Document:

<PAGE>

Exhibit 4.1(d)

              FORM OF SUBORDINATED TRUST DEBT SECURITIES INDENTURE

                               D.R. HORTON, INC.,
                                    AS ISSUER

                                       TO

                    AMERICAN STOCK TRANSFER & TRUST COMPANY,
                                   AS TRUSTEE

                                    INDENTURE

                             Subordinated Debentures

                           Dated as of ______________

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
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                                                                                                ----
<S>                                                                                             <C>
ARTICLE ONE DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION..........................     1
           SECTION 101.     Definitions......................................................     1
           SECTION 102.     Compliance Certificates and Opinions.............................     9
           SECTION 103.     Form of Documents Delivered to Trustee...........................     9
           SECTION 104.     Acts of Holders..................................................    10
           SECTION 105.     Notices, etc., to Trustee and Company............................    11
           SECTION 106.     Notice to Holders; Waiver........................................    11
           SECTION 107.     Effect of Headings and Table of Contents.........................    12
           SECTION 108.     Successors and Assigns...........................................    12
           SECTION 109.     Separability Clause..............................................    12
           SECTION 110.     Benefits of Indenture............................................    12
           SECTION 111.     Governing Law....................................................    12
           SECTION 112.     Legal Holidays...................................................    12
           SECTION 113.     No Recourse Against Others.......................................    12

ARTICLE TWO SECURITIES FORMS.................................................................    13
           SECTION 201.     Forms of Securities..............................................    13
           SECTION 202.     Form of Trustee's Certificate of Authentication..................    13
           SECTION 203.     Securities Issuable in Global Form...............................    13

ARTICLE THREE THE SECURITIES.................................................................    14
           SECTION 301.     Amount Unlimited; Issuable in Series.............................    14
           SECTION 302.     Denominations....................................................    17
           SECTION 303.     Execution, Authentication, Delivery and Dating...................    17
           SECTION 304.     Temporary Securities.............................................    18
           SECTION 305.     Registration, Registration of Transfer and Exchange..............    19
           SECTION 306.     Mutilated, Destroyed, Lost and Stolen Securities.................    21
           SECTION 307.     Payment of Interest; Interest Rights Preserved...................    22
           SECTION 308.     Persons Deemed Owners............................................    23
           SECTION 309.     Cancellation.....................................................    24
           SECTION 310.     Computation of Interest..........................................    24

ARTICLE FOUR SATISFACTION AND DISCHARGE......................................................    24
           SECTION 401.     Satisfaction and Discharge of Indenture..........................    24
           SECTION 402.     Application of Trust Funds.......................................    25

ARTICLE FIVE REMEDIES........................................................................    25
           SECTION 501.     Events of Default................................................    25
           SECTION 502.     Acceleration of Maturity; Rescission and Annulment...............    27
           SECTION 503.     Collection of Indebtedness and Suits for Enforcement by Trustee..    28
           SECTION 504.     Trustee May File Proofs of Claim.................................    29
</TABLE>

                                       i
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                                TABLE OF CONTENTS
                                   (CONTINUED)

<TABLE>
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<S>                                                                                             <C>
           SECTION 505.     Trustee May Enforce Claims Without Possession of Securities......    30
           SECTION 506.     Application of Money Collected...................................    30
           SECTION 507.     Limitation on Suits..............................................    30
           SECTION 508.     Unconditional Right of Holders to Receive Principal, Premium,
                            if any, Interest and Additional Interest.........................    31
           SECTION 509.     Restoration of Rights and Remedies...............................    31
           SECTION 510.     Rights and Remedies Cumulative...................................    31
           SECTION 511.     Delay or Omission Not Waiver.....................................    32
           SECTION 512.     Control by Holders of Securities.................................    32
           SECTION 513.     Waiver of Past Defaults..........................................    32
           SECTION 514.     Waiver of Usury, Stay or Extension Laws..........................    32
           SECTION 515.     Undertaking for Costs............................................    33

ARTICLE SIX THE TRUSTEE......................................................................    33
           SECTION 601.     Notice of Defaults...............................................    33
           SECTION 602.     Certain Rights of Trustee........................................    33
           SECTION 603.     Not Responsible for Recitals or Issuance of Securities...........    34
           SECTION 604.     May Hold Securities..............................................    35
           SECTION 605.     Money Held in Trust..............................................    35
           SECTION 606.     Compensation and Reimbursement...................................    35
           SECTION 607.     Corporate Trustee Required; Eligibility; Conflicting Interests...    36
           SECTION 608.     Resignation and Removal; Appointment of Successor................    36
           SECTION 609.     Acceptance of Appointment by Successor...........................    37
           SECTION 610.     Merger, Conversion, Consolidation or Succession to Business......    38
           SECTION 611.     Preferential Collection of Claims Against Company................    38
           SECTION 612.     Appointment of Authenticating Agent..............................    39

ARTICLE SEVEN HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY..............................    40
           SECTION 701.     Communications by Holders with Other Holders; Disclosure of
                            Names and Addresses of Holders...................................    40
           SECTION 702.     Reports by Trustee...............................................    41
           SECTION 703.     Reports by Company...............................................    41
           SECTION 704.     Company to Furnish Trustee Names and Addresses of Holders........    41

ARTICLE EIGHT CONSOLIDATION, MERGER, SALE, LEASE OR CONVEYANCE...............................    42
</TABLE>

                                       ii
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                                TABLE OF CONTENTS
                                   (CONTINUED)

<TABLE>
<CAPTION>
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           SECTION 801.     Consolidations and Mergers of Company and Sales, Leases and
                            Conveyances Permitted Subject to Certain Conditions..............    42
           SECTION 802.     Rights and Duties of Successor Corporation.......................    42
           SECTION 803.     Officer's Certificate and Opinion of Counsel.....................    43

ARTICLE NINE SUPPLEMENTAL INDENTURES.........................................................    43
           SECTION 901.     Supplemental Indentures without Consent of Holders...............    43
           SECTION 903.     Execution of Supplemental Indentures.............................    45
           SECTION 904.     Effect of Supplemental Indentures................................    45
           SECTION 905.     Conformity with TIA..............................................    45
           SECTION 906.     Reference in Securities to Supplemental Indentures...............    45

ARTICLE TEN COVENANTS........................................................................    46
           SECTION 1001.    Payment of Principal, Premium, if any, Interest and Additional
                            Interest.........................................................    46
           SECTION 1002.    Maintenance of Office or Agency..................................    46
           SECTION 1003.    Money for Securities Payments to Be Held in Trust................    46
           SECTION 1004.    Existence........................................................    47
           SECTION 1005.    Maintenance of Properties........................................    48
           SECTION 1006.    Payment of Taxes and Other Claims................................    48
           SECTION 1007.    Statement as to Compliance.......................................    48
           SECTION 1008.    Additional Interest..............................................    48
           SECTION 1009.    Waiver of Certain Covenants......................................    48
           SECTION 1010.    Covenants Regarding Trust........................................    49

ARTICLE ELEVEN REDEMPTION OF SECURITIES......................................................    49
           SECTION 1101.    Applicability of Article.........................................    49
           SECTION 1102.    Election to Redeem; Notice to Trustee............................    49
           SECTION 1103.    Selection by Trustee of Securities to Be Redeemed................    49
           SECTION 1104.    Notice of Redemption.............................................    50
           SECTION 1105.    Deposit of Redemption Price......................................    51
           SECTION 1106.    Securities Payable on Redemption Date............................    51
           SECTION 1107.    Securities Redeemed in Part......................................    51

ARTICLE TWELVE SINKING FUNDS.................................................................    51
           SECTION 1201.    Applicability of Article.........................................    51
           SECTION 1202.    Satisfaction of Sinking Fund Payments with Securities............    52
           SECTION 1203.    Redemption of Securities for Sinking Fund........................    52

ARTICLE THIRTEEN REPAYMENT AT THE OPTION OF HOLDERS..........................................    52
           SECTION 1301.    Applicability of Article.........................................    52
           SECTION 1302.    Repayment of Securities..........................................    52
           SECTION 1303.    Exercise of Option...............................................    53
</TABLE>

                                      iii
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                                TABLE OF CONTENTS
                                   (CONTINUED)

<TABLE>
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           SECTION 1304.    When Securities Presented for Repayment Become Due and Payable...    53
           SECTION 1305.    Securities Repaid in Part........................................    54

ARTICLE FOURTEEN DEFEASANCE AND COVENANT DEFEASANCE..........................................    54
           SECTION 1401.    Applicability of Article; Company's Option to Effect Defeasance
                            or Covenant Defeasance...........................................    54
           SECTION 1402.    Defeasance and Discharge.........................................    54
           SECTION 1403.    Covenant Defeasance..............................................    55
           SECTION 1404.    Conditions to Defeasance or Covenant Defeasance..................    55
           SECTION 1405.    Deposited Money and Government Obligations to Be Held in Trust;
                            Other Miscellaneous Provisions...................................    57

ARTICLE FIFTEEN SUBORDINATION................................................................    57
           SECTION 1501.    Securities Subordinate to Senior Indebtedness....................    57
           SECTION 1502.    Payment of Proceeds Upon Dissolution, Etc........................    57
           SECTION 1503.    No Payment When Senior Indebtedness in Default...................    58
           SECTION 1504.    Payment Permitted If No Default..................................    59
           SECTION 1505.    Subrogation to Rights of Holders of Senior Indebtedness..........    59
           SECTION 1506.    Provisions Solely to Define Relative Rights......................    59
           SECTION 1507.    Trustee to Effectuate Subordination..............................    60
           SECTION 1508.    No Waiver of Subordination Provisions............................    60
           SECTION 1509.    Trust Moneys Not Subordinated....................................    60
           SECTION 1510.    Notice to the Trustee............................................    61
           SECTION 1511.    Reliance on Judicial Order or Certificate of Liquidating Agent...    61
           SECTION 1512.    Trustee Not Fiduciary for Holders of Senior Indebtedness.........    61
           SECTION 1513.    Rights of Trustee as Holder of Senior Indebtedness;
                            Preservation of Trustee's Rights.................................    62
           SECTION 1514.    Article Applicable to Paying Agents..............................    62
           SECTION 1515.    Reliance by Holders of Senior Indebtedness on Subordination
                            Provisions.......................................................    62

ARTICLE SIXTEEN MISCELLANEOUS PROVISIONS.....................................................    62
           SECTION 1601.    Assignment; Binding Effect.......................................    62
           SECTION 1602.    Additional Interest..............................................    63
           SECTION 1603.    Counterparts.....................................................    63
</TABLE>

                                       iv
<PAGE>

                                D.R. HORTON, INC.

   Reconciliation and tie between Trust Indenture Act of 1939 (the "1939 Act")
                     and Indenture, dated as of ___________

<TABLE>
<CAPTION>
        Trust Indenture Act Section                                                   Indenture Section
<S>                                                                                   <C>
        310(a)(1)..................................................................   607
        (a)(2).....................................................................   607
        (a)(3).....................................................................   Not Applicable
        (a)(4).....................................................................   Not Applicable
        (b)........................................................................   604,607,608

(S)     311(a).....................................................................   611
        311(b)(4)..................................................................   611
        (b)(6).....................................................................   611

        312(a).....................................................................   704
        (b)........................................................................   701
        (c)........................................................................   701

        313(a).....................................................................   702
        313(b).....................................................................   703
        313(c).....................................................................   702,703
        (d)........................................................................   703

        314(a).....................................................................   703,1007
        (a)(4).....................................................................   1007
        (b)........................................................................   Not Applicable
        (c)(1).....................................................................   102
        (c)(2).....................................................................   102
        (c)(3).....................................................................   Not Applicable
        (d)........................................................................   Not Applicable
        (e)........................................................................   102

        315(a).....................................................................   602
        (b)........................................................................   601
        (c)........................................................................   602
        (d)........................................................................   602
        (d)(1).....................................................................   602
        (d)(2).....................................................................   602
        (d)(3).....................................................................   602
        (e)........................................................................   515,608
</TABLE>

                                       v
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<TABLE>
<CAPTION>
Trust Indenture Act Section                                                   Indenture Section
<S>                                                                           <C>
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).....................................................................   111
(c)........................................................................   111
</TABLE>

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

      Attention should also be directed to Section 318(c) of the 1939 Act, which
provides that the provisions of Sections 310 to and including 317 of the 1939
Act are a part of and govern every qualified indenture, whether or not
physically contained therein.

                                       vi
<PAGE>

      INDENTURE, dated as of _____ _, ___, between D.R. HORTON, INC., a
corporation organized under the laws of Delaware (hereinafter called the
"Company"), having its principal office at 1901 Ascension Blvd., Suite 100,
Arlington, Texas 76006 and AMERICAN STOCK TRANSFER & TRUST COMPANY, as Trustee
hereunder (hereinafter called the "Trustee"), having its Corporate Trust Office
at 59 Maiden Lane, New York, New York 10038.

                              RECITALS OF THE TRUST

      The Company deems it necessary to issue from time to time for its lawful
purposes subordinated debentures (hereinafter called the "Securities")
evidencing its unsecured and subordinated indebtedness, and has duly authorized
the execution and delivery of this Indenture to provide for the issuance from
time to time of the Securities, unlimited as to principal amount, to bear
interest at the rates or formulas, to mature at such times and to have such
other provisions as shall be fixed as hereinafter provided.

      This Indenture is subject to the provisions of the Trust Indenture Act of
1939, as amended ("TIA"), that are deemed to be incorporated into this Indenture
and shall, to the extent applicable, be governed by such provisions.

      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 ("Holders"), it is mutually covenanted and
agreed, for the equal and proportionate benefit of all Holders of the
Securities, as follows:

                                   ARTICLE ONE

                        DEFINITIONS AND OTHER PROVISIONS
                             OF GENERAL APPLICATION

      SECTION 101. Definitions. For all purposes of this Indenture, except as
otherwise expressly provided or unless the context otherwise requires:

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

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

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

<PAGE>

            (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 Three, Article Five, Article
Six and Article Ten, are defined in those Articles. In addition, the following
terms shall have the indicated respective meanings:

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

      "Additional Interest" means (i) such additional amounts as may be required
so that the net amounts received and retained by the Holder (if the Holder is
the Securities Trust) after paying taxes, duties, assessments, or governmental
charges of whatever nature (other than withholding taxes) imposed by the United
States or any other taxing authority will not be less than the amounts the
Holder would have received had not such taxes, duties, assessments, or other
governmental charges been imposed; and (ii) such interest as shall accrue on
interest due and not paid on an Interest Payment Date, accruing at the rate
specified for such series in accordance with the terms hereof from the
applicable Interest Payment Date to the date of payment, compounded quarterly,
on each Interest Payment Date, to the extent permitted by applicable law and any
other amounts identified as "Additional Interest" in a Supplemental Indenture.

      "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 authenticating agent appointed by the
Trustee pursuant to Section 612.

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

      "Bankruptcy Law" has the meaning specified in Section 501.

      "Board of Directors" means the board of Directors of the Company, the
executive committee or any committee of that board duly authorized to act
hereunder.

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

                                       2
<PAGE>

      "Business Day," when used with respect to any Place of Payment or any
other particular location referred to in this Indenture or in the Securities,
means, unless otherwise specified with respect to any Securities pursuant to
Section 301, any day, other than a Saturday or Sunday, that is neither a legal
holiday nor a day on which banking institutions in that Place of Payment or
particular location are authorized or required by law, regulation or executive
order to close.

      "Capital Stock" means, with respect to any Person, any capital stock
(including preferred stock), shares, interests, participations or other
ownership interests (however designated) of such Person and any rights (other
than debt securities convertible or exchangeable for corporate stock), warrants
or options to purchase any thereof.

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

      "Company" means the Person named as the "Company" in the first paragraph
of this Indenture 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" and "Company Order" mean, respectively, a written
request or order signed in the name of the Company by the Chairman of the Board,
the Chief Executive Officer, the President, any Vice President, the Chief
Financial Officer, the Secretary, any Assistant Secretary, the Controller, the
Treasurer or any Assistant Treasurer of the Company, and delivered to the
Trustee.

      "Corporate Trust Office" means the office of the Trustee at which, at any
particular time, its corporate trust business shall be principally administered,
which office at the date hereof is located at 59 Maiden Lane, New York, New York
10038.

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

      "Custodian" has the meaning specified in Section 501.

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

      "Dollar" or "$" means a dollar or other equivalent unit in such coin or
currency of the United States as at the time shall be legal tender for the
payment of public and private debts.

      "DTC" means The Depository Trust Company.

      "Event of Default" has the meaning specified in Article Five.

      "Exchange Act" means the Securities Exchange Act of 1934, as amended, and
the rules and regulations promulgated thereunder by the Commission.

                                       3
<PAGE>

      "GAAP" means generally accepted accounting principles, as in effect from
time to time, as used in the United States applied on a consistent basis.

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

      "Guarantee" means a Guarantee Agreement, if any, executed and delivered by
the Company for the benefit of the holders from time to time of all or a portion
of the Trust Preferred Securities of a Securities Trust.

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

      "Indenture" means this instrument as originally executed or as it may from
time to time be supplemented or amended by one or more indentures supplemental
hereto entered into pursuant to the applicable provisions hereof, and shall
include the terms of particular series of Securities established as contemplated
by Section 301; provided, however, that, if at any time more than one Person is
acting as Trustee under this instrument, "Indenture" shall mean, with respect to
any one or more series of Securities for which such Person is Trustee, 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 Securities for which such Person is Trustee established as
contemplated by Section 301, exclusive, however, of any provisions or terms
which relate solely to other series of Securities, regardless of when such terms
or provisions were adopted, and exclusive of any provisions or terms adopted by
means of one or more indentures supplemental hereto executed and delivered after
such Person had become such Trustee but to which such Person, as such Trustee,
was not a party.

      "Interest Payment Date," when used with respect to any Security, means the
Stated Maturity of an installment of interest on such Security, provided that if
any Interest Payment Date is not a Business Day, then the payment of such
installment of interest on such Security shall 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) except that, if such Business Day is in the next
succeeding calendar year, payment of such installment of interest on such
Security shall be made on the immediately preceding Business Day, in each case,
with the same force and effect as if made on such date.

                                       4
<PAGE>

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

      "Officer's Certificate" means a certificate signed by an executive officer
of the Company, and delivered to the Trustee.

      "Opinion of Counsel" means a written opinion of counsel, who may be
counsel for the Company or who may be an employee of or other counsel for the
Company and who shall be reasonably satisfactory to the Trustee.

      "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.

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

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

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

            (iii) Securities, except to the extent provided in Sections 1402 and
1403 with respect to which the Company has effected defeasance and/or covenant
defeasance as provided in Article Fourteen; and

            (iv) 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 any request, demand,
authorization, direction, notice, consent or waiver hereunder, and for the
purpose of making the calculations required by TIA Section 313, (i) the
principal amount of an Original Issue Discount Security that may be counted in
making such determination or calculation and that shall be deemed to be
Outstanding for such purpose shall be equal to the amount of principal thereof
that would be (or shall have been declared to be) due and payable, at the time
of such determination, upon a declaration of

                                       5
<PAGE>

acceleration of the maturity thereof pursuant to Section 502 and (ii) Securities
owned by the Company or another 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 making such calculation or in relying upon any such request, demand,
authorization, direction, notice, consent or waiver, only Securities which the
Trustee knows to be so owned shall be so disregarded. Securities so owned which
have been pledged in good faith may be regarded as outstanding if the pledgee
establishes to the satisfaction of the Trustee the pledgee's right so to act
with respect to such Securities and that the pledgee is not the Company or any
other obligor upon the Securities or an Affiliate of the Company or of such
other obligor.

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

      "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.

      "Place of Payment," when used with respect to the Securities of or within
any series, means the place or places where the principal of (and premium, if
any) and interest on such Securities are payable as specified as contemplated by
Sections 301 and 1002.

      "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.

      "Redemption Date," when used with respect to any Security to be redeemed,
in whole or in part, means the date fixed for such redemption by or pursuant to
this Indenture, provided that if any Redemption Date is not a Business Day, then
the payment of such Redemption Price on such Security shall 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) except that, if such Business Day is in
the next succeeding calendar year, payment of such Redemption Price on such
Security shall be made on the immediately preceding Business Day, in each case,
with the same force and effect as if made on such date.

      "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 or within any series means the date specified for that
purpose as contemplated by Section 301, whether or not a Business Day.

      "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.

      "Repayment Price" means, when used with respect to any Security to be
repaid at the option of the Holder, the price at which it is to be repaid by or
pursuant to this Indenture.

                                       6
<PAGE>

      "Responsible Officer," when used with respect to the Trustee, means the
chairman or vice-chairman of the board of directors, the chairman or
vice-chairman of the executive committee of the board of directors, the
president, any vice president (whether or not designated by a number or a word
or words added before or after the title "vice president"), the secretary, any
assistant secretary, the treasurer, any assistant treasurer, any corporate trust
officer, the 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 such officer's
knowledge and familiarity with the particular subject.

      "Securities Act" means the Securities Act of 1933, as amended, and the
rules and regulations promulgated thereunder by the Commission.

      "Securities Trust" means any statutory trust formed by the Company or an
Affiliate to issue Trust Securities, the proceeds of which will be used to
purchase Securities of one or more series.

      "Security" has the meaning stated in the first recital of this Indenture
and, more particularly, means any Security or Securities authenticated and
delivered under this Indenture; provided, however, that, if at any time there is
more than one Person acting as Trustee under this Indenture, "Securities" with
respect to the Indenture as to which such Person is Trustee shall have the
meaning stated in the first recital of this Indenture and shall more
particularly mean Securities authenticated and delivered under this Indenture,
exclusive, however, of Securities of any series as to which such Person is not
Trustee.

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

      "Senior Indebtedness" means, with respect to any Person, (i) any payment
due in respect of indebtedness of such Person, whether outstanding at the date
of execution of this Indenture or thereafter incurred, created, or assumed, (a)
in respect of money borrowed (including all obligations under credit facilities,
whether for principal, interest, fees, expenses or indemnities, and including
any swap, financial derivative, hedging or futures contract or similar
instrument) and (b) evidenced by securities, debentures, bonds, notes or other
similar instruments issued by such Person, including all obligations under its
indentures with various trustees; (ii) all capital lease obligations,unless the
instrument under which such indebtedness of such Person for money borrowed is
incurred expressly provides that such indebtedness is not senior or superior in
right of payment to the Securities of the applicable series; (iii) all
obligations issued or assumed as the deferred purchase price of property, all
conditional sale obligations and all obligations of such Person under any title
retention agreement (but excluding trade accounts payable arising in the
ordinary course of business); (iv) all obligations for the reimbursement of any
letter of credit, banker's acceptance, security purchase facility or similar
credit transaction; (v) all obligations of the type referred to in clauses (i)
through (iv) above of other Persons the payment of which such Person is
responsible or liable as obligor, guarantor or otherwise; and (vi) all
obligations of the type referred to in clauses (i) through (v) above of other
Persons secured by any lien on any property or asset of such Person (whether or
not such obligation is assumed by such Person), except for (1) any such
indebtedness that is by its terms subordinated to or pari passu with the

                                       7
<PAGE>

Securities and (2) any unsecured indebtedness between or among such Person or
its Affiliates. Such Senior Indebtedness shall continue to be entitled to the
benefits of the subordination provisions contained in Article Fifteen
irrespective of any amendment, modification or waiver of any term of such Senior
Indebtedness.

      "Significant Subsidiary" means any Subsidiary which is a "significant
subsidiary" (as defined in Article I, Rule 1-02 of Regulation S-X, promulgated
under the Securities Act of 1933) of the Company.

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

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

      "Subsidiary" means a Corporation a majority of the outstanding voting
stock of which is owned, directly or indirectly, by the Company or by one or
more other Subsidiaries of the Company. For the purposes of this definition,
"voting stock" means Capital Stock having voting power for the election of
directors, members or body performing similar functions, whether at all times or
only so long as no senior class of stock has such voting power by reason of any
contingency.

      "Trust Agreement," when used with respect to a Securities Trust, means the
agreement or instrument that governs the affairs of such Securities Trust.

      "Trust Common Securities" means the common securities issued by a
Securities Trust, which securities represent an undivided beneficial ownership
interest in the assets of such Securities Trust and have the rights provided
therefor in the Trust Agreement.

      "Trust Indenture Act" or "TIA" means the Trust Indenture Act of 1939, as
amended and as in effect from time to time.

      "Trust Preferred Securities" means the preferred securities issued by a
Securities Trust, which securities represent an undivided beneficial ownership
interest in the assets of such Securities Trust and have the rights and
preferences provided therefor in the Trust Agreement.

      "Trust Securities" means the Trust Common Securities and the Trust
Preferred Securities.

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

      "United States" means the United States of America.

                                       8
<PAGE>

      "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.

      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 Officer's
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 (including certificates delivered
pursuant to Section 1009) shall include:

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

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

            (3) a statement that, in the opinion of each such individual, he has
made such examination or investigation as is necessary to enable him to express
an informed opinion as to whether or not such condition or covenant 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 as 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 an Opinion of Counsel, or a
certificate or representations by counsel, unless such officer knows, or in the
exercise of reasonable care should know, that the opinion, certificate or
representations with respect to the matters upon which his certificate or
opinion is based are erroneous. Any such Opinion of Counsel or certificate or
representations 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 as to such factual matters is

                                       9
<PAGE>

in the possession of the Company, unless such counsel knows that the certificate
or opinion or representations as 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 of the Outstanding Securities of one or more series, as the case may be,
may be embodied in and evidenced by one or more instruments of substantially
similar tenor signed by such Holders in person or by agents 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 such an instrument or of a writing appointing
any such agent, or of the holding by any Person of a Security, shall be
sufficient for any purpose of this Indenture.

            (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 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 an other reasonable manner which the Trustee deems sufficient.

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

            (d) If the Company shall solicit from the Holders of Securities any
request, demand, authorization, direction, notice, consent, waiver or other Act,
the Company may, at its option, in or pursuant to a Board Resolution, fix in
advance a record date for the determination of Holders entitled to give such
request, demand, authorization, direction, notice, consent, waiver or other Act,
but the Company shall have no obligation to do so. Notwithstanding TIA Section
316(c), such record date shall be the record date specified in or pursuant to
such Board Resolution, which shall be a date not earlier than the date 30 days
prior to the first solicitation of Holders generally in connection therewith and
not later than the date such solicitation is completed. If such a record date is
fixed, such request, demand, authorization, direction, notice, consent, waiver
or other Act may be given before or after such record date, but only the Holders
of record at the close of business on such record date shall be deemed to be
Holders for the purposes of determining whether Holders of the requisite
proportion of Outstanding Securities have authorized or agreed or consented to
such request, demand, authorization, direction, notice, consent, waiver or other
Act, and for that purpose the Outstanding Securities shall be computed

                                       10
<PAGE>

as of such record date; provided that no such authorization, agreement or
consent by the Holders on such record date shall be deemed effective unless it
shall become effective pursuant to the provisions of this Indenture not later
than eleven months after the record date.

            In the absence of any such record date fixed by the Company,
regardless as to whether a solicitation of the Holders is occurring on behalf of
the Company or any Holder, the Trustee may, at its option, fix in advance a
record date for the determination of such Holders entitled to receive such
request, demand, authorization, direction, notice, consent, waiver or other Act,
but the Trustee shall have no obligation to do so. Any such record date shall be
a date not more than 30 days prior to the first solicitation of Holders
generally in connection therewith no later than the date of such solicitation.

            (e) 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, any
Security Registrar, any Paying Agent, any Authenticating Agent or the Company in
reliance thereon, whether or not notation of such action is made upon such
Security.

      SECTION 105. Notices, etc., to Trustee and Company. Any request, demand,
authorization, direction, notice, consent, waiver or Act of Holders or other
document provided or permitted by this Indenture to be made upon, given or
furnished to, or filed with,

            (1) the Trustee by a 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 the Corporate Trust Office; Attention: Corporate Trust
Administration.

            (2) the Company by the Trustee or by any Holder shall be sufficient
for every purpose hereunder (unless otherwise herein expressly provided) if in
writing and mailed, first class postage prepaid, to the Company addressed to it
at the address of its principal office specified in the first paragraph of this
Indenture 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 of any event to Holders of Securities by the Company or the Trustee, such
notice shall be sufficiently given (unless otherwise herein expressly provided)
if in writing and mailed first-class postage prepaid, to each such 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 any case where notice to Holders of
Securities is given by mail, neither the failure to mail such notice, nor any
defect in any notice so mailed, to any particular Holder shall affect the
sufficiency of such notice with respect to other Holders of Securities given as
provided herein. Any notice mailed to a Holder in the manner herein prescribed
shall be conclusively deemed to have been received by such Holder, whether or
not such Holder actually receives such notice.

      If by reason of the suspension of or irregularities in regular mail
service or by reason of any other cause it shall be impracticable to give such
notice by mail, then such notification to

                                       11
<PAGE>

Holders of Securities as shall be made with the approval of the Trustee shall
constitute a sufficient notification to such Holders for every purpose
hereunder.

      Where this Indenture provides for notice in any manner, such notice may be
waived in writing by the Person entitled to receive such notice, either before
or after the event, and such waiver shall be the equivalent of such notice.
Waivers of notice by Holders 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. Effect of Headings and Table of Contents. The Article and
Section headings herein and the Table of Contents are for convenience only and
shall not affect the construction hereof.

      SECTION 108. 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 109. Separability Clause. In case any provision in this Indenture
or in any Security 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 110. Benefits of Indenture. Nothing in this Indenture or in the
Securities, express or implied, shall give to any Person, other than the parties
hereto, any Security Registrar, any Paying Agent, any Authenticating Agent and
their successors hereunder and the Holders any benefit or any legal or equitable
right, remedy or claim under this Indenture.

      SECTION 111. Governing Law. This Indenture and the Securities shall be
governed by and construed in accordance with the law of the State of New York.
This Indenture is subject to the provisions of the TIA that are required to be
part of this Indenture and shall, to the extent applicable, be governed by such
provisions.

      SECTION 112. Legal Holidays. In any case where any Interest Payment Date,
Redemption Date, Repayment Date, sinking fund payment date, Stated Maturity or
Maturity of any Security shall not be a Business Day at any Place of Payment,
then (notwithstanding any other provision of this Indenture or any Security
other than a provision in the Securities of any series which specifically states
that such provision shall apply in lieu hereof), payment of interest or any
Additional 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, Redemption Date, Repayment Date or sinking fund payment
date, or at the Stated Maturity or Maturity, provided that no interest shall
accrue on the amount so payable for the period from and after such Interest
Payment Date, Redemption Date, Repayment Date, sinking fund payment date, Stated
Maturity or Maturity, as the case may be.

      SECTION 113. 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 Securities or this Indenture or for any claim based on, in respect of or by
reason of such obligations or their creation. By accepting a

                                       12
<PAGE>

Security, each Holder shall waive and release all such liability. Such waiver
and release shall be part of the consideration for the issue of the Securities.

                                   ARTICLE TWO

                                SECURITIES FORMS

      SECTION 201. Form of Securities. The Securities of each series shall be in
substantially the forms as shall be established in one or more indentures
supplemental hereto or approved from time to time by or pursuant to a Board
Resolution in accordance with Section 301, shall have such appropriate
insertions, omissions, substitutions and other variations as are required or
permitted by this Indenture or any indenture supplemental hereto, and may have
such letters, numbers or other marks of identification or designation and such
legends or endorsements placed thereon as the Company may deem appropriate and
as are not inconsistent with the provisions of this Indenture, or as may be
required to comply with any law or with any rule or regulation made pursuant
thereto or with any rule or regulation of any stock exchange on which the
Securities may be listed, or to conform to usage.

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

      SECTION 202. Form of Trustee's Certificate of Authentication. Subject to
Section 612, the Trustee's certificate of authentication shall be in
substantially the following form:

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

                                     American Stock Transfer & Trust Company
                                     as Trustee

                                     By:______________________________________
                                        Authorized Signatory

      SECTION 203. Securities Issuable in Global Form. If Securities of or
within a series are issuable in global form, as specified as contemplated by
Section 301, then, notwithstanding clause (8) of Section 301 and the provisions
of Section 302, any such Security shall represent such of the Outstanding
Securities of such series as shall be specified therein and may provide that it
shall represent the aggregate amount of Outstanding Securities of such series
from time to time endorsed thereon and that the aggregate amount of Outstanding
Securities of such series represented thereby may from time to time be increased
or decreased to reflect exchanges. Any endorsement of a Security in global form
to reflect the amount, or any increase or decrease in the amount, of Outstanding
Securities represented thereby shall be made by the Trustee in such manner and
upon instructions given by such Person or Persons as shall be specified therein
or in the Company Order to be delivered to the Trustee pursuant to Section 303
or 304. Subject to the provisions of Section 303 and, if applicable, Section
304, the Trustee shall deliver and redeliver

                                       13
<PAGE>

any security in permanent global form in the manner and upon instructions given
by the Person or Persons specified therein or in the applicable Company Order.
If a Company Order pursuant to Section 303 or 304 has been, or simultaneously
is, delivered, any instructions by the Company with respect to endorsement or
delivery or redelivery of a Security in global form shall be in writing but need
not comply with Section 102 and need not be accompanied by an Opinion of
Counsel.

      The provisions of the last sentence of Section 303 shall apply to any
security represented by a Security in global form if such Security was never
issued and sold by the Company and the Company delivers to the Trustee the
Security in global form together with written instructions (which need not
comply with Section 102 and need not be accompanied by an Opinion of Counsel)
with regard to the reduction in the principal amount of Securities represented
thereby together with the written statement contemplated by the last sentence of
Section 303.

      Notwithstanding the provisions of Section 307, unless otherwise specified
as contemplated by Section 301, payment of principal of and any premium and
interest on any Security in permanent global form shall be made to the Person or
Persons specified therein.

      Notwithstanding the provisions of Section 308 and except as provided in
the preceding paragraph, the Company, the Trustee and any agent of the Company
and the Trustee shall treat as the Holder of such principal amount of
Outstanding Securities represented by a permanent global Security the Holder of
such permanent global Security.

                                  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 one or more Board Resolutions or pursuant to authority granted by
one or more Board Resolutions and, subject to Section 303, set forth, or
determined in the manner provided, in an Officer's Certificate, or established
in one or more indentures supplemental hereto, prior to the issuance of
Securities of any series, any or all of the following, as applicable (each of
which (except for the matters set forth in clauses (1), (2) and (13) below), if
so provided, may be determined from time to time by the Company with respect to
unissued Securities of the series when issued from time to time):

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

            (2) any limit upon the aggregate principal amount of the Securities
of the series that may be authenticated and delivered under this Indenture
(except for Securities authenticated and delivered upon registration of,
transfer of, or in exchange for, or in lieu of, other Securities of the series
pursuant to Section 304, 305, 306, 906, 1107 or 1305);

                                       14
<PAGE>

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

            (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 will be payable and the Regular Record Date, if
any, for the interest payable on any Security on an Interest Payment Date, or
the method by which such date shall be determined, any option to extend the
Interest Payment Period(1) and the basis upon which interest shall be calculated
if other than that of a 360-day year of twelve 30-day months;

            (5) the place or places, if any, other than or in addition to the
Borough of Manhattan, New York City, where the principal of (and premium, if
any), interest, if any, on, and Additional Interest, if any, payable in respect
of, Securities of the series shall be payable, any Securities of the series may
be surrendered for registration of, transfer or exchange and notices or demands
to or upon the Company in respect of the Securities of the series and this
Indenture may be served;

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

            (7) the obligation, if any, of the Company to redeem, repay or
purchase Securities 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 or the date or dates on which, the price or prices at which, and other
terms and conditions upon which Securities of the series shall be redeemed,
repaid or purchased, in whole or in part, pursuant to such obligation;

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

            (9) if other than the Trustee, the identity of each Security
Registrar and/or Paying Agent;

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

            (11) whether the amount of payments of principal of (and premium, if
any) or interest, if any, on the Securities of the series may be determined with
reference to an index, formula or other method, and the manner in which such
amounts shall be determined;

----------
(1) See Schedule 301 for the form of option to extend interest payment period.

                                       15
<PAGE>

            (12) provisions, if any, granting special rights to the Holders of
Securities of the series upon the occurrence of such events as may be specified;

            (13) any deletions from, modifications of or additions to the Events
of Default or covenants of the Company with respect to Securities of the series,
whether or not such Events of Default or covenants are consistent with the
Events of Default or covenants set forth herein;

            (14) whether any Securities of the series are to be issuable
initially in temporary global form and whether any Securities of the series are
to be issuable in permanent global form and, if so, whether beneficial owners of
interests in any such permanent global Security may exchange such interests for
Securities of such series and of like tenor of any authorized form and
denomination and the circumstances under which any such exchanges may occur, if
other than in the manner provided in Section 305, and, if Securities of the
series are to be issuable as a global Security, the identity of the depositary
for such series;

            (15) the date as of which any temporary global Security representing
Outstanding Securities of the series shall be dated if other than the date of
original issuance of the first Security of the series to be issued;

            (16) the Person to whom any interest on any Security of the series
shall be payable, if other than the Person in whose name that Security (or one
or more Predecessor Securities) is registered at the close of business on the
Regular Record Date for such interest, and the extent to which, or the manner in
which, any interest payable on a temporary global Security on an Interest
Payment Date will be paid if other than in the manner provided in Section 304;

            (17) the applicability, if any, of Sections 1402 and/or 1403 to the
Securities of the series and any provisions in modification of, in addition to
or in lieu of any of the provisions of Article Fourteen;

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

            (19) whether and under what circumstances the Company will pay
Additional Interest as contemplated by Section 1008 on the Securities of the
series; and

            (20) any other terms of the series (which terms may be inconsistent
with the provisions of this Indenture).

      All Securities of any one series shall be substantially identical except
as to denomination and except as may otherwise be provided in or pursuant to
such Board Resolution (subject to Section 303) and set forth in such Officer's
Certificate or in any such indenture supplemental hereto. All Securities of any
one series need not be issued at the same time and, unless otherwise provided, a
series may be reopened, without the consent of the Holders, for issuances of
additional Securities of such series.

                                       16
<PAGE>

      If any of the terms of the Securities of any series is established by
action taken pursuant to one or more Board Resolutions, a copy of an appropriate
record of such action(s) shall be certified by the Secretary or an Assistant
Secretary of the Company and delivered to the Trustee at or prior to the
delivery of the Officer's Certificate setting forth the terms of the Securities
of such series.

      SECTION 302. Denominations. The Securities of each series shall be
issuable in such denominations as shall be specified as contemplated by Section
301. In the absence of any such provisions with respect to the Securities of any
series, the Securities of such series, other than Securities issued in global
form (which may be of any denomination), 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 an executive officer of
the Company and attested by its Secretary or one of its Assistant Secretaries.
The signature of any of these individuals on the Securities may be manual or
facsimile signatures of the present or any future such authorized officer and
may be imprinted or otherwise reproduced on the Securities.

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

      At any time and from time to time after the execution and delivery of this
Indenture, the Company may deliver Securities of any series executed by the
Company to the Trustee for authentication, together with 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 all the Securities of any series are not to be issued at one time and
if the Board Resolution or supplemental indenture establishing such series shall
so permit, such Company Order may set forth procedures acceptable to the Trustee
for the issuance of such Securities and determining the terms of particular
Securities of such series, such as interest rate or formula, maturity date, date
of issuance and date from which interest shall accrue. 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 TIA Section 315(a) through 315(d)) shall be fully protected in
relying upon,

            (i) an Opinion of Counsel stating that

                  (a) the form or forms of such Securities have been established
            in conformity with the provisions of this Indenture;

                  (b) the terms of such Securities have been established in
            conformity with the provisions of this Indenture; and

                  (c) such Securities, when completed by appropriate insertions
            and executed and delivered by the Company to the Trustee for
            authentication in

                                       17
<PAGE>

            accordance with this Indenture, authenticated and delivered by the
            Trustee in accordance with this Indenture and issued by the Company
            in the manner and subject to any conditions specified in such
            Opinion of Counsel, will constitute legal, valid and binding
            obligations of the Company, enforceable in accordance with their
            terms, subject to applicable bankruptcy, insolvency, reorganization
            and other similar laws of general applicability relating to or
            affecting the enforcement of creditors' rights generally and to
            general equitable principles; and

            (ii) an Officer's Certificate stating that all conditions precedent
      provided for in this Indenture relating to the issuance of the Securities
      have been complied with and that, to the best of the knowledge of the
      signers of such certificate, no Event of Default with respect to any of
      the Securities shall have occurred and be continuing.

      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,
obligations 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 the Securities of any series are not to be issued at one time,
it shall not be necessary to deliver an Officer's Certificate otherwise required
pursuant to Section 301 or a Company Order, or an Opinion of Counsel or an
Officer's Certificate otherwise required pursuant to the preceding paragraph at
the time of issuance of each Security of such series, but such order, opinion
and certificates, with appropriate modifications to cover such future issuances,
shall be delivered at or before the time of issuance of the first Security of
such series.

      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 duly
executed by the Trustee by manual signature of an authorized signatory and such
certificate upon any Security shall be conclusive evidence, and the only
evidence, that such Security has been duly authenticated and delivered hereunder
and is entitled to the benefits of this Indenture. Notwithstanding the
foregoing, if any Security shall have been authenticated and delivered hereunder
but never issued and sold by the Company, and the Company shall deliver such
Security to the Trustee for cancellation as provided in Section 309 together
with a written statement (which need not comply with Section 102 and need not be
accompanied by an Opinion of Counsel) stating that such Security has never been
issued and sold by the Company, 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

                                       18
<PAGE>

any authorized denomination, substantially of the tenor of the definitive
Securities in lieu of which they are issued, in registered form, and with such
appropriate insertions, omissions, substitutions and other variations as the
officers executing such Securities may determine, as conclusively evidenced by
their execution of such Securities. In the case of Securities of any series,
such temporary Securities may be in global form.

            Except in the case of temporary Securities in global form (which
shall be exchanged as provided in or pursuant to a Board Resolution), 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 a like principal amount of definitive Securities of the
same series of authorized denominations. Until so exchanged, the temporary
Securities of any series shall in all respects be entitled to the same benefits
under this Indenture as definitive Securities of such series.

      SECTION 305. Registration, Registration of Transfer and Exchange. The
Company shall cause to be kept at the Corporate Trust Office of the Trustee or
in any office or agency of the Company in a Place of Payment a register for each
series of Securities (the registers maintained in such office or in any such
office or agency of the Company in a Place of Payment being herein sometimes
referred to collectively 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 Security Register
shall be in written form or any other form capable of being converted into
written form within a reasonable time. The Trustee, at its Corporate Trust
Office, is hereby appointed "Security Registrar" for the purpose of registering
Securities and transfers of Securities on such Security Register as herein
provided. In the event that the Trustee shall cease to be Security Registrar, it
shall have the right to examine the Security Register at all reasonable times.

      Subject to the provisions of this Section 305, upon surrender for
registration of transfer of any Security of any series at any 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 a like aggregate principal amount, bearing a
number not contemporaneously outstanding, and containing identical terms and
provisions.

      Subject to the provisions of this Section 305, at the option of the
Holder, Securities of any series may be exchanged for other Securities of the
same series, of any authorized denomination or denominations and of a like
aggregate principal amount, containing identical terms and provisions, upon
surrender of the Securities to be exchanged at any such office or agency.
Whenever any such 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.

                                       19
<PAGE>

      Notwithstanding the foregoing, except as otherwise specified as
contemplated by Section 301, any permanent global Security shall be exchangeable
only as provided in this paragraph. If the depositary for any permanent global
Security is DTC, then, unless the terms of such global Security expressly permit
such global Security to be exchanged in whole or in part for definitive
Securities, a global Security may be transferred, in whole but not in part, only
to a nominee of DTC, or by a nominee of DTC to DTC, or to a successor to DTC for
such global Security selected or approved by the Company or to a nominee of such
successor to DTC. If at any time DTC notifies the Company that it is unwilling
or unable to continue as depositary for the applicable global Security or
Securities or if at any time DTC ceases to be a clearing agency registered under
the Securities Exchange Act of 1934 if so required by applicable law or
regulation, the Company shall appoint a successor depositary with respect to
such global Security or Securities. If (x) a successor depositary for such
global Security or Securities is not appointed by the Company within 90 days
after the Company receives such notice or becomes aware of such unwillingness,
inability or ineligibility, (y) an Event of Default has occurred and is
continuing and the beneficial owners representing a majority in principal amount
of the applicable series of Securities represented by such global Security or
Securities advise DTC to cease acting as depositary for such global Security or
Securities or (z) the Company, in its sole discretion, determines at any time
that all Outstanding Securities (but not less than all) of any series issued or
issuable in the form of one or more global Securities shall no longer be
represented by such global Security or Securities, then the Company shall
execute, and the Trustee shall authenticate and deliver definitive Securities of
like series, rank, tenor and terms in definitive form in an aggregate principal
amount equal to the principal amount of such global Security or Securities. If
any beneficial owner of an interest in a permanent global Security is otherwise
entitled to exchange such interest for Securities of such series and of like
tenor and principal amount of another authorized form and denomination, as
specified as contemplated by Section 301 and provided that any applicable notice
provided in the permanent global Security shall have been given, then without
unnecessary delay but in any event not later than the earliest date on which
such interest may be so exchanged, the Company shall execute, and the Trustee
shall authenticate and deliver definitive Securities in aggregate principal
amount equal to the principal amount of such beneficial owner's interest in such
permanent global Security. On or after the earliest date on which such interests
may be so exchanged, such permanent global Security shall be surrendered for
exchange by DTC or such other depositary as shall be specified in the Company
Order with respect thereto to the Trustee, as the Company's agent for such
purpose; provided, however, that no such exchanges may occur during a period
beginning at the opening of business 15 days before any selection of Securities
to be redeemed and ending on the relevant Redemption Date if the Security for
which exchange is requested may be among those selected for redemption. If a
Security is issued in exchange for any portion of a permanent global Security
after the close of business at the office or agency where such exchange occurs
on (i) any Regular Record Date and before the opening of business at such office
or agency on the relevant Interest Payment Date, or (ii) any Special Record Date
and the opening of business at such office or agency on the related proposed
date for payment of Defaulted Interest, interest or Defaulted Interest, as the
case may be, will not be payable on such Interest Payment Date or proposed date
for payment, as the case may be, in respect of such Security, but will be
payable on such Interest Payment Date or proposed date for payment, as the case
may be, only to the Person to whom interest in respect of such portion of such
permanent global Security is payable in accordance with the provisions of this
Indenture.

                                       20
<PAGE>

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

      Every Security presented or surrendered for registration of transfer or
for exchange or redemption shall (if so required by the Company or the Security
Registrar) 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, other than
exchanges pursuant to Section 304, 906, 1107 or 1305 not involving an transfer.

      The Company or the Trustee, as applicable, shall not be required (i) to
issue, register the transfer of or exchange any Security if such Security may be
among those selected for redemption during a period beginning at the opening of
business 15 days before selection of the Securities to be redeemed under Section
1103 and ending at the close of business on the day of the mailing of the
relevant notice of redemption or (ii) to register the transfer of or exchange
any Security so selected for redemption in whole or in part, except, in the case
of any Security to be redeemed in part, the portion thereof not to be redeemed,
or (iii) to issue, register the transfer of or exchange any Security which has
been surrendered for repayment at the option of the Holder, except the portion,
if any, of such Security not to be so repaid.

      SECTION 306. Mutilated, Destroyed, Lost and Stolen Securities. If any
mutilated Security is surrendered to the Trustee or the Company, together with,
in proper cases, such security or indemnity as may be required by the Company or
the Trustee to save each of them or any agent of either 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 principal amount, containing
identical terms and provisions and bearing a number not contemporaneously
outstanding.

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

      Notwithstanding the provisions of the previous two paragraphs, 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.

                                       21
<PAGE>

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

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

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

      SECTION 307. Payment of Interest; Interest Rights Preserved. Except as
otherwise specified with respect to a series of Securities in accordance with
the provisions of Section 301, interest on any Security 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 Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date
for such interest at the office or agency of the Company maintained for such
purpose pursuant to Section 1002; provided, however, that each installment of
interest on any Security may, at the Company's option, be paid by (i) mailing a
check for such interest, payable to or upon the written order of the Person
entitled thereto pursuant to Section 308, to the address of such Person as it
appears on the Security Register or (ii) transfer to an account maintained by
the payee.

      Unless otherwise provided as contemplated by Section 301, every permanent
global Security will provide that interest, if any, payable on any Interest
Payment Date will be paid to DTC with respect to that portion of such permanent
global Security held for its account by Cede & Co. for the purpose of permitting
such party to credit the interest received by it in respect of such permanent
global Security to the accounts of the beneficial owners thereof.

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

            (1) The Company may elect to make payment of any Defaulted Interest
to the Persons in whose names the Securities of such series (or their respective
Predecessor Securities) are registered at the close of business on a Special
Record Date for the payment of such Defaulted Interest, which shall be fixed in
the following manner. The Company shall notify the Trustee in writing of the
amount of Defaulted Interest proposed to be paid on each Security of such series
and the date of the proposed payment (which shall not be less than 20 days after
such notice is received by the Trustee), and at the same time the Company shall
deposit with the Trustee dollars in an amount equal to the aggregate amount
proposed to be paid in respect to

                                       22
<PAGE>

such Defaulted Interest or shall make arrangements satisfactory to the Trustee
for such deposit on or prior to the date of the proposed payment, such money
when deposited to be held in trust for the benefit of the Persons entitled to
such Defaulted Interest as in this clause provided. Thereupon the Trustee shall
fix a Special Record Date for the payment of such Defaulted Interest which shall
be not more than 15 days and not less than 10 days prior to the date of the
proposed payment and not less than 10 days after the receipt by the Trustee of
the notice of the proposed payment. The Trustee shall promptly notify the
Company of such Special Record Date and, in the name and at the expense of the
Company, shall cause notice of the proposed payment of such Defaulted Interest
and the Special Record Date therefor to be mailed, first-class postage prepaid,
to each Holder of Securities of such series at his address as it appears in the
Security Register not less than 10 days prior to such Special Record Date. The
Trustee may, in its discretion, in the name and at the expense of the Company,
cause a similar notice to be published at least once in an Authorized Newspaper
in each place of payment, but such publications shall not be a condition
precedent to the establishment of such Special Record Date. Notice of the
proposed payment of such Defaulted Interest and the Special Record Date therefor
having been mailed as aforesaid, such Defaulted Interest shall be paid to the
Persons in whose names the Securities of such series (or their respective
Predecessor Securities) are registered at the close of business on such Special
Record Date and shall no longer be payable pursuant to the following clause (2).

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

      Subject to the foregoing provisions of this Section 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. Persons Deemed Owners. Prior to due presentment of a Security
for registration of transfer, the Company, the Trustee and any agent of the
Company or the Trustee may treat the Person in whose name such Security is
registered as the owner of such Security for the purpose of receiving payment of
principal of (and premium, if any), and (subject to Sections 305 and 307)
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.

      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 Security in global form or for maintaining, supervising or
reviewing any records relating to such beneficial ownership interests.

      Notwithstanding the foregoing, with respect to any global Security,
nothing herein shall prevent the Company, the Trustee, or any agent of the
Company or the Trustee, from giving effect to any written certification, proxy
or other authorization furnished by any depositary, as a

                                       23
<PAGE>

Holder, with respect to such global Security or impair, as between such
depositary and owners of beneficial interests in such global Security, the
operation of customary practices governing the exercise of the rights of such
depositary (or its nominee) as Holder of such global Security.

      SECTION 309. Cancellation. All Securities surrendered for payment,
redemption, repayment at the option of the Holder, 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 any such
Securities and Securities surrendered directly to the Trustee for any such
purpose 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. If the Company shall so
acquire any of the Securities, however, such acquisition shall not operate as a
redemption or satisfaction of the indebtedness represented by such Securities
unless and until the same are surrendered to the Trustee for cancellation. No
Securities shall be authenticated in lieu of or in exchange for any Securities
canceled as provided in this Section, except as expressly permitted by this
Indenture. Canceled Securities held by the Trustee shall be destroyed by the
Trustee and the Trustee shall deliver a certificate of such destruction to the
Company, unless by a Company Order the Company directs their return to it.

      SECTION 310. Computation of Interest. Except as otherwise specified as
contemplated by Section 301 with respect to Securities of any series, interest
on the Securities 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. Satisfaction and Discharge of Indenture. This Indenture shall
upon Company Request cease to be of further effect with respect to any series of
Securities specified in such Company Request (except as to any surviving rights
of registration of transfer or exchange of Securities of such series herein
expressly provided for and any right to receive Additional Interest, as provided
in Section 1008), and the Trustee, upon receipt of a Company Order, and at the
expense of the Company, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture as to such series when

            (1) either

                  (A) all Securities of such series theretofore authenticated
            and delivered (other than (i) as provided in Section 305, Securities
            of such series which have been destroyed, lost or stolen and which
            have been replaced or paid as provided in Section 306, and (ii)
            Securities of such series 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

                                       24
<PAGE>

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

                        (i) have become due and payable, or

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

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

and the Company, in the case of (i), (ii) or (iii) above, has irrevocably
deposited or caused to be deposited with the Trustee as trust funds in trust for
the purpose and 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 premium, if any) and interest, and any
Additional Interest with respect thereto, to the date of such deposit (in the
case of Securities which have become due and payable) or to the Stated Maturity
Redemption Date, as the case may be;

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

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

      Notwithstanding the satisfaction and discharge of this Indenture, the
obligations of the Company to the Trustee and any predecessor Trustee under
Section 606, the obligations of the Company to any Authenticating Agent under
Section 611 and, if money shall have been deposited with and held by 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.

      SECTION 402. Application of Trust Funds. 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 premium, if any), and any interest and Additional Interest for
whose payment such money has been deposited with or received by the Trustee, but
such money need not be segregated from other funds except to the extent required
by law.

                                  ARTICLE FIVE

                                    REMEDIES

      SECTION 501. Events of Default. "Event of Default," wherever used herein
with respect to any particular series of Securities, means any one of the
following events (whatever

                                       25
<PAGE>

the reason for such Event of Default and whether or not 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 on an Interest Payment Date other than at
Maturity, including Additional Interest (as defined in clause (ii) of the
definition thereof) in respect thereof, and continuance of such default for a
period of thirty (30) days; provided, however, that a valid extension of the
interest payment period by the Company pursuant to the terms of a supplemental
indenture authorizing the Security of that series shall not constitute a default
in the payment of interest for this purpose; or

            (2) default in the payment of Additional Interest (as defined in
clause (i) of the definition thereof) and the continuance of such default for a
period of thirty (30) days; or

            (3) default in the payment of the principal of, (or premium, if any)
or interest (including Additional Interest (as defined in clause (ii) of the
definition thereof)) on any Security of that series at its Maturity; or

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

            (5) default in the performance, or breach, of any covenant or
warranty of the Company in this Indenture with respect to any Security of that
series (other than a covenant or warranty a default in whose performance or
whose breach is elsewhere in this Section specifically dealt with), and
continuance of such default or breach for a period of 60 days after there has
been given, by registered or certified mail, to the Company by the Trustee or to
the Company and the Trustee by the Holders of at least 25% in principal amount
of the Outstanding Securities of that series a written notice specifying such
default or breach and requiring it to be remedied and stating that such notice
is a "Notice of Default" hereunder; or

            (6) default under any bond, debenture, note or other evidence of
indebtedness for money borrowed by the Company (including obligations under
leases required to be capitalized on the balance sheet of the lessee under
generally accepted accounting principles, but not including any indebtedness or
obligations for which recourse is limited to property purchased) in an aggregate
principal amount in excess of $25,000,000 or under any mortgage, indenture or
instrument under which there may be issued or by which there may be secured or
evidenced any indebtedness for money borrowed by the Company (including such
leases but not including such indebtedness or obligations for which recourse is
limited to property purchased) in an aggregate principal amount in excess of
$25,000,000 by the Company, whether such indebtedness now exists or shall
hereafter be created, which default shall have resulted in such indebtedness
becoming or being declared due and payable prior to the date on which it would
otherwise have become due and payable or such obligations being accelerated,
without such acceleration having been rescinded or annulled; or

            (7) the Company or any Significant Subsidiary pursuant to or within
the meaning of any Bankruptcy Law:

                                       26
<PAGE>

                  (A) commences a voluntary case,

                  (B) consents to the entry of an order for relief against it in
            an involuntary case,

                  (C) consents to the appointment of a Custodian of it or for
            all or substantially all of its property, or

                  (D) makes a general assignment for the benefit of its
            creditors; or

            (8) a court of competent jurisdiction enters an order or decree
under any Bankruptcy Law that:

                  (A) is for relief against the Company or any Significant
            Subsidiary in an involuntary case,

                  (B) appoints a Custodian of the Company or any Significant
            Subsidiary or for all or substantially all of either of its
            property, or

                  (C) orders the liquidation of the Company or any Significant
            Subsidiary, and the order or decree remains unstayed and in effect
            for 60 days; or

            (9) the voluntary or involuntary dissolution, winding up or
termination of the Securities Trust except in connection with:

                  (A) the distribution of Securities to holders of Trust
            Preferred Securities in liquidation of the Securities Trust,

                  (B) the redemption of all outstanding Trust Preferred
            Securities, or

                  (C) certain mergers or consolidations permitted by the Trust
            Agreement; or

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

      As used in this Section 501, the term "Bankruptcy Law" means title 11,
U.S. Code or any similar Federal or State law for the relief of debtors and the
term "Custodian" means any receiver, trustee, assignee, liquidator or other
similar official under any Bankruptcy Law.

      SECTION 502. Acceleration of Maturity; Rescission and Annulment. If an
Event of Default with respect to Securities of any series at that time
Outstanding occurs and is continuing, then and 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 (or, if any Securities are
Original Issue Discount Securities, such portion of the principal as may be
specified in the terms thereof) of all the Securities of that series, and
premium, if any, to be due and payable immediately, by a notice in writing to
the Company (and to the Trustee if given by the Holders), and upon any such
declaration such principal or specified portion thereof shall become immediately
due and payable.

                                       27
<PAGE>

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

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

                  (A) all overdue installments of interest on and any Additional
            Interest payable in respect of all Outstanding Securities of that
            series,

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

                  (C) to the extent that payment of such interest is lawful,
            interest upon overdue installments of interest and any Additional
            Interest at the rate or rates borne by or provided for 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 nonpayment of the principal of (or premium, if any) or interest
on 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 installment of interest or
Additional Interest, if any, on any Security of any series when such interest or
Additional 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 of any series at its Maturity,

then the Company will, upon demand of the Trustee, pay to the Trustee, for the
benefit of the Holders of such Securities of such series, the whole amount then
due and payable on such Securities for principal (and premium, if any) and
interest and Additional Interest, with interest upon any overdue principal (and
premium, if any) and, to the extent that payment of such interest shall be
legally enforceable, upon any overdue installments of interest or Additional
Interest, if

                                       28
<PAGE>

any, at the rate or rates borne by or provided for in such Securities, and, in
addition thereto, such further amount as shall be sufficient to cover the costs
and expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel.

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

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

      SECTION 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 Securities or the property of the
Company or of such other obligor or their creditors, the Trustee (irrespective
of whether the principal of the Securities of any series 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, premium, if any, or interest) shall be entitled and
empowered, by intervention in such proceeding or otherwise:

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

            (ii) 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 Securities of such series to make such payments to the Trustee,
and in the event that the Trustee shall consent to the making of such payments
directly to the Holders, to pay to the Trustee any amount due to it for the
reasonable compensation, expenses, disbursements and advances of the Trustee and
any predecessor Trustee, their agents and counsel, and any other amounts due the
Trustee or any predecessor Trustee under Section 606.

                                       29
<PAGE>

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

      SECTION 505. Trustee May Enforce Claims Without Possession of Securities.
All rights of action and claims under this Indenture or any of the Securities
may be prosecuted and enforced by the Trustee without the possession of any of
the Securities or the production thereof in any proceeding relating thereto, and
any such proceeding instituted by the Trustee shall be brought in its own name
as trustee of an express trust, and any recovery of judgment shall, after
provision for the payment of the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, be for the
ratable benefit of the Holders of the Securities in respect of which such
judgment has been recovered.

      SECTION 506. Application of Money Collected. Any money collected by the
Trustee pursuant to this Article shall be applied in the following order, at the
date or dates fixed by the Trustee and, in case of the distribution of such
money on account of principal (or premium, if any) or interest and any
Additional 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 and any predecessor
      Trustee under Section 606;

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

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

      SECTION 507. Limitation on Suits. No Holder of any Security of any series
shall have any right to institute any proceeding, judicial or otherwise, with
respect to this Indenture, or for the appointment of a receiver or trustee, or
for a 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 indemnity
reasonably satisfactory to the Trustee against the costs, expenses and
liabilities to be incurred in compliance with such request;

                                       30
<PAGE>

            (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 Securities of that series;

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

      SECTION 508. Unconditional Right of Holders to Receive Principal, Premium,
if any, Interest and Additional Interest. Notwithstanding any other provision in
this Indenture, (1) the Holder of any Security shall have the right which is
absolute and unconditional to receive payment of the principal of (and premium,
if any) and subject to Sections 305 and 307, interest on, and any Additional
Interest in respect of, such Security on the respective due dates 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 and (2) so long as the
Securities of any series are held by a Securities Trust, a registered holder of
Trust Preferred Securities issued by such Securities Trust may institute a legal
proceeding directly against the Company, without first instituting a legal
proceeding directly against or requesting or directing that action be taken by
the property trustee of such Securities Trust or any other Person, for
enforcement of payment to such registered holder of principal of or interest on
Securities of such series having a principal amount equal to the aggregate
stated liquidation amount of such Trust Preferred Securities of such registered
holder on or after the due dates therefor specified or provided for in the
Securities of such series.

      SECTION 509. Restoration of Rights and Remedies. If the Trustee or any
Holder of a Security has instituted any proceeding to enforce any right or
remedy under this Indenture and such proceeding has been discontinued or
abandoned for any reason, or has been determined adversely to the Trustee or to
such Holder, then and in every such case, the Company, the Trustee and the
Holders of Securities shall, subject to any determination in such proceeding, be
restored severally and respectively to their former positions hereunder and
thereafter all rights and remedies of the Trustee and the Holders shall continue
as though no such proceeding had been instituted.

      SECTION 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 of Securities
is intended to be exclusive of any other right or remedy, and every right and
remedy shall, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given hereunder or now or hereafter existing at law
or in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy.

                                       31
<PAGE>

      SECTION 511. Delay or Omission Not Waiver. No delay or omission of the
Trustee or of any Holder of any Security to exercise any right or remedy
accruing upon any Event of Default shall impair any such right or remedy or
constitute a waiver of any such Event of Default or an acquiescence therein.
Every right and remedy given by this Article or by law to the Trustee or to the
Holders may be exercised from time to time, and as often as may be deemed
expedient, by the Trustee or by the Holders of Securities, as the case may be.

      SECTION 512. Control by Holders of Securities. 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) the Trustee need not take any action which might involve it in
personal liability or be unduly prejudicial to the Holders of Securities of such
series not joining therein.

      SECTION 513. Waiver of Past Defaults. The Holders of not less than a
majority in principal amount of the Outstanding Securities of any series may on
behalf of the Holders of all the Securities of such series waive any past
default hereunder with respect to such series and its consequences, except a
default

            (1) in the payment of the principal of (or premium, if any) or
interest on or Additional Interest payable in respect of 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 Event of Default or impair any right consequent thereon.

      SECTION 514. 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.

                                       32
<PAGE>

      SECTION 515. 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 any 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 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 or the payment of the principal of (or premium, if any) or interest
on any Security on or after the respective Stated Maturities expressed in such
Security (or, in the case of redemption, on or after the Redemption Date).

                                   ARTICLE SIX

                                   THE TRUSTEE

      SECTION 601. Notice of Defaults. Within 90 days after the occurrence of
any default hereunder with respect to the Securities of any series, the Trustee
shall transmit in the manner and to the extent provided in TIA Section 313(c),
notice of such default hereunder known to the Trustee, unless such default shall
have been cured or waived; provided, however, that, except in the case of a
default in the payment of the principal of (or premium, if any) or interest on
or any Additional Interest with respect to any Security of such series, or in
the payment of any sinking fund installment with respect to the Securities of
such series, the Trustee shall be protected in withholding such notice if and so
long as Responsible Officers of the Trustee in good faith determine that the
withholding of such notice is in the interests of the Holders of the Securities;
and provided further that in the case of any default or breach of the character
specified in Section 501(4) with respect to the Securities of such series, no
such notice to Holders shall be given until at least 60 days after the
occurrence thereof. For the purpose of this Section, the term "default" means
any event which is, or after notice or lapse of time or both would become, an
Event of Default with respect to the Securities of such series.

      SECTION 602. Certain Rights of Trustee. Subject to the provisions of TIA
Section 315(a) through 315(d):

            (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 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 (other than
delivery of any Security to the Trustee for authentication and delivery pursuant
to Section 303 which shall be sufficiently evidenced as provided therein) and
any resolution of the Board of Directors may be sufficiently evidenced by a
Board Resolution;

                                       33
<PAGE>

            (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 Section hereunder, the Trustee (unless other evidence
be herein specifically prescribed) may, in the absence of bad faith on its part,
rely upon an Officer's Certificate;

            (4) 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;

            (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 of Securities of any series pursuant to this Indenture,
unless such Holders shall have offered to the Trustee adequate security or
indemnity satisfactory to the Trustee 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 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 make reasonable examination of the books,
records and premises of the Company, personally or by agent or attorney
following reasonable notice to the Company;

            (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; and

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

      The Trustee shall not be required 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.

      Except during the continuance of an Event of Default, the Trustee
undertakes to perform 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. If an Event of Default has occurred and is
continuing, the Trustee shall, prior to the receipt of directions from the
Holders of a majority in principal amount of the Securities, exercise its rights
and powers and use the same degree of care and skill in their exercise as a
prudent person would exercise or use under the circumstances in the conduct of
his own affairs.

      SECTION 603. Not Responsible for Recitals or Issuance of Securities. The
recitals contained herein and in the Securities, except the Trustee's
certificate of authentication, shall be

                                       34
<PAGE>

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, except that the Trustee represents that it is
duly authorized to execute and deliver this Indenture, authenticate the
Securities and perform its obligations hereunder. 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 604. May Hold Securities. The Trustee, any Paying Agent, Security
Registrar, Authenticating Agent 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 TIA Sections 310(b) and 311, may otherwise deal with the Company
with the same rights it would have if it were not Trustee, Paying Agent,
Security Registrar, Authenticating Agent or such other agent.

      SECTION 605. 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 606. 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 each
of the Trustee and any predecessor 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 any
act for which the Trustee shall have been adjudged negligent or to have acted in
bad faith; and

            (3) to indemnify each of the Trustee and any predecessor Trustee
for, and to hold it harmless against, any loss, liability or expense incurred,
except for negligence or actions taken in bad faith, 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.

      When the Trustee incurs expenses or renders services in connection with an
Event of Default specified in Section 501(6) or Section 501(7), the expenses
(including the reasonable charges and expenses of its counsel) and the
compensation for the services are intended to constitute expenses of
administration under any applicable Federal or state bankruptcy, insolvency or
other similar law.

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

                                       35
<PAGE>

      The provisions of this Section shall survive the termination of this
Indenture.

      SECTION 607. Corporate Trustee Required; Eligibility; Conflicting
Interests. There shall at all times be a Trustee hereunder which shall be
eligible to act as Trustee under TIA Section 310(a)(1) and shall have a combined
capital and surplus of at least $10,000,000. If such corporation publishes
reports of condition at least annually, pursuant to law or the requirements of
Federal, State or District of Columbia supervising or examining authority, then
for the purposes of this Section, the combined capital and surplus of such
corporation shall be deemed to be its combined capital and surplus as set forth
in its most recent report of condition so published. If at any time the Trustee
shall cease to be eligible in accordance with the provisions of this Section, it
shall resign immediately in the manner and with the effect hereinafter specified
in this Article. The Trustee shall comply with TIA Section 310(b).

      SECTION 608. 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 609.

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

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

            (d) If at any time:

                  (1) the Trustee shall fail to comply with the provisions of
            TIA Section 310(b) after written request therefor by the Company or
            by any Holder of a Security who has been a bona fide Holder of a
            Security for at least six months, or

                  (2) the Trustee shall cease to be eligible under Section 607
            and shall fail to resign after written request therefor by the
            Company or by any Holder of a Security who has been a bona fide
            Holder of a Security for at least six months, or

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

then, in any such case, (i) the Company by or pursuant to a Board Resolution may
remove the Trustee and appoint a successor Trustee with respect to all
Securities, or (ii) subject to TIA

                                       36
<PAGE>

Section 315(e), any Holder of a Security 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.

            (e) If the Trustee shall resign, be removed or become incapable of
acting, or if a vacancy shall occur in the office of Trustee for any cause with
respect to the Securities of one or more series, the Company, by or pursuant to
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). 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, become the successor Trustee with respect to the Securities
of such series and to that extent supersede the successor Trustee appointed by
the Company. If no successor Trustee with respect to the Securities of any
series shall have been so appointed by the Company or the Holders of Securities
and accepted appointment in the manner hereinafter provided, any Holder of a
Security who has been a bona fide Holder of a Security of such series for at
least six months may, on behalf of himself and all others similarly situated,
petition any court of competent jurisdiction for the appointment of a successor
Trustee with respect to Securities of such series.

            (f) The Company shall give notice of each resignation and each
removal of the Trustee with respect to the Securities of any series and each
appointment of a successor Trustee with respect to the Securities of any series
in the manner provided for notices to the Holders of Securities 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 609. Acceptance of Appointment by Successor. (a) In case of the
appointment hereunder of a successor Trustee with respect to all Securities,
every such successor Trustee shall execute, acknowledge and deliver to the
Company and to the retiring Trustee an instrument accepting such appointment,
and thereupon the resignation or removal of the retiring Trustee shall become
effective and such successor Trustee, without any further act, deed or
conveyance, shall become vested with all the rights, powers, trusts and duties
of the retiring Trustee; but, on request of the Company or the 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, subject nevertheless to its claim, if any, provided for in
Section 606.

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

                                       37
<PAGE>

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

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

      SECTION 611. 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

                                       38
<PAGE>

of claims against the Company (or any such other obligor). For purposes of TIA
Section 311(b)(4) and (6):

            (1) "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

            (2) "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 612. Appointment of Authenticating Agent. At any time when any of
the Securities remain Outstanding, 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 exchange, registration of transfer or partial redemption or
repayment thereof, 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. Any such appointment shall be
evidenced by an instrument in writing signed by a Responsible Officer of the
Trustee, a copy of which instrument shall be promptly furnished to the Company.
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 bank or trust company or corporation organized and doing business and in
good standing under the laws of the United States or of any State or the
District of Columbia, authorized under such laws to act as Authenticating Agent,
having a combined capital and surplus of not less than $10,000,000 and subject
to supervision or examination by Federal or State authorities. If such
Authenticating Agent publishes reports of condition at least annually, pursuant
to law or the requirements of the aforesaid 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. In case at any
time an Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, such Authenticating Agent shall resign immediately
in the manner and with the effect specified in this Section.

      Any corporation into which an Authenticating Agent may be merged or
converted or with which it may be consolidated, or any corporation resulting
from any merger, conversion or consolidation to which such Authenticating Agent
shall be a party, or any corporation succeeding to the corporate agency or
corporate trust business of an Authenticating Agent, shall continue to be an
Authenticating Agent, provided such corporation shall be otherwise eligible
under this

                                       39
<PAGE>

Section, without the execution or filing of any paper or further act on the part
of the Trustee or the Authenticating Agent.

      An Authenticating Agent for any series of Securities may at any time
resign by giving written notice of resignation to the Trustee for such series
and to the Company. The Trustee for any series of Securities may at any time
terminate the agency of an Authenticating Agent by giving written notice of
termination 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 for such series may appoint a successor
Authenticating Agent which shall be acceptable to the Company and shall give
notice of such appointment to all Holders of Securities of the series with
respect to which such Authenticating Agent will serve in the manner set forth in
Section 106. 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 herein. 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 including reimbursement of its reasonable expenses for
its services under this Section.

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

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

                                     American Stock Transfer & Trust Company
                                     as Trustee

                                     By:______________________________________
                                        as Authenticating Agent

                                  ARTICLE SEVEN

                HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY

      SECTION 701. Communications by Holders with Other Holders; Disclosure of
Names and Addresses of Holders. Holders of Securities may communicate pursuant
to TIA Section 312(b) with other Holders with respect to their rights under this
Indenture or the Securities. 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 Authenticating Agent nor any Paying Agent nor
any Security Registrar shall be held accountable by reason of the disclosure of
any information as to the names and addresses of the Holders of Securities in
accordance with TIA

                                       40
<PAGE>

Section 312, regardless of the source from which such information was derived,
and that the Trustee shall not be held accountable by reason of mailing any
material pursuant to a request made under TIA Section 312(b).

      SECTION 702. Reports by Trustee. Within 60 days after May 15 of each year
commencing with the first May 15 after the first issuance of Securities pursuant
to this Indenture, the Trustee shall transmit by mail to all Holders of
Securities as provided in TIA Section 313(c) a brief report dated as of such May
15 if required by TIA Section 313(a).

      SECTION 703. Reports by Company. The Company will:

            (a) file with the Trustee, within 15 days after the Company is
required to file the same with the Commission, copies of the annual reports and
of the information, documents and other reports (or copies of such portions of
any of the foregoing as the Commission may from time to time by rules and
regulations prescribe) which the Company may be required to file with the
Commission pursuant to Section 13 or Section 15(d) of the Exchange Act. In the
event that the Company is no longer subject to these periodic requirements of
the Exchange Act, it will nonetheless continue to file reports with the
Commission and the Trustee and mail such reports to each Holder of Securities as
if it were subject to such reporting requirements. Regardless of whether the
Company is required to furnish such reports to its stockholders pursuant to the
Exchange Act, the Company will cause its consolidated financial statements and a
"Management's Discussion and Analysis of Results of Operations and Financial
Condition" written report, similar to those that would have been required to
appear in annual or quarterly reports, to be delivered to Holders of Securities;

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

            (c) the Trustee shall transmit the reports required by TIA Section
313(b) at the times specified therein; and

            (d) transmit by mail to the Holders of Securities, any securities
exchange upon which the Securities may be listed and the Commission, within 30
days after the filing thereof with the Trustee, in the manner and to the extent
provided in TIA Section 313(c) and (d), such information, documents and reports
required to be filed by the Company pursuant to paragraphs (a) and (b) of this
Section as may be required by rules and regulations prescribed from time to time
by the Commission.

      SECTION 704. Company to Furnish Trustee Names and Addresses of Holders.
The Company will furnish or cause to be furnished to the Trustee:

            (a) semi-annually, not later than 15 days after the Regular Record
Date for interest for each series of Securities, a list, in such form as the
Trustee may reasonably require, of the names and addresses of the Holders of
Securities of such series as of such Regular Record Date, or if there is no
Regular Record Date for interest for such series of Securities, semi-

                                       41
<PAGE>

annually, upon such dates as are set forth in the Board Resolution or indenture
supplemental hereto authorizing such series, and

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

provided, however, that, so long as the Trustee is the Security Registrar, no
such list shall be required to be furnished.

                                  ARTICLE EIGHT

                CONSOLIDATION, MERGER, SALE, LEASE OR CONVEYANCE

      SECTION 801. Consolidations and Mergers of Company and Sales, Leases and
Conveyances Permitted Subject to Certain Conditions. The Company may consolidate
with, or sell or convey all or substantially all of its assets to, or merge with
or into any other entity, provided that in any such case, (1) either the Company
shall be the continuing entity, or the successor entity (if other than the
Company) formed by or resulting from any such consolidation or merger or which
shall have received the transfer of such assets shall expressly assume the
Company's obligations under the Guarantee and the due and punctual payment of
the principal of (and premium, if any) and any interest (including all
Additional Interest, if any, payable pursuant to Section 1008) on all of the
Securities, and the due and punctual performance and observance of all of the
covenants and conditions of this Indenture to be performed by the Company and
(2) immediately after giving effect to such transaction and treating any
indebtedness which becomes an obligation of the Company as a result thereof as
having been incurred by the Company at the time of such transaction, no Event of
Default, and no event which, after notice or the lapse of time, or both, would
become an Event of Default, shall have occurred and be continuing under this
Indenture.

      SECTION 802. Rights and Duties of Successor Corporation. In case of any
such consolidation, merger, sale or conveyance and upon any such assumption by
the successor entity, such successor entity shall succeed to and be substituted
for the Company, with the same effect as if it had been named herein as the
party of the first part, and the predecessor entity shall be relieved of any
further obligation under this Indenture and the Securities. Such successor
entity thereupon may cause to be signed, and may issue either in its own name or
in the name of the Company, any or all of the Securities issuable hereunder
which theretofore shall not have been signed by the Company and delivered to the
Trustee; and, upon the order of such successor entity, instead of the Company,
and subject to all the terms, conditions and limitations in this Indenture
prescribed, the Trustee shall authenticate and shall deliver any Securities
which previously shall have been signed and delivered by the officers of the
Company to the Trustee for authentication, and any Securities which such
successor entity thereafter shall cause to be signed and delivered to the
Trustee for that purpose. All the Securities so issued shall in all respects
have the same legal rank and benefit under this Indenture as the Securities
theretofore or thereafter issued in accordance with the terms of this Indenture
as though all of such Securities had been issued at the date of the execution
hereof.

                                       42
<PAGE>

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

      SECTION 803. Officer's Certificate and Opinion of Counsel. Any
consolidation, merger, sale or conveyance permitted under Section 801 is also
subject to the condition that the Trustee receive an Officer's Certificate and
an Opinion of Counsel to the effect that any such consolidation, merger, sale or
conveyance, and the assumption by any entity corporation complies with the
provisions of this Article and that all conditions precedent herein provided for
relating to such transaction have been complied with.

                                  ARTICLE NINE

                             SUPPLEMENTAL INDENTURES

      SECTION 901. Supplemental Indentures without Consent of Holders. Without
the consent of any Holders of Securities, the Company, when authorized by or
pursuant to a Board Resolution, and the Trustee, at any time and from time to
time, may enter into one or more indentures supplemental hereto, in form
satisfactory to the Trustee, for any of the following purposes:

            (1) to evidence the succession of another Person to the Company and
the assumption by any such successor of the covenants of the Company herein and
in the Securities contained; or

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

            (3) to add any additional Events of Default for the benefit of the
Holders of all or any series of Securities (and if such Events of Default are to
be for the benefit of less than all series of Securities, stating that such
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 change or eliminate any of the provisions of this Indenture,
provided that any such change or elimination shall become effective only when
there is no Security Outstanding of any series created prior to the execution of
such supplemental indenture which is entitled to the benefit of such provision;
or

            (6) to secure the Securities; or

                                       43
<PAGE>

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

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

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

            (10) 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 in any material respect.

      SECTION 902. Supplemental Indentures with Consent of Holders. With the
consent of the Holders of not less than a majority in principal amount of all
Outstanding Securities affected by such supplemental indenture, by Act of such
Holders delivered to the Company and the Trustee, the Company, when authorized
by or pursuant to 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 under this Indenture; provided, however, that no such supplemental
indenture shall, without the consent of the Holder of each Outstanding Security
affected thereby:

            (1) change the Stated Maturity of the principal of (or premium, if
any, on) or any installment of principal of or interest on, any Security; or
reduce the principal amount thereof or the rate or amount of interest thereon or
any Additional Interest payable in respect thereof, or any premium payable upon
the redemption thereof, or change any obligation of the Company to pay
Additional Interest pursuant to Section 1008 (except as contemplated by Section
801(l) and permitted by Section 901(1)), or reduce the amount of the principal
of an Original Issue Discount Security that would be due and payable upon a
declaration of acceleration of the Maturity thereof pursuant to Section 502 or
the amount thereof provable in bankruptcy pursuant to Section 504, or adversely
affect any right of repayment at the option of the Holder of any Security, or
change any Place of Payment where, or the currency in which, any Security or any
premium or the interest thereon is payable, or impair the right to institute
suit for the enforcement of any such payment on or after the Stated Maturity
thereof (or, in the case of redemption or repayment at the option of the Holder,
on or after the Redemption Date or the Repayment Date, as the case may be), 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 with respect to such series (or compliance

                                       44
<PAGE>

with certain provisions of this Indenture or certain defaults hereunder and
their consequences) provided for in this Indenture, or

            (3) modify any of the provisions of this Section, Section 513 or
Section 1009, except to increase the required percentage to effect such action
or to provide that certain other provisions of this Indenture cannot be modified
or waived without the consent of the Holder of each Outstanding Security
affected thereby.

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

      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.

      SECTION 903. Execution of Supplemental Indentures. In executing, or
accepting the additional trusts created by, any supplemental indenture permitted
by this Article or the modification thereby of the trusts created by this
Indenture, the Trustee shall be entitled to receive, and shall be fully
protected in relying upon, an Opinion of Counsel stating that the execution of
such supplemental indenture is authorized or permitted by this Indenture. The
Trustee may, but shall not be obligated to, enter into any such supplemental
indenture which affects the Trustee's own rights, duties or immunities under
this Indenture or otherwise.

      SECTION 904. Effect of Supplemental Indentures. Upon the execution of any
supplemental indenture under this Article, this Indenture shall be modified in
accordance therewith, and such supplemental indenture shall form a part of this
Indenture for all purposes; and every Holder of Securities theretofore or
thereafter authenticated and delivered hereunder shall be bound thereby.

      SECTION 905. Conformity with TIA. Every supplemental indenture executed
pursuant to this Article shall conform to the requirements of the TIA.

      SECTION 906. Reference in Securities to Supplemental Indentures.
Securities of any series authenticated and delivered after the execution of any
supplemental indenture pursuant to this Article may, and shall, if required by
the Trustee, bear a notation in form approved by the Trustee as to any matter
provided for in such supplemental indenture. If the Company shall so determine,
new Securities of any series so modified as to conform, in the opinion of the
Trustee and the Company, to any such supplemental indenture may be prepared and
executed by the Company and authenticated and delivered by the Trustee in
exchange for Outstanding Securities of such series.

                                       45
<PAGE>

                                   ARTICLE TEN

                                    COVENANTS

      SECTION 1001. Payment of Principal, Premium, if any, Interest and
Additional Interest. The Company covenants and agrees for the benefit of the
Holders of each series of Securities that it will duly and punctually pay the
principal of (and premium, if any) and interest on and any Additional Interest
payable in respect of the Securities of that series in accordance with the terms
of such series of Securities and this Indenture. Unless otherwise specified with
respect to Securities of any series pursuant to Section 301, at the option of
the Company, all payments of principal may be paid by check to the registered
Holder of the Security or other person entitled thereto against surrender of
such Security.

      SECTION 1002. Maintenance of Office or Agency. The Company shall maintain
in a Place of Payment for a 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 may 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 of 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 accordance with the requirements set forth above for Securities of
any series for such purposes. The Company will give prompt written notice to the
Trustee of any such designation or rescission and of any change in the location
of any such other office or agency. Unless otherwise noted with respect to any
Securities pursuant to Section 301 with respect to a series of Securities, the
Company hereby designates as a Place of Payment for each series of Securities
the office or agency of the Company in the Borough of Manhattan New York City,
and initially appoints the Trustee at its Corporate Trust Office as Paying Agent
and as its agent to receive all such presentations, surrenders, notices and
demands.

      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 any Securities, it will, on or before each due date of the principal of (and
premium, if any), or interest on or Additional Interest in respect of, any of
the Securities of that series, segregate and hold in trust for the benefit of
the Persons entitled thereto a sum sufficient to pay the principal (and premium
if any) or interest or Additional 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, before each due date of the principal of (and premium,
if any), or interest on or Additional Interest in respect of, any Securities of
that series, deposit with a Paying Agent a sum sufficient to pay the principal
(and premium if any) or interest or Additional Interest, so becoming due, such
sum to be held in trust for the benefit of the Persons entitled to such

                                       46
<PAGE>

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

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

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

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

      Except as otherwise provided in the Securities of any series, 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,
or any Additional Interest in respect of, any Security of any series and
remaining unclaimed for two years after such principal (and premium, if any),
interest or Additional Interest has become due and payable shall be paid to the
Company upon 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 of such
principal of (and premium, if any) or interest on, or any Additional Interest in
respect of, any Security, without interest thereon, and all liability of the
Trustee or such Paying Agent with respect to such trust money, and all liability
of the Company as trustee thereof, shall thereupon cease; provided, however,
that the Trustee or such Paying Agent, before being required to make any such
repayment, may at the expense of the Company cause to be published once, in an
Authorized Newspaper, 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. Existence. Subject to Article Eight, the Company will do or
cause to be done all things necessary to preserve and keep in full force and
effect its existence as a corporation, rights (charter and statutory) and
franchises; provided, however, that the Company shall not be required to
preserve any right or franchise if the Board of Directors shall determine

                                       47
<PAGE>

that the preservation thereof is no longer desirable in the conduct of the
business of the Company.

      SECTION 1005. Maintenance of Properties. The Company will cause all of its
material properties used or useful in the conduct of its business to be
maintained and kept in good condition, repair and working order (reasonable wear
and tear excepted) and supplied with all necessary equipment and will cause to
be made all necessary repairs, renewals, replacements, betterments and
improvements thereof, all as in the judgment of the Company may be necessary so
that the business carried on in connection therewith may be properly and
advantageously conducted at all times.

      SECTION 1006. Payment of Taxes and Other Claims. The Company will pay or
discharge or cause to be paid or discharged, before the same shall become
delinquent, (1) all taxes, assessments and governmental charges levied or
imposed upon it or upon the income, profits or property of the Company, and (2)
all lawful claims for labor, materials and supplies, which, if unpaid, might by
law become a material lien upon the property of the Company; provided, however,
that the Company shall not be required to pay or discharge or cause to be paid
or discharged any such tax, assessment, charge or claim whose amount,
applicability or validity is being contested in good faith.

      SECTION 1007. Statement as to Compliance. The Company will deliver to the
Trustee, within 120 days after the end of each fiscal year, a brief certificate
from the principal executive officer, principal financial officer or principal
accounting officer as to his or her knowledge of the Company's compliance with
all conditions and covenants under this Indenture and, in the event of any
noncompliance, specifying such noncompliance and the nature and status thereof.
For purposes of this Section 1007, such compliance shall be determined without
regard to any period of grace or requirement of notice under this Indenture.

      SECTION 1008. Additional Interest. If any Securities of a series provide
for the payment of Additional Interest, the Company will pay to the Holder of
any Security of such series Additional Interest as may be specified as
contemplated by Section 301. Whenever in this Indenture there is mentioned, in
any context except in the case of Section 502(1), the payment of the principal
of or any premium or interest on, or in respect of, any Security of any series,
such mention shall be deemed to include mention of the payment of Additional
Interest provided by the terms of such series established pursuant to Section
301 to the extent that, in such context, Additional Interest is, was or would be
payable in respect thereof pursuant to such terms and express mention of the
payment of Additional Interest (if applicable) in any provisions hereof shall
not be construed as excluding Additional Interest in those provisions hereof
where such express mention is not made.

      SECTION 1009. Waiver of Certain Covenants. The Company may omit in any
particular instance to comply with any term, provision or condition set forth in
Sections 1004 to 1006, inclusive, if before or after the time for such
compliance the Holders of at least a majority in principal amount of all
outstanding Securities of such series, by Act of such Holders, either waive such
compliance in such instance or generally waive compliance with such covenant or
condition, but no such waiver shall extend to or affect such covenant or
condition except to the extent so expressly waived, and, until such waiver shall
become effective, the obligations of the

                                       48
<PAGE>

Company and the duties of the Trustee in respect of any such term, provision or
condition shall remain in full force and effect.

      SECTION 1010. Covenants Regarding Trust. For so long as the Trust
Preferred Securities remain outstanding, the Company covenants (i) to directly
or indirectly maintain 100% of ownership of the Trust Common Securities of the
Securities Trust; provided, however, that any permitted successor of the Company
hereunder may succeed to the Company's ownership of such Trust Common
Securities, and (ii) to use its reasonable efforts to cause the Securities Trust
(a) to remain a statutory business trust, except in connection with the
distribution of Subordinated Debentures to the holders of Trust Preferred
Securities in liquidation of the Securities Trust, the redemption of all of the
Trust Preferred Securities of the Securities Trust, or certain mergers,
consolidations or amalgamations, each as permitted under the Trust Agreement,
and (b) to otherwise continue to be classified as a grantor trust for United
States federal income tax purposes.

                                 ARTICLE ELEVEN

                            REDEMPTION OF SECURITIES

      SECTION 1101. Applicability of Article. Securities of any series which are
redeemable before their Stated Maturity shall be redeemable in accordance with
their terms and (except as otherwise specified as contemplated by Section 301
for Securities of any series) in accordance with this Article.

      SECTION 1102. Election to Redeem; Notice to Trustee. The election of the
Company to redeem any Securities shall be evidenced by or pursuant to a Board
Resolution. In the case of any redemption at the election of the Company of less
than all of the Securities of any series, the Company shall, at least 30 days
prior to the giving of the notice of redemption in Section 1104 (unless a
shorter notice shall be satisfactory to the Trustee), notify the Trustee of such
Redemption Date and of the principal amount of Securities of such series 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 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, 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
issued not previously called for redemption, by such method as the Trustee shall
deem fair and appropriate and which may provide for the selection for redemption
of portions (equal to the minimum authorized denomination for Securities of that
series or any integral multiple thereof) of the principal amount of Securities
of such series of a denomination larger than the minimum authorized denomination
for Securities of that series.

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

                                       49
<PAGE>

      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 security redeemed or to be redeemed only in part, to the portion of
the principal amount of such Security which 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, not less than 30 days nor more than 60 days
prior to the Redemption Date, unless a shorter period is specified by the terms
of such series established pursuant to Section 301, to each Holder of Securities
to be redeemed, but failure to give such notice in the manner herein provided to
the Holder of any Security designated for redemption as a whole or in part, or
any defect in the notice to any such Holder, shall not affect the validity of
the proceedings for the redemption of any other such Security or portion
thereof.

      Any notice that is mailed to the Holders of Securities in the manner
herein provided shall be conclusively presumed to have been duly given, whether
or not the Holder receives the notice.

      All notices of redemption shall state:

            (1) the Redemption Date,

            (2) the Redemption Price, accrued interest to the Redemption Date
payable as provided in Section 1106, if any, and Additional Interest, if any,

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

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

            (5) that on the Redemption Date the Redemption Price and accrued
interest to the Redemption Date payable as provided in Section 1106, if any,
will become due and payable upon each such Security, or the portion thereof, to
be redeemed and if applicable, that interest thereon shall cease to accrue on
and after said date,

            (6) the Place or Places of Payment where such Securities are to be
surrendered for payment of the Redemption Price and accrued interest, if any,

            (7) that the redemption is for a sinking fund, if such is the case,
and

            (8) the CUSIP number of such Security, if any

      Notice of redemption of Securities to be redeemed 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.

                                       50
<PAGE>

      SECTION 1105. Deposit of Redemption Price. On or before any Redemption
Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if
the Company is acting as its own Paying Agent, which it may not do in the case
of a sinking fund payment under Article Twelve, segregate and hold in trust as
provided in section 1003) an amount sufficient to pay on the Redemption Date the
Redemption Price of, and (except if the Redemption Date shall be an Interest
Payment Date) accrued interest on, all the Securities or portions thereof 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 (together with accrued interest, if any, to the Redemption Date), and
from and after such date (unless the Company shall default in the payment of the
Redemption Price and accrued interest) such Securities shall, if the same were
interest-bearing, cease to bear interest. Upon surrender of any such Security
for redemption in accordance with such notice, such Security shall be paid by
the Company at the Redemption Price, together with accrued interest, if any, to
the Redemption Date; provided, however, that installments of interest on
Securities whose Stated Maturity is on or prior to the Redemption Date shall be
payable to the Holders of such Securities, or one or more Predecessor
Securities, registered as such at the close of business on the relevant Record
Dates according to their terms and the provisions of Section.

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

      SECTION 1107. Securities Redeemed in Part. Any Security which is to be
redeemed only in part (pursuant to the provisions of this Article or of Article
Twelve) 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, of any authorized denomination as requested by such Holder in
aggregate principal amount equal to and in exchange for the unredeemed portion
of the principal of the Security so surrendered.

                                 ARTICLE TWELVE

                                  SINKING FUNDS

      SECTION 1201. Applicability of Article. The provisions of this Article
shall be applicable to any sinking fund for the retirement of Securities of a
series except as otherwise specified as contemplated by Section 301 for
Securities of such series.

      The minimum amount of an sinking fund payment provided for by the terms of
Securities of any series is herein referred to as a "mandatory sinking fund
payment," and any payment in excess of such minimum amount provided for by the
terms of such Securities of any series is herein referred to as an "optional
sinking fund payment". If provided for by the terms of any

                                       51
<PAGE>

Securities of any series, the cash amount of any mandatory 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 the Securities of such series.

      SECTION 1202. Satisfaction of Sinking Fund Payments with Securities. The
Company may, in satisfaction of all or any part of any mandatory sinking fund
payment with respect to the Securities of a series, (1) deliver Outstanding
Securities of such series (other than any previously called for redemption) and
(2) apply as a credit Securities of such series which have been redeemed either
at the election of the Company pursuant to the terms of such Securities or
through the application of permitted optional sinking fund payments pursuant to
the terms of such Securities, as provided for by the terms of such Securities,
or which have otherwise been acquired by the Company; provided that such
Securities so delivered or applied as a credit have not been previously so
credited. Such Securities shall be received and credited for such purpose by the
Trustee at the applicable Redemption Price specified in such Securities for
redemption through operation of the sinking fund and the amount of such
mandatory 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 Securities of any series, the
Company will deliver to the Trustee an Officers' Certificate specifying the
amount of the next ensuing mandatory sinking fund payment for that series
pursuant to the terms of that series, the portion thereof, if any, which is to
be satisfied by payment of cash and the portion thereof, if any, which is to be
satisfied by delivering and crediting Securities of that series pursuant to
Section 1202, and the optional amount, if any, to be added in cash to the next
ensuing mandatory sinking fund payment, and will also deliver to the Trustee any
Securities to be so delivered and credited. If such Officers' Certificate shall
specify an optional amount to be added in cash to the next ensuing mandatory
sinking fund payment, the Trust shall thereupon be obligated to pay the amount
therein specified. Not less than 30 days before each such sinking fund payment
date the Trustee shall select the Securities to be redeemed upon such sinking
fund payment date in the manner specified in Section 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 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, if any, and (except as
otherwise specified by the terms of such series established pursuant to Section
301) in accordance with this Article.

      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

                                       52
<PAGE>

interest, 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 sufficient to pay the principal (or, if so
provided by the terms of the Securities of any series, a percentage of the
principal) of, 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. In order for any Security to
be repaid at the option of the Holder, the Trustee must receive at the Place of
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 60 days nor later than 30 days prior to the
Repayment Date (1) the Security so providing for such repayment together with
the "Option to Elect Repayment" form on the reverse thereof duly completed by
the Holder (or by the Holder's attorney duly authorized in writing) or (2) a
telegram, telex, facsimile transmission or a letter from a member of a national
securities exchange, or the National Association of Securities Dealers, Inc.
("NASD"), or a commercial bank or trust company in the United States setting
forth the name of the Holder of the security, the principal amount of the
Security, the principal amount of the Security to be repaid, the CUSIP number,
if any, or a description of the tenor and terms of the Security, a statement
that the option to elect repayment is being exercised thereby and a guarantee
that the Security to be repaid, together with the duly completed form entitled
"Option to Elect Repayment" on the reverse of the Security, will be received by
the Trustee not later than the fifth Business Day after the date of such
telegram, telex, facsimile transmission or letter; provided, however, that such
telegram, telex, facsimile transmission or letter shall only be effective if
such Security and form duly completed are received by the Trustee by such fifth
Business Day. 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, 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, 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 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 or repayment in accordance with

                                       53
<PAGE>

such provisions, the principal amount of such Security so to be repaid shall be
paid by the Company, together with accrued interest, if any, to 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.

                                ARTICLE FOURTEEN

                       DEFEASANCE AND COVENANT DEFEASANCE

      SECTION 1401. Applicability of Article; Company's Option to Effect
Defeasance or Covenant Defeasance. If, pursuant to Section 301, provision is
made for either or both of (a) defeasance of the Securities of or within a
series under Section 1402 or (b) covenant defeasance of the Securities of or
within a series under Section 1403, then the provisions of such Section or
Sections, as the case may be, together with the other provisions of this Article
(with such modifications thereto as, may be specified pursuant to Section 301
with respect to any Securities) shall be applicable to such Securities, and the
Company may at its option by Board Resolution, at any time, with respect to such
Securities, elect to have Section 1402 (if applicable) or Section 1403 (if
applicable) be applied to such Outstanding Securities upon compliance with the
conditions set forth below in this Article.

      SECTION 1402. Defeasance and Discharge. Upon the Company's exercise of the
above option applicable to this Section with respect to any Securities of or
within a series, the Company shall be deemed to have been discharged from its
obligations with respect to such Outstanding Securities on the date the
conditions set forth in Section 1404 are satisfied (hereinafter, "defeasance").
For this purpose, such defeasance means that the Company shall be deemed to have
paid and discharged the entire indebtedness represented by such Outstanding
Securities, which shall thereafter be deemed to be "Outstanding" only for the
purposes of Section 1405 and the other Sections of this Indenture referred to in
clauses (A) and (B) below, and to have satisfied all of 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) except for the following which shall survive
until otherwise terminated

                                       54
<PAGE>

or discharged hereunder: (A) the rights of Holders of such Outstanding
Securities to receive, solely from the trust fund described in Section 1404 and
as more fully set forth in such Section, payments in respect of the principal of
(and premium, if any) and interest, if any, on such Securities when such
payments are due, (B) the Company's obligations with respect to such Securities
under Sections 305, 306, 1002 and 1003 and with respect to the payment of
Additional Interest, if any, on such Securities as contemplated by Section 1008,
(C) the rights, powers, trusts, duties and immunities of the Trustee hereunder
and (D) this Article. Subject to compliance with this Article Fourteen, the
Company may exercise its option under this Section notwithstanding the prior
exercise of its option under Section 1403 with respect to such Securities.

      SECTION 1403. Covenant Defeasance. Upon the Company's exercise of the
above option applicable to this Section with respect to any Securities of or
within a series, the Company shall be released from its obligations under
Sections 1004 to 1006, inclusive, and, if specified pursuant to Section 301, its
obligations under any other covenant, with respect to such Outstanding
Securities on and after the date the conditions set forth in Section 1404 are
satisfied (hereinafter, "covenant defeasance"), and such Securities shall
thereafter be deemed to be not "Outstanding" for the purposes of any direction,
waiver, consent or declaration or Act of Holders (and the consequences of any
thereof) in connection with Sections 1004 to 1006, inclusive, or such other
covenant, but shall continue to be deemed "Outstanding" for all other purposes
hereunder. For this purpose, such covenant defeasance means that, with respect
to such Outstanding Securities, the Company may omit to comply with and shall
have no liability in respect of any term, condition or limitation set forth in
any such Section or such other covenant, whether directly or indirectly, by
reason of any reference elsewhere herein to any such Section or such other
covenant or by reason of reference in any such Section or such other covenant to
any other provision herein or in any other document and such omission to comply
shall not constitute a default or an Event of Default under Section 501(4) or
501(9) or otherwise, as the case may be, but, except as specified above, 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 application of Section 1402 or Section 1403
to any Outstanding Securities of or within a series:

            (a) The Company shall irrevocably have deposited or caused to be
deposited with the Trustee (or another trustee satisfying the requirements of
Section 607 who shall agree 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 benefit of the Holders of such Securities, (1) an amount of money, or
(2) Government Obligations applicable to such Securities which through the
scheduled payment of principal and interest in respect thereof in accordance
with their terms will provide, not later than the due date of any payment of
principal of (and premium, if any) and interest, if any, on such Securities,
money in an amount, or (3) a combination thereof, in any case, in an amount,
sufficient, without consideration of any reinvestment of such principal and
interest, in the opinion of a nationally recognized firm of independent public
accountants expressed in a written certification thereof delivered to the
Trustee, to pay and discharge, and which shall be applied by the Trustee (or
other qualifying trustee) to pay and discharge, (1) the principal of (and
premium,

                                       55
<PAGE>

if any) and interest, if any, on such Outstanding Securities on the Stated
Maturity of such principal or installment of principal or interest and (ii) any
mandatory sinking fund payments or analogous payments applicable to such
Outstanding Securities on the day on which such payments are due and payable in
accordance with the terms of this Indenture and of such Securities.

            (b) Such defeasance or covenant defeasance shall not result in a
breach or violation of, or constitute a default under, this Indenture or any
other material agreement or instrument to which the Company is a party or by
which it is bound.

            (c) No Event of Default or event which with notice or lapse of time
or both would become an Event of Default with respect to such Securities shall
have occurred and be continuing on the date of such deposit or, insofar as
Sections 501(6) and 501(7) are concerned, at any time during the period ending
on the 91st day after the date of such deposit (it being understood that this
condition shall not be deemed satisfied until the expiration of such period).

            (d) In the case of an election under Section 1402, the Company shall
have delivered to the Trustee an Opinion of Counsel stating that (i) the Company
has received from, or there has been published by, the Internal Revenue Service
a ruling, or (ii) since the date of execution of this Indenture, there has been
a change in the applicable Federal income tax law, in either case to the effect
that, and based thereon such opinion shall confirm that, the Holders of such
Outstanding Securities will not recognize income, gain or loss for Federal
income tax purposes as a result of such defeasance and will be subject to
Federal income tax on the same amounts, in the same manner and at the same times
as would have been the case if such defeasance had not occurred.

            (e) In the case of an election under Section 1403, the Company shall
have delivered to the Trustee an Opinion of Counsel to the effect that the
Holders of such Outstanding Securities will not recognize income, gain or loss
for Federal income tax purposes as a result of such covenant defeasance and will
be subject to Federal income tax on the same amounts, in the same manner and at
the same times as would have been the case if such covenant defeasance had not
occurred.

            (f) The Company shall have delivered to the Trustee an Officers'
Certificate and an opinion of Counsel, each stating that all conditions
precedent to the defeasance under Section 1402 or the covenant defeasance under
Section 1403 (as the case may be) have been complied with and an Opinion of
Counsel to the effect that either (i) as a result of a deposit pursuant to
subsection (a) above and the related exercise of the Company's option under
Section 1402 or Section 1403 (as the case may be), registration is not required
under the Investment Trust Act of 1940, as amended, by the Company, with respect
to the trust funds representing such deposit or by the Trustee for such trust
funds or (ii) all necessary registrations under such Act have been effected.

            (g) Notwithstanding any other provisions of this Section, such
defeasance or covenant defeasance shall be effected in compliance with any
additional or substitute terms, conditions or limitations which may be imposed
on the Company in connection therewith pursuant to Section 301.

                                       56
<PAGE>

      SECTION 1405. Deposited Money and Government Obligations to Be Held in
Trust; Other Miscellaneous Provisions. Subject to the provisions of the last
paragraph of Section 1003, all money and Government Obligations (or other
property as may be provided pursuant to Section 301) (including the proceeds
thereof) deposited with the Trustee (or other qualifying trustee, collectively
for purposes of this Section 1405, the "Trustee") pursuant to Section 1404 in
respect of any Outstanding Securities of any series 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 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 premium, if any) and interest and
Additional Interest, if any, but such money 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 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 such Outstanding Securities.

      Anything in this Article to the contrary notwithstanding, subject to
Section 606, the Trustee shall deliver or pay to the Company from time to time
upon Company Request any money or Government Obligations (or other property and
any proceeds therefrom) held by it as provided in Section 1404 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 a defeasance or covenant defeasance, as applicable, in accordance with
this Article.

                                 ARTICLE FIFTEEN

                                  SUBORDINATION

      SECTION 1501. Securities Subordinate to Senior Indebtedness. The Company
covenants and agrees, and each Holder of a Security, by his acceptance thereof,
likewise covenants and agrees, that, to the extent and in the manner hereinafter
set forth in this Article (subject to Article Four), the payment of the
principal of, premium, if any, and interest (including Additional Interest, if
any) on each and all of the Securities are hereby expressly made subordinate and
subject in right of payment to the prior payment in full in cash of all Senior
Indebtedness.

      SECTION 1502. Payment of Proceeds Upon Dissolution, Etc. Upon any payment
or distribution of assets of the Company upon any liquidation, dissolution,
winding-up, reorganization, assignment for the benefit of creditors, marshalling
of assets or liabilities or any bankruptcy, insolvency or similar proceedings of
the Company (each such event, if any, referred to as a "Proceeding"), the
holders of Senior Indebtedness shall be entitled to receive payment in full of
all amounts due on or to become due on or in respect of all Senior Indebtedness
(including any interest accruing thereon after the commencement of any such
Proceeding, whether or not allowed as a claim against the Company in such
Proceeding), before the Holders of the Securities are entitled to receive any
payment or distribution (excluding any payment described in

                                       57
<PAGE>

Section 1509) on account of the principal of, premium, if any, or interest
(including Additional Interest, if any) on the Securities or on account of any
purchase, redemption or other acquisition of Securities by the Company (all such
payments, distributions, purchases, redemptions and acquisitions, whether or not
in connection with a Proceeding, herein referred to, individually and
collectively, as a "Payment").

      In the event that, notwithstanding the foregoing, any payment or
distribution of assets of the Company of any kind or character, whether in cash,
property or securities, prohibited by the foregoing shall be received by the
Trustee or the Holders of the Securities before all Senior Indebtedness is paid
in full, or provision is made for such payment in money in accordance with its
terms, such payment or distribution shall be held in trust for the benefit of
and shall be paid over or delivered to the holders of Senior Indebtedness or to
the trustee or trustees under any indenture pursuant to which any instruments
evidencing any such Senior Indebtedness may have been issued, as their
respective interests may appear, as calculated by the Company, for application
to the payment of all Senior Indebtedness remaining unpaid to the extent
necessary to pay all Senior Indebtedness in full in accordance with its terms,
after giving effect to any concurrent payment or distribution to or for the
holders of such Senior Indebtedness.

      For purposes of this Article, "assets of the Company" shall not be deemed
to include shares of stock of the Company as reorganized or readjusted, or
securities of the Company or any other corporation provided for by a plan of
reorganization or readjustment, the payment of which is subordinated at least to
the extent provided in this Article with respect to the Securities to the
payment of all Senior Indebtedness that may at the time be outstanding,
provided, however, that (i) Senior Indebtedness is assumed by the new
corporation, if any, resulting from any such reorganization or readjustment, and
(ii) the rights of the holders of the Senior Indebtedness are not, without the
consent of such holders, altered by such reorganization or readjustment. The
consolidation of the Company with, or the merger of the Company into, another
corporation or the liquidation or dissolution of the Company following the
conveyance or transfer of its property as an entirety, or substantially as an
entirety, to another corporation upon the terms and conditions provided for in
Article Eight shall not be deemed a dissolution, winding-up, liquidation or
reorganization for the purposes of this Section 1502 if such other corporation
shall, as a part of such consolidation, merger, conveyance or transfer, comply
with the conditions stated in Article Eight. Nothing in Section 1503 or in this
Section 1502 shall apply to claims of, or payments to, the Trustee under or
pursuant to Section 606.

      SECTION 1503. No Payment When Senior Indebtedness in Default. No payment
of any principal, including redemption payments, if any, premium, if any, or
interest (including Additional Interest, if any) on the Securities shall be made
if

            (i) any Senior Indebtedness is not paid when due whether at the
stated maturity of such payment or by call for redemption and any applicable
grace period with respect to such default has ended, with such default remaining
uncured and such default has not been waived or otherwise ceased to exist;

            (ii) any other default occurs and is continuing in respect of any
Senior Indebtedness that permits the maturity of such Senior Indebtedness to be
accelerated, whether or not such maturity has been accelerated; or

                                       58
<PAGE>

            (iii) notice has been given of the exercise of an option to require
repayment, mandatory payment or prepayment of Senior Indebtedness.

      In the event that, notwithstanding the foregoing, the Company shall make
any Payment to the Trustee or any Holder prohibited by the foregoing provisions
of this Section, then in such event such event such Payment shall be held in
trust and paid over and delivered forthwith to the holders of the Senior
Indebtedness.

      The provisions of this Section shall not apply to any Payment with respect
to which Section 1502 would be applicable.

      SECTION 1504. Payment Permitted If No Default. Nothing contained in this
Article or elsewhere in this Indenture or in any of the Securities shall prevent
the Company, at any time except during the pendency of any Proceeding referred
to in Section 1502 or under the conditions described in Section 1503, from
making Payments. Nothing in this Article shall have any effect on the right of
the Holders or the Trustee to accelerate the maturity of the Securities upon the
occurrence of an Event of Default, but, in that event, no payment may be made in
violation of the provisions of this Article with respect to the Securities. If
payment of the Securities is accelerated because of an Event of Default, the
Company shall promptly notify the holders of the Senior Indebtedness (or their
representatives) of such acceleration.

      SECTION 1505. Subrogation to Rights of Holders of Senior Indebtedness.
Upon payment in full of all Senior Indebtedness, or provision for payment, the
Holders of the Securities shall be subrogated to the rights of the holders of
such Senior Indebtedness to receive payments and distributions of cash, property
and securities applicable to the Senior Indebtedness until the principal of,
premium, if any, and interest (including Additional Interest, if any) on the
Securities shall be paid in full. For purposes of such subrogation, no payments
or distributions to the holders of the Senior Indebtedness of any cash, property
or securities to which the Holders of the Securities or the Trustee would be
entitled except for the provisions of this Article, and no payments pursuant to
the provisions of this Article to the holders of Senior Indebtedness by Holders
of the Securities or the Trustee, shall, as among the Company, its creditors
other than holders of Senior Indebtedness and the Holders of Securities, be
deemed to be a payment or distribution by the Company to or on account of the
Senior Indebtedness.

      SECTION 1506. Provisions Solely to Define Relative Rights. The provisions
of this Article are and are intended solely for the purpose of defining the
relative rights of the Holders on the one hand and the holders of Senior
Indebtedness on the other hand. Nothing contained in this Article or elsewhere
in this Indenture or in the Securities is intended to or shall (a) impair, as
among the Company, its creditors other than holders of Senior Indebtedness and
the Holders of the Securities, the obligation of the Company, which is absolute
and unconditional (and which, subject to the rights under this Article of the
holders of Senior Indebtedness, is intended to rank equally with all other
general obligations of the Company), to pay to the Holders of the Securities the
principal of, premium, if any, and interest (including Additional Interest, if
any) on the Securities as and when the same shall become due and payable in
accordance with their terms; or (b) affect the relative rights against the
Company of the Holders of the Securities and creditors of the Company other than
the holders of Senior Indebtedness; or (c) prevent the Trustee or the Holder of
any Security from exercising all remedies otherwise permitted by

                                       59
<PAGE>

applicable law upon default under this Indenture, subject to the rights, if any,
under this Article of the holders of Senior Indebtedness to receive cash,
property and securities otherwise payable or deliverable to the Trustee or such
Holder or, under the conditions specified in Section 1603, to prevent any
payment prohibited by such Section or enforce their rights pursuant to the
penultimate paragraph in Section 1503.

      SECTION 1507. Trustee to Effectuate Subordination. Each Holder of a
Security by his acceptance thereof authorizes and directs the Trustee on his
behalf to take such action as may be necessary or appropriate to effectuate the
subordination provided in this Article and appoints the Trustee his
attorney-in-fact for any and all such purposes, including, in the event of any
dissolution, winding-up, liquidation or reorganization of the Company, whether
in bankruptcy, insolvency, receivership proceedings, or otherwise, the timely
filing of a claim for the unpaid balance of the indebtedness of the Company
owing to such Holder in the form required in such proceedings and the causing of
such claim to be approved.

      SECTION 1508. No Waiver of Subordination Provisions. No right of any
present or future holder of any Senior Indebtedness to enforce the subordination
provisions provided herein shall at any time in any way be prejudiced or
impaired by any act or failure to act on the part of the Company or by any act
or any failure to act, in good faith, by any such holder, or by any
noncompliance by the Company with the terms, provisions and covenants of this
Indenture, regardless of any knowledge thereof any such holder may have to be or
be otherwise charged with.

      Without in any way limiting the generality of the foregoing paragraph, the
holders of Senior Indebtedness may, at any time and from time to time, without
the consent of or notice to the Trustee or the Holders of the Securities,
without incurring responsibility to the Holders of the Securities and without
impairing or releasing the subordination provided in this Article or the
obligations hereunder of the Holders of the Securities to the holders of Senior
Indebtedness, do any one or more of the following: i) change the manner, place
or terms of payment or extend the time for payment of, or renew or alter, Senior
Indebtedness, or otherwise amend or supplement in any manner Senior Indebtedness
or any instrument evidencing the same or any agreement under which Senior
Indebtedness is outstanding; (ii) permit the Company to borrow, repay and then
reborrow any or all of the Senior Indebtedness; (iii) sell, exchange, release or
otherwise deal with any property pledged, mortgaged or otherwise securing Senior
Indebtedness; (iv) release any Person liable in any manner for the collection of
Senior Indebtedness; (v) exercise or refrain from exercising any rights against
the Company and any other Person; or (vi) apply any sums received by them to
Senior Indebtedness.

      SECTION 1509. Trust Moneys Not Subordinated. Notwithstanding anything
contained herein to the contrary, payments from money held in trust by the
Trustee under Article Four for the payment of the principal of, premium, if any,
and interest (including Additional Interest, if any) on any series of Securities
shall not be subordinated to the prior payment of any Senior Indebtedness or
subject to the restrictions set forth in this Article and no Holder of such
Securities nor the Trustee shall be obligated to pay over such amount to the
Company, any holder of Senior Indebtedness (or a designated representative of
such holder) or any other creditor of the Company.

                                       60
<PAGE>

      SECTION 1510. Notice to the Trustee. The Company shall give prompt written
notice to a Responsible Officer of the Trustee of any fact known to the Company
that would prohibit the making of any payment of monies to or by the Trustee in
respect of the Securities pursuant to the provisions of this Article.
Notwithstanding the provisions of this Article or any other provision of this
Indenture, the Trustee shall not be charged with knowledge of the existence of
any facts that would prohibit the making of any payment of monies to or by the
Trustee in respect of the Securities pursuant to the provisions of this Article
unless and until a Responsible Officer of the Trustee shall have received
written notice thereof at the Corporate Trust Office of the Trustee from the
Company or a holder or holders of Senior Indebtedness or from any trustee
therefor; and before the receipt of any such written notice, the Trustee,
subject to the provisions of Section 601, shall be entitled in all respects to
assume that no such facts exist; provided, however, that if the Trustee shall
not have received the notice provided for in this Section 1510 at least two
Business Days prior to the date upon which, by the terms hereof, any money may
become payable for any purpose (including, without limitation, the payment of
the principal of (or premium, if any) or interest on any Security), then,
anything herein contained to the contrary notwithstanding, the Trustee shall
have full power and authority to receive such money and to apply the same to the
purposes for which they were received, and shall not be affected by any notice
to the contrary that may be received by it within two Business Days prior to
such date.

      The Trustee, subject to the provisions of Section 601, shall be entitled
to rely on the delivery to it of a written notice by a Person representing
himself to be holder of Senior Indebtedness (or a trustee on behalf of such
holder) to establish that such notice has been given by a holder of Senior
Indebtedness or a trustee on behalf of any such holder or holders. In the event
that the Trustee determines in good faith that further evidence is required with
respect to the right of any Person as a holder of Senior Indebtedness to
participate in any payment or distribution pursuant to this Article, the Trustee
may request such Person to furnish evidence to the reasonable satisfaction of
the Trustee as to the amount of Senior Indebtedness held by such Person, the
extent to which such Person is entitled to participate in such payment or
distribution and any other facts pertinent to the rights of such Person under
this Article, and if such evidence is not furnished the Trustee may defer any
payment to such person pending judicial determination as to the right of such
person to receive such payment.

      SECTION 1511. Reliance on Judicial Order or Certificate of Liquidating
Agent. Upon any payment or distribution of assets of the Company referred to in
this Article, the Trustee, subject to the provisions of Section 601, and the
Holders of the Securities shall be entitled to rely upon any order or decree
entered by any court of competent jurisdiction in which such Proceeding is
pending, or a certificate of the trustee in bankruptcy, receiver, liquidating
trustee, custodian, assignee for the benefit of creditors, agent or other Person
making such payment or distribution, delivered to the Trustee or to the Holders
of Securities, for the purpose of ascertaining the Person entitled to
participate in such payment or distribution, the holders of the Senior
Indebtedness, the amount thereof or payable thereon, the amount or amounts paid
or distributed thereon and all other facts pertinent thereto or to this Article,
provided that the foregoing shall apply only if such court has been apprised of
the provisions of this Article.

      SECTION 1512. Trustee Not Fiduciary for Holders of Senior Indebtedness.
Subject to the provisions of Section 601, the Trustee shall not be deemed to owe
any fiduciary duty to the holders of Senior Indebtedness and shall not be liable
to any such holders if it shall in good faith

                                       61
<PAGE>

mistakenly pay over or distribute to Holders of Securities or to the Company or
to any other Person cash, property or securities to which any holders of Senior
Indebtedness shall be entitled by virtue of this Article or otherwise.

      SECTION 1513. Rights of Trustee as Holder of Senior Indebtedness;
Preservation of Trustee's Rights. The Trustee in its individual capacity shall
be entitled to all the rights set forth in this Article with respect to any
Senior Indebtedness which may at any time be held by it, to the same extent as
any other holder of Senior Indebtedness, and nothing in this Indenture shall
deprive the Trustee of any of its rights as such holder.

      Nothing in this Article shall apply to claims of, or payments to, the
Trustee or pursuant to Section 606.

      SECTION 1514. Article Applicable to Paying Agents. In case at any time any
Paying Agent other than the Trustee (or the Company or an Affiliate of the
Company) shall have been appointed by the Company and be then acting hereunder,
the term "Trustee" as used in this Article shall in such case (unless the
context otherwise required) be construed as extending to and including such
Paying Agent within its meaning as fully for all intents and purposes as if such
Paying Agent were named in this Article in addition to or in place of the
Trustee.

      SECTION 1515. Reliance by Holders of Senior Indebtedness on Subordination
Provisions. Each Holder by accepting a Security acknowledges and agrees that the
foregoing subordination provisions are, and are intended to be, an inducement
and a consideration to each holder of any Senior Indebtedness, whether such
Senior Indebtedness was created or acquired before or after the issuance of the
Securities, to acquire and continue to hold, or to continue to hold, such Senior
Indebtedness and such holder of Senior Indebtedness shall be deemed conclusively
to have relied on such subordination provisions in acquiring and continuing to
hold, or to continue to hold, such Senior Indebtedness.

                                 ARTICLE SIXTEEN

                            MISCELLANEOUS PROVISIONS

      SECTION 1601. 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, to the extent specifically set forth herein, the holders of Senior
Indebtedness and their respective successors and assigns. The provisions of
clause (2) of Section 508 are for the benefit of the holders of the series of
Trust Securities referred to therein and, prior to the dissolution of the
related Securities Trust, may be enforced by such holders. A holder of a Trust
Security shall not have the right, as such a holder, to enforce any other
provision of this Indenture.

                                       62
<PAGE>

      SECTION 1602. Additional Interest. Whenever there is mentioned in this
Indenture, in any context, the payment of the principal of, premium, if any, or
interest on, or in respect of, any Security of any series such mention shall be
deemed to include mention of the payment of Additional Interest provided for by
the terms of such series of Securities to the extent that, in such context,
Additional Interest is, was or would be payable in respect thereof pursuant to
such terms, and express mention of the payment of Additional Interest in any
provisions hereof shall not be construed as excluding Additional Interest in
those provisions hereof where such express mention is not made.

      SECTION 1603. Counterparts. This Indenture may be executed in any number
of counterparts, each of which so executed shall be deemed to be an original,
but all such counterparts shall together constitute but one and the same
Indenture.

                                       63
<PAGE>

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

                                          D.R. HORTON, INC.

                                          By:_________________________________
                                             Title:

Attest:__________________________________
         Title:

                                          AMERICAN STOCK TRANSFER & TRUST
                                          COMPANY
                                          as Trustee

                                          By:_________________________________
                                             Title:

Attest:__________________________________
       Title:

                                       64
<PAGE>

                                  SCHEDULE 301

                FORM OF OPTION TO EXTEND INTEREST PAYMENT PERIOD

      The Company has the right at any time and from time to time to extend the
interest payment period of the Series __ Subordinated Debentures for up to
twenty (20) consecutive quarters (each, an "Extension Period"), during which
Extension Period the Company shall have the right to make partial payments of
interest on any Interest Payment Date; provided, however, that no such Extension
Period may extend beyond the Stated Maturity. Notwithstanding the foregoing, the
Company has no right to extend its obligation to pay such amounts as are defined
in the definition of Additional Interest. Prior to the termination of any such
Extension Period, the Company may further extend the interest payment period;
provided that such Extension Period, together with all such previous and further
extensions of that Extension Period, shall not exceed twenty (20) consecutive
quarters. Upon the termination of any such Extension Period and upon the payment
of all accrued and unpaid interest and any Additional Interest then due, the
Company may select a new Extension Period, subject to the above limitations and
requirements.

      Upon the termination of any Extension Period, which termination shall be
on an Interest Payment Date, the Company shall pay all Deferred Interest on the
next succeeding Interest Payment Date to the Person or Persons in whose name the
Series __ Subordinated Debentures are registered on the Regular Record Date for
such Interest Payment Date; provided that Deferred Interest payable at Stated
Maturity or on any Redemption Date will be paid to the Person or Persons to whom
principal is payable.

      The Company shall give the Holder or Holders of the Series __ Subordinated
Debentures and the Trustee notice, as provided in Sections 105 and 106,
respectively, of the Original Indenture, of its selection or extension of an
Extension Period at least one Business Day prior to the earlier of (i) the
Regular Record Date relating to the Interest Payment Date on which the Extension
Period is to commence or relating to the Interest Payment Date on which an
Extension Period that is being extended would otherwise terminate, or (ii) the
date the Company or the Securities Trust is required to give notice to the
applicable self-regulatory organization of the record date or the date, such
distributions are payable. The Company shall cause the Securities Trust to give
notice of the Company's selection of such Extension Period to Holders of the
Trust Securities. The month in which any notice is given pursuant to the
immediately preceding sentence of this Section shall constitute the first month
of the first quarter of the twenty (20) consecutive quarters which comprise the
maximum Extension Period.

      At any time any of the foregoing notices are given to the Trustee the
Company shall give to the Paying Agent for the Series __ Subordinated Debentures
such information as said Paying Agent shall reasonably require in order to
fulfill its tax reporting obligations with respect to such Series __
Subordinated Debentures.

      "Deferred Interest" means (i) such installments of interest as are not
paid during any Extension Period, plus (ii) such interest as shall accrue on
such installments of interest not paid on an Interest Payment Date during such
Extension Period, accruing at the rate of ___% per annum from the applicable
Interest Payment Date to the date of payment, compounded quarterly, on each
Interest Payment Date, to the extent permitted by applicable law.<PAGE>

Exhibit 4.14

                   FORM OF AMENDED & RESTATED TRUST AGREEMENT

                               DRH CAPITAL TRUST I

                              AMENDED AND RESTATED
                                 TRUST AGREEMENT

                                      AMONG

                        D.R. HORTON, INC., AS DEPOSITOR,

           AMERICAN STOCK TRANSFER & TRUST COMPANY AS PROPERTY TRUSTEE

               THE CORPORATION TRUST COMPANY, AS DELAWARE TRUSTEE

                                       AND

                         ____________ AND ____________,

                           AS ADMINISTRATIVE TRUSTEES

                                   DATED AS OF

                            ________________________

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<S>                                                                                                                        <C>
ARTICLE I  DEFINED TERMS................................................................................................    1
     Section 1.01   DEFINITIONS.........................................................................................    1

ARTICLE II  ESTABLISHMENT OF THE TRUST..................................................................................   10
     Section 2.01   NAME................................................................................................   10

     Section 2.02   OFFICES OF THE TRUSTEES; PRINCIPAL PLACE OF BUSINESS................................................   10

     Section 2.03   INITIAL CONTRIBUTION OF TRUST PROPERTY; ORGANIZATIONAL EXPENSES.....................................   10

     Section 2.04   ISSUANCE OF THE TRUST PREFERRED SECURITIES..........................................................   11

     Section 2.05   SUBSCRIPTION AND PURCHASE OF SUBORDINATED DEBENTURES; ISSUANCE OF THE TRUST COMMON SECURITIES.......   11

     Section 2.06   DECLARATION OF TRUST................................................................................   11

     Section 2.07   AUTHORIZATION TO ENTER INTO CERTAIN TRANSACTIONS....................................................   11

     Section 2.08   ASSETS OF TRUST.....................................................................................   16

     Section 2.09   TITLE TO TRUST PROPERTY.............................................................................   16

     Section 2.10   MERGERS AND CONSOLIDATIONS OF THE TRUST.............................................................   16

ARTICLE III  PAYMENT ACCOUNT............................................................................................   17
     Section 3.01   PAYMENT ACCOUNT.....................................................................................   17

ARTICLE IV  DISTRIBUTIONS; REDEMPTION...................................................................................   18
     Section 4.01   DISTRIBUTIONS.......................................................................................   18

     Section 4.02   REDEMPTION..........................................................................................   19

     Section 4.03   SUBORDINATION OF TRUST COMMON SECURITIES............................................................   21

     Section 4.04   PAYMENT PROCEDURES..................................................................................   21

     Section 4.05   TAX RETURNS AND REPORTS.............................................................................   21

ARTICLE V  TRUST SECURITIES CERTIFICATES................................................................................   22
     Section 5.01   INITIAL OWNERSHIP...................................................................................   22

     Section 5.02   THE TRUST SECURITIES CERTIFICATES...................................................................   22

     Section 5.03   AUTHENTICATION OF TRUST SECURITIES CERTIFICATES.....................................................   22

     Section 5.04   REGISTRATION OF TRANSFER AND EXCHANGE OF TRUST PREFERRED SECURITIES CERTIFICATES....................   22

     Section 5.05   MUTILATED, DESTROYED, LOST OR STOLEN TRUST SECURITIES CERTIFICATES..................................   23
</TABLE>

                                       i
<PAGE>

<TABLE>
<S>                                                                                                                        <C>
     Section 5.06   PERSONS DEEMED SECURITYHOLDERS......................................................................   23

     Section 5.07   ACCESS TO LIST OF SECURITYHOLDERS' NAMES AND ADDRESSES..............................................   24

     Section 5.08   MAINTENANCE OF OFFICE OR AGENCY.....................................................................   24

     Section 5.09   APPOINTMENT OF PAYING AGENT.........................................................................   24

     Section 5.10   OWNERSHIP OF TRUST COMMON SECURITIES BY DEPOSITOR...................................................   25

     Section 5.11   BOOK-ENTRY TRUST PREFERRED SECURITIES CERTIFICATES; TRUST COMMON SECURITIES CERTIFICATE.............   25

     Section 5.12   NOTICES TO CLEARING AGENCY..........................................................................   26

     Section 5.13   DEFINITIVE TRUST PREFERRED SECURITIES CERTIFICATES..................................................   26

     Section 5.14   RIGHTS OF SECURITYHOLDERS...........................................................................   27

ARTICLE VI  ACTS OF SECURITYHOLDERS; MEETINGS; VOTING...................................................................   27
     Section 6.01   LIMITATIONS ON VOTING RIGHTS........................................................................   27

     Section 6.02   NOTICE OF MEETINGS..................................................................................   28

     Section 6.03   MEETINGS OF TRUST PREFERRED SECURITYHOLDERS.........................................................   28

     Section 6.04   VOTING RIGHTS.......................................................................................   29

     Section 6.05   PROXIES, ETC........................................................................................   29

     Section 6.06   SECURITYHOLDER ACTION BY WRITTEN CONSENT............................................................   29

     Section 6.07   RECORD DATE FOR VOTING AND OTHER PURPOSES...........................................................   29

     Section 6.08   ACTS OF SECURITYHOLDERS.............................................................................   29

     Section 6.09   INSPECTION OF RECORDS...............................................................................   30

ARTICLE VII  REPRESENTATIONS AND WARRANTIES OF THE PROPERTY TRUSTEE, DELAWARE TRUSTEE AND DEPOSITOR.....................   31
     Section 7.01   REPRESENTATIONS AND WARRANTIES OF THE PROPERTY TRUSTEE..............................................   31

     Section 7.02   REPRESENTATIONS AND WARRANTIES OF THE DELAWARE TRUSTEE..............................................   32

     Section 7.03   REPRESENTATIONS AND WARRANTIES OF DEPOSITOR.........................................................   33

ARTICLE VIII  THE TRUSTEES..............................................................................................   33
     Section 8.01   CERTAIN DUTIES AND RESPONSIBILITIES.................................................................   33

     Section 8.02   NOTICE OF DEFAULTS..................................................................................   34

     Section 8.03   CERTAIN RIGHTS OF PROPERTY TRUSTEE..................................................................   34

     Section 8.04   NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF SECURITIES..............................................   35

     Section 8.05   TRUSTEE MAY HOLD SECURITIES.........................................................................   35

     Section 8.06   COMPENSATION; FEES; INDEMNITY.......................................................................   35
</TABLE>

                                       ii
<PAGE>

<TABLE>
<S>                                                                                                                        <C>
     Section 8.07   TRUSTEES REQUIRED; ELIGIBILITY......................................................................   36

     Section 8.08   CONFLICTING INTERESTS...............................................................................   37

     Section 8.09   CO-PROPERTY TRUSTEES AND SEPARATE TRUSTEE...........................................................   37

     Section 8.10   RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR...................................................   38

     Section 8.11   ACCEPTANCE OF APPOINTMENT BY SUCCESSOR..............................................................   40

     Section 8.12   MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS.........................................   40

     Section 8.13   PREFERENTIAL COLLECTION OF CLAIMS AGAINST DEPOSITOR OR TRUST........................................   40

     Section 8.14   REPORTS BY PROPERTY TRUSTEE.........................................................................   41

     Section 8.15   REPORTS TO THE PROPERTY TRUSTEE.....................................................................   41

     Section 8.16   EVIDENCE OF COMPLIANCE WITH CONDITIONS PRECEDENT....................................................   41

     Section 8.18   DELEGATION OF POWER.................................................................................   42

     Section 8.19   ENFORCEMENT OF RIGHTS OF PROPERTY TRUSTEE BY SECURITYHOLDERS........................................   42

ARTICLE IX  TERMINATION AND LIQUIDATION.................................................................................   43
     Section 9.01   TERMINATION UPON EXPIRATION DATE....................................................................   43

     Section 9.02   EARLY TERMINATION...................................................................................   43

     Section 9.03   TERMINATION.........................................................................................   43

     Section 9.04   LIQUIDATION.........................................................................................   43

     Section 9.05   BANKRUPTCY..........................................................................................   45

ARTICLE X  MISCELLANEOUS PROVISIONS.....................................................................................   45
     Section 10.01  GUARANTEE BY THE DEPOSITOR..........................................................................   45

     Section 10.02  LIMITATION OF RIGHTS OF SECURITYHOLDERS.............................................................   45

     Section 10.03  AMENDMENT...........................................................................................   45

     Section 10.04  SEPARABILITY........................................................................................   47

     Section 10.05  GOVERNING LAW.......................................................................................   47

     Section 10.06  NOTICE OF DEFERRAL OF DISTRIBUTION..................................................................   47

     Section 10.07  HEADINGS............................................................................................   47

     Section 10.08  NOTICE AND DEMAND...................................................................................   47

     Section 10.09  AGREEMENT NOT TO PETITION...........................................................................   48

     Section 10.10  CONFLICT WITH TRUST INDENTURE ACT...................................................................   48

     Section 10.11  SUCCESSORS..........................................................................................   49
</TABLE>

                                      iii
<PAGE>

EXHIBIT A   -   Form of Expense Agreement
EXHIBIT B   -   Form of Trust Common Securities Certificate
EXHIBIT C   -   Form of Trust Preferred Securities Certificate

                                       iv
<PAGE>

                               DRH CAPITAL TRUST I

              Certain Sections of this Trust Agreement relating to
                         Sections 310 through 318 of the
                          Trust Indenture Act of 1939:

Trust Indenture Act                                              Trust Agreement

<TABLE>
<CAPTION>
Section                                                                Section
-------                                                                -------
<S>                                                                    <C>
Section 310(a)(1)....................................................  8.07
            (a)(2)...................................................  8.07
            (a)(3)...................................................  8.09
            (a)(4)...................................................  Not Applicable
            (b)......................................................  8.08

Section 311(a).......................................................  8.13
            (b)......................................................  8.13

Section 312(a).......................................................  5.07
            (b)......................................................  5.07
            (c)......................................................  5.07

Section 313(a).......................................................  8.14
            (a)(4)...................................................  8.14(b)
            (b)......................................................  8.14(b)
            (c)......................................................  8.14(c)
            (d)......................................................  8.14(b), 8.14(c)

Section 3.14(a)......................................................  8.15
            (b)......................................................  Not Applicable
            (c)(1)...................................................  8.15, 8.16
            (c)(2)...................................................  8.16
            (c)(3)...................................................  8.16
            (d)......................................................  Not Applicable
            (e)......................................................  8.16

Section 315(a).......................................................  8.01
            (b)......................................................  8.02, 8.14(b)
            (c)......................................................  8.01(a)
            (d)......................................................  8.01, 8.03
            (e)......................................................  Not Applicable

Section 316(a).......................................................  Not Applicable
            (a)(1)(A)................................................  8.19
            (a)(1)(B)................................................  8.19
            (a)(2)...................................................  Not Applicable
            (b)......................................................  Not Applicable
            (c)......................................................  Not Applicable
</TABLE>

                                       v
<PAGE>

<TABLE>
<S>                                                                    <C>
Section 317(a)(1)....................................................  Not Applicable
            (a)(2)...................................................  Not Applicable
            (b)......................................................  5.09

Section 318(a).......................................................  10.10
</TABLE>

Note: This Cross-Reference Table does not constitute part of the Trust Agreement
and shall not affect the interpretation of any of its terms and provisions.

                                       vi
<PAGE>

                      AMENDED AND RESTATED TRUST AGREEMENT

      THIS AMENDED AND RESTATED TRUST AGREEMENT is made as of ____________, ___
by and among (i) D.R. Horton, Inc., a Delaware corporation (the "Depositor" or
the "Corporation"), (ii) American Stock Transfer & Trust Company, a New York
corporation, as trustee (the "Property Trustee" and, in its separate corporate
capacity and not in its capacity as Property Trustee, the "Trust Company"),
(iii) The Corporation Trust Company, a corporation duly organized under the laws
of the State of Delaware, as Delaware trustee (the "Delaware Trustee" and in its
separate corporate and not in its capacity as Delaware Trustee, the "Delaware
Corporation"), (iv) ____________, an individual, and ____________, an
individual, as administrative trustees (each an "Administrative Trustee" and
together the "Administrative Trustees") (the Property Trustee, the Delaware
Trustee and the Administrative Trustees referred to collectively as the
"Trustees") and (v) the several Holders, as hereinafter defined.

                                   WITNESSETH:

      WHEREAS, the Depositor and certain of the Trustees have heretofore duly
declared and established a statutory trust pursuant to the Delaware Statutory
Trust Act by the execution and filing with the Secretary of State of the State
of Delaware of the Certificate of Trust, dated March 16, 2001 (the "Certificate
of Trust") and by the entering into that certain Trust Agreement, dated as of
March 16, 2001 (the "Original Trust Agreement"), and

      WHEREAS, the parties hereto desire to amend and restate the Original Trust
Agreement in its entirety as set forth herein to provide for, among other
things, (i) the addition of the Trust Company, as trustee of the Trust, (ii) the
acquisition by the Trust from the Depositor of all of the right, title and
interest in certain subordinated debentures of the Depositor, (iii) the issuance
of the Trust Common Securities by the Trust to the Depositor, and (iv) the
issuance and sale of the Trust Preferred Securities by the Trust pursuant to the
Underwriting Agreement.

      NOW THEREFORE, in consideration of the agreements and obligations set
forth herein and for other good and valuable consideration, the sufficiency of
which is hereby acknowledged, each party, for the benefit of the other parties
and for the benefit of the Securityholders, hereby amends and restates the
Original Trust Agreement in its entirety and agrees as follows:

                                    ARTICLE I

                                  DEFINED TERMS

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

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

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

<PAGE>

            (c) 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 Trust Agreement; and

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

            "Act" has the meaning specified in Section 6.08.

            "Additional Amount" means, with respect to Trust Securities of a
      given Liquidation Amount and/or a given period, an amount equal to the
      Additional Interest (as defined in clause (ii) of the definition of
      "Additional Interest" in the Subordinated Debenture Indenture) paid by the
      Depositor on a Like Amount of Subordinated Debentures for such period.

            "Administrative Trustee" means each of the individuals identified as
      an "Administrative Trustee" in the preamble to this Trust Agreement solely
      in their capacities as Administrative Trustees of the Trust formed and
      continued hereunder and except as specifically provided to the contrary
      herein and not in their individual capacities, or such trustee's
      successor(s) in interest in such capacity, or any successor
      "Administrative Trustee" appointed as herein provided.

            "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.

            "Bankruptcy Event" means, with respect to any Person:

                  (i) the entry by a court having jurisdiction in the premises
            of (A) a decree or order for relief in respect of such Person 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 such Person a bankrupt or insolvent, or
            approving as properly filed a petition seeking reorganization,
            arrangement, adjustment or composition of or in respect of such
            Person under any applicable federal or state law, or appointing a
            custodian, receiver, liquidator, assignee, trustee, sequestrator or
            other similar official of such Person 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 60 consecutive days; or

                  (ii) the commencement by such Person of a voluntary case or
            proceeding under any applicable federal or state bankruptcy,
            insolvency,

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<PAGE>

            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
            such Person 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 Corporation or of any
            substantial part of its property, or the making by it of an
            assignment for the benefit of creditors, or the admission by it in
            writing of its inability to pay its debts generally as they become
            due, or the authorization of any such action by the board of
            directors of such Person.

            "Bankruptcy Laws" has the meaning specified in Section 10.09.

            "Beneficiaries" has the meaning specified in Section 10.01.

            "Board Resolution" means a resolution or a copy thereof certified by
      the Secretary, an Assistant Secretary or other Officer of the Depositor to
      have been duly adopted by the Depositor's Board of Directors or a duly
      authorized committee thereof and to be in full force and effect on the
      date of such certification, and delivered to the Trustees.

            "Book-Entry Trust Preferred Securities Certificates" means
      certificates representing Trust Preferred Securities issued in global,
      fully registered form to the Clearing Agency as described in Section 5.11.

            "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 Corporate Trust Office or the Indenture Trustee's principal
      corporate trust office is closed for business.

            "Clearing Agency" means an organization registered as a "clearing
      agency" pursuant to Section 17A of the Exchange Act. The Depository Trust
      Company will be the initial Clearing Agency.

            "Clearing Agency Participant" means a broker, dealer, bank, other
      financial institution or other Person for which from time to time a
      Clearing Agency effects book-entry transfers and pledges of securities
      deposited with the Clearing Agency pursuant to the rules of such Clearing
      Agency or an agreement between the Clearing Agency and such Person in the
      customary form.

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

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

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<PAGE>

      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.

            "Corporate Trust Office" means the office of the Property Trustee
      located in New York, New York at which its corporate trust business shall
      be principally administered.

            "Corporation" means D.R. Horton, Inc., its successors and assigns.

            "Debenture Indenture Event of Default" means an "Event of Default"
      as defined in the Subordinated Debenture Indenture with respect to the
      Subordinated Debentures.

            "Debenture Indenture Redemption Date" means "Redemption Date", as
      defined in the Subordinated Debenture Indenture.

            "Definitive Trust Preferred Securities Certificates" means either or
      both (as the context requires) of (i) Trust Preferred Securities
      Certificates issued in certificated, fully registered form as provided in
      Section 5.11(a) and (ii) Trust Preferred Securities Certificates issued in
      certificated, fully registered form as provided in Section 5.13.

            "Delaware Statutory Trust Act" means Chapter 38 of Title 12 of the
      Delaware Code, 12 Del. Code Section 3801 et seq., as it may be amended
      from time to time.

            "Delaware Corporation" means The Corporation Trust Company in its
      separate corporate capacity.

            "Delaware Trustee" means the corporation identified as the "Delaware
      Trustee" and has the meaning specified in the preamble to this Trust
      Agreement solely in its capacity as Delaware Trustee of the Trust formed
      and continued hereunder and except as specifically provided to the
      contrary herein, not in its individual capacity, or its successor in
      interest in such capacity, or any successor Delaware Trustee appointed as
      herein provided.

            "Depositor" means D.R. Horton, Inc., in its capacity as "Depositor"
      under this Trust Agreement, its successors and assigns.

            "Distribution Date" has the meaning specified in Section 4.01(a).

            "Distributions" means amounts payable in respect of the Trust
      Securities as provided in Section 4.01.

            "Early Termination Event" has the meaning specified in Section 9.02.

            "Event of Default" 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):

                  (i) the occurrence of a Debenture Indenture Event of Default;
            or

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<PAGE>

                  (ii) default by the Trust in the payment of any Distribution
            when it becomes due and payable, and continuation of such default
            for a period of 30 days; or

                  (iii) default by the Trust in the payment of any Redemption
            Price of any Trust Security when it becomes due and payable; or

                  (iv) default in the performance, or breach, of any covenant or
            warranty of the Trustees in this Trust Agreement (other than a
            covenant or warranty a default in whose performance or breach is
            dealt with in clause (ii) or (iii) above) and continuation of such
            default or breach for a period of 60 days after there has been
            given, by registered or certified mail, to the Trustees by the
            Holders of at least 25% in Liquidation Amount of the Outstanding
            Trust Preferred Securities a written notice specifying such default
            or breach and requiring it to be remedied and stating that such
            notice is a "Notice of Default" hereunder; or

                  (v) the occurrence of a Bankruptcy Event with respect to the
            Trust.

            "Expense Agreement" means the Agreement as to Expenses and
      Liabilities between the Corporation and the Trust, substantially in the
      form attached as Exhibit A, as amended from time to time.

            "Expiration Date" has the meaning specified in Section 9.01.

            "Exchange Act" means the Securities Exchange Act of 1934, as amended
      from time to time, or any successor legislation, with a similar purpose
      and effect.

            "Extension Period" has the meaning specified in Section 4.01(b).

            "Indenture Trustee" means the trustee under the Subordinated
      Debenture Indenture.

            "Investment Company Act" means the Investment Company Act of 1940,
      as amended from time to time, or any successor legislation.

            "Issue Date" means the date of the original issuance and delivery of
      the Trust Securities by the Administrative Trustees.

            "Legal Action" has the meaning specified in Section 2.07(A)(iv).

            "Lien" means any lien, pledge, charge, encumbrance, mortgage, deed
      of trust, adverse ownership interest, hypothecation, assignment, security
      interest or preference, priority or other security agreement or
      preferential arrangement of any kind or nature whatsoever.

            "Like Amount" means (i) Trust Securities having a Liquidation Amount
      equal to the principal amount of Subordinated Debentures to be
      contemporaneously redeemed in accordance with the Subordinated Debenture
      Indenture and the proceeds of which will be

                                       5
<PAGE>

      used to pay the Redemption Price of such Trust Securities and (ii)
      Subordinated Debentures having a principal amount equal to the Liquidation
      Amount of the Trust Securities of the Holder to whom such Subordinated
      Debentures are distributed.

            "Liquidation Amount" means the stated amount of [$__] per Trust
      Security.

            "Liquidation Date" means the date on which Subordinated Debentures
      are to be distributed to Holders of Trust Securities in connection with a
      liquidation of the Trust pursuant to Section 9.04.

            "Liquidation Distribution" has the meaning specified in Section
      9.05.

            "Obligations" has the meaning specified in Section 10.01.

            "Officers' Certificate" means a certificate signed by the Chairman
      of the Board, the Chief Executive Officer, the President or a Vice
      President, and by the Chief Financial Officer, the Treasurer, an Assistant
      Treasurer, the Controller, the Secretary or an Assistant Secretary, of the
      Depositor, and delivered to the appropriate Trustee. One of the officers
      signing an Officers' Certificate to be delivered by the Depositor pursuant
      to Section 8.16 shall be the principal executive, financial or accounting
      officer of the Depositor. An Officers' Certificate delivered with respect
      to compliance with a condition or covenant provided for in this Trust
      Agreement shall include:

                  (a) a statement that each officer signing the Officers'
            Certificate has read such covenant or condition and the definitions
            herein relating thereto;

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

                  (c) a statement that, in the opinion of each such officer, 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

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

            "OID" means "original issue discount" as that term or any
      substantially similar subsequent term is defined in the Internal Revenue
      Code of 1986, as amended.

            "Opinion of Counsel" means a written opinion of counsel, who may be
      counsel for the Trust, the Trustees or the Depositor and may be an
      employee of the Trust, the Trustees or the Depositor, and who shall be
      reasonably acceptable to the Property Trustee. Any Opinion of Counsel
      pertaining to federal income tax matters may rely on published rulings of
      the Internal Revenue Service.

                                       6
<PAGE>

            "Original Trust Agreement" has the meaning specified in the recitals
      to this Trust Agreement.

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

                  (i) Trust Preferred Securities theretofore canceled by the
            Administrative Trustees or delivered to the Administrative Trustees
            for cancellation;

                  (ii) Trust Preferred Securities for whose payment or
            redemption money in the necessary amount has been theretofore
            deposited with the Property Trustee or any Paying Agent for the
            Holders of such Trust Preferred Securities; provided that if such
            Trust Preferred Securities are to be redeemed, notice of such
            redemption has been duly given pursuant to this Trust Agreement or
            provision therefor satisfactory to the Property Trustee has been
            made; and

                  (iii) Trust Preferred Securities in exchange for or in lieu of
            which other Trust Preferred Securities have been authenticated and
            delivered pursuant to this Trust Agreement; provided, however, that
            in determining whether the Holders of the requisite Liquidation
            Amount of the Outstanding Trust Preferred Securities have given any
            request, demand, authorization, direction, notice, consent or waiver
            hereunder, Trust Preferred Securities owned, whether of record or
            beneficially, by the Depositor, the Holder of the Trust Common
            Securities, any Administrative Trustee or any Affiliate of the
            Depositor or any Administrative Trustee shall be disregarded and
            deemed not to be Outstanding, except that (a) in determining whether
            any Trustee shall be protected in relying upon any such request,
            demand, authorization, direction, notice, consent or waiver, only
            Trust Preferred Securities which such Trustee knows to be so owned
            shall be so disregarded and (b) the foregoing shall not apply at any
            time when all of the outstanding Trust Preferred Securities are
            owned by the Depositor, the Holder of the Trust Common Securities,
            one or more Administrative Trustees and/or any such Affiliate. Trust
            Preferred Securities so owned which have been pledged in good faith
            may be regarded as Outstanding if the pledgee establishes to the
            satisfaction of the Administrative Trustees the pledgee's right so
            to act with respect to such Trust Preferred Securities and that the
            pledgee is not the Depositor or any Affiliate of the Depositor.

            "Owner" means each Person who is the beneficial owner of a
      Book-Entry Trust Preferred Securities Certificate as reflected in the
      records of the Clearing Agency or, if a Clearing Agency Participant is not
      the Owner, then as reflected in the records of a Person maintaining an
      account with such Clearing Agency (directly or indirectly, in accordance
      with the rules of such Clearing Agency).

            "Paying Agent" means any paying agent or co-paying agent appointed
      pursuant to Section 5.09 and shall initially be the Property Trustee.

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<PAGE>

            "Payment Account" means a segregated non-interest-bearing corporate
      trust account established pursuant to Section 3.01 and maintained by the
      Property Trustee for the benefit of the Securityholders in which all
      amounts paid in respect of the Subordinated Debentures will be held and
      from which the Property Trustee shall make payments to the Securityholders
      in accordance with Section 4.01.

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

            "Property Trustee" means the commercial bank or trust company
      identified as the "Property Trustee" in the preamble to this Trust
      Agreement solely in its capacity as Property Trustee of the Trust formed
      and continued hereunder and except as specifically provided to the
      contrary herein not in its individual capacity, or its successor in
      interest in such capacity, or any successor "Property Trustee" as herein
      provided.

            "Redemption Date" means, with respect to any Trust Security to be
      redeemed, the date fixed for such redemption by or pursuant to this Trust
      Agreement; provided that each Debenture Indenture Redemption Date shall be
      a Redemption Date for a Like Amount of Trust Securities.

            "Redemption Price" means, with respect to any date fixed for
      redemption of any Trust Security, the Liquidation Amount of such Trust
      Security, plus accrued and unpaid Distributions to such date.

            "Relevant Trustee" has the meaning specified in Section 8.10.

            "Securities Act" means the Securities Act of 1933, as amended from
      time to time, or any successor legislation with a similar purpose and
      effect.

            "Security Register" and "Security Registrar" are described in
      Section 5.04.

            "Securityholder" or "Holder" means a Person in whose name a Trust
      Security is or Securities are registered in the Security Register; any
      such Person is a beneficial owner within the meaning of the Delaware
      Statutory Trust Act.

            "Subordinated Debentures" means the $_________ aggregate principal
      amount of the Depositor's Series _____ % Subordinated Debentures due
      _____, _____ issued pursuant to the Subordinated Debenture Indenture.

            "Subordinated Debenture Indenture" means the Subordinated Debenture
      Indenture, dated as of ______________, between the Depositor and the
      Indenture Trustee, as supplemented by the Supplemental Indenture.

            "Successor Securities" has the meaning specified in Section 2.10.

            "Supplemental Indenture" means the Indenture, dated as of
      _________________, by and between the Depositor and the Indenture Trustee
      for the purpose of supplementing

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<PAGE>

      the Subordinated Debenture Indenture entered into in connection with the
      Subordinated Debentures.

            "Trust" means the Delaware statutory trust continued hereby and
      identified on the cover page to this Trust Agreement.

            "Trust Agreement" means this Amended and Restated Trust Agreement,
      as the same may be modified, amended or supplemented in accordance with
      the applicable provisions hereof, including all exhibits hereto,
      including, for an purposes of this Amended and Restated Trust Agreement
      and any modification, amendment or supplement, the provisions of the Trust
      Indenture Act that are deemed to be a part of and govern this Amended and
      Restated Trust Agreement and any such modification, amendment or
      supplement, respectively.

            "Trust Common Securities Certificate" means a certificate evidencing
      ownership of a Trust Common Security or Securities, substantially in the
      form attached as Exhibit C.

            "Trust Common Security" means an undivided beneficial ownership
      interest in the assets of the Trust having a Liquidation Amount of $__ and
      having the rights provided therefor in this Trust Agreement, including the
      right to receive Distributions and a Liquidation Distribution as provided
      herein.

            "Trust Company" has the meaning specified in the preamble to this
      Trust Agreement.

            "Trustees" means the Persons identified as "Trustees" in the
      preamble to this Trust Agreement solely in their capacities as Trustees of
      the Trust formed hereunder and except as specifically provided to the
      contrary herein not in their individual capacities, or any successor in
      interest in such capacity, or any successor trustee appointed as herein
      provided.

            "Trust Guarantee" means the Trust Guarantee Agreement executed and
      delivered by the Corporation and American Stock Transfer & Trust Company,
      as Guarantee Trustee, contemporaneously with the execution and delivery of
      this Trust Agreement, for the benefit of the Holders of the Trust
      Preferred Securities, as amended from time to time.

            "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.

            "Trust Preferred Securities Certificate" means a certificate
      evidencing ownership of a Trust Preferred Security or Securities,
      substantially in the form attached as Exhibit D.

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<PAGE>

            "Trust Preferred Security" means an undivided beneficial ownership
      interest in the assets of the Trust having a Liquidation Amount of $__ and
      having rights and preferences provided therefor in this Trust Agreement,
      including the right to receive Distributions and a Liquidation
      Distribution as provided herein.

            "Trust Property" means (i) the Subordinated Debentures, (ii) any
      cash on deposit in, or amounts owing to, the Payment Account, and (iii)
      all proceeds and rights in respect of the foregoing and any other property
      and assets for the time being held or deemed to be held by the Property
      Trustee pursuant to this Trust Agreement.

            "Trust Securities Certificate" means any one of the Trust Common
      Securities Certificates or the Trust Preferred Securities Certificates.

            "Trust Security" means any one of the Trust Common Securities or the
      Trust Preferred Securities.

            "Underwriting Agreement" means the Underwriting Agreement, dated as
      of ___________________ among the Trust, the Depositor and the underwriters
      named therein.

                                   ARTICLE II

                           ESTABLISHMENT OF THE TRUST

      SECTION 2.01 NAME. The Trust continued hereby shall be known as "DRH
Capital Trust I" in which name the Trustees may conduct the business of the
Trust, make and execute contracts and other instruments on behalf of the Trust
and sue and be sued. The Administrative Trustees may change the name of the
Trust from time to time following written notice to the Holders.

      SECTION 2.02 OFFICES OF THE TRUSTEES; PRINCIPAL PLACE OF BUSINESS. The
address of the Property Trustee is American Stock Transfer & Trust Company, 59
Maiden Lane, New York, New York 10038, or at such other address as the Property
Trustee may designate by written notice to the Securityholders and the
Depositor. The principal place of business of the Delaware Trustee is The
Corporation Trust Company, Corporation Trust Centre, 1209 Orange Street,
Wilmington, Delaware 19801, or at such other address in Delaware as the Delaware
Trustee may designate by notice to the Depositor. The address of the
Administrative Trustees is c/o D.R., Horton, Inc., 1901 Ascension Blvd, Suite
100, Arlington, Texas 76006, Attention: Chief Executive Officer. The principal
place of business of the Trust is D.R., Horton, Inc., 1901 Ascension Blvd, Suite
100, Arlington, Texas 76006. The Depositor may change the principal place of
business of the Trust at any time by giving notice thereof to the Trustees.

      SECTION 2.03 INITIAL CONTRIBUTION OF TRUST PROPERTY; ORGANIZATIONAL
EXPENSES. The Trustees acknowledge receipt in trust from the Depositor in
connection with the Original Trust Agreement of the sum of $10, which
constituted the initial Trust Property. The Depositor shall pay organizational
expenses of the Trust as they arise or shall, upon request of the Trustees,
promptly reimburse the Trustees for any such expenses paid by the Trustees. The
Depositor shall make no claim upon the Trust Property for the payment of such
expenses.

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<PAGE>

      SECTION 2.04 ISSUANCE OF THE TRUST PREFERRED SECURITIES. Contemporaneously
with the execution and delivery of this Trust Agreement, the Administrative
Trustees, on behalf of the Trust, shall execute and deliver to the underwriters
named in the Underwriting Agreement Trust Preferred Securities Certificates,
registered in the name of the nominee of the initial Clearing Agency, in an
aggregate amount of Trust Preferred Securities having an aggregate Liquidation
Amount of $_________ (the "Trust Preferred Securities") against receipt of the
aggregate purchase price of such Trust Preferred Securities of $__________,
which amount the Administrative Trustees shall promptly deliver to the Property
Trustee.

      SECTION 2.05 SUBSCRIPTION AND PURCHASE OF SUBORDINATED DEBENTURES;
ISSUANCE OF THE TRUST COMMON SECURITIES. Contemporaneously with the execution
and delivery of this Trust Agreement, the Administrative Trustees, on behalf of
the Trust, shall execute and deliver to the Depositor Trust Common Securities
Certificates, registered in the name of the Depositor, in an aggregate amount of
Trust Common Securities having an aggregate Liquidation Amount of $__________
against payment by the Depositor of such amount. Contemporaneously therewith,
the Administrative Trustees, on behalf of the Trust, shall subscribe to and
purchase from the Depositor Subordinated Debentures, registered in the name of
the Property Trustee, on behalf of the Trust and the Holders, and having an
aggregate principal amount equal to $___________ and, in satisfaction of the
purchase price for such Subordinated Debentures, the Property Trustee, on behalf
of the Trust, shall deliver to the Depositor the sum of $___________.

      SECTION 2.06 DECLARATION OF TRUST. The exclusive purposes and functions of
the Trust are (i) to issue and sell the Trust Securities, (ii) to use the
proceeds from such sale to acquire the Subordinated Debentures, and (iii) to
engage in only those other activities necessary, appropriate, convenient or
incidental thereto. The Depositor hereby appoints each of the Trust Company, the
Delaware Trustee, ____________ and ____________, as trustees of the Trust, to
have all the rights, powers and duties to the extent set forth herein. The
Property Trustee hereby declares that it will hold the Trust Property upon and
subject to the conditions set forth herein subject to the conditions set forth
herein for the benefit of the Trust and the Securityholders. The Trustees shall
have all rights, powers and duties set forth herein and in accordance with
applicable law with respect to accomplishing the purposes of the Trust. Except
as may be required under the Delaware Statutory Trust Act, the Delaware Trustee
shall not be entitled to exercise any powers, nor shall the Delaware Trustee
have any of the duties and responsibilities of any other Trustee set forth
herein. The Delaware Trustee shall be one of the Trustees for the sole and
limited purpose of fulfilling the requirements of Section 3807(a) of the
Delaware Statutory Trust Act. The Certificate of Trust of the Trust and all
amendments thereto have been filed with the office of the Secretary of State of
the State of Delaware and such filings are hereby confirmed and ratified.

      SECTION 2.07 AUTHORIZATION TO ENTER INTO CERTAIN TRANSACTIONS. The
Trustees shall conduct the affairs of the Trust in accordance with the terms of
this Trust Agreement. Subject to the limitations set forth in paragraph (C) of
this Section, and in accordance with the following paragraphs (A) and (B), the
Trustees shall have the authority to enter into all transactions and agreements
determined by the Trustees to be appropriate in exercising the authority,
express (in the case of the Property Trustee) or implied, otherwise granted to
the Trustees under this Trust Agreement, and to perform all acts in furtherance
thereof, including without limitation, the following:

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<PAGE>

            (A) As among the Trustees, the Administrative Trustees, acting
      singly or jointly, shall have the exclusive power, duty and authority to
      act on behalf of the Trust with respect to the following matters:

                  (i) to acquire the Subordinated Debentures with the proceeds
            of the sale of the Trust Securities; provided, however, the
            Administrative Trustees shall cause legal title to all of the
            Subordinated Debentures to be vested in, and the Subordinated
            Debentures to be held of record in the name of, the Property Trustee
            for the benefit of the Trust and the Holders of the Trust
            Securities;

                  (ii) to deliver to the Depositor and the Property Trustee
            prompt written notice of the occurrence of any Special Event (as
            defined in the Supplemental Indenture) and to take any ministerial
            actions in connection therewith; provided that the Administrative
            Trustees shall consult with the Depositor and the Property Trustee
            before taking or refraining to take any ministerial action in
            relation to a Special Event;

                  (iii) to establish a record date with respect to all actions
            to be taken hereunder that require a record date be established,
            including for the purposes of Section 316(c) of the Trust Indenture
            Act and with respect to Distributions, voting rights, redemptions,
            and exchanges, and to issue relevant notices to Holders of the Trust
            Securities as to such actions and applicable record dates;

                  (iv) to bring or defend, pay, collect, compromise, arbitrate,
            resort to legal action, or otherwise adjust claims or demands of or
            against the Trust ("Legal Action"), unless pursuant to Section
            2.07(B)(v), the Property Trustee has the power to bring such Legal
            Action;

                  (v) to employ or otherwise engage employees and agents (who
            may be designated as officers with titles) and managers,
            contractors, advisors, and consultants and pay reasonable
            compensation for such services;

                  (vi) to cause the Trust to comply with the Trust's obligations
            under the Trust Indenture Act;

                  (vii) to give the certificate to the Property Trustee required
            by Section 314(a)(4) of the Trust Indenture Act, which certificate
            may be executed by any Administrative Trustee;

                  (viii) to take all actions and perform such duties as may be
            required of the Administrative Trustees pursuant to the terms of
            this Trust Agreement;

                  (ix) to take all action that may be necessary or appropriate
            for the preservation and the continuation of the Trust's valid
            existence, rights, franchises and privileges as a statutory business
            trust under the laws of the State of Delaware and of each other
            jurisdiction in which such existence is necessary to protect the
            limited liability of the Holders of the Trust Securities or to
            enable the Trust to effect the purposes for which the Trust has been
            created;

                                       12
<PAGE>

                  (x) to take all action necessary to cause all applicable tax
            returns and tax information reports that are required to be filed
            with respect to the Trust to be duly prepared and filed by the
            Administrative Trustees, on behalf of the Trust;

                  (xi) to issue and sell the Trust Securities;

                  (xii) to cause the Trust to enter into, and to execute,
            deliver and perform on behalf of the Trust, the Expense Agreement
            and such other agreements as may be necessary or desirable in
            connection with the consummation hereof;

                  (xiii) to assist in the registration of the Trust Preferred
            Securities under the Securities Act and under state securities or
            blue sky laws, and the qualification of the Trust Agreement as a
            trust indenture under the Trust Indenture Act;

                  (xiv) to assist in the listing of the Trust Preferred
            Securities upon the New York Stock Exchange or such securities
            exchange or exchanges as may be determined by the Depositor and, if
            required, the registration of the Trust Preferred Securities under
            the Exchange Act, and the preparation and filing of all periodic and
            other reports and other documents pursuant to the foregoing;

                  (xv) to send notices (other than notices of default) and other
            information regarding the Trust Securities and the Subordinated
            Debentures to the Securityholders in accordance with this Trust
            Agreement;

                  (xvi) to appoint a Paying Agent (subject to Section 5.09),
            authenticating agent and Security Registrar in accordance with this
            Trust Agreement;

                  (xvii) to register transfers of the Trust Securities in
            accordance with this Trust Agreement;

                  (xviii) to assist in the winding up of the affairs of and
            termination of the Trust as provided in this Trust Agreement; and

                  (xix) to take any action incidental to the foregoing as the
            Administrative Trustees may from time to time determine is
            necessary, appropriate, convenient or advisable to protect and
            conserve the Trust Property for the benefit of the Securityholders
            (without consideration of the effect of any such action on any
            particular Securityholder).

            (B) As among the Trustees, the Property Trustee shall have the
      exclusive power, duty and authority to act on behalf of the Trust with
      respect to the following matters:

                  (i) engage in such ministerial activities as shall be
            necessary or appropriate to effect promptly the redemption of the
            Trust Securities to the extent the Subordinated Debentures are
            redeemed or mature;

                                       13
<PAGE>

                  (ii) upon notice of distribution issued by the Administrative
            Trustees in accordance with the terms of this Trust Agreement,
            engage in such ministerial activities as shall be necessary or
            appropriate to effect promptly the distribution pursuant to the
            terms of this Trust Agreement of Subordinated Debentures to Holders
            of Trust Securities;

                  (iii) subject to the terms hereof, exercise all of the rights,
            powers and privileges of a holder of the Subordinated Debentures
            under the Subordinated Debenture Indenture and, if an Event of
            Default occurs and is continuing, enforce for the benefit of, and
            subject to the rights of, the Holders of the Trust Securities, its
            rights as holder of the Subordinated Debentures under the
            Subordinated Debenture Indenture;

                  (iv) take all actions and perform such duties as may be
            specifically required of the Property Trustee pursuant to the terms
            of this Trust Agreement;

                  (v) take any Legal Action which arises out of or in connection
            with an Event of Default or the Property Trustee's duties and
            obligations under this Trust Agreement, the Delaware Statutory Trust
            Act or the Trust Indenture Act;

                  (vi) the establishment and maintenance of the Payment Account;

                  (vii) the receipt of and holding of legal title to the
            Subordinated Debentures as described herein;

                  (viii) the collection of interest, principal and any other
            payments made in respect of the Subordinated Debentures in the
            Payment Account;

                  (ix) the distribution of amounts received in the Payment
            Account and owed to the Securityholders in respect of the Trust
            Securities;

                  (x) the sending of notices of default and other information
            regarding the Trust Securities and the Subordinated Debentures to
            the Securityholders in accordance with this Trust Agreement;

                  (xi) the distribution of the Trust Property in accordance with
            the terms of this Trust Agreement;

                  (xii) the winding up of the affairs of and termination of the
            Trust as provided in this Trust Agreement, and the preparation,
            execution and filing of the certificate of cancellation with the
            Secretary of State of the State of Delaware; and

                  (xiii) the taking of any action incidental to the foregoing as
            the Property Trustee may from time to time determine is necessary,
            appropriate, convenient or advisable to protect and conserve the
            Trust Property for the benefit of the Securityholders (without
            consideration of the effect of any such action on any particular
            Securityholder).

                                       14
<PAGE>

            (C) So long as this Trust Agreement remains in effect, the Trust (or
      the Trustees acting on behalf of the Trust) shall not undertake any
      business, activity or transaction except as expressly provided herein or
      contemplated hereby. In particular, the Trustees acting on behalf of the
      Trust shall not (i) acquire any investments or engage in any activities
      not authorized by this Trust Agreement, (ii) sell, assign, transfer,
      exchange, pledge, set-off or otherwise dispose of any of the Trust
      Property or interests therein, including to Securityholders, except as
      expressly provided herein, (iii) take any action that would cause the
      Trust to fail or cease to qualify as a grantor trust for United States
      federal income tax purposes, (iv) incur any indebtedness for borrowed
      money, (v) take or consent to any action that would result in the
      placement of a Lien on any of the Trust Property, (vi) issue any
      securities other than the Trust Securities, or (vii) have any power to, or
      agree to any action by the Depositor that would, vary the investment
      (within the meaning of Treasury Regulation Section 301.7701-4(c)) of the
      Trust or of the Securityholders. The Trustees shall defend all claims and
      demands of all Persons at any time claiming any Lien on any of the Trust
      Property adverse to the interest of the Trust or the Securityholders in
      their capacity as Securityholders.

            (D) In connection with the issue and sale of the Trust Preferred
      Securities, the Depositor shall have the right and responsibility to
      assist the Trust with respect to, or effect on behalf of the Trust, the
      following (and any actions taken by the Depositor in furtherance of the
      following prior to the date of this Trust Agreement are hereby ratified
      and confirmed in all respects):

                  (i) to prepare for filing by the Trust with the Commission a
            registration statement on Form S-3 under the Securities Act
            (including a registration statement for delayed offerings by the
            Depositor, the Trust and other registrants in accordance with Rule
            415 under the Securities Act) in relation to the Trust Preferred
            Securities, including any amendments thereto and prospectus
            supplements in respect thereof;

                  (ii) to determine the states in which to take appropriate
            action to qualify or register for sale all or part of the Trust
            Preferred Securities and to do any and all such acts, other than
            actions which must be taken by or on behalf of the Trust, and advise
            the Trustees of actions they must take on behalf of the Trust, and
            prepare for execution and filing any documents to be executed and
            filed by the Trust or on behalf of the Trust, as the Depositor deems
            necessary or advisable in order to comply with the applicable laws
            of any such states;

                  (iii) to prepare for filing by the Trust an application to any
            other national stock exchange or the New York Stock Exchange for
            listing upon notice of issuance of any Trust Preferred Securities;

                  (iv) to prepare for filing by the Trust with the Commission a
            registration statement on Form 8-A relating to the registration of
            the Trust Preferred Securities under Section 12(b) or 12(g) of the
            Exchange Act, including any amendments thereto;

                                       15
<PAGE>

                  (v) to negotiate the terms of the Underwriting Agreement
            providing for the sale of the Trust Preferred Securities and to
            execute, deliver and perform the Underwriting Agreement on behalf of
            the Trust;

                  (vi) to negotiate the terms of an agreement with the
            Depository Trust Company relating to the Trust Preferred Securities
            and to execute, deliver and perform the agreement on behalf of the
            Trust; and

                  (vii) any other actions necessary, incidental, appropriate or
            convenient to carry out any of the foregoing activities.

            (E) Notwithstanding anything herein to the contrary, the
      Administrative Trustees are authorized and directed to conduct the affairs
      of the Trust and to operate the Trust so that the Trust will not be deemed
      to be an "investment company" required to be registered under the
      Investment Company Act, or taxed as other than a grantor trust for United
      States federal income tax purposes and so that the Subordinated Debentures
      will be treated as indebtedness of the Depositor for United States federal
      income tax purposes. In this connection, the Depositor and the
      Administrative Trustees are authorized to take any action, not
      inconsistent with applicable law, the Certificate of Trust or this Trust
      Agreement, that each of the Depositor and the Administrative Trustees
      determines in its discretion to be necessary or desirable for such
      purposes, as long as such action does not materially and adversely affect
      the interests of the Holders of the Trust Preferred Securities.

      SECTION 2.08 ASSETS OF TRUST. The assets of the Trust shall consist of the
Trust Property.

      SECTION 2.09 TITLE TO TRUST PROPERTY. Legal title to all Trust Property
shall be vested at all times in the Property Trustee (in its capacity as such)
and shall be held and administered by the Property Trustee for the benefit of
the Securityholders and the Trust in accordance with this Trust Agreement. The
right, title and interest of the Property Trustee to the Subordinated Debentures
shall vest automatically in each Person who may thereafter be appointed as
Property Trustee in accordance with the terms hereof. Such vesting and cessation
of title shall be effective whether or not conveyancing documents have been
executed and delivered.

      SECTION 2.10 MERGERS AND CONSOLIDATIONS OF THE TRUST. The Trust shall not
consolidate, merge with or into, or be replaced by, or convey, transfer or lease
its properties and assets substantially as an entirety to any corporation or
other entity, except as described below. The Trust may at the request of the
Corporation, with the consent of the Administrative Trustees and, unless an
Event of Default shall have occurred and be continuing, without the consent of
the Holders, the Property Trustee or the Delaware Trustee, consolidate, merge
with or into, or be replaced by a trust organized as such under the laws of any
state; provided that (i) such successor entity either (x) expressly assumes all
of the obligations of the Trust with respect to the Trust Securities or (y)
substitutes for the Trust Securities other securities having substantially the
same terms as the Trust Securities (herein referred to as the "Successor
Securities") so long as the Successor Securities rank the same as the Trust
Securities rank in priority with respect to Distributions and payments upon
liquidation, redemption and otherwise, (ii) the Corporation expressly appoints a
trustee of such successor entity possessing substantially the same powers

                                       16
<PAGE>

and duties as the Property Trustee as the holder of legal title to the
Subordinated Debentures, (iii) the Trust Preferred Securities or any Successor
Securities are listed, or any Successor Securities will be listed upon
notification of issuance, on any national securities exchange or other
organization on which the Trust Preferred Securities are then listed, (iv) such
merger, consolidation or replacement does not cause the Trust Preferred
Securities (including any Successor Securities) to be downgraded by any
nationally recognized statistical rating organization, (v) such consolidation,
merger or replacement does not adversely affect the rights, preferences and
privileges of the Holders of the Trust Securities (including any Successor
Securities) in any material respect, (vi) such successor entity has a purpose
substantially identical to that of the Trust, (vii) prior to such consolidation,
merger or replacement, the Corporation and the Property Trustee have received an
Opinion of Counsel experienced in such matters to the effect that (A) such
consolidation, merger or replacement does not adversely affect the rights,
preferences and privileges of the Holders of the Trust Securities (including any
Successor Securities) in any material respect, and (B) following such
consolidation, merger or replacement, neither the Trust nor such successor
entity will be required to register as an investment company under the
Investment Company Act, and (viii) the Corporation owns all of the common
securities of such successor entity and guarantees the obligations of such
successor entity under the Successor Securities at least to the extent provided
by the Trust Guarantee. Notwithstanding the foregoing, the Trust shall not,
except with the consent of Holders of 100% in Liquidation Amount of the Trust
Securities, consolidate, merge with or into, or be replaced by any other entity
or permit any other entity to consolidate, merge with or into, or replace it if
such consolidation, merger or replacement would cause the Trust or the successor
entity to be classified as other than a grantor trust for United States federal
income tax purposes.

                                   ARTICLE III

                                 PAYMENT ACCOUNT

      SECTION 3.01 PAYMENT ACCOUNT.

            (a) On or prior to the Issue Date, the Property Trustee shall
      establish the Payment Account. The Property Trustee and an agent of the
      Property Trustee shall have exclusive control and sole right of withdrawal
      with respect to the Payment Account for the purpose of making deposits in
      and withdrawals from the Payment Account in accordance with this Trust
      Agreement. All monies and other property deposited or held from time to
      time in the Payment Account shall be held by the Property Trustee in the
      Payment Account for the exclusive benefit of the Securityholders and for
      distribution as herein provided, including (and subject to) any priority
      of payments provided for herein.

            (b) The Property Trustee shall deposit in the Payment Account,
      promptly upon receipt, all payments of principal or interest on, and any
      other payments or proceeds with respect to, the Subordinated Debentures.
      Amounts held in the Payment Account shall not be invested by the Property
      Trustee pending distribution thereof.

                                       17
<PAGE>

                                   ARTICLE IV

                            DISTRIBUTIONS; REDEMPTION

      SECTION 4.01 DISTRIBUTIONS.

            (a) Distributions on the Trust Securities shall be cumulative and
      accrue from the Issue Date and, except in the event that the Depositor
      exercises its right to extend the interest payment period for the
      Subordinated Debentures pursuant to Section __ of the Supplemental
      Indenture, shall be payable quarterly in arrears on ________, ________,
      ________ and ________ of each year, commencing on __________, ____. If any
      date on which Distributions are otherwise payable on the Trust Securities
      is not a Business Day, then the payment of such Distribution shall 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) except that, if
      such Business Day is in the next succeeding calendar year, payment of such
      Distribution shall be made on the immediately preceding Business Day, in
      each case, with the same force and effect as if made on such date (each
      such date, a "Distribution Date").

            (b) Distributions payable on the Trust Securities shall be fixed at
      a rate of _____% per annum of the Liquidation Amount of the Trust
      Securities. The amount of Distributions payable for any full quarterly
      period shall be computed on the basis of twelve 30-day months and a
      360-day year. If the interest payment period for the Subordinated
      Debentures is extended pursuant to Section __ of the Supplemental
      Indenture (an "Extension Period"), then the rate per annum at which
      Distributions on the Trust Securities accumulate shall be increased by an
      amount such that the aggregate amount of Distributions that accumulate on
      all Trust Securities during any such Extension Period is equal to the
      aggregate amount of interest (including interest payable on unpaid
      interest at the percentage rate per annum set forth above, compounded
      quarterly, to the extent permitted by applicable law) that accrues during
      any such Extension Period on the Subordinated Debentures. The payment of
      such deferred interest, together with interest thereon, will be
      distributed, if and to the extent funds are legally available therefor, to
      the Holders of the Trust Securities (as they appear on the books and
      records of the Trust on the Record Date next following the termination of
      such Extension Period) as received at the end of any Extension Period. The
      amount of Distributions payable for any period shall include the
      Additional Amounts, if any.

            (c) Distributions on the Trust Securities shall be made and shall be
      deemed payable on each Distribution Date only to the extent that the Trust
      has legally and immediately available funds in the Payment Account for the
      payment of such Distributions.

            (d) Distributions (including Additional Amounts, if any) on the
      Trust Securities on each Distribution Date shall be payable to the Holders
      thereof as they appear on the Security Register for the Trust Securities
      on the relevant record date, which shall be the close of business on the
      fifteenth calendar day prior to the relevant Distribution Date. Each Trust
      Security, upon registration of transfer of or in exchange for

                                       18
<PAGE>

      or in lieu of any other Trust Security, shall carry the rights of
      Distributions accrued (including Additional Amounts, if any) and unpaid,
      and to accrue (including Additional Amounts, if any), which were carried
      by such other Trust Security.

      SECTION 4.02 REDEMPTION.

            (a) On each Redemption Date with respect to the Subordinated
      Debentures, the Trust will be required to redeem a Like Amount of Trust
      Securities at the Redemption Price.

            (b) Notice of redemption shall be given by the Property Trustee 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 Trust Securities to
      be redeemed, at such Holder's address appearing in the Security Register.
      Any notices of redemption shall state:

                  (i) the Redemption Date;

                  (ii) the Redemption Price;

                  (iii) the CUSIP number;

                  (iv) if less than all the Outstanding Trust Securities are to
            be redeemed, the total Liquidation Amount of the Trust Securities to
            be redeemed; and

                  (v) that on the Redemption Date the Redemption Price will
            become due and payable upon each such Trust Security to be redeemed
            and the Distributions thereon will cease to accrue on and after such
            date.

            (c) The Trust Securities redeemed on each Redemption Date shall be
      redeemed at the Redemption Price with the proceeds from the
      contemporaneous redemption of Subordinated Debentures. Redemptions of the
      Trust Securities shall be made and the Redemption Price shall be deemed
      payable on each Redemption Date only to the extent that the Trust has
      funds legally and immediately available in the Payment Account for the
      payment of such Redemption Price.

            (d) If the Property Trustee gives a notice of redemption in respect
      of any Trust Preferred Securities which notice when given shall become
      irrevocable, then, by 2:00 P.M. New York City time, on the Redemption
      Date, subject to Section 4.02(c), the Property Trustee will, so long as
      the Trust Preferred Securities are in book-entry only form, irrevocably
      deposit with the Clearing Agency for the Trust Preferred Securities funds
      sufficient to pay the applicable Redemption Price. If the Trust Preferred
      Securities are not in book-entry only form, the Property Trustee, subject
      to Section 4.02(c), shall irrevocably deposit with the Paying Agent funds
      sufficient to pay the applicable Redemption Price and will give the Paying
      Agent irrevocable instructions to pay the Redemption Price to the Holders
      thereof upon surrender of their Trust Preferred Securities Certificates.
      Notwithstanding the foregoing, Distributions payable on or prior to the
      Redemption Date for any Trust Securities called for redemption shall be
      payable to the Holders of such Trust Securities as they appear on the
      Security Register for the Trust

                                       19
<PAGE>

      Securities on the relevant record dates for the related Distribution
      Dates. If notice of redemption shall have been given and funds deposited
      as required, then immediately prior to the close of business on the date
      of such deposit, all rights of Securityholders holding Trust Securities so
      called for redemption will cease, except the right of such Securityholders
      to receive the Redemption Price, but without interest, and such Securities
      will cease to be outstanding. In the event that any date on which any
      Redemption Price is payable is not a Business Day, then payment of the
      Redemption Price payable on such date shall 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) except that, if such Business Day is in the
      next succeeding calendar year, payment of such Redemption Price shall be
      made on the immediately preceding Business, Day, in each case, with the
      same force and effect as if made on such date. In the event that payment
      of the Redemption Price in respect of Trust Securities is improperly
      withheld or refused and not paid either by the Trust or by the Depositor
      pursuant to the Trust Guarantee, Distributions on such Trust Securities
      will continue to accrue at the then applicable rate, from such Redemption
      Date originally established by the Trust for such Trust Preferred
      Securities to the date such Redemption Price is actually paid.

            (e) Payment of the Redemption Price on the Trust Securities shall be
      made to the recordholders thereof as they appear on the Security Register
      for the Trust Securities on the relevant record date, which shall be the
      close of business on the fifteenth calendar day prior to the Redemption
      Date.

            (f) If less than all the Outstanding Trust Securities are to be
      redeemed on a Redemption Date, then the aggregate Liquidation Amount of
      Trust Securities to be redeemed shall be allocated 3% to the Trust Common
      Securities and 97% to the Trust Preferred Securities, with such
      adjustments that each amount so allocated shall be divisible by $__. The
      particular Trust Preferred Securities to be redeemed shall be selected not
      more than 60 days prior to the Redemption Date by the Property Trustee
      from the Outstanding Trust Preferred Securities not previously called for
      redemption, by such method as the Property Trustee shall deem fair and
      appropriate and which may provide for the selection for redemption of
      portions (equal to $__ or integral multiples thereof of the Liquidation
      Amount of Trust Preferred Securities of a denomination larger than $__);
      provided, however, that before undertaking redemption of the Trust
      Preferred Securities on other than a pro rata basis, the Property Trustee
      shall have received an Opinion of Counsel that the status of the Trust as
      a grantor trust for United States federal income tax purposes would not be
      adversely affected. The Property Trustee shall promptly notify the
      Security Registrar in writing of the Trust Preferred Securities selected
      for redemption and, in the case of any Trust Preferred Securities selected
      for partial redemption, the Liquidation Amount thereof to be redeemed. For
      all purposes of this Trust Agreement, unless the context otherwise
      requires, all provisions relating to the redemption of Trust Preferred
      Securities shall relate, in the case of any Trust Preferred Securities
      redeemed or to be redeemed only in part, to the portion of the Liquidation
      Amount of Trust Preferred Securities which has been or is to be redeemed.

            (g) Subject to the foregoing provisions of this Section 4.02 and to
      applicable law (including, without limitation, United States federal
      securities laws), the Corporation

                                       20
<PAGE>

      or its Affiliates may, at any time and from time to time, purchase
      outstanding Trust Preferred Securities by tender, in the open market or by
      private agreement.

      SECTION 4.03 SUBORDINATION OF TRUST COMMON SECURITIES.

            (a) Payment of Distributions (including Additional Amounts, if
      applicable) on, and the Redemption Price of, the Trust Securities, as
      applicable, shall be made pro rata based on the respective Liquidation
      Amounts of the applicable Trust Securities; provided, however, that if on
      any Distribution Date or Redemption Date a Debenture Indenture Event of
      Default shall have occurred and be continuing, no payment of any
      Distribution (including Additional Amounts, if applicable) on, or
      Redemption Price of, any Trust Common Security, and no other payment on
      account of the redemption, liquidation or other acquisition of Trust
      Common Securities, shall be made unless payment in full in cash of all
      accumulated and unpaid Distributions (including Additional Amounts, if
      applicable) on all Outstanding Trust Preferred Securities for all
      distribution periods terminating on or prior thereto, or in the case of
      payment of the Redemption Price the full amount of such Redemption Price
      on all Outstanding Trust Preferred Securities, shall have been made or
      provided for, and in funds immediately available to the Property Trustee
      shall first be applied to the payment in full in cash of all Distributions
      (including Additional Amounts, if applicable) on, or the Redemption Price
      of, Trust Preferred Securities then due and payable.

            (b) In the case of the occurrence of any Debenture Indenture Event
      of Default, the Holder of Trust Common Securities will be deemed to have
      waived any such Event of Default under this Trust Agreement until the
      effect of all such Events of Default with respect to the Trust Preferred
      Securities have been cured, waived or otherwise eliminated. Until any such
      Events of Default under this Trust Agreement with respect to the Trust
      Preferred Securities have been so cured, waived or otherwise eliminated,
      the Property Trustee shall act solely on behalf of the Holders of the
      Trust Preferred Securities and not the Holder of the Trust Common
      Securities, and only the Holders of the Trust Preferred Securities will
      have the right to direct the Property Trustee to act on their behalf.

      SECTION 4.04 PAYMENT PROCEDURES. Payments in respect of the Trust
Preferred Securities shall be made by check mailed to the address of the Person
entitled thereto as such address shall appear on the Security Register or, if
the Trust Preferred Securities are held by a Clearing Agency, such Distributions
shall be made to the Clearing Agency, which shall credit the relevant Persons'
accounts at such Clearing Agency on the applicable distribution dates. Payments
in respect of the Trust Common Securities shall be made in such manner as shall
be mutually agreed between the Property Trustee and the Holder of the Trust
Common Securities.

      SECTION 4.05 TAX RETURNS AND REPORTS. The Administrative Trustee(s) shall
prepare (or cause to be prepared), at the Depositor's expense, and file all
United States federal, state and local tax and information returns and reports
required to be filed by or in respect of the Trust. The Administrative
Trustee(s) shall provide or cause to be provided on a timely basis to each
Holder any Internal Revenue Service form required to be so provided in respect
of the Trust Securities.

                                       21
<PAGE>

                                    ARTICLE V

                          TRUST SECURITIES CERTIFICATES

      SECTION 5.01 INITIAL OWNERSHIP. Upon the formation of the Trust by the
contribution by the Depositor pursuant to Section 2.03 and until the issuance of
the Trust Securities, and at any time during which no Trust Securities are
outstanding, the Depositor shall be the sole beneficial owner of the Trust.

      SECTION 5.02 THE TRUST SECURITIES CERTIFICATES. Each of the Trust
Preferred and Trust Common Securities Certificates shall be issued by the
Administrative Trustees in minimum denominations of $__ and integral multiples
in excess thereof. The Trust Securities Certificates shall be executed on behalf
of the Trust by manual or facsimile signature of at least one Administrative
Trustee. Trust Securities Certificates bearing the manual or facsimile
signatures of individuals who were, at the time when such signatures shall have
been affixed, authorized to sign on behalf of the Trust, shall be validly issued
and entitled to the benefits of this Trust Agreement, notwithstanding that such
individuals or any of them shall have ceased to be so authorized prior to the
authentication and delivery of such Trust Securities Certificates or did not
hold such offices at the date of authentication and delivery of such Trust
Securities Certificates. A transferee of a Trust Securities Certificate shall
become a Securityholder, and shall be entitled to the rights and subject to the
obligations of a Securityholder hereunder, upon due registration of such Trust
Securities Certificate in such transferee's name pursuant to Section 5.04.

      SECTION 5.03 AUTHENTICATION OF TRUST SECURITIES CERTIFICATES. On the Issue
Date, the Administrative Trustees shall cause Trust Securities Certificates, in
an aggregate Liquidation Amount as provided in Sections 2.04 and 2.05, to be
executed on behalf of the Trust, authenticated and delivered to or upon the
written order of the Depositor signed by its Chairman of the Board, its
President or any Vice President, without further corporate action by the
Depositor, in authorized denominations. No Trust Securities Certificate shall
entitle its Holder to any benefit under this Trust Agreement, or shall be valid
for any purpose, unless there shall appear on such Trust Securities Certificate
a certificate of authentication substantially in the form set forth in Exhibit B
or Exhibit C, as applicable, executed by at least one Administrative Trustee by
manual signature; such authentication shall constitute conclusive evidence that
such Trust Securities Certificate shall have been duly authenticated and
delivered hereunder. All Trust Securities Certificates shall be dated the date
of their authentication.

      SECTION 5.04 REGISTRATION OF TRANSFER AND EXCHANGE OF TRUST PREFERRED
SECURITIES CERTIFICATES. The Security Registrar shall keep or cause to be kept,
at the office or agency maintained pursuant to Section 5.08, a Security Register
in which, subject to such reasonable regulations as it may prescribe, the
Security Registrar shall provide for the registration of Trust Preferred
Securities Certificates and the Trust Common Securities Certificates (subject to
Section 5.10 in the case of the Trust Common Securities Certificates) and
registration of transfers and exchanges of Trust Preferred Securities
Certificates as herein provided. The Property Trustee shall be the initial
Security Registrar.

      Upon surrender for registration of transfer of any Trust Preferred
Securities Certificate at the office or agency maintained pursuant to Section
5.08, the Administrative Trustees shall

                                       22
<PAGE>

execute, authenticate and deliver in the name of the designated transferee or
transferees, one or more new Trust Preferred Securities Certificates in
authorized denominations of a like aggregate Liquidation Amount dated the date
of authentication by the Administrative Trustee or Trustees. The Security
Registrar shall not be required to register the transfer of any Trust Preferred
Securities that have been called for redemption. At the option of a Holder,
Trust Preferred Securities Certificates may be exchanged for other Trust
Preferred Securities Certificates in authorized denominations of the same class
and of a like aggregate Liquidation Amount upon surrender of the Trust Preferred
Securities Certificates to be exchanged at the office or agency maintained
pursuant to Section 5.08.

      Every Trust Preferred Securities Certificate presented or surrendered for
registration of transfer or exchange shall be accompanied by a written
instrument of transfer in form satisfactory to the Administrative Trustees and
the Security Registrar duly executed by the Holder or such Holder's attorney
duly authorized in writing. Each Trust Preferred Securities Certificate
surrendered for registration of transfer or exchange shall be canceled and
subsequently disposed of by the Security Registrar in accordance with its
customary practice.

      No service charge shall be made for any registration of transfer or
exchange of Trust Preferred Securities Certificates, but the Security Registrar
or the Administrative Trustees may require payment of a sum sufficient to cover
any tax or governmental charge that may be imposed in connection with any
transfer or exchange of Trust Preferred Securities Certificates.

      SECTION 5.05 MUTILATED, DESTROYED, LOST OR STOLEN TRUST SECURITIES
CERTIFICATES. If (a) any mutilated Trust Securities Certificate shall be
surrendered to the Security Registrar, or if the Security Registrar shall
receive evidence to its satisfaction of the destruction, loss or theft of any
Trust Securities Certificate and (b) there shall be delivered to the Security
Registrar and the Administrative Trustees such security or indemnity as may be
required by them to save each of them harmless, then in the absence of notice
that such Trust Securities Certificate shall have been acquired by a bona fide
purchaser, the Administrative Trustees or any one of them on behalf of the Trust
shall execute and authenticate and make available for delivery, in exchange for
or in lieu of any such mutilated, destroyed, lost or stolen Trust Securities
Certificate, a new Trust Securities Certificate of like class, tenor and
denomination. In connection with the issuance of any new Trust Securities
Certificate under this Section, the Administrative Trustees or the Security
Registrar may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection therewith. Any duplicate
Trust Securities Certificate issued pursuant to this Section shall constitute
conclusive evidence of an ownership interest in the Trust, as if originally
issued, whether or not the lost, stolen or destroyed Trust Securities
Certificate shall be found at any time.

      SECTION 5.06 PERSONS DEEMED SECURITYHOLDERS. Prior to due presentation of
a Trust Securities Certificate for registration of transfer, the Trustees or the
Security Registrar shall treat the Person in whose name any Trust Securities
Certificate shall be registered in the Security Register as the owner of such
Trust Securities Certificate for the purpose of receiving Distributions (subject
to Section 4.01(d)) and for all other purposes whatsoever, and neither the
Trustees nor the Security Registrar shall be bound by any notice to the
contrary.

                                       23
<PAGE>

      SECTION 5.07 ACCESS TO LIST OF SECURITYHOLDERS' NAMES AND ADDRESSES. The
Administrative Trustees shall furnish or cause to be furnished to (i) the
Depositor and the Property Trustee semi-annually, not later than _______ and
_______ in each year and (ii) the Depositor or the Property Trustee, as the case
may be, within 30 days after receipt by any Administrative Trustee of a request
therefor from the Depositor or the Property Trustee, as the case may be, in
writing, a list, in such form as the Depositor or the Property Trustee, as the
case may be, may reasonably require, of the names and addresses of the
Securityholders as of a date not more than 15 days prior to the time such list
is furnished; provided that the Administrative Trustees shall not be obligated
to provide such list at any time such list does not differ from the most recent
list given to the Depositor and the Property Trustee by the Administrative
Trustees or at any time the Property Trustee is the Security Registrar. If three
or more Securityholders or one or more Holders of Trust Securities Certificates
evidencing not less than 25% of the outstanding Liquidation Amount apply in
writing to the Administrative Trustees, and such application states that the
applicants desire to communicate with other Securityholders with respect to
their rights under this Trust Agreement or under the Trust Securities
Certificates and such application is accompanied by a copy of the communication
that such applicants propose to transmit, then the Administrative Trustees
shall, within five Business Days after the receipt of such application, afford
such applicants access during normal business hours to the current list of
Securityholders. Each Holder, by receiving and holding a Trust Securities
Certificate, shall be deemed to have agreed not to hold either the Depositor or
the Administrative Trustees accountable by reason of the disclosure of its name
and address, regardless of the source from which such information was derived.

      SECTION 5.08 MAINTENANCE OF OFFICE OR AGENCY. The Administrative Trustees
shall maintain in the Borough of Manhattan, New York, an office or offices or
agency or agencies where Trust Preferred Securities Certificates may be
surrendered for registration of transfer or exchange and where notices and
demands to or upon the Trustees in respect of the Trust Securities Certificates
may be served. The Administrative Trustees initially designate American Stock
Transfer & Trust Company, 59 Maiden Lane, New York, New York 10038 as the
principal agency for such purposes. The Administrative Trustees shall give
prompt written notice to the Depositor and to the Securityholders of any change
in the location of the Security Register or any such office or agency.

      SECTION 5.09 APPOINTMENT OF PAYING AGENT. The Paying Agent shall make
Distributions and other payments provided hereby to Securityholders from the
Payment Account and shall report the amounts of such Distributions and payments
to the Administrative Trustees and if such Paying Agent shall be other than the
Property Trustee to the Property Trustee. Any Paying Agent shall have the
revocable power to withdraw funds from the Payment Account for the purpose of
making the Distributions and payments provided hereby. The Administrative
Trustees may revoke such power and remove the Paying Agent if such Trustees
determine in their sole discretion that the Paying Agent shall have failed to
perform its obligations under this Trust Agreement in any material respect. The
Paying Agent shall initially be the Property Trustee, and it may choose any
co-paying agent that is acceptable to the Administrative Trustees and the
Depositor. Any Person acting as Paying Agent shall be permitted to resign as
Paying Agent upon 30 days' written notice to the Administrative Trustees and the
Depositor. In the event that a Paying Agent shall resign or be removed, the
Administrative Trustees shall appoint a successor that is acceptable to the
Depositor to act as Paying Agent (which shall be a bank or

                                       24
<PAGE>

trust company). The Administrative Trustees shall cause such successor Paying
Agent or any additional Paying Agent appointed by the Administrative Trustees to
execute and deliver to the Trustees an instrument in which such successor Paying
Agent or additional Paying Agent shall agree with the Trustees that as Paying
Agent, such successor Paying Agent or additional Paying Agent will hold all
sums, if any, held by it for payment to the Securityholders in trust for the
benefit of the Securityholders entitled thereto until such sums shall be paid to
such Securityholders. The Paying Agent shall return all unclaimed funds to the
Property Trustee and upon removal of a Paying Agent such Paying Agent shall also
return all funds in its possession to the Property Trustee. The provisions of
Sections 8.01, 8.03 and 8.06 shall apply to the Property Trustee also in its
role as Paying Agent, for so long as the Property Trustee shall act as Paying
Agent and, to the extent applicable, to any other paying agent appointed
hereunder. Any reference in this Agreement to the Paying Agent shall include any
co-paying agent unless the context requires otherwise.

      SECTION 5.10 OWNERSHIP OF TRUST COMMON SECURITIES BY DEPOSITOR. On the
Issue Date, the Depositor shall acquire, and thereafter retain, beneficial and
record ownership of the Trust Common Securities. Any attempted transfer of the
Trust Common Securities, except for transfers by operation of law or to an
Affiliate of the Depositor or a permitted successor under Section 801 of the
Subordinated Debenture Indenture, shall be void. The Administrative Trustees
shall cause each Trust Common Securities Certificate issued to the Depositor and
its permitted transferees to contain a legend stating "THIS CERTIFICATE IS NOT
TRANSFERABLE EXCEPT AS PROVIDED IN THE TRUST AGREEMENT REFERRED TO HEREIN".

      SECTION 5.11 BOOK-ENTRY TRUST PREFERRED SECURITIES CERTIFICATES; TRUST
COMMON SECURITIES CERTIFICATE.

            (a) The Trust Preferred Securities Certificates, upon original
      issuance, will be issued in the form of a typewritten Trust Preferred
      Securities Certificate or Certificates representing Book-Entry Trust
      Preferred Securities Certificates, to be delivered to The Depository Trust
      Company, the initial Clearing Agency, by, or on behalf of, the Trust. Such
      Trust Preferred Securities Certificate or Certificates shall initially be
      registered on the Security Register in the name of Cede & Co., the nominee
      of the initial Clearing Agency, and no Owner will receive a definitive
      Trust Preferred Securities Certificate representing such beneficial
      owner's interest in such Trust Preferred Securities, except as provided in
      Section 5.13. Unless and until Definitive Trust Preferred Securities
      Certificates have been issued to Owners pursuant to Section 5.13:

                  (i) the provisions of this Section 5.11(a) shall be in full
            force and effect;

                  (ii) the Security Registrar and the Trustees shall be entitled
            to deal with the Clearing Agency for all purposes of this Trust
            Agreement relating to the Book-Entry Trust Preferred Securities
            Certificates (including the payment of Distributions and the
            Redemption Price with respect to the Book-Entry Trust Preferred
            Securities and the giving of instructions or directions to Owners of
            Book-Entry Trust Preferred Securities) as the sole Holder of
            Book-Entry Trust Preferred Securities and shall have no obligations
            to the Owners thereof;

                                       25
<PAGE>

                  (iii) to the extent that the provisions of this Section
            conflict with any other provisions of this Trust Agreement, the
            provisions of this Section shall control;

                  (iv) the rights of the Owners of the Book-Entry Trust
            Preferred Securities Certificates shall be exercised only through
            the Clearing Agency and shall be limited to those established by
            law, agreements between such Owners and the Clearing Agency and/or
            the Clearing Agency Participants and the applicable rules of the
            Clearing Agency. Unless and until Definitive Trust Preferred
            Securities Certificates are issued pursuant to Section 5.13, the
            Clearing Agency will make book-entry transfers among the Clearing
            Agency Participants and receive and transmit payments on the Trust
            Preferred Securities to such Clearing Agency Participants; and

                  (v) whenever this Trust Agreement requires or permits actions
            to be taken based upon instructions or directions of Holders of
            Trust Preferred Securities Certificates evidencing a specified
            percentage of the aggregate Liquidation Amount, the Clearing Agency
            shall be deemed to represent such percentage only to the extent that
            it has received instructions to such effect from Owners and/or
            Clearing Agency Participants owning or representing, respectively,
            such required percentage of the beneficial interest in the
            applicable class of Trust Preferred Securities Certificates and has
            delivered such instructions to the Trustees.

            (b) A single Trust Common Securities Certificate representing the
      Trust Common Securities shall be issued to the Depositor in the form of a
      definitive Trust Common Securities Certificate.

      SECTION 5.12 NOTICES TO CLEARING AGENCY. To the extent a notice or other
communication to the Owners is required under this Trust Agreement, unless and
until Definitive Trust Preferred Securities Certificates shall have been issued
to Owners pursuant to Section 5.13, the Trustees shall give all such notices and
communications specified herein to be given to Owners to the Clearing Agency,
and shall have no obligations to the Owners.

      SECTION 5.13 DEFINITIVE TRUST PREFERRED SECURITIES CERTIFICATES. If (i)
the Depositor advises the Trustees in writing that the Clearing Agency is no
longer willing or able to properly discharge its responsibilities with respect
to the Trust Preferred Securities Certificates, and the Depositor is unable to
locate a qualified successor within 90 days of receipt by the Depositor of such
written advice, or (ii) the Depositor at its option advises the Trustees in
writing that it elects to terminate the book-entry system through the Clearing
Agency, then the Administrative Trustees shall notify the Clearing Agency and
Holders of the Trust Preferred Securities. Upon surrender to the Administrative
Trustees of the typewritten Trust Preferred Securities Certificate or
Certificates representing the Book-Entry Trust Preferred Securities Certificates
by the Clearing Agency, accompanied by registration instructions, the
Administrative Trustees or any one of them shall execute and authenticate the
Definitive Trust Preferred Securities Certificates in accordance with the
instructions of the Clearing Agency. Neither the Security Registrar nor the
Trustees shall be liable for any delay in delivery of such instructions and may
conclusively

                                       26
<PAGE>

rely on, and shall be protected in relying on, such instructions. Upon the
issuance of Definitive Trust Preferred Securities Certificates, the Trustees
shall recognize the Holders of the Definitive Trust Preferred Securities
Certificates as Securityholders. The Definitive Trust Preferred Securities
Certificates shall be printed, lithographed or engraved or may be produced in
any other manner as is reasonably acceptable to the Administrative Trustees, as
evidenced by the execution thereof by the Administrative Trustees or any one of
them.

      SECTION 5.14 RIGHTS OF SECURITYHOLDERS. The legal title to the Trust
Property is vested exclusively in the Property Trustee (in its capacity as such)
in accordance with Section 2.09, and the Securityholders shall not have any
right or title therein other than the undivided beneficial ownership interest in
the assets of the Trust conferred by their Trust Securities, and they shall have
no right to call for any partition or division of property, profits or rights of
the Trust except as described below. The Trust Securities shall be personal
property giving only the rights specifically set forth therein and in this Trust
Agreement. The Trust Securities shall have no preemptive or other similar rights
and when issued and delivered to Securityholders against payment of the purchase
price therefor will be fully paid and nonassessable by the Trust. Except as
otherwise provided in the Expense Agreement and Section 10.01 hereof with
respect to the Depositor, the Holders of the Trust Securities shall be entitled
to the same limitation of personal liability extended to stockholders of private
corporations for profit organized under the General Corporation Law of the State
of Delaware.

                                   ARTICLE VI

                    ACTS OF SECURITYHOLDERS; MEETINGS; VOTING

      SECTION 6.01 LIMITATIONS ON VOTING RIGHTS.

            (a) Except as provided in this Section, in Section 8.10 or Section
      10.03 of this Trust Agreement, in the Subordinated Debenture Indenture,
      and as otherwise required by law, no Holder of Trust Preferred Securities
      shall have any right to vote or in any manner otherwise control the
      administration, operation and management of the Trust or the obligations
      of the parties hereto, nor shall anything herein set forth, or contained
      in the terms of the Trust Securities Certificates, be construed so as to
      constitute the Securityholders from time to time as joint venturers,
      partners or members of an association.

            (b) So long as any Subordinated Debentures are held by the Property
      Trustee, the Trustees shall not (i) direct the time, method and place of
      conducting any proceeding for any remedy available to the Indenture
      Trustee, or executing any trust or power conferred on the Indenture
      Trustee with respect to such Subordinated Debentures, (ii) consent to
      waive any past default which is waivable under Section 513 of the
      Subordinated Debenture Indenture, (iii) exercise any right to rescind or
      annul a declaration that the principal of all the Subordinated Debentures
      shall be due and payable or (iv) consent to any amendment, modification or
      termination of the Subordinated Debenture Indenture or the Subordinated
      Debentures, where such consent shall be required, or to any other action,
      as holder of the Subordinated Debentures, under the Subordinated Debenture
      Indenture, without, in each case, obtaining the prior approval of

                                       27
<PAGE>

      the Holders of at least a majority in Liquidation Amount of the
      Outstanding Trust Preferred Securities; provided, however, that where a
      consent under the Subordinated Debenture Indenture would require the
      consent of each holder of Subordinated Debentures affected thereby, no
      such consent shall be given by the Trustees without the prior written
      consent of each Holder of Trust Preferred Securities. The Trustees shall
      not revoke any action previously authorized or approved by a vote of the
      Holders of Trust Preferred Securities, except pursuant to a subsequent
      vote of the Holders of Trust Preferred Securities. The Property Trustee
      shall notify all Holders of the Trust Preferred Securities of any notice
      of default received from the Indenture Trustee with respect to the
      Subordinated Debentures.

            (c) If any proposed amendment to the Trust Agreement provides for,
      or the Trustees otherwise propose to effect, (i) any action that would
      adversely affect the powers, preferences or special rights of the Trust
      Preferred Securities, whether by way of amendment to this Trust Agreement
      or otherwise, or (ii) the dissolution, winding-up or termination of the
      Trust, other than pursuant to the terms of this Trust Agreement, then the
      Holders of Outstanding Trust Preferred Securities as a class will be
      entitled to vote on such amendment or proposal and such amendment or
      proposal shall not be effective except with the approval of the Holders of
      at least a majority in Liquidation Amount of the Outstanding Trust
      Preferred Securities.

            (d) Notwithstanding that holders of Trust Preferred Securities are
      entitled to vote under the circumstances described in Section 6.01(b) and
      6.01(c), any of the Trust Preferred Securities that are owned (whether of
      record or beneficially) by the Corporation, the Administrative Trustees or
      any Affiliate of the Corporation or any Administrative Trustee shall, for
      purposes of such vote, be treated as if they were not outstanding.

      SECTION 6.02 NOTICE OF MEETINGS. Notice of all meetings of the Trust
Preferred Securityholders, stating the time, place and purpose of the meeting,
shall be given by the Administrative Trustees pursuant to Section 10.08 to each
Trust Preferred Securityholder of record, at his registered address, at least 15
days and not more than 90 days before the meeting. At any such meeting, any
business properly before the meeting may be so considered whether or not stated
in the notice of the meeting. Any adjourned meeting may be held as adjourned
without further notice. Any and all notice to which any Trust Preferred
Securityholder hereunder may be entitled and any and all communications shall be
deemed duly served or given if mailed, postage prepaid, addressed to any Trust
Preferred Securityholders of record at his last known address as recorded on the
Security Register.

      SECTION 6.03 MEETINGS OF TRUST PREFERRED SECURITYHOLDERS. No annual
meeting of Securityholders is required to be held. The Administrative Trustees,
however, shall call a meeting of Securityholders to vote on any matter upon the
written request of the Trust Preferred Securityholders of record of 25% of the
Trust Preferred Securities (based upon their Liquidation Amount) and the
Administrative Trustees or the Property Trustee may, at any time in their
discretion, call a meeting of Trust Preferred Securityholders to vote on any
matters as to which Trust Preferred Securityholders are entitled to vote.

                                       28
<PAGE>

      Trust Preferred Securityholders of record of 50% of the Trust Preferred
Securities (based upon their Liquidation Amount), present in person or by proxy,
shall constitute a quorum at any meeting of Securityholders.

      If a quorum is present at a meeting, an affirmative vote by the Trust
Preferred Securityholders of record present, in person or by proxy, holding more
than a majority of the Trust Preferred Securities (based upon their Liquidation
Amount) held by the Trust Preferred Securityholders of record present, either in
person or by proxy, at such meeting shall constitute the action of the
Securityholders, unless this Trust Agreement requires a greater proportion of
affirmative votes.

      SECTION 6.04 VOTING RIGHTS. Securityholders shall be entitled to one vote
for each $__ of Liquidation Amount represented by their Trust Securities in
respect of any matter as to which such Securityholders are entitled to vote.

      SECTION 6.05 PROXIES, ETC. At any meeting of Securityholders, any
Securityholder entitled to vote may vote by proxy, provided that no proxy shall
be voted at any meeting unless it shall have been placed on file with the
Administrative Trustees, or with such other officer or agent of the Trust as the
Administrative Trustees may direct, for verification prior to the time at which
such vote shall be taken. Pursuant to a resolution of the Property Trustee,
proxies may be solicited in the name of the Property Trustee or one or more
officers of the Property Trustee. Only Securityholders of record shall be
entitled to vote. When Trust Securities are held jointly by several Persons, any
one of them may vote at any meeting in person or by proxy in respect of such
Trust Securities, but if more than one of them shall be present at such meeting
in person or by proxy, and such joint owners or their proxies so present
disagree as to any vote to be cast, such vote shall not be received in respect
of such Trust Securities. A proxy purporting to be executed by or on behalf of a
Securityholder shall be deemed valid unless challenged at or prior to its
exercise, and the burden of proving invalidity shall rest on the challenger. No
proxy shall be valid more than three years after its date of execution.

      SECTION 6.06 SECURITYHOLDER ACTION BY WRITTEN CONSENT. Any action which
may be taken by Securityholders at a meeting may be taken without a meeting if
Securityholders holding at least a majority of all outstanding Trust Securities
entitled to vote in respect of such action (or such other proportion thereof as
shall be required by any express provision of this Trust Agreement) shall
consent to the action in writing (based upon their Liquidation Amount).

      SECTION 6.07 RECORD DATE FOR VOTING AND OTHER PURPOSES. For the purposes
of determining the Securityholders who are entitled to notice of and to vote at
any meeting or by written consent, or to participate in any Distribution on the
Trust Securities in respect of which a record date is not otherwise provided for
in this Trust Agreement, or for the purpose of any other action, the
Administrative Trustees may from time to time fix a date, not more than 90 days
prior to the date of any meeting of Securityholders or the payment of
distribution or other action, as the case may be, as a record date for the
determination of the identity of the Securityholders of record for such
purposes.

      SECTION 6.08 ACTS OF SECURITYHOLDERS. Any request, demand, authorization,
direction, notice, consent, waiver or other action provided or permitted by this
Trust Agreement to be

                                       29
<PAGE>

given, made or taken by Securityholders may be embodied in and evidenced by one
or more instruments of substantially similar tenor signed by such
Securityholders in person or by an agent appointed in writing; and, except as
otherwise expressly provided herein, such action shall become effective when
such instrument or instruments are delivered to the Administrative Trustees.
Such instrument or instruments (and the action embodied therein and evidenced
thereby) are herein sometimes referred to as the "Act" of the Securityholders
signing such instrument or instruments. Proof of execution of any such
instrument or of a writing appointing any such agent shall be sufficient for any
purpose of this Trust Agreement and (subject to Section 8.01) conclusive in
favor of the Trustees, if made in the manner provided in this Section.

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

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

      Any request, demand, authorization, direction, notice, consent, waiver or
other Act of the Securityholder of any Trust Security shall bind every future
Securityholder of the same Trust Security and the Securityholder of every Trust
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 Trustees or the Trust in reliance thereon, whether or not
notation of such action is made upon such Trust Security.

      Without limiting the foregoing, a Securityholder entitled hereunder to
take any action hereunder with regard to any particular Trust Security may do so
with regard to all or any part of the Liquidation Amount of such Trust 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 Liquidation Amount.

      If any dispute shall arise between the Holders of Trust Securities and the
Administrative Trustees or among such Securityholders or Trustees with respect
to the authenticity, validity or binding nature of any request, demand,
authorization, direction, consent, waiver or other Act of such Securityholder or
Trustee under this Article VI, then the determination of such matter by the
Property Trustee shall be conclusive with respect to such matter.

      SECTION 6.09 INSPECTION OF RECORDS. Upon reasonable notice to the
Trustees, the records of the Trust shall be open to inspection by
Securityholders during normal business hours for any purpose reasonably related
to such Securityholder's interest as a Securityholder.

                                       30
<PAGE>

                                   ARTICLE VII

                 REPRESENTATIONS AND WARRANTIES OF THE PROPERTY
                    TRUSTEE, DELAWARE TRUSTEE AND DEPOSITOR

      SECTION 7.01 REPRESENTATIONS AND WARRANTIES OF THE PROPERTY TRUSTEE. The
Trust Company in its separate corporate capacity and as the Property Trustee, on
behalf of and as to itself, hereby represents and warrants for the benefit of
the Depositor and the Securityholders that:

            (a) the Trust Company is a corporation or trust company duly
      organized, validly existing and in good standing under the laws of the
      State of New York;

            (b) the Trust Company in its separate corporate capacity and in its
      capacity as the Property Trustee has full corporate power, authority and
      legal right to execute and deliver this Trust Agreement and to perform its
      obligations under this Trust Agreement and has taken all necessary action
      to authorize the execution, delivery and performance by it of this Trust
      Agreement;

            (c) this Trust Agreement has been duly authorized, executed and
      delivered by the Property Trustee and constitutes the valid and legally
      binding agreement of the Property Trustee, enforceable against it in
      accordance with its 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;

            (d) the execution, delivery and performance of this Trust Agreement
      and the consummation of the transactions contemplated thereby by the Trust
      Company in its capacity as the Property Trustee of this Trust Agreement
      have been duly authorized by all necessary corporate action on the part of
      the Trust Company in its separate corporate capacity and as Property
      Trustee and do not require any approval of stockholders of the Trust
      Company and such execution, delivery and performance will not (i) violate
      the Trust Company's charter or by-laws, or (ii) violate any law,
      governmental rule or regulation of the United States or the State of New
      York governing the banking, trust, or corporate powers (as appropriate in
      context) of the Trust Company in its separate corporate capacity and in
      its capacity as the Property Trustee or any indenture, mortgage, bank
      credit agreement, note or bond purchase agreement, long-term lease,
      license or other agreement or any order, judgment or decree applicable to
      the Trust Company or the Property Trustee;

            (e) neither the authorization, execution, delivery or performance by
      the Trust Company or the Property Trustee of this Trust Agreement, nor the
      consummation of any of the transactions by the Trust Company or the
      Property Trustee contemplated herein or therein, nor the issuance of the
      Trust Securities Certificates pursuant to this Trust Agreement require the
      consent or approval of, the withholding of objection on the part of, the
      giving of notice to, the filing, the registration, or the qualification
      with or the taking of any other action with respect to any governmental
      authority or agency under any

                                       31
<PAGE>

      existing federal or New York law governing the trust or corporate powers
      of the Property Trustee; and

            (f) there are no proceedings pending or threatened against the Trust
      Company or the Property Trustee in any court or before any governmental
      authority, agency or arbitration board or tribunal which, individually or
      in the aggregate, would have a material adverse effect on the right, power
      and authority of the Trust Company or the Property Trustee to enter into
      or perform its obligations under this Trust Agreement.

      SECTION 7.02 REPRESENTATIONS AND WARRANTIES OF THE DELAWARE TRUSTEE. The
Delaware Corporation in its separate corporate capacity and as the Delaware
Trustee, on behalf of and as to itself, hereby represents and warrants for the
benefit of the Depositor and the Securityholders that:

            (a) the Delaware Corporation is a corporation duly organized,
      validly existing and in good standing under the laws of the State of
      Delaware;

            (b) the Delaware Corporation in its separate corporate capacity and
      in its capacity as the Delaware Trustee has full corporate power,
      authority and legal right to execute and deliver this Trust Agreement and
      to perform its obligations under this Trust Agreement and has taken all
      necessary action to authorize the execution, delivery and performance by
      it of this Trust Agreement;

            (c) this Trust Agreement has been duly authorized, executed and
      delivered by the Delaware Trustee and constitutes the valid and legally
      binding agreement of the Delaware Trustee, enforceable against it in
      accordance with its 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;

            (d) the execution, delivery and performance of this Trust Agreement
      and the consummation of the transactions contemplated thereby by the
      Delaware Corporation in its capacity as Delaware Trustee of this Trust
      Agreement have been duly authorized by all necessary corporate action on
      the part of the Delaware Corporation in its separate corporate capacity
      and as the Delaware Trustee and do not require any approval of
      stockholders of the Delaware Corporation and such execution, delivery and
      performance will not (i) violate the Delaware Corporation's charter or
      by-laws, or (ii) violate any law, governmental rule or regulation of the
      United States or the State of Delaware governing the trust or corporate
      powers the Delaware Corporation in its capacity as the Delaware Trustee or
      in its separate corporate capacity, or any indenture, mortgage, bank
      credit agreement, note or bond purchase agreement, long-term lease,
      license or other agreement or any order, judgment or decree applicable to
      the Delaware Corporation or the Delaware Trustee;

            (e) neither the authorization, execution, delivery or performance by
      the Delaware Corporation or the Delaware Trustee of this Trust Agreement,
      nor the consummation of any of the transactions by the Delaware
      Corporation or the Delaware

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<PAGE>

      Trustee contemplated herein or therein, nor the issuance of the Trust
      Securities Certificates pursuant to this Trust Agreement require the
      consent or approval of, the withholding of objection on the part of, the
      giving of notice to, the filing, the registration, or the qualification
      with or the taking of any other action with respect to any governmental
      authority or agency under any existing federal or Delaware law governing
      the trust or corporate powers of the Delaware Trustee; and

            (f) There are no proceedings pending or threatened against the
      Delaware Corporation or the Delaware Trustee in any court or before any
      governmental authority, agency or arbitration board or tribunal which,
      individually or in the aggregate, would have a material adverse effect on
      the right, power and authority of the Delaware Corporation or the Delaware
      Trustee to enter into or perform its obligations under this Trust
      Agreement.

      SECTION 7.03 REPRESENTATIONS AND WARRANTIES OF DEPOSITOR.

      The Depositor hereby represents and warrants for the benefit of the
      Securityholders that:

            (a) the Trust Securities Certificates issued at the Closing Date on
      behalf of the Trust have been duly authorized and will have been, duly and
      validly executed, issued and delivered by the Trustees pursuant to the
      terms and provisions of, and in accordance with the requirements of, this
      Trust Agreement and the Securityholders will be, as of such date, entitled
      to the benefits of this Trust Agreement; and

            (b) there are no taxes, fees or other governmental charges payable
      by the Trust (or the Trustees on behalf of the Trust) under the laws of
      the State of Delaware or any political subdivision thereof in connection
      with the execution, delivery and performance by the Property Trustee or
      the Delaware Trustee, as the case may be, of this Trust Agreement.

                                  ARTICLE VIII

                                  THE TRUSTEES

      SECTION 8.01 CERTAIN DUTIES AND RESPONSIBILITIES.

            (a) The rights, duties and responsibilities of the Trustees shall be
      as provided by this Trust Agreement and the Delaware Statutory Trust Act
      and, in the case of the Property Trustee, the Trust Indenture Act.
      Notwithstanding the foregoing, no provision of this Trust Agreement shall
      require the Trustees to expend or risk their own funds or otherwise incur
      any financial liability in the performance of any of their duties
      hereunder, or in the exercise of any of their rights or powers, if they
      shall have reasonable grounds for believing that repayment of such funds
      or adequate indemnity against such risk or liability is not reasonably
      assured to them. Whether or not therein expressly so provided, every
      provision of this Trust Agreement relating to the conduct or affecting the
      liability of or affording protection to the Trustees shall be subject to
      the provisions of this Section.

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<PAGE>

            (b) All payments made by the Property Trustee in respect of the
      Trust Securities shall be made only from the income and proceeds from the
      Trust Property and only to the extent that there shall be sufficient
      income or proceeds from the Trust Property to enable the Property Trustee
      to make payments in accordance with the terms hereof. Each Securityholder,
      by its acceptance of a Trust Security, agrees that it will look solely to
      the income and proceeds from the Trust Property to the extent available
      for distribution to it as herein provided and that the Trustees are not
      personally liable to such Holder for any amount distributable in respect
      of any Trust Security or for any other liability in respect of any Trust
      Security. This Section 8.01(b) does not limit the liability of the
      Trustees expressly set forth elsewhere in this Trust Agreement or, in the
      case of the Property Trustee, in the Trust Indenture Act.

      SECTION 8.02 NOTICE OF DEFAULTS. Within 90 days after the occurrence of
any default known to the Property Trustee, the Property Trustee shall transmit,
in the manner and to the extent provided in Section 10.08, notice of any such
default to the Securityholders, the Administrative Trustees and the Depositor,
unless such default shall have been cured or waived. For the purpose of this
Section, the term "default" means any event which is, or after notice or lapse
of time or both would become, an Event of Default.

      SECTION 8.03 CERTAIN RIGHTS OF PROPERTY TRUSTEE. Subject to the provisions
of Section 8.01 and except as provided by law:

                  (i) the Property Trustee may rely and shall be protected in
            acting or refraining from acting in good faith upon any resolution,
            Opinion of Counsel, certificate, written representation of a Holder
            or transferee, certificate of auditors or any other certificate,
            statement, instrument, opinion, report, notice, request, consent,
            order, appraisal, bond or other paper or document believed by it to
            be genuine and to have been signed or presented by the proper party
            or parties;

                  (ii) if (A) in performing its duties under this Trust
            Agreement the Property Trustee is required to decide between
            alternative courses of action, or (B) in construing any of the
            provisions in this Trust Agreement the Property Trustee finds the
            same ambiguous or inconsistent with any other provisions contained
            herein, or (C) the Property Trustee is unsure of the application of
            any provision of this Trust Agreement, then, except as to any matter
            as to which the Trust Preferred Securityholders are entitled to vote
            under the terms of this Trust Agreement, the Property Trustee shall
            deliver a notice to the Depositor requesting written instructions of
            the Depositor as to the course of action to be taken. The Property
            Trustee shall take such action, or refrain from taking such action,
            as the Property Trustee shall be instructed in writing to take, or
            to refrain from taking, by the Depositor; provided, however, that if
            the Property Trustee does not receive such instructions of the
            Depositor within ten Business Days after it has delivered such
            notice, or such reasonably shorter period of time set forth in such
            notice (which to the extent practicable shall not be less than two
            Business Days), it may, but shall be under no duty to, take or
            refrain from taking such action not inconsistent with this Trust
            Agreement as it shall deem advisable and in the best

                                       34
<PAGE>

            interests of the Securityholders, in which event the Property
            Trustee shall have no liability except for its own bad faith
            negligence or willful misconduct;

                  (iii) the Property Trustee may consult with counsel of its
            selection 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;

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

                  (v) the Property Trustee shall not be bound to make any
            investigation into the facts or matters stated in any resolution,
            certificate, statement, instrument, opinion, report, notice,
            request, consent, order, approval, bond or other document, unless
            requested in writing to do so by one or more Securityholders; and

                  (vi) the Property Trustee may execute any of the trusts or
            powers hereunder or perform any duties hereunder either directly or
            by or through its agents or attorneys, provided that the Property
            Trustee shall be responsible for its own negligence or recklessness
            with respect to selection of any agent or attorney appointed by it
            hereunder.

      SECTION 8.04 NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF SECURITIES. The
recitals contained herein and in the Trust Securities Certificates shall be
taken as the statements of the Depositor, and the Trustees do not assume any
responsibility for their correctness. The Trustees shall not be accountable for
the use or application by the Trust of the proceeds of the Trust Securities in
accordance with Sections 2.04 and 2.05.

      The Property Trustee may conclusively assume that any funds held by it
hereunder are legally available unless an officer of the Property Trustee
assigned to its Corporate Trustee administrative department shall have received
written notice from the Corporation, any Holder or any other Trustee that such
funds are not legally available.

      SECTION 8.05 TRUSTEE MAY HOLD SECURITIES. Except as provided in the
definition of the term "Outstanding" in Article I, any Trustee or any other
agent of the Trustees or the Trust, in its individual or any other capacity, may
become the owner or pledgee of Trust Securities and may otherwise deal with the
Trust with the same rights it would have if it were not a Trustee or such other
agent.

      SECTION 8.06 COMPENSATION; FEES; INDEMNITY.

      The Depositor agrees:

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<PAGE>

            (1) to pay to the Trustees from time to time reasonable compensation
      for all services rendered by the Trustees 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
      Trustees upon request for all reasonable expenses, disbursements and
      advances incurred or made by the Trustees in accordance with any provision
      of this Trust Agreement (including the reasonable compensation and the
      expenses and disbursements of their agents and counsel), except any such
      expense, disbursement or advance as may be attributable to their
      negligence, willful misconduct or bad faith; and

            (3) to indemnify the Trustees for, and to hold the Trustees harmless
      against, any and all loss, damage, claims, liability or expense incurred
      without negligence, willful misconduct or bad faith on their part, arising
      out of or in connection with the acceptance or administration of this
      Trust Agreement, including the costs and expenses of defending themselves
      against any claim or liability in connection with the exercise or
      performance of any of its powers or duties hereunder.

      The provisions of this Section 8.06 shall survive the termination of this
Trust Agreement or the resignation or removal of any Trustee.

      SECTION 8.07 TRUSTEES REQUIRED; ELIGIBILITY.

            (a) There shall at all times be a Property Trustee hereunder with
      respect to the Trust Securities. The Property Trustee shall be a
      corporation organized and doing business under the laws of the United
      States of America or any State or Territory thereof or of the District of
      Columbia, or a corporation or Person permitted by the Securities and
      Exchange Commission to act as an institutional trustee under the Trust
      Indenture Act, authorized under such laws to exercise corporate trust
      powers, having a combined capital and surplus of at least $10,000,000, and
      subject to supervision or examination by Federal, State, Territorial or
      District of Columbia authority. 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
      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 Property Trustee with respect
      to the Trust Securities 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.

            (b) There shall at all times be one or more Administrative Trustees
      hereunder. Each Administrative Trustee shall be either a natural person
      who is at least 21 years of age or a legal entity that shall act through
      one or more persons authorized to bind such entity.

            (c) There shall at all times be a Delaware Trustee. The Delaware
      Trustee shall either be (i) a natural person who is at least 21 years of
      age and a resident of the

                                       36
<PAGE>

      State of Delaware or (ii) a legal entity with its principal place of
      business in the State of Delaware that shall act through one or more
      persons authorized to bind such entity.

      SECTION 8.08 CONFLICTING INTERESTS.

      If the Property Trustee has or shall acquire a conflicting interest within
the meaning of the Trust Indenture Act, the Property 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 Trust
Agreement. To the extent permitted by the Trust Indenture Act, the Property
Trustee shall not be deemed to have a conflicting interest by virtue of being
trustee under the Trust Guarantee. Subject to the foregoing, the Depositor and
any Trustee may engage in or possess an interest in other business ventures of
any nature or description, independently or with others, similar or dissimilar
to the business of the Trust, and the Trust and the Securityholders shall have
no rights by virtue of this Trust Agreement in and to such independent ventures
or the income or profits derived therefrom, and the pursuit of any such venture,
even if competitive with the business of the Trust, shall not be deemed wrongful
or improper. Neither the Depositor, nor any Trustee, shall be obligated to
present any particular investment or other opportunity to the Trust even if such
opportunity is of a character that, if presented to the Trust, could be taken by
the Trust, (individually or as a partner or fiduciary) or to recommend to others
any such particular investment or other opportunity. Any Trustee may engage or
be interested in any financial or other transaction with the Depositor or any
Affiliate of the Depositor, or may act as depository for, trustee or agent for,
or act on any committee or body of holders of, securities or other obligations
of the Depositor or its Affiliates.

      SECTION 8.09 CO-PROPERTY TRUSTEES AND SEPARATE TRUSTEE.

      At any time or times, for the purpose of meeting the legal requirements of
the Trust Indenture Act or of any jurisdiction in which any part of the Trust
Property may at the time be located, the Holder of the Trust Common Securities
and the Property Trustee shall have power to appoint, and upon the written
request of the Property Trustee, the Depositor shall for such purpose join with
the Property Trustee in the execution, delivery and performance of all
instruments and agreements necessary or proper to appoint, one or more Persons
approved by the Property Trustee either to act as co-property trustee, jointly
with the Property Trustee, of all or any part of such Trust Property, or to act
as separate trustee of any such Trust Property, in either case with such powers
as may be provided in the instrument of appointment, and to vest in such Person
or Persons in the capacity aforesaid, any property, title, right or power deemed
necessary or desirable, subject to the other provisions of this Agreement. If
the Depositor does not join in such appointment within 15 days after the receipt
by it of a request so to do, or in case an Debenture Indenture Event of Default
has occurred and is continuing, the Property Trustee alone shall have power to
make such appointment. Any co-property trustee or separate trustee appointed
pursuant to this Section shall satisfy the requirements of Section 8.07.

      Should any written instrument from the Depositor be required by any
co-property trustee or separate trustee so appointed for more fully confirming
to such co-property trustee or separate trustee such property, title, right, or
power, any and all such instruments shall, on request, be executed,
acknowledged, and delivered by the Depositor.

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<PAGE>

      Every co-property trustee or separate trustee shall, to the extent
permitted by law, but to such extent only, be appointed subject to the following
terms, namely:

            (i) The Trust Securities shall be executed, authenticated and
      delivered and all rights, powers, duties, and obligations hereunder in
      respect of the custody of securities, cash and other personal property
      held by, or required to be deposited or pledged with, the Trustees
      hereunder, shall be exercised, solely by the Trustees.

            (ii) The rights, powers, duties, and obligations hereby conferred or
      imposed upon the Property Trustee in respect of any property covered by
      such appointment shall be conferred or imposed upon and exercised or
      performed by the Property Trustee or by the Property Trustee and such
      co-property trustee or separate trustee jointly, as shall be provided in
      the instrument appointing such co-property trustee or separate trustee,
      except to the extent that under any law of any jurisdiction in which any
      particular act is to be performed, the Property Trustee shall be
      incompetent or unqualified to perform such act, in which event such
      rights, powers, duties, and obligations shall be exercised and performed
      by such co-property trustee or separate trustee.

            (iii) The Property Trustee at any time, by an instrument in writing
      executed by it, with the written concurrence of the Depositor, may accept
      the resignation of or remove any co-property trustee or separate trustee
      appointed under this Section, and, in case an Debenture Indenture Event of
      Default has occurred and is continuing, the Property Trustee shall have
      power to accept the resignation of, or remove, any such co-property
      trustee or separate trustee without the concurrence of the Depositor. Upon
      the written request of the Property Trustee, the Depositor shall join with
      the Property Trustee in the execution, delivery, and performance of all
      instruments and agreements necessary or proper to effectuate such
      resignation or removal. A successor to any co-property trustee or separate
      trustee so resigned or removed may be appointed in the manner provided in
      this Section.

            (iv) No co-property trustee or separate trustee hereunder shall be
      personally liable by reason of any act or omission of the Property
      Trustee, or any other such trustee hereunder.

            (v) The Trustees shall not be liable by reason of any act of a
      co-property trustee or separate trustee.

            (vi) Any Act of Holders delivered to the Property Trustee shall be
      deemed to have been delivered to each such co-property trustee and
      separate trustee.

      SECTION 8.10 RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR.

      No resignation or removal of any Trustee (the "Relevant 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 8.11.

                                       38
<PAGE>

      Subject to the immediately preceding paragraph, the Relevant Trustee may
resign at any time by giving written notice thereof to the Holders. If the
instrument of acceptance by the successor Trustee required by Section 8.11 shall
not have been delivered to the Relevant Trustee within 30 days after the giving
of such notice of resignation, the resigning Relevant Trustee may petition, at
the expense of the Trust, any court of competent jurisdiction for the
appointment of a successor Relevant Trustee.

      Unless an Debenture Indenture Event of Default shall have occurred and be
continuing, any Trustee may be removed at any time by Act of the Holder of the
Trust Common Securities. If a Debenture Indenture Event of Default shall have
occurred and be continuing, the Property Trustee or the Delaware Trustee, or
both of them, may be removed at such time by Act of the Holders of a majority in
Liquidation Amount of the Trust Preferred Securities, delivered to the Relevant
Trustee (in its individual capacity and on behalf of the Trust). An
Administrative Trustee may be removed by the Holder of the Trust Common
Securities at any time. In no event will the Holders of the Trust Preferred
Securities have a right to vote to appoint, remove or replace the Administrative
Trustees.

      If any Trustee shall resign, be removed or become incapable of continuing
to act as Trustee, or if a vacancy shall occur in the office of any Trustee for
any reason, at a time when no Debenture Indenture Event of Default shall have
occurred and be continuing, the Holder of the Trust Common Securities, by its
Act of the Holders of the Trust Common Securities, shall promptly appoint a
successor Trustee or successor Trustees, and each retiring Trustee shall comply
with the applicable requirements of Section 8.11. If the Property Trustee or the
Delaware Trustee shall resign, be removed or become incapable of continuing to
act as the Property Trustee or the Delaware Trustee, as the case may be, or a
vacancy shall occur in the office of any such Trustee for any reason, at a time
when an Debenture Indenture Event of Default shall have occurred and be
continuing, the Holders of Trust Preferred Securities, by Act of the Holders of
a majority in Liquidation Amount of the Trust Preferred Securities then
Outstanding, shall promptly appoint a successor Relevant Trustee or Relevant
Trustees and such successor Relevant Trustee or Relevant Trustees shall comply
with the applicable requirements of Section 8.11. If an Administrative Trustee
shall resign, be removed or become incapable of acting as Administrative
Trustee, or a vacancy shall occur in the office of any such Trustee for any
reason, at a time when a Debenture Indenture Event of Default shall have
occurred and be continuing, the Holder of the Trust Common Securities, by Act of
the Holder of the Trust Common Securities, shall promptly appoint a successor
Administrative Trustee or Administrative Trustees and such successor
Administrative Trustee or Administrative Trustees shall comply with the
applicable requirements of Section 8.11. If no successor Relevant Trustee shall
have been so appointed in accordance with this Section 8.10 and accepted
appointment in the manner required by Section 8.11, any Holder who has been a
Holder of Trust Securities 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 Relevant Trustee.

      The Property Trustee shall give notice of each resignation and each
removal of a Trustee and each appointment of a successor Trustee to all Holders
in the manner provided in Section 10.08 and shall give notice to the Depositor.
Each notice shall include the name of the successor Relevant Trustee and the
address of its Corporate Trust Office if it is the Property Trustee.

                                       39
<PAGE>

      Notwithstanding the foregoing or any other provision of this Trust
Agreement, in the event any Administrative Trustee or a Delaware Trustee who is
a natural person dies or becomes, in the opinion of the Depositor, incompetent
or incapacitated, the vacancy created by such death, incompetence or incapacity
may be filled by (i) the act of the remaining Administrative Trustee or (ii)
otherwise by the Depositor (with the successor in each case being a Person who
satisfies the eligibility requirements for an Administrative Trustee or a
Delaware Trustee, as the case may be, set forth in Section 8.07).

      SECTION 8.11 ACCEPTANCE OF APPOINTMENT BY SUCCESSOR. In case of the
appointment hereunder of a successor Relevant Trustee, every such successor
Relevant Trustee so appointed shall execute, acknowledge and deliver to the
Trust and to the retiring Relevant Trustee an instrument accepting such
appointment, and thereupon the resignation or removal of the retiring Relevant
Trustee shall become effective and such successor Relevant Trustee, without any
further act, deed or conveyance, shall become vested with all the rights,
powers, trusts and duties of the retiring Relevant Trustee; but, on the request
of the Depositor or the successor Relevant Trustee, such retiring Relevant
Trustee shall, upon payment of its charges, execute and deliver an instrument
transferring to such successor Relevant Trustee all the rights, powers and
trusts of the retiring Relevant Trustee and shall duly assign, transfer and
deliver to such successor Relevant Trustee all property and money held by such
retiring Relevant Trustee hereunder.

      Upon request of any such successor Relevant Trustee, the Trust shall
execute any and all instruments for more fully and certainly vesting in and
confirming to such successor Relevant Trustee all such rights, powers and trusts
referred to in the preceding paragraph.

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

      SECTION 8.12 MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS.

      Any Person into which the Property Trustee, Delaware Trustee or any
Administrative Trustee which is not a natural person may be merged or converted
or with which it may be consolidated, or any Person resulting from any merger,
conversion or consolidation to which such Relevant Trustee shall be a party, or
any Person succeeding to all or substantially all the corporate trust business
of such Relevant Trustee, shall be the successor of such Relevant Trustee
hereunder, provided such Person shall be otherwise qualified and eligible,
without the execution or filing of any paper or any further act on the part of
any of the parties hereto.

      SECTION 8.13 PREFERENTIAL COLLECTION OF CLAIMS AGAINST DEPOSITOR OR TRUST.

      If and when the Property Trustee shall be or become a creditor of the
Depositor or the Trust (or any other obligor upon the Subordinated Debentures or
the Trust Securities), the Property Trustee shall be subject to the provisions
of the Trust Indenture Act regarding the collection of claims against the
Depositor or Trust (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

                                       40
<PAGE>

      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 Depositor or the Trust (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 Property Trustee simultaneously with the
      creation of the creditor relationship with the Depositor or the Trust (or
      any such obligor) arising from the making, drawing, negotiating or
      incurring of the draft, bill of exchange, acceptance or obligation.

      SECTION 8.14 REPORTS BY PROPERTY TRUSTEE.

            (a) Within 60 days after May 15 of each year commencing with
      _________, if required by Section 313(a) of the Trust Indenture Act, the
      Property Trustee shall transmit a brief report dated as of such May 15
      with respect to any of the events specified in such Section 313(a) that
      may have occurred since the later of the date of this Trust Agreement or
      the preceding May 15.

            (b) The Property Trustee shall transmit to Securityholders 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 8.15 REPORTS TO THE PROPERTY TRUSTEE. The Depositor and the
Administrative Trustees on behalf of the Trust shall provide to the Property
Trustee, any securities exchange upon which the Trust Securities may be listed
and the Commission such documents, reports and information as required by
Section 314 of the Trust Indenture Act (if any) and, within 120 days after the
end of each fiscal year of the Depositor, the compliance certificate required by
Section 314(a)(4) of the Trust Indenture Act in the form and in the manner
required by Section 314 of the Trust Indenture Act.

      SECTION 8.16 EVIDENCE OF COMPLIANCE WITH CONDITIONS PRECEDENT. Each of the
Depositor and the Administrative Trustees on behalf of the Trust shall provide
to the Property Trustee such evidence of compliance with any conditions
precedent, if any, provided for in this Trust Agreement that relate to any of
the matters set forth in Section 314(c) of the Trust Indenture Act. Any
certificate or opinion required to be given pursuant to Section 314(c)(1) of the
Trust Indenture Act shall comply with Section 314(e) of the Trust Indenture Act.

      SECTION 8.17 NUMBER OF TRUSTEES.

            (a) The number of Trustees shall initially be four, provided that
      the Depositor by written instrument may increase the number of
      Administrative Trustees or decrease the number to one but not to zero.

                                       41
<PAGE>

            (b) If a Trustee ceases to hold office for any reason and the number
      of Administrative Trustees is not reduced pursuant to Section 8.17(a), or
      if the number of Trustees is increased pursuant to Section 8.17(a), a
      vacancy shall occur. The vacancy shall be filled with a Trustee appointed
      in accordance with Section 8.10.

            (c) The death, resignation, retirement, removal, bankruptcy,
      incompetence or incapacity to perform the duties of a Trustee shall not
      operate to annul the Trust. Whenever a vacancy in the number of
      Administrative Trustees shall occur, until such vacancy is filled by the
      appointment of an Administrative Trustee in accordance with Section 8.10,
      the Administrative Trustees in office, regardless of their number (and
      notwithstanding any other provision of this Trust Agreement), shall have
      all powers granted to the Administrative Trustees and shall discharge the
      duties imposed upon the Administrative Trustees by this Trust Agreement.

      SECTION 8.18 DELEGATION OF POWER.

            (a) Any Administrative Trustee, may, by power of attorney consistent
      with applicable law, delegate to any other natural person over the age of
      21 his or her power for the purpose of executing any documents
      contemplated in Section 2.07(A), including any registration statement or
      amendment thereto filed with the Commission, or making any other
      governmental filing; and

            (b) The Administrative Trustees shall have power to delegate from
      time to time to such of their number the doing of such things and the
      execution of such instruments either in the name of the Trust or the names
      of the Administrative Trustees or otherwise as the Administrative Trustees
      may deem expedient, to the extent such delegation is not prohibited by
      applicable law or contrary to the provisions of the Trust, as set forth
      herein.

      SECTION 8.19 ENFORCEMENT OF RIGHTS OF PROPERTY TRUSTEE BY SECURITYHOLDERS.

      If a Debenture Indenture Event of Default occurs and is continuing, then
(i) the Holders of Trust Preferred Securities will rely on the enforcement by
the Property Trustee of its rights against the Corporation as the holder of the
Subordinated Debentures and (ii) the Holders of a majority in aggregate
Liquidation Amount of the Trust Preferred Securities will have the right to
direct the time, method, and place of conducting any proceeding for any remedy
available to the Property Trustee or to direct the exercise of any trust or
power conferred upon the Property Trustee under this Trust Agreement, including
the right to direct the Property Trustee to exercise the remedies available to
it as a holder of the Subordinated Debentures, provided that such direction
shall not be in conflict with any rule of law or with this Trust Agreement, and
could not involve the Property Trustee in personal liability in circumstances
where reasonable indemnity would not be adequate. If the Property Trustee fails
to enforce its rights under the Subordinated Debentures, a Holder of Trust
Preferred Securities may, to the extent permitted by applicable law, institute a
legal proceeding against the Corporation to enforce its rights under this Trust
Agreement without first instituting any legal proceeding against the Property
Trustee or any other Person, including the Trust; 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

                                       42
<PAGE>

provision of this Trust Agreement 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
Trust Agreement, except in the manner herein provided and for the equal and
ratable benefit of all such Holders. Notwithstanding the foregoing, a Holder of
Trust Preferred Securities may institute a legal proceeding directly against the
Corporation without first instituting a legal proceeding against or requesting
or directing that action be taken by the Property Trustee or any other Person,
for enforcement of payment to such Holder of principal of or interest on the
Subordinated Debentures having a principal amount equal to the aggregate stated
Liquidation Amount of the Trust Preferred Securities of such Holder on or after
the due dates therefor specified or provided for in the Subordinated Debentures.
The Corporation shall be subrogated to all rights of the Holders of Trust
Preferred Securities in respect of any amounts paid to such Holders by the
Corporation pursuant to this Section.

                                   ARTICLE IX

                           TERMINATION AND LIQUIDATION

      SECTION 9.01 TERMINATION UPON EXPIRATION DATE. The Trust shall
automatically terminate on ________________ (the "Expiration Date") or earlier
pursuant to Section 9.02 or 9.03.

      SECTION 9.02 EARLY TERMINATION. Upon the first to occur of any of the
following events (such first occurrence, an "Early Termination Event"), the
Trust shall be dissolved and terminated in accordance with the terms hereof:

                  (i) the occurrence of a Bankruptcy Event in respect of the
            Depositor, dissolution or liquidation of the Depositor (other than
            in connection with a transaction permitted by Section 801 of the
            Subordinated Debenture Indenture), or the dissolution of the Trust
            pursuant to judicial decree;

                  (ii) the delivery of written direction to the Property Trustee
            by the Depositor at any time (which direction is optional and wholly
            within the discretion of the Depositor) to terminate the Trust and
            distribute the Subordinated Debentures to Securityholders as
            provided in Section 9.04; and

                  (iii) the payment at maturity or redemption of all of the
            Subordinated Debentures, and the consequent payment of the Trust
            Securities.

      SECTION 9.03 TERMINATION. The respective obligations and responsibilities
of the Trust and the Trustees created hereby shall terminate upon the latest to
occur of the following: (a) the distribution by the Property Trustee to
Securityholders upon the liquidation of the Trust pursuant to Section 9.04, or
upon the redemption of all of the Trust Securities pursuant to Section 4.02, of
all amounts or instruments required to be distributed hereunder upon the final
payment of the Trust Securities; (b) the payment of any expenses owed by the
Trust; or (c) the discharge of all administrative duties of the Administrative
Trustees, including the performance of any tax reporting obligations with
respect to the Trust or the Securityholders.

      SECTION 9.04 LIQUIDATION.

                                       43
<PAGE>

            (a) If any Early Termination Event specified in clause (ii) of
      Section 9.02 occurs, the Trust shall be liquidated and the Property
      Trustee shall distribute the Subordinated Debentures to the
      Securityholders as provided in this Section 9.04.

            (b) In connection with a distribution of the Subordinated
      Debentures, each Holder of Trust Securities shall be entitled to receive
      after the satisfaction of liabilities to creditors of the Trust (as
      evidenced by a certificate of the Administrative Trustees), a Like Amount
      of Subordinated Debentures. Notice of liquidation shall be given by the
      Trustees by first-class mail, postage prepaid, mailed not later than 30
      nor more than 60 days prior to the Liquidation Date to each Holder of
      Trust Securities at such Holder's address appearing in the Security
      Register. All notices of liquidation shall:

                  (i) state the Liquidation Date;

                  (ii) state that from and after the Liquidation Date, the Trust
            Securities will no longer be deemed to be Outstanding and any Trust
            Securities Certificates not surrendered for exchange will be deemed
            to represent a Like Amount of Subordinated Debentures; and

                  (iii) provide such information with respect to the mechanics
            by which Holders may exchange Trust Securities Certificates for
            Subordinated Debentures as the Administrative Trustees or the
            Property Trustee shall deem appropriate.

            (c) In order to effect the liquidation of the Trust and distribution
      of the Subordinated Debentures to Securityholders, the Property Trustee
      shall establish a record date for such distribution (which shall be not
      more than 45 days prior to the Liquidation Date) and, either itself acting
      as exchange agent or through the appointment of a separate exchange agent,
      shall establish such procedures as it shall deem appropriate to effect the
      distribution of Subordinated Debentures in exchange for the Outstanding
      Trust Securities Certificates.

            (d) After the Liquidation Date, (i) the Trust Securities will no
      longer be deemed to be Outstanding, (ii) certificates representing a Like
      Amount of Subordinated Debentures will be issued to Holders of Trust
      Securities Certificates, upon surrender of such certificates to the
      Administrative Trustees or their agent for exchange, (iii) any Trust
      Securities Certificates not so surrendered for exchange will be deemed to
      represent a Like Amount of Subordinated Debentures, accruing interest at
      the rate provided for in the Subordinated Debentures from the last
      Distribution Date on which a Distribution was made on such Trust
      Certificates until such certificates are so surrendered (and until such
      certificates are so surrendered, no payments of interest or principal will
      be made to Holders of Trust Securities Certificates with respect to such
      Subordinated Debentures) and (iv) all rights of Securityholders holding
      Trust Securities will cease, except the right of such Securityholders to
      receive Subordinated Debentures upon surrender of Trust Securities
      Certificates.

            (e) The Depositor will use its best efforts to have the Subordinated
      Debentures that are distributed in exchange for the Trust Preferred
      Securities listed on

                                       44
<PAGE>

      such securities exchange as the Trust Preferred Securities are then
      listed. The Depositor may elect to have the Subordinated Debentures issued
      in book-entry form to the Clearing Agency or its nominee.

      SECTION 9.05 BANKRUPTCY. If an Early Termination Event specified in clause
(i) of Section 9.02 has occurred, the Trust shall be liquidated. The Property
Trustee shall distribute the Subordinated Debentures to the Securityholders as
provided in Section 9.04, unless such distribution is determined by the
Administrative Trustees not to be practical, in which event the Holders will be
entitled to receive out of the assets of the Trust available for distribution to
Securityholders, after satisfaction of liabilities to creditors, an amount equal
to the Liquidation Amount per Trust Security plus accrued and unpaid
Distributions thereon to the date of payment (such amount being the "Liquidation
Distribution"). If such Liquidation Distribution can be paid only in part
because the Trust has insufficient assets available to pay in full the aggregate
Liquidation Distribution, then, subject to the next succeeding sentence, the
amounts payable by the Trust on the Trust Securities shall be paid on a pro rata
basis (based upon Liquidation Amounts). The Holder of the Trust Common
Securities will be entitled to receive Liquidation Distributions upon any such
dissolution, winding-up or termination pro rata (determined as aforesaid) with
Holders of Trust Preferred Securities, except that, if an Debenture Indenture
Event of Default has occurred and is continuing, the Trust Preferred Securities
shall have a priority over the Trust Common Securities pursuant to Section 4.03.

                                    ARTICLE X

                            MISCELLANEOUS PROVISIONS

      SECTION 10.01 RESERVED. Subject to the terms and conditions hereof, the
Depositor irrevocably and unconditionally guarantees to each person or entity to
whom the Trust is now or hereafter becomes indebted or liable (the
"Beneficiaries") the full payment, when and as due, of any and all Obligations
(as hereinafter defined) to such Beneficiaries. As used herein, "Obligations"
means any indebtedness, expenses or liabilities of the Trust, other than
obligations of the Trust to pay to Holders of any Trust Securities or other
similar interests in the Trust the amounts due such Holders pursuant to the
terms of the Trust Preferred Securities or such other similar interests, as the
case may be. Such guarantee is intended to be for the benefit of, and to be
enforceable by, all such Beneficiaries, whether or not such Beneficiaries have
received notice hereof.

      SECTION 10.02 LIMITATION OF RIGHTS OF SECURITYHOLDERS. The bankruptcy,
death or dissolution or incapacity of any Person having an interest, beneficial
or otherwise, in a Trust Security shall not operate to terminate this Trust
Agreement, nor entitle the legal representatives or heirs of such Person or any
Securityholder for such Person, to claim an accounting, take any action or bring
any proceeding in and for a partition or winding up of the arrangements
contemplated hereby, nor otherwise affect the rights, obligations and
liabilities of the parties hereto or any of them.

      SECTION 10.03 AMENDMENT.

                                       45
<PAGE>

            (a) This Trust Agreement may be amended from time to time by the
      Administrative Trustees and the Depositor, without the consent of any
      Securityholders and, except as provided in subsection (e) below, without
      the consent of the Property Trustee or the Delaware Trustee, (i) to cure
      any ambiguity, correct or supplement any provision herein which may be
      inconsistent with any other provision herein, or to make any other
      provisions with respect to matters or questions arising under this Trust
      Agreement, which shall not be inconsistent with the other provisions of
      this Trust Agreement, provided, however, that any such amendment shall not
      adversely affect in any material respect the interests of any
      Securityholder, (ii) to modify, eliminate or add to any provisions of this
      Trust Agreement to such extent as shall be necessary to ensure that the
      Trust will not be classified as other than a grantor trust for United
      States federal income tax purposes at any time that any Trust Securities
      are outstanding; provided, however, that, in the case of clause (i), any
      amendments of this Trust Agreement shall become effective when notice
      thereof is given to the Securityholders or (iii) to provide the Property
      Trustee with the authority to execute on behalf of the Administrative
      Trustees Definitive Trust Preferred Securities Certificates.

            (b) Except as provided in Section 10.03(c) hereof, any provision in
      this Trust Agreement may be amended by the Trust or the Trustees with (i)
      the consent of Securityholders representing not less than a majority
      (based upon Liquidation Amounts) of the Trust Securities then Outstanding
      and (ii) receipt by the Trustees of an Opinion of Counsel to the effect
      that such amendment or the exercise of any power granted to the Trustees
      in accordance with such amendment will not affect the Trust's status as a
      grantor trust for United States federal income tax purposes or the Trust's
      exemption from status of an "investment company" under the Investment
      Company Act.

            (c) In addition to and notwithstanding any other provision in this
      Trust Agreement, without the consent of each affected Securityholder (such
      consent being obtained in accordance with Section 6.03 or 6.06 hereof),
      this Trust Agreement may not be amended to (i) change the amount or timing
      of any Distribution (or payment upon redemption) on the Trust Securities
      or otherwise adversely affect the amount of any Distribution (or payment
      upon redemption) required to be made in respect of the Trust Securities as
      of a specified date, (ii) restrict the right of a Securityholder to
      institute suit for the enforcement of any such payment on or after such
      date, (iii) change the purpose of the Trust, (iv) authorize the issuance
      of any additional beneficial interests in the Trust, or (v) change the
      consent required pursuant to this Section 10.03.

            (d) Notwithstanding any other provisions of this Trust Agreement,
      the Trustees shall not enter into or consent to any amendment to this
      Trust Agreement which would cause the Trust to be treated other than as a
      grantor trust for United States federal income tax purposes or to fail or
      cease to qualify for the exemption from status of an "investment company"
      under the Investment Company Act of 1940, as amended, afforded by Rule
      3a-5 thereunder.

            (e) Without the consent of the Depositor, this Trust Agreement may
      not be amended in a manner which imposes any additional obligation on the
      Depositor. Without the consent of the Property Trustee or the Delaware
      Trustee, as the case may be, this

                                       46
<PAGE>

      Trust Agreement may not be amended in a manner which affects the powers,
      duties or rights of the Property Trustee or the Delaware Trustee,
      respectively. In executing any amendment permitted by this Trust
      Agreement, the Trustees shall be entitled to receive, and (subject to
      Section 8.01) shall be fully protected in relying upon an Opinion of
      Counsel stating that the execution of such amendment is authorized or
      permitted by this Trust Agreement. Any Trustee may, but shall not be
      obligated to, enter into any such amendment which affects such Trustee's
      own rights, duties, immunities or liabilities under this Trust Agreement
      or otherwise.

            (f) In the event that any amendment to this Trust Agreement is made,
      the Administrative Trustees shall promptly provide to the Depositor a copy
      of such amendment.

      SECTION 10.04 SEPARABILITY. In case any provision in this Trust Agreement
or in the Trust Securities Certificates 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 10.05 GOVERNING LAW. THIS TRUST AGREEMENT AND THE RIGHTS AND
OBLIGATIONS OF EACH OF THE SECURITYHOLDERS, THE TRUST AND THE TRUSTEES WITH
RESPECT TO THIS TRUST AGREEMENT AND THE TRUST SECURITIES SHALL BE CONSTRUED IN
ACCORDANCE WITH AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF DELAWARE.

      SECTION 10.06 NOTICE OF DEFERRAL OF DISTRIBUTION. In the event that the
Depositor exercises its right to extend an interest payment period in respect of
the Subordinated Debentures pursuant to Section __ of the Supplemental Indenture
and notice of such extension has been provided by the Depositor to the Property
Trustee, the Property Trustee shall give written notice of such extension and of
the deferral of the related Distribution on the Trust Securities, by first-class
mail, postage prepaid, mailed not later than ten days prior to the Distribution
Date upon which such Distribution would otherwise be payable, to each Holder of
Trust Preferred Securities at such Holder's address appearing in the Security
Register.

      SECTION 10.07 HEADINGS. The Article and Section headings are for
convenience only and shall not affect the construction of this Trust Agreement.

      SECTION 10.08 NOTICE AND DEMAND. Any notice, demand or other communication
which by any provision of this Trust Agreement is required or permitted to be
given or served to or upon any Securityholder or the Depositor may be given or
served in writing by deposit thereof, first class postage prepaid, in the United
States mail, hand delivery or facsimile transmission, in each case, addressed,
(i) in the case of a Trust Preferred Securityholder, to such Trust Preferred
Securityholder as such Securityholder's name and address appear on the Security
Register and (ii) in the case of the Trust Common Securityholder or the
Depositor, to D.R. Horton, Inc., 1901 Ascension Blvd., Suite 100, Arlington,
Texas 76006, Attention: Chief Financial Officer, Facsimile No. (817) 856-8252.
Such notice, demand or other communication to or upon a Securityholder shall be
deemed to have been sufficiently given or made, for all purposes, upon hand
delivery, mailing or transmission.

                                       47
<PAGE>

      Any notice, demand or other communication which by any provision of this
Trust Agreement is required or permitted to be given or served to or upon the
Trust or the Trustees shall be given in writing addressed (until another address
is published by the Trust) as follows: (i) with respect to the Property Trustee,
American Stock Transfer & Trust Company, 59 Maiden Lane, New York, New York
10038, Attention: ___________, Facsimile No. ____________; (ii) with respect to
the Delaware Trustee, The Corporation Trust Company, Corporation Trust Centre,
1209 Orange Street, Wilmington, Delaware 19801, Attention: ___________,
Facsimile No. ____________; and (ii) with respect to the Administrative
Trustees, to them at the address above for notices to the Depositor, marked
Attention: Administrative Trustees of DRH Capital Trust I, c/o D.R. Horton,
Inc., 1901 Ascension Blvd., Suite 100, Arlington, Texas 76006, Attention: Chief
Financial Officer, Facsimile No. (817) 856-8252. Such notice, demand or other
communication to or upon the Trust or the Trustees shall be deemed to have been
sufficiently given or made only upon actual receipt of the writing by the
applicable Trustee.

      SECTION 10.09 AGREEMENT NOT TO PETITION. Each of the Trustees and the
Depositor agrees for the benefit of the Securityholders that, until at least one
year and one day after the Trust has been terminated in accordance with Article
IX, it shall not file, or join in the filing of, a petition against the Trust
under any bankruptcy, reorganization, arrangement, insolvency, liquidation or
other similar law (including, without limitation, the United States Bankruptcy
Code) (collectively, "Bankruptcy Laws") or otherwise join in the commencement of
any proceeding against the Trust under any Bankruptcy Law. In the event the
Depositor takes action in violation of this Section 10.09, the Property Trustee
agrees, for the benefit of Securityholders, that it shall file an answer with
the bankruptcy court or otherwise properly contest the filing of such petition
by the Depositor against the Trust or the commencement of such action and raise
the defense that the Depositor has agreed in writing not to take such action and
should be stopped and precluded therefrom and such other defenses, if any, as
counsel for the Trustees or the Trust may assert. The provisions of this Section
10.09 shall survive the termination of this Trust Agreement.

      SECTION 10.10 CONFLICT WITH TRUST INDENTURE ACT.

            (a) This Trust Agreement is subject to the provisions of the Trust
      Indenture Act that are required to be part of this Trust Agreement and
      shall, to the extent applicable, be governed by such provisions.

            (b) The Property Trustee shall be the only Trustee which is a
      Trustee for the purposes of the Trust Indenture Act.

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

            (d) The application of the Trust Indenture Act to this Trust
      Agreement shall not affect the nature of the Trust Securities as equity
      securities representing undivided beneficial interests in the assets of
      the Trust. THE RECEIPT AND ACCEPTANCE OF A TRUST SECURITY OR ANY INTEREST
      THEREIN BY OR ON BEHALF OF A SECURITYHOLDER OR ANY BENEFICIAL OWNER,
      WITHOUT ANY SIGNATURE OR FURTHER MANIFESTATION OF ASSENT, SHALL

                                       48
<PAGE>

      CONSTITUTE THE UNCONDITIONAL ACCEPTANCE BY THE SECURITYHOLDER AND ALL
      OTHERS HAVING A BENEFICIAL INTEREST IN SUCH TRUST SECURITY OF ALL THE
      TERMS AND PROVISIONS OF THIS TRUST AGREEMENT AND AGREEMENT TO THE
      SUBORDINATION PROVISIONS AND OTHER TERMS OF THE TRUST GUARANTEE AND THE
      SUBORDINATED DEBENTURE INDENTURE AND THIS TRUST AGREEMENT, AND PROVIDE
      NOTICE TO SUCH SECURITYHOLDER AND SUCH OTHERS THAT THOSE TERMS AND
      PROVISIONS SHALL BE BINDING, OPERATIVE AND EFFECTIVE AS BETWEEN THE TRUST
      AND SUCH SECURITYHOLDER AND SUCH OTHERS.

      SECTION 10.11 SUCCESSORS. This Trust Agreement shall be binding upon and
shall inure to the benefit of any successor to both the Trust and the Trustees,
including any successor by operation of law.

                                       49
<PAGE>

      IN WITNESS WHEREOF, the parties hereto have executed this Trust Agreement
or have caused this Trust Agreement to be executed on their behalf, all as of
the day and year first above written.

                                         D.R. HORTON, INC.

                                         By:____________________________________
                                         Name:__________________________________
                                         Title:_________________________________

                                         AMERICAN STOCK TRANSFER & TRUST COMPANY
                                         as Property Trustee

                                         By:____________________________________
                                         Name:__________________________________
                                         Title:_________________________________

                                         THE CORPORATION TRUST COMPANY,
                                           as Delaware Trustee

                                         By:____________________________________
                                         Name:__________________________________
                                         Title:_________________________________

                                        ________________________________________
                                        ____________, as Administrative Trustee

                                        ____________, as Administrative Trustee

                                       50
<PAGE>

                                    EXHIBIT A

                    AGREEMENT AS TO EXPENSES AND LIABILITIES

      THIS AGREEMENT AS TO EXPENSES AND LIABILITIES (this "Agreement") is made
as of ___________, between D.R. Horton, Inc., a Delaware corporation (the
"Corporation"), and DRH Capital Trust I, a Delaware Statutory Trust (the
"Trust").

      WHEREAS, the Trust intends to issue its Trust Common Securities (the
"Trust Common Securities") to the Corporation and to issue and sell DRH Capital
Trust I ____ % Trust Preferred Securities (the "Trust Preferred Securities")
with such powers, preferences and special rights and restrictions as are set
forth in the Amended and Restated Trust Agreement of the Trust dated as of
_______, ____ as the same may be amended from time to time (the "Trust
Agreement") and acquire Series ____% Subordinated Debentures due _________ (the
"Subordinated Debentures") from the Corporation; and

      WHEREAS, the Corporation is the issuer of the Subordinated Debentures.

      NOW, THEREFORE, in consideration of the purchase by each holder of the
Trust Securities, which purchase the Corporation hereby agrees shall benefit the
Corporation and which purchase the Corporation acknowledges will be made in
reliance upon the execution and delivery of this Agreement, the Corporation and
the Trust hereby agree as follows:

                                    ARTICLE I

      SECTION 1.01. GUARANTEE BY THE CORPORATION. Subject to the terms and
conditions hereof, the Corporation hereby irrevocably and unconditionally
guarantees to each person or entity to whom the Trust is now or hereafter
becomes indebted or liable (the "Beneficiaries") the full payment, when and as
due, of any and all Obligations (as hereinafter defined) to such Beneficiaries.
As used herein, "Obligations" means any indebtedness, expenses or liabilities of
the Trust, other than obligations of the Trust to pay to holders of any Trust
Securities or other similar interests in the Trust the amounts due such holders
pursuant to the terms of the Trust Preferred Securities or such other similar
interests, as the case may be. This Agreement is intended to be for the benefit
of, and to be enforceable by, all such Beneficiaries, whether or not such
Beneficiaries have received notice hereof.

      SECTION 1.02. TERM OF AGREEMENT. This Agreement shall terminate and be of
no further force and effect upon the date on which there are no Beneficiaries
remaining; provided, however, that this Agreement shall continue to be effective
or shall be reinstated, as the case may be, if at any time any holder of Trust
Preferred Securities or any Beneficiary must restore payment of any sums paid
under the Trust Preferred Securities, under any Obligation, under the Trust
Guarantee Agreement dated the date hereof by the Corporation and American Stock
Transfer & Trust Company, as guarantee trustee, or under this Agreement for any
reason whatsoever. This Agreement is continuing, irrevocable, unconditional and
absolute.

<PAGE>

      SECTION 1.03. WAIVER OF NOTICE. The Corporation hereby waives notice of
acceptance of this Agreement and of any Obligation to which it applies or may
apply, and the Corporation hereby waives presentment, demand for payment,
protest, notice of nonpayment, notice of dishonor, notice of redemption and all
other notices and demands.

      SECTION 1.04. NO IMPAIRMENT. The obligations, covenants, agreements and
duties of the Corporation under this Agreement shall in no way be affected or
impaired by reason of the happening from time to time of any of the following:

            (a) the extension of time for the payment by the Trust of all or any
      portion of the Obligations or for the performance of any other obligation
      under, arising out of, or in connection with, the Obligations;

            (b) any failure, omission, delay or lack of diligence on the part of
      the Beneficiaries to enforce, assert or exercise any right, privilege,
      power or remedy conferred on the Beneficiaries with respect to the
      Obligations or any action on the part of the Trust granting indulgence or
      extension of any kind; or

            (c) the voluntary or involuntary liquidation, dissolution, sale of
      any collateral, receivership, insolvency, bankruptcy, assignment for the
      benefit of creditors, reorganization, arrangement, composition or
      readjustment of debt of, or other similar proceedings affecting, the Trust
      or any of the assets of the Trust.

      There shall be no obligation of the Beneficiaries to give notice to, or
obtain the consent of, the Corporation with respect to the happening of any of
the foregoing.

      SECTION 1.05. ENFORCEMENT. A Beneficiary may enforce this Agreement
directly against the Corporation and the Corporation waives any right or remedy
to require that any action be brought against the Trust or any other person or
entity before proceeding against the Corporation.

                                   ARTICLE II

      SECTION 2.01. BINDING EFFECT. All guarantees and agreements contained in
this Agreement shall bind the successors, assigns, receivers, trustees and
representatives of the Corporation and shall inure to the benefit of the
Beneficiaries.

      SECTION 2.02. AMENDMENT. So long as there remains any Beneficiary or any
Trust Preferred Securities are outstanding, this Agreement shall not be modified
or amended in any manner adverse to such Beneficiary or to the holders of the
Trust Preferred Securities without their consent.

      SECTION 2.03. NOTICES. Any notice, request or other communication required
or permitted to be given hereunder shall be given in writing by delivering the
same against receipt therefor by facsimile transmission (confirmed by mail), or
by registered or certified mail, addressed as follows (and if so given, shall be
deemed given when mailed), to-wit:

                                       2
<PAGE>

                  DRH Capital Trust I
                  c/o D.R. Horton, Inc.
                  1901 Ascension Blvd., Suite 100
                  Arlington, Texas 76006
                  Attention: Chief Financial Officer
                  Facsimile No. (817) 856-8252

                  D.R. Horton, Inc.
                  1901 Ascension Blvd., Suite 100
                  Arlington, Texas 76006
                  Attention: Chief Financial Officer
                  Facsimile No. (817) 856-8252

      SECTION 2.04. CHOICE OF LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

                                       3
<PAGE>

      THIS AGREEMENT is executed as of the date and year first above written.

                                   D.R. HORTON, INC.

                                   By:_____________________________________
                                   Name:___________________________________
                                   Title:__________________________________

                                   DRH CAPITAL TRUST I

                                   By:_____________________________________
                                      ____________, as Administrative Trustee

                                   By:_____________________________________
                                      ____________, as Administrative Trustee

                                       4
<PAGE>

                                    EXHIBIT B

         THIS CERTIFICATE IS NOT TRANSFERABLE EXCEPT AS PROVIDED IN THE
                       TRUST AGREEMENT REFERRED TO HEREIN

           Certificate Number                  Number of Trust Common Securities
                  C-1

                 Certificate Evidencing Trust Common Securities
                                       of
                               DRH Capital Trust I

                             Trust Common Securities
               (Liquidation Amount $__ per Trust Common Security)

      DRH Capital Trust I, a statutory business trust formed under the laws of
the State of Delaware (the "Trust"), hereby certifies that D.R. Horton, Inc.,
(the "Holder") is the registered owner of ______ Trust Common Securities of the
Trust representing undivided beneficial interests in the assets of the Trust and
designated the Trust Common Securities (Liquidation Amount $__ per Trust Common
Security) (the "Trust Common Securities"). In accordance with Section 5.10 of
the Trust Agreement (as defined below) the Trust Common Securities are not
transferable, except by operation of law or to an Affiliate of the Holder or a
permitted successor under Section 801 of the Subordinated Debenture Indenture,
dated as of ____________, ____, between the Holder and _________________, as
trustee, and any attempted transfer hereof shall be void. The designations,
rights, privileges, restrictions, preferences and other terms and provisions of
the Trust Common Securities are set forth in, and this certificate and the Trust
Common Securities represented hereby are issued and shall in all respects be
subject to the terms and provisions of, the Amended and Restated Trust Agreement
of the Trust dated as of _________, as the same may be amended from time to time
(the "Trust Agreement"), including the designation of the terms of the Trust
Common Securities as set forth therein. The Trust will furnish a copy of the
Trust Agreement to the Holder without charge upon written request to the Trust
at its principal place of business or registered office.

      Upon receipt of this certificate, the Holder is bound by the Trust
Agreement and is entitled to the benefits thereunder.

<PAGE>

      IN WITNESS WHEREOF, the Administrative Trustees of the Trust have executed
this certificate this _____day of _______, ____.

                                    D.R. HORTON, INC.

                                    By:_____________________________________
                                    Name:___________________________________
                                    Title:__________________________________

                                    DRH CAPITAL TRUST I

                                    By:_____________________________________
                                       ____________, as Administrative Trustee

                                    By:_____________________________________
                                       ____________, as Administrative Trustee

                                       2
<PAGE>

                          CERTIFICATE OF AUTHENTICATION

      This is one of the Trust Common Securities referred to in the within
mentioned Trust Agreement.

                                        ________________________________________
                                        ____________, as Administrative Trustee

                                       3
<PAGE>

                                    EXHIBIT C

      Unless this certificate is presented by an authorized representative of
The Depository Trust Company, a New York corporation ("DTC"), to DRH Capital
Trust I or its agent for registration of transfer, exchange, or payment, and any
certificate issued is registered in the name of Cede & Co. or in such other name
as is requested by an authorized representative of DTC (and any payment made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), any transfer, pledge, or other use hereof for value or
otherwise by or to any person is wrongful inasmuch as the registered owner
thereof, Cede & Co., has an interest herein.

        Certificate Number                  Number of Trust Preferred Securities
               P-                                         CUSIP NO.

                Certificate Evidencing Trust Preferred Securities
                                       of
                               DRH Capital Trust I

                       _____ % Trust Preferred Securities
              (Liquidation Amount $__ per Trust Preferred Security)

      DRH Capital Trust I, a statutory business trust formed under the laws of
the State of Delaware (the "Trust"), hereby certifies that ______________ (the
"Holder") is the registered owner of ______ Trust Preferred Securities of the
Trust representing undivided beneficial interests in the assets of the Trust and
designated the DRH Capital Trust I ____ % Trust Preferred Securities
(Liquidation Amount $__ per Trust Preferred Security) (the "Trust Preferred
Securities"). The Trust Preferred Securities are transferable on the books and
records of the Trust, in person or by a duly authorized attorney, upon surrender
of this certificate duly endorsed and in proper form for transfer as provided in
Section 5.04 of the Trust Agreement (as defined below). The designations,
rights, privileges, restrictions, preferences and other terms and provisions of
the Trust Preferred Securities are set forth in, and this certificate and the
Trust Preferred Securities represented hereby are issued and shall in all
respects be subject to the terms and provisions of, the Amended and Restated
Trust Agreement of the Trust, dated as of _________, ____, as the same may be
amended from time to time (the "Trust Agreement"), including the designation of
the terms of Trust Preferred Securities as set forth therein. The holder of this
certificate is entitled to the benefits of a guarantee by D.R. Horton, Inc., a
Delaware corporation (the "Corporation"), pursuant to a Trust Guarantee
Agreement between the Corporation and American Stock Transfer & Trust Company,
as guarantee trustee, dated as of _________, ____, as the same may be amended
from time to time (the "Trust Guarantee"), to the extent provided therein. The
Trust will furnish a copy of the Trust Agreement and the Trust Guarantee to the
holder of this certificate without charge upon written request to the Trust at
its principal place of business or registered office.

<PAGE>

      Upon receipt of this certificate, the holder of this certificate is bound
by the Trust Agreement and is entitled to the benefits thereunder.

      IN WITNESS WHEREOF, the Administrative Trustees of the Trust have executed
this certificate this _____ day of _________, ____.

                                   DRH CAPITAL TRUST I

                                   By:__________________________________________
                                      ____________, as Administrative Trustee

                                   By:__________________________________________
                                      ____________, as Administrative Trustee

                          CERTIFICATE OF AUTHENTICATION

      This is one of the Trust Preferred Securities referred to in the within
mentioned Trust Agreement.

                                        ________________________________________
                                        ____________, as Administrative Trustee

                                       2
<PAGE>

                                   ASSIGNMENT

FOR VALUE RECEIVED, the undersigned assigns and transfers this Trust Preferred
Security to:

(Insert assignee's social security or tax identification number)
______________________________
______________________________
______________________________
______________________________

(Insert address and zip code of assignee)
and irrevocably appoints
______________________________
______________________________
______________________________
______________________________

agent to transfer this Trust Preferred Security Certificate on the books of the
Trust. The agent may substitute another to act for him or her.

Date:_________________________
Signature:_____________________

(Sign exactly as your name appears on the other side of this Trust Preferred
Security Certificate)

                                        3

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