpaid principal amount of such Security would be
less than the minimum authorized denomination of Securities of the series of
which such Security to be repaid is a part. Except as otherwise may be provided
by the terms of any Security providing for repayment at the option of the Holder
thereof and as provided in Sections 307(b) and 308, exercise of the repayment
option by the Holder shall be irrevocable unless waived by the Company.

SECTION 1304. When Securities Presented for Repayment Become Due and Payable.

         If Securities of any series providing for repayment at the option of
the Holders thereof shall have been surrendered as provided in this Article
Thirteen and as provided by or pursuant to the terms of such Securities, such
Securities or the portions thereof, as the case may be, to be repaid shall
become due and payable and shall be paid by the Company on the Repayment Date
therein specified, and on and after such Repayment Date (unless the Company
shall default in the payment of such Securities on such Repayment Date) such
Securities shall, if the same were interest-bearing, cease to bear interest.
Upon surrender of any such Security for repayment in accordance with such
provisions, the principal amount of such Security so to be repaid shall be paid
by the Company, together with accrued interest and/or premium, if any, to (but
excluding) the Repayment Date; provided, however, that installments of interest,
if any, whose Stated Maturity is on or prior to the Repayment Date shall be
payable (but without interest thereon, unless the Company shall default in the
payment thereof) to the Holders of such Securities, 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 307.

         If the principal amount of any Security surrendered for repayment shall
not be so repaid upon surrender thereof, such principal amount (together with
interest, if any, thereon accrued to such Repayment Date) shall, until paid,
bear interest from the Repayment Date at the rate of interest or Yield to
Maturity (in the case of Original Issue Discount Securities) set forth in such
Security.

SECTION 1305. Securities Repaid in Part.

         Upon surrender of any Security which is to be repaid in part only, the
Company shall execute and the Trustee shall authenticate and deliver to the
Holder of such Security, without service charge and at the expense of the
Company, a new Security or Securities of the same series, of any authorized
denomination specified by the Holder, in an aggregate principal amount equal to
and in exchange for the portion of the principal of such Security so surrendered
which is not to be repaid.

                                       64

<PAGE>

                                ARTICLE FOURTEEN

                       DEFEASANCE AND COVENANT DEFEASANCE

SECTION 1401. Company's Option to Effect Defeasance or Covenant Defeasance.

         The Company may elect, at its option at any time, to have Section 1402
or Section 1403 applied to any Securities or any series of Securities, as the
case may be, (unless designated pursuant to Section 301 as not being defeasible
pursuant to such Section 1402 or 1403), in accordance with any applicable
requirements provided pursuant to Section 301 and upon compliance with the
conditions set forth below in this Article Fourteen. Any such election shall be
evidenced by a Board Resolution or in another manner specified as contemplated
by Section 301 for such Securities.

SECTION 1402. Defeasance and Discharge.

         Upon the Company's exercise of its option (if any) to have this Section
1402 applied to any Securities or any series of Securities, as the case may be,
the Company shall be deemed to have been discharged from its obligations with
respect to such Securities as provided in this Section 1402 on and after the
date the conditions set forth in Section 1404 are satisfied (hereinafter called
"Defeasance"). For this purpose, such Defeasance means that the Company shall be
deemed to have paid and discharged the entire indebtedness represented by such
Securities and to have satisfied all its other obligations under such Securities
and this Indenture insofar as such Securities are concerned (and the Trustee, at
the expense of the Company, shall execute proper instruments acknowledging the
same), subject to the following which shall survive until otherwise terminated
or discharged hereunder: (1) the rights of Holders of such Securities to
receive, solely from the trust fund described in Section 1404 and as more fully
set forth in such Section 1404, payments in respect of the principal of and any
premium and interest on such Securities when payments are due, (2) the Company's
obligations with respect to such Securities under Sections 304, 305, 306, 1002
and 1003, (3) the rights, powers, trusts, duties and immunities of the Trustee
hereunder and (4) this Article Fourteen. Subject to compliance with this Article
Fourteen, the Company may exercise its option (if any) to have this Section 1402
applied to any Securities notwithstanding the prior exercise of its option (if
any) to have Section 1403 applied to such Securities.

SECTION 1403. Covenant Defeasance.

         Upon the Company's exercise of its option (if any) to have this Section
1403 applied to any Securities or any series of Securities, as the case may be,
(1) the Company shall be released from its obligations under any covenants
provided pursuant to Section 301(20), 901(2) or 901(7) for the benefit of the
Holders of such Securities and (2) the occurrence of any event specified in
Sections 501(4) (with respect to any such covenants provided pursuant to Section
301(20), 901(2) or 901(7)), shall be deemed not to be or result in an Event of
Default, in each case with respect to such Securities as provided in this
Section 1403 on and after the date the conditions set forth in Section 1404 are
satisfied (hereinafter called "Covenant Defeasance"). For this purpose, such
Covenant Defeasance means that, with respect to such Securities, the Company may
omit to comply with and shall have no liability in respect of any term,
condition or limitation set forth in

                                       65

<PAGE>

any such specified Section (to the extent so specified in the case of Section
501(4)), whether directly or indirectly by reason of any reference elsewhere
herein to any such Section or by reason of any reference in any such Section to
any other provision herein or in any other document, but the remainder of this
Indenture and such Securities shall be unaffected thereby.

SECTION 1404. Conditions to Defeasance or Covenant Defeasance.

         The following shall be the conditions to the application of Section
1402 or Section 1403 to any Securities or any series of Securities, as the case
may be:

                  (1)      The Company shall irrevocably have deposited or
         caused to be deposited with the Trustee (or another trustee which
         satisfies the requirements contemplated by Section 609 and agrees to
         comply with the provisions of this Article Fourteen applicable to it)
         as trust funds in trust for the purpose of making the following
         payments, specifically pledged as security for, and dedicated solely
         to, the benefits of the Holders of such Securities, (A) money in an
         amount, or (B) U.S. Government Obligations which through the scheduled
         payment of principal and interest in respect thereof in accordance with
         their terms will provide, not later than one day before the due date of
         any payment, money in an amount, or (C) a combination thereof, in each
         case sufficient, in the opinion of a nationally recognized firm of
         independent certified public accountants expressed in a written
         certification thereof delivered to the Trustee, to pay and discharge,
         and which shall be applied by the Trustee (or any such other qualifying
         trustee) to pay and discharge, the principal of and any premium and
         interest on such Securities on the respective Stated Maturities, in
         accordance with the terms of this Indenture and such Securities. As
         used herein, "U.S. Government Obligation" means (x) any security which
         is (i) a direct obligation of the United States of America for the
         payment of which the full faith and credit of the United States of
         America is pledged or (ii) an obligation of a Person controlled or
         supervised by and acting as an agency or instrumentality of the United
         States of America the payment of which is unconditionally guaranteed as
         a full faith and credit obligation by the United States of America,
         which, in either case (i) or (ii), is not callable or redeemable at the
         option of the issuer thereof, and (y) any depositary receipt issued by
         a bank (as defined in Section 3(a)(2) of the Securities Act) as
         custodian with respect to any U.S. Government Obligation which is
         specified in Clause (x) above and held by such bank for the account of
         the holder of such depositary receipt, or with respect to any specific
         payment of principal of or interest on any U.S. Government Obligation
         which is so specified and held, provided that (except as required by
         law) such custodian is not authorized to make any deduction from the
         amount payable to the holder of such depositary receipt from any amount
         received by the custodian in respect of the U.S. Government Obligation
         or the specific payment of principal or interest evidenced by such
         depositary receipt.

                  (2)      In the event of an election to have Section 1402
         apply to any Securities or any series of Securities, as the case may
         be, the Company shall have delivered to the Trustee an Opinion of
         Counsel stating that (A) the Company has received from, or there has
         been published by, the Internal Revenue Service a ruling or (B) since
         the date of this instrument, there has been a change in the applicable
         federal income tax law, in either case (A) or (B) to the effect that,
         and based thereon such opinion shall confirm that, the

                                       66

<PAGE>

         Holders of such Securities will not recognize gain or loss for federal
         income tax purposes as a result of the deposit, Defeasance and
         discharge to be effected with respect to such Securities and will be
         subject to federal income tax on the same amount, in the same manner
         and at the same times as would be the case if such deposit, Defeasance
         and discharge were not to occur.

                  (3)      In the event of an election to have Section 1403
         apply to any Securities or any series of Securities, as the case may
         be, the Company shall have delivered to the Trustee an Opinion of
         Counsel to the effect that the Holders of such Securities will not
         recognize gain or loss for federal income tax purposes as a result of
         the deposit and Covenant Defeasance to be effected with respect to such
         Securities and will be subject to federal income tax on the same
         amount, in the same manner and at the same times as would be the case
         if such deposit and Covenant Defeasance were not to occur.

                  (4)      The Company shall have delivered to the Trustee an
         Officers' Certificate to the effect that neither such Securities nor
         any other Securities of the same series, if then listed on any
         securities exchange, will be delisted as a result of such deposit.

                  (5)      No event which is, or after notice or lapse of time
         or both would become, an Event of Default with respect to such
         Securities or any other Securities shall have occurred and be
         continuing at the time of such deposit or, with regard to any such
         event specified in Sections 501(5) and (6), at any time on or prior to
         the 90th day after the date of such deposit (it being understood that
         this condition shall not be deemed satisfied until after such 90th
         day).

                  (6)      Such Defeasance or Covenant Defeasance shall not
         cause the Trustee to have a conflicting interest within the meaning of
         the Trust Indenture Act (assuming all Securities are in default within
         the meaning of such Act).

                  (7)      Such Defeasance or Covenant Defeasance shall not
         result in a breach or violation of, or constitute a default under, any
         other agreement or instrument to which the Company is a party or by
         which it is bound.

                  (8)      Such Defeasance or Covenant Defeasance shall not
         result in the trust arising from such deposit constituting an
         investment company within the meaning of the Investment Company Act
         unless such trust shall be registered under the Investment Company Act
         or exempt from registration thereunder.

                  (9)      The Company shall have delivered to the Trustee an
         agreement whereby the Company irrevocably agrees to forfeit its right,
         if any, (A) to reset the interest rate of such Securities pursuant to
         Section 307(b) and (B) to extend the Stated Maturity of such Securities
         pursuant to Section 308.

                  (10)     The Company shall have delivered to the Trustee an
         Officers' Certificate and an Opinion of Counsel, each stating that all
         conditions precedent with respect to such Defeasance or Covenant
         Defeasance have been complied with.

SECTION 1405. Acknowledgment of Discharge By Trustee.

                                       67

<PAGE>

         Subject to Section 1407 below and after the Company has delivered to
the Trustee an Officers' Certificate and an Opinion of Counsel, each stating
that all conditions precedent referred to in Section 1404 relating to the
defeasance or satisfaction and discharge, as the case may be, of this Indenture
have been complied with, the Trustee upon request of the Company shall
acknowledge in writing the defeasance or the satisfaction and discharge, as the
case may be, of this Indenture and the discharge of the Company's obligations
under this Indenture.

SECTION 1406.     Deposited Money and U.S. Government Obligations to Be Held in
                  Trust; Miscellaneous Provisions.

         Subject to the provisions of the last paragraph of Section 1003, all
money and U.S. Government Obligations (including the proceeds thereof) deposited
with the Trustee or other qualifying trustee (solely for purposes of this
Section 1406, the Trustee and any such other trustee are referred to
collectively as the "Trustee") pursuant to Section 1404 in respect of any
Securities shall be held in trust and applied by the Trustee, in accordance with
the provisions of such Securities and this Indenture, to the payment, either
directly or through any such Paying Agent (including the Company acting as its
own Paying Agent) as the Trustee may determine, to the Holders of such
Securities, of all sums due and to become due thereon in respect of principal
and any premium and interest, but money so held in trust need not be segregated
from other funds except to the extent required by law.

         The Company shall pay and indemnify the Trustee against any tax, fee or
other charge imposed on or assessed against the U.S. Government Obligations
deposited pursuant to Section 1404 or the principal and interest received in
respect thereof other than any such tax, fee or other charge which by law is for
the account of the Holders of Outstanding Securities.

         Anything in this Article Fourteen to the contrary notwithstanding, the
Trustee shall deliver or pay to the Company from time to time upon Company
Request any money or U.S. Government Obligations held by it as provided in
Section 1404 with respect to any Securities which, in the opinion of a
nationally recognized firm of independent public accountants expressed in a
written certification thereof delivered to the Trustee, are in excess of the
amount thereof which would then be required to be deposited to effect the
Defeasance or Covenant Defeasance, as the case may be, with respect to such
Securities.

SECTION 1407. Reinstatement.

         If the Trustee or the Paying Agent is unable to apply any money in
accordance with this Article Fourteen with respect to any Securities by reason
of any order or judgment of any court or governmental authority enjoining,
restraining or otherwise prohibiting such application, then the obligations
under this Indenture and such Securities from which the Company has been
discharged or released pursuant to Section 1402 or 1403 shall be revived and
reinstated as though no deposit had occurred pursuant to this Article Fourteen
with respect to such Securities, until such time as the Trustee or Paying Agent
is permitted to apply all money held in trust pursuant to Section 1406 with
respect to such Securities in accordance with this Article Fourteen; provided,
however, that if the Company makes any payment of principal of or any premium or
interest on any such Security following such reinstatement of its obligations,
the Company shall

                                       68

<PAGE>

be subrogated to the rights (if any) of the Holders of such Securities to
receive such payment from the money so held in trust.

                                 ARTICLE FIFTEEN

                    IMMUNITY OF INCORPORATORS, STOCKHOLDERS,
                        OFFICERS, DIRECTORS AND EMPLOYEES

SECTION 1501. Exemption from Individual Liability.

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

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

                                       69

<PAGE>

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

                                         CENTERPOINT ENERGY, INC.

                                         By: /s/ GARY L. WHITLOCK
                                            ------------------------------------
                                             Name: Gary L. Whitlock
                                             Title: Executive Vice President and
                                                    Chief Financial Officer

Attest:
/s/ RICHARD B. DAUPHIN
--------------------------
Name: Richard B. Dauphin
Title: Assistant Corporate Secretary

(SEAL)

                                         JPMORGAN CHASE BANK, as Trustee

                                         By: /s/ CAROL LOGAN
                                            ------------------------------------
                                             Name: Carol Logan
                                             Title: Vice President and
                                                    Trust Officer

(SEAL)

                                       70

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00052-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00052-of-00352.parquet"}]]