Document:

<PAGE>   1
                                                                     EXHIBIT 4.2

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

                              AMENDED AND RESTATED

                                     BYLAWS

                                       OF

                         OCEANEERING INTERNATIONAL, INC.

                   AMENDED AND RESTATED AS OF AUGUST 18, 2000

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

<PAGE>   2

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                      Page No.
                                                                                                      --------

<S>      <C>      <C>      <C>                                                                        <C>
ARTICLE I         STOCKHOLDERS...............................................................................1
         Section 1.1       Annual Meetings...................................................................1
         Section 1.2       Special Meetings..................................................................1
         Section 1.3       Notice of Meetings................................................................1
         Section 1.4       Adjournments......................................................................2
         Section 1.5       Quorum............................................................................2
         Section 1.6       Organization......................................................................2
         Section 1.7       Voting; Proxies...................................................................2
         Section 1.8       Fixing Date for Determination of Stockholders of Record...........................3
         Section 1.9       List of Stockholders Entitled To Vote.............................................4
         Section 1.10      Election of Directors.............................................................4
         Section 1.11      Other Stockholder Business........................................................6
         Section 1.12      Approval or Ratification of Acts or Contracts by Stockholders.....................7
         Section 1.13      Action By Consent of Stockholders.................................................7
         Section 1.14      Conduct of Meetings...............................................................8

ARTICLE II        BOARD OF DIRECTORS.........................................................................8
         Section 2.1       Number; Board Classification; Term; Eligibility for Election; Vacancies...........8
         Section 2.2       Regular Meetings..................................................................8
         Section 2.3       Special Meetings..................................................................9
         Section 2.4       Telephonic Meetings...............................................................9
         Section 2.5       Organization......................................................................9
         Section 2.6       Order of Business.................................................................9
         Section 2.7       Notice of Meetings................................................................9
         Section 2.8       Quorum; Vote Required for Action..................................................9
         Section 2.9       Informal Action by Directors.....................................................10
         Section 2.10      Director Compensation............................................................10

ARTICLE III       BOARD COMMITTEES..........................................................................10
         Section 3.1       Board Committees.................................................................10
         Section 3.2       Board Committee Rules; Minutes...................................................11
         Section 3.3       Existing Committees..............................................................11

ARTICLE IV        OFFICERS..................................................................................11
         Section 4.1       Designation......................................................................11
         Section 4.2       CEO..............................................................................11
         Section 4.3       Powers and Duties of Other Officers..............................................11
         Section 4.4       Term of Office, etc..............................................................11

ARTICLE V         CAPITAL STOCK.............................................................................12
         Section 5.1       Certificates.....................................................................12
</TABLE>

                                       -i-
<PAGE>   3

<TABLE>
<S>      <C>      <C>      <C>                                                                             <C>
         Section 5.2       Transfer of Shares...............................................................12
         Section 5.3       Ownership of Shares..............................................................12
         Section 5.4       Regulations Regarding Certificates...............................................12
         Section 5.5       Lost or Destroyed Certificates...................................................12

ARTICLE VI        INDEMNIFICATION...........................................................................13
         Section 6.1       General..........................................................................13
         Section 6.2       Expenses.........................................................................13
         Section 6.3       Advances.........................................................................13
         Section 6.4       Request for Indemnification......................................................13
         Section 6.5       Nonexclusivity of Rights.........................................................14
         Section 6.6       Insurance and Subrogation........................................................14
         Section 6.7       Severability.....................................................................14
         Section 6.8       Certain Actions Where Indemnification Is Not Provided............................14
         Section 6.9       Definitions......................................................................15
         Section 6.10      Notices..........................................................................15
         Section 6.11      Contractual Rights...............................................................16
         Section 6.12      Maintenance of Insurance.........................................................16

ARTICLE VII       MISCELLANEOUS.............................................................................16
         Section 7.1       Offices..........................................................................16
         Section 7.2       Fiscal Year......................................................................16
         Section 7.3       Seal.............................................................................16
         Section 7.4       Interested Directors; Quorum.....................................................16
         Section 7.5       Form of Records..................................................................17
         Section 7.6       Bylaw Amendments.................................................................17
         Section 7.7       Notices; Waiver of Notice........................................................17
         Section 7.8       Resignations.....................................................................17
         Section 7.9       Facsimile Signatures.............................................................18
         Section 7.10      Reliance on Books, Reports and Records...........................................18
         Section 7.11      Certain Definitional Provisions..................................................18
         Section 7.12      Captions.........................................................................18
</TABLE>

                                      -ii-

<PAGE>   4

                              AMENDED AND RESTATED

                                     BYLAWS

                                       OF

                         OCEANEERING INTERNATIONAL, INC.

         The Board of Directors of Oceaneering International, Inc. (the
"Corporation") by resolution has duly adopted these Amended and Restated Bylaws
(these "Bylaws") to govern the Corporation's internal affairs.

                                    ARTICLE I

                                  STOCKHOLDERS

         Section 1.1 Annual Meetings. The Corporation will hold an annual
meeting of the holders of its capital stock (each, a "Stockholder") for the
election of directors of the Corporation (each, a "Director") at such date, time
and place as the Board of Directors of the Corporation (the "Board") by
resolution may designate from time to time. The Corporation may transact any
other business at an annual meeting which has properly come before that meeting
in accordance with Section 1.11.

         Section 1.2 Special Meetings. Any of the following may call special
meetings of Stockholders for any purpose or purposes at any time and designate
the date, time and place of any such meeting: (i) the Board pursuant to a
resolution that a majority of the total number of Directors the Corporation
would have if there were no vacancies (the "Whole Board") has duly adopted; (ii)
any committee of the Board (each, a "Board Committee") the Board has duly
designated and empowered to call special meetings;(iii) the chairman of the
Board (the "Chairman"); and (iv) the CEO (as hereinafter defined). Except as the
certificate of incorporation of the Corporation (as amended from time to time
and including each certificate of designation, if any, respecting any class or
series of preferred stock of the Corporation which has been executed,
acknowledged and filed in accordance with applicable law, the "Certificate of
Incorporation") or applicable law otherwise provides, no other Person or Persons
may call a special meeting of Stockholders.

         Section 1.3 Notice of Meetings. By or at the direction of the Chairman
or the secretary of the Corporation (the "Secretary") whenever Stockholders are
to take any action at a meeting, the Corporation will give a written notice of
that meeting to the Stockholders entitled to vote at that meeting which states
the place, date and hour of that meeting and, in the case of a special meeting,
the purpose or purposes for which that meeting is called. Unless the Certificate
of Incorporation, these Bylaws or applicable law otherwise provides, the
Corporation will give the written notice of any meeting of Stockholders not less
than 10 nor more than 60 days before the date of that meeting. If mailed to any
Stockholder, any such notice will be deemed given (whether or not delivered)
when deposited in the United States mail, postage prepaid, directed to that
Stockholder at his address as it appears in the stock records of the
Corporation.

                                       -1-
<PAGE>   5

         Section 1.4 Adjournments. Any meeting of Stockholders, annual or
special, may adjourn from time to time to reconvene at the same or some other
place, and notice need not be given of any such adjourned meeting if the time
and place thereof are announced at the meeting at which the adjournment is
taken. At the adjourned meeting the Corporation may transact any business it
might have transacted at the original meeting. If the adjournment is for more
than 30 days, or if after the adjournment the Board fixes a new record date for
the adjourned meeting, the Corporation will give, in accordance with Section
1.3, notice of the adjourned meeting to each Stockholder of record and entitled
to vote at the adjourned meeting.

         Section 1.5 Quorum. Except as the Certificate of Incorporation, these
Bylaws or applicable law otherwise provides: (i) at each meeting of Stockholders
the presence in person or by proxy of the holders of shares of stock having a
majority of the votes the holders of all outstanding shares of stock entitled to
vote at the meeting could cast will be necessary and sufficient to constitute a
quorum; and (ii) the holders of stock so present and entitled to vote at any
duly convened meeting at which the necessary quorum has been ascertained may
continue to transact business until that meeting adjourns notwithstanding any
withdrawal from that meeting of shares of stock counted in determining the
existence of that quorum. In the absence of a quorum, the chairman of the
meeting or the Stockholders so present may, by majority vote, adjourn the
meeting from time to time in the manner Section 1.4 provides until a quorum
attends. Shares of its own stock belonging to the Corporation or to another
corporation, limited liability company, partnership or other entity (each, an
"Entity"), if the Corporation, directly or indirectly, holds a majority of the
shares entitled to vote in the election of directors (or the equivalent) of that
other Entity, will be neither entitled to vote nor counted for quorum purposes;
provided, however, that the foregoing will not limit the right of the
Corporation to vote stock, including but not limited to its own stock, it holds
in a fiduciary capacity.

         Section 1.6 Organization. The Chairman will chair and preside over any
meeting of Stockholders at which he is present. The Board will designate the
chairman and presiding officer over any meeting of Stockholders from which the
Chairman is absent. The Secretary will act as secretary of meetings of
Stockholders, but in his absence from any such meeting the chairman of that
meeting may appoint any person to act as secretary of that meeting. The chairman
of any meeting of Stockholders will announce at that meeting the date and time
of the opening and the closing of the polls for each matter on which the
Stockholders will vote at that meeting.

         Section 1.7 Voting; Proxies. (a) Except as the Certificate of
Incorporation otherwise provides, each Stockholder entitled to vote at any
meeting of Stockholders will be entitled to one vote for each share of capital
stock of the Corporation he holds which has voting power on the matter in
question. Each Stockholder entitled to vote at a meeting of Stockholders or to
express consent or dissent to corporate action in writing without a meeting may
authorize another person or persons to act for him by proxy, but no proxy will
be voted or acted on after three years from its date, unless that proxy provides
for a longer period. A proxy will be irrevocable if it states that it is
irrevocable and if, and only so long as, it is coupled with an interest
sufficient in law to support an irrevocable power. A Stockholder may revoke any
proxy he has given for a meeting which is not irrevocable by attending that
meeting and voting in person or by filing an instrument in writing revoking the
proxy or by delivering a proxy in accordance with applicable law bearing a later
date to the Secretary. Proxies for use at any meeting of Stockholders must be
filed, before or at the time of

                                       -2-

<PAGE>   6

that meeting, with the Secretary or such other person as the Board by resolution
may designate from time to time.

         (b) The secretary of any meeting of Stockholders will take charge of
and canvass all ballots delivered at that meeting and will decide all questions
relating to the qualification of voters, the validity of proxies and the
acceptance or rejection of votes at that meeting, unless the chairman has
appointed an inspector or inspectors to decide those questions. Voting at
meetings of Stockholders: (i) need not be by written ballot unless the Board, in
its discretion, by resolution so requires or, in the case of any such meeting,
the chairman of that meeting, in his discretion, so requires; and (ii) unless
applicable law otherwise requires, need not be conducted by inspectors of
election unless so determined by the holders of shares of stock having a
majority of the votes the holders of all outstanding shares of stock entitled to
vote thereon which are present in person or by proxy at that meeting could cast.

         (c) At all meetings of Stockholders at which a quorum is present for
the election of Directors, a plurality of the votes cast by the holders of
outstanding shares of stock of the Corporation entitled to vote in the election
of Directors will be sufficient to elect, except as the Certificate of
Incorporation may otherwise provide. In the case of any question to which the
stockholder approval policy of any national securities exchange or quotation
system on which capital stock of the Corporation is traded or quoted on the
Corporation's application, the requirements under the Securities Exchange Act of
1934, as amended (the "Exchange Act"), or any provision of the Internal Revenue
Code of 1986, as amended, or the rules and regulations thereunder (the "Code")
applies, in each case for which question the Certificate of Incorporation, these
Bylaws or the General Corporation Law of the State of Delaware, as amended (the
"DGCL"), does not specify a higher voting requirement, that question will be
decided by the requisite vote that stockholder approval policy, Exchange Act
requirement or Code provision, as the case may be, specifies (or the highest
requisite vote if more than one applies). A majority of the votes cast on the
question whether to approve the appointment of independent public accountants
(if that question is submitted for a vote of Stockholders) will be sufficient to
approve. All other elections and questions which have properly come before any
meeting will, unless the Certificate of Incorporation, these Bylaws or
applicable law otherwise provides, be decided by the vote of the holders of
shares of stock of the Corporation present in person or by proxy at that meeting
and having a majority of the votes entitled to vote thereon.

         Section 1.8 Fixing Date for Determination of Stockholders of Record. In
order that the Corporation may determine the Stockholders entitled to notice of
or to vote at any meeting of Stockholders or any adjournment thereof, or to
express consent to corporate action in writing without a meeting, or entitled to
receive payment of any dividend or other distribution or allotment of any
rights, or entitled to exercise any rights in respect of any change, conversion
or exchange of stock or for the purpose of any other lawful action, the Board by
resolution may fix a record date, which record date: (i) must not precede the
date on which the Board adopts that resolution; (ii) in the case of a
determination of Stockholders entitled to vote at any meeting of Stockholders or
adjournment thereof, will, unless applicable law otherwise requires, not be more
than 60 nor less than 10 days before the date of that meeting; (iii) in the case
of a determination of Stockholders entitled to express consent to corporate
action in writing without a meeting, will not be more than 10 days from the date
on which the Board adopts the resolution fixing the record date; and (iv) in the
case

                                       -3-

<PAGE>   7

of any other action, will not be more than 60 days prior to that other action.
If the Board does not fix a record date: (i) the record date for determining
Stockholders entitled to notice of or to vote at a meeting of Stockholders will
be at the close of business on the day next preceding the day on which notice is
given, or, if notice is waived, at the close of business on the day next
preceding the day on which the meeting is held; (ii) the record date for
determining Stockholders entitled to express consent to corporate action in
writing without a meeting will be (A) if applicable law does not require a prior
action by the Board, the first date on which a signed written consent setting
forth the action taken or proposed to be taken is delivered to the Corporation
in accordance with applicable law; and (B) if applicable law requires prior
action by the Board, at the close of business on the day on which the Board
adopts the resolution taking that prior action; and (iii) the record date for
determining Stockholders for any other purpose will be at the close of business
on the day on which the Board adopts the resolution relating thereto. A
determination of Stockholders of record entitled to notice of or to vote at a
meeting of Stockholders will apply to any adjournment of that meeting; provided,
however, that the Board may fix a new record date for the adjourned meeting.

         Section 1.9 List of Stockholders Entitled To Vote. The Secretary will
prepare and make, at least 10 days before each meeting of Stockholders, a list
of the Stockholders entitled to vote at that meeting which complies with the
requirements of Section 219 of the DGCL as in effect at that time. Such list
shall be open to examination by any Stockholder, for any purpose germane to the
meeting, during ordinary business hours, for a period of at least 10 days prior
to the meeting, either at a place within the city where the meeting is to be
held, which place shall be specified in the notice of the meeting, or, if not so
specified, at the place where the meeting is to be held. The list shall also be
produced and kept at the time and place of the meeting during the whole time
thereof, and may be inspected by any stockholder who is present at the meeting.

         Section 1.10 Election of Directors. (a) Subject to such rights of the
holders of any class or series of the Corporation's capital stock as the
Certificate of Incorporation may prescribe, only persons who are nominated in
accordance with the procedures this Section 1.10 sets forth will be eligible for
election by Stockholders as Directors. Nominations of persons for election to
the Board may be made at any meeting of Stockholders at which Directors are to
be elected: (i) by or at the direction of the Board or any Board Committee the
Board has duly designated and empowered to nominate persons for election as
Directors; or (ii) by any Stockholder who (A) is a Stockholder of record at the
time that Stockholder gives the notice this Section 1.10 specifies below, (B)
will be entitled to vote at that meeting in the election of the Director for
which that Stockholder is making the nomination and (C) complies with this
Section 1.10.

         (b) For a Stockholder to bring any nomination of a person for election
as a Director properly before any meeting of Stockholders, that Stockholder must
have given timely notice of that nomination (a "Nomination Notice") in proper
written form to the Secretary. To be timely, a Stockholder's Nomination Notice
must be delivered to, or mailed and received at, the principal executive offices
of the Corporation: (i) if it relates to an election at any annual meeting of
Stockholders, not later than the close of business on the 120th day and not
earlier than the 180th day prior to the first anniversary of the preceding
year's annual meeting; provided, however, that, if the date of the pending
annual meeting is more than 30 days before or more than 60 days after that
anniversary date, that Nomination Notice will be timely if it is so delivered
not later than the last to occur of the close of business on (A) the 120th day
prior to the pending annual meeting or (B) the

                                       -4-

<PAGE>   8

10th day following the day on which the Corporation first makes a public
announcement of the date of the pending annual meeting; and (ii) if it relates
to any special meeting of Stockholders, not earlier than 180 days prior to that
special meeting and not later than the last to occur of the close of business on
(A) the 120th day prior to that special meeting or (B) the 10th day following
the day on which the Corporation first makes a public announcement of the date
of that special meeting. The public disclosure of an adjournment of any annual
or special meeting will not in any event commence a new time period for the
giving of any Nomination Notice.

         (c) To be in proper written form, any Nomination Notice of a
Stockholder must: (i) set forth (A) as to each person whom that Stockholder
proposes to nominate for election as a Director, (1) the name, age and business
address of that person, (2) the principal occupation or employment of that
person, (3) the class or series and number of shares of capital stock of the
Corporation which that person owns beneficially or of record and (4) all other
information, if any, relating to that person which Section 14 of the Exchange
Act and the rules and regulations thereunder would require the Corporation or
that Stockholder to disclose in a proxy statement or any other filing in
connection with solicitations of proxies for an election of directors and (B) as
to that Stockholder and the beneficial owner, if any, of capital stock of the
Corporation on whose behalf the nomination is being made, (1) the name and
address of that Stockholder as they appear in the stock records of the
Corporation and the name and address of that beneficial owner, (2) the class or
series and the number of shares of capital stock of the Corporation which that
Stockholder and that beneficial owner each owns beneficially or of record, (3) a
description of all arrangements and understandings between that Stockholder or
that beneficial owner and each proposed nominee of that Stockholder and any
other person or persons (including their names) pursuant to which the
nomination(s) are to be made by that Stockholder, (4) a representation by that
Stockholder that he intends to appear in person or by proxy at that meeting to
nominate the person(s) named in that Nomination Notice and (5) all other
information, if any, relating to that Stockholder and that beneficial owner
which Section 14 of the Exchange Act and the rules and regulations thereunder
would require the Corporation or that Stockholder to disclose in a proxy
statement or any other filing in connection with solicitations of proxies for an
election of directors; and (ii) be accompanied by a written consent of each
person that Stockholder proposes to nominate for election as a Director to be
named as such a nominee and to serve as a Director if elected.

         (d) Except as the Certificate of Incorporation, these Bylaws or
applicable law otherwise provides, the chairman of any meeting of Stockholders
at which Directors are to be elected will have the power and duty to determine
whether nominations of persons for election as Directors have been made in
accordance with the procedures this Section 1.10 sets forth and, if that
chairman determines that any such nomination has not been made in compliance
with these procedures, to declare to that meeting that such nomination is
defective and will be disregarded.

         (e) Notwithstanding anything in Section 1.10(b) to the contrary, if the
number of Directors to be elected at an annual meeting of Stockholders is
increased and the Corporation has not made a public announcement at least 100
days prior to the first anniversary of the preceding year's annual meeting,
which announcement (i) names all the nominees for Director of the Board or any
duly designated and empowered Board Committee or (ii) specifies the size of the
increased Board, a Stockholder's Nomination Notice will be timely, but only with
respect to nominees for any new positions that increase creates, if that
Nomination Notice is delivered to, or mailed and received at,

                                       -5-

<PAGE>   9

the principal executive offices of the Corporation not later than the close of
business on the 10th day following the day on which the Corporation first makes
that public announcement.

         (f) For purposes of Section 1.11 and this Section 1.10, "public
announcement" means disclosure in a press release the Dow Jones News Service,
Associated Press or any comparable national news service in the United States
reports or in a document the Corporation publicly files with the Securities and
Exchange Commission (the "SEC") pursuant to the Exchange Act.

         (g) Notwithstanding the foregoing provisions of this Section 1.10, a
Stockholder also must comply with all applicable requirements of the Exchange
Act and the rules and regulations thereunder with respect to the matters this
Section 1.10 sets forth.

         Section 1.11 Other Stockholder Business. (a) At any annual meeting the
Corporation holds pursuant to Section 1.1, the Stockholders will transact only
such business, in addition to the election of Directors, as has been properly
brought before that meeting. Except as the Certificate of Incorporation
otherwise provides, to be brought properly before any annual meeting, business
other than the election of Directors ("Other Business") must be (i) business the
notice of that meeting (or any supplement thereto) given by or at the direction
of the Board specifies, (ii) business otherwise properly brought before that
meeting by or at the direction of the Board and (iii) business (A) properly
brought before that meeting by a Stockholder who (1) is a Stockholder of record
at the time that Stockholder gives the notice this Section 1.11 specifies below,
(2) will be entitled to vote on that business at that meeting and (3) complies
with this Section 1.11, (B) that is a proper subject for Stockholder action and
(C) is properly introduced at that meeting.

         (b) For a Stockholder to bring any Other Business properly before any
annual meeting of Stockholders, that Stockholder must have given timely notice
thereof (a "Business Notice") in proper written form to the Secretary. To be
timely, a Stockholder's Business Notice must be delivered to, or mailed and
received at, the principal executive offices of the Corporation not later than
the close of business on the 120th day and not earlier than the 180th day prior
to the first anniversary of the preceding year's annual meeting; provided,
however, that if the date of the pending annual meeting is more than 30 days
before or more than 60 days after that anniversary date, that Business Notice
will be timely if it is so delivered not later than the last to occur of the
close of business on (A) the 120th day prior to that pending annual meeting or
(B) the 10th day following the day on which the Corporation first makes a public
announcement of the date of the pending meeting. The public disclosure of an
adjournment of any annual meeting will not in any event commence a new time
period for the giving of any Business Notice.

         (c) To be in proper written form, any Business Notice of a Stockholder
must set forth: (i) as to each matter of Other Business that Stockholder
proposes to bring before an annual meeting, (A) a brief description of that
Other Business, (B) the reasons for conducting that Other Business at an annual
meeting and (C) each material interest in that Other Business of that
Stockholder and the beneficial owner, if any, of capital stock of the
Corporation on whose behalf that proposal is being made; and (ii) as to that
Stockholder and each such beneficial owner, (A) the name and address of that
Stockholder as they appear on the Corporation's books and the name and address
of that beneficial owner, (B) the class or series and the number of shares of
capital stock of the Corporation which that Stockholder and that beneficial
owner each owns beneficially or of record,

                                       -6-

<PAGE>   10

(C) a description of all arrangements and understandings between that
Stockholder or that beneficial owner and any other person or persons (including
their names) in connection with that Other Business and (D) a representation by
that Stockholder that he intends to appear in person or by proxy at that meeting
to bring that Other Business before that meeting.

         (d) Except as applicable law otherwise provides, the chairman of any
annual meeting of Stockholders will have the power and duty to determine whether
proposals by Stockholders of any Other Business to be brought before that
meeting have been made in accordance with the procedures this Section 1.11 sets
forth and, if that chairman determines that any such proposal has not been made
in compliance with these procedures, to declare to that meeting that such
proposal is defective and will be disregarded.

         (e) At any special meeting the Corporation holds pursuant to Section
1.2, the Stockholders will transact only such business as (i) the notice given
of that meeting pursuant to Section 1.3 sets forth and (ii) constitutes matters
incident to the conduct of that meeting as the chairman of that meeting
determines to be appropriate.

         (f) Notwithstanding the foregoing provisions of this Section 1.11, a
Stockholder also must comply with all applicable requirements of the Exchange
Act and the rules and regulations thereunder with respect to the matters this
Section 1.11 sets forth.

         Section 1.12 Approval or Ratification of Acts or Contracts by
Stockholders. The Board in its discretion may submit any act or contract for
approval or ratification at any annual meeting of Stockholders, or at any
special meeting of Stockholders called for the purpose of considering any such
act or contract, and any act or contract that the holders of shares of stock of
the Corporation present in person or by proxy at that meeting and having a
majority of the votes entitled to vote on that approval or ratification approve
or ratify will (provided that a quorum is present) be as valid and as binding on
the Corporation and on all Stockholders as if every Stockholder had approved or
ratified it.

         Section 1.13 Action By Consent of Stockholders. Unless the Certificate
of Incorporation otherwise provides, Stockholders may, without a meeting, prior
notice or a vote, take any action they must or may take at any annual or special
meeting, if the holders of outstanding stock having not less than the minimum
number of votes that would be necessary to authorize or take that action at a
meeting at which all shares entitled to vote thereon were present sign a written
consent to that action which sets forth that action and cause the delivery of
that consent to the Corporation (i) at its registered office in the State of
Delaware or its principal place of business or (ii) to an officer or agent of
the Corporation having custody of the books in which the Corporation records
minutes of proceedings or other actions of Stockholders. Any such delivery made
to the Corporation's registered office in the State of Delaware must be made by
hand or by certified or registered mail, return receipt requested. Stockholders
may execute any consent pursuant to this Section 1.13 in counterparts, all of
which together will constitute a single consent. Every written consent pursuant
to this Section 1.13 shall bear the date of signature of each Stockholder who
signs the consent and no written consent shall be effective to take the
corporate action referred to therein unless, within 60 days of the earliest
dated consent delivered to the Corporation in the manner this Section 1.13
requires, written consents signed by a sufficient number of holders to take
action are delivered to the

                                       -7-
<PAGE>   11

Corporation in accordance with the provisions of this Section 1.13. The
Corporation will give prompt notice of the taking pursuant to this Section 1.13
of any action without a meeting by less than unanimous written consent to those
Stockholders who have not consented to that action in writing and who, if the
action had been taken at a meeting, would have been entitled to notice of the
meeting if the record date for that meeting had been the date that written
consents signed by a sufficient number of holders to take the action were
delivered to the Corporation as this Section 1.13 provides.

         Section 1.14 Conduct of Meetings. The Board may adopt by resolution
such rules and regulations for the conduct of meetings of Stockholders as it
deems appropriate. Except to the extent inconsistent with those rules and
regulations, if any, the chairman of any meeting of Stockholders will have the
right and authority to prescribe such rules, regulations and procedures and to
do all such acts as, in the judgment of that chairman, are appropriate for the
proper conduct of that meeting. Those rules, regulations or procedures may
include, without limitation, the following: (i) the establishment of an agenda
or order of business for the meeting; (ii) rules and procedures for maintaining
order at the meeting and the safety of those present; (iii) limitations on
attendance at or participation in the meeting to Stockholders of record, their
duly authorized and constituted proxies or such other persons as the chairman of
the meeting may determine; (iv) restrictions on entry to the meeting after the
time fixed for the commencement thereof; and (v) limitations on the time
allotted to questions or comments by participants. Except to the extent the
Board or the chairman of any meeting otherwise prescribes, no rules or
parliamentary procedure will govern any meeting of Stockholders.

                                   ARTICLE II

                               BOARD OF DIRECTORS

         Section 2.1 Number; Board Classification; Term; Eligibility for
Election; Vacancies. The number of Directors of the Corporation (exclusive of
any Directors to be elected by the holders of any one or more series of the
Corporation's preferred stock voting separately as a class or classes, as the
Certificate of Incorporation may provide for) shall not be less than three nor
more than 12, the exact number of Directors to be determined from time to time
by resolution adopted by the affirmative vote of a majority of the Whole Board.
In accordance with the provisions of the Certificate of Incorporation, the Board
(exclusive of any Directors to be elected by the holders of any one or more
series of the Corporation's preferred stock voting separately as a class or
classes, as the Certificate of Incorporation may provide for) shall be divided
into three classes, Class I, Class I and Class III, which shall be as nearly
equal in number as possible. Each Director will hold office for a term ending on
the date of the third annual meeting following the annual meeting at which that
Director was elected and, the foregoing notwithstanding, will serve until his
successor shall have been duly elected and qualified or until his earlier death,
resignation or removal. Only persons who are nominated in accordance with the
procedures Section 1.10 sets forth will be eligible for election as Directors.
Any vacancies in the Board may be filled in such manner as the Certificate of
Incorporation provides.

         Section 2.2 Regular Meetings. The Board will hold its regular meetings
at such places, on such dates and at such times as the Board by resolution may
determine from time to time, and any such resolution will constitute due notice
to all Directors of the regular meeting or meetings

                                       -8-
<PAGE>   12

to which it relates. By notice pursuant to Section 2.7, the Chairman or a
majority of the Board may change the place, date or time of any regular meeting
of the Board.

         Section 2.3 Special Meetings. The Board will hold a special meeting at
any place or time whenever the Chairman or a majority of the Board by resolution
calls that meeting by notice pursuant to Section 2.7.

         Section 2.4 Telephonic Meetings. Members of the Board may hold and
participate in any Board meeting by means of conference telephone or similar
communications equipment that permits all persons participating in the meeting
to hear each other, and participation of any Director in a meeting pursuant to
this Section 2.4 will constitute the presence in person of that Director at that
meeting for purposes of these Bylaws, except in the case of a Director who so
participates only for the express purpose of objecting to the transaction of any
business on the ground that the meeting has not been called or convened in
accordance with applicable law or these Bylaws.

         Section 2.5 Organization. The Chairman will chair and preside over
meetings of the Board at which he is present. A majority of the Directors
present at any meeting of the Board from which the Chairman is absent will
designate one of their number as chairman and presiding officer over that
meeting. The Secretary will at as secretary of meetings of the Board, but in his
absence from any such meeting the chairman of that meeting may appoint any
person to act as secretary of that meeting.

         Section 2.6 Order of Business. The Board will transact business at its
meetings in such order as the Chairman or the Board by resolution will
determine.

         Section 2.7 Notice of Meetings. To call a special meeting of the Board,
the Chairman or a majority of the Board must give a timely written notice to
each Director of the time and place of, and the general nature of the business
the Board will transact at, all special meetings of the Board. To change the
time or place of any regular meeting of the Board, the Chairman or a majority of
the Board must give a timely written notice to each Director of that change. To
be timely, any notice this Section 2.7 requires must be delivered to each
Director personally or by mail, telegraph, telecopier or similar communication
at least two days before the meeting to which it relates; provided, however,
that notice of any meeting of the Board need not be given to any Director who
waives the requirement of that notice in writing (whether after that meeting or
otherwise) or is present at that meeting.

         Section 2.8 Quorum; Vote Required for Action. At all meetings of the
Board, the presence in person of a majority of the total number of Directors
then in office will constitute a quorum for the transaction of business, and the
participation by a Director in any meeting of the Board will constitute that
Director's presence in person at that meeting unless that Director expressly
limits that participation to objecting to the transaction of any business at
that meeting on the ground that the meeting has not been called or convened in
accordance with applicable law or these Bylaws. Except in cases in which the
Certificate of Incorporation or these Bylaws otherwise provide, the vote of a
majority of the Directors present at a meeting at which a quorum is present will
be the act of the Board.

                                       -9-
<PAGE>   13

         Section 2.9 Informal Action by Directors. Unless the Certificate of
Incorporation or these Bylaws otherwise provides, the Board may, without a
meeting, prior notice or a vote, take any action it must or may take at any
meeting, if all members of the Board consent thereto in writing, and the written
consents are filed with the minutes of proceedings of the Board the Secretary
maintains.

         Section 2.10 Director Compensation. The Directors shall be paid their
expenses, if any, of attendance at each meeting of the Board and or any Board
Committee, and nonmanagement Directors shall be paid such sums, retainers and
fees for attending and performing services in connection with meetings of the
Board or any Board Committee as the Board may fix from time to time by
resolution. No such payment will preclude any Director from serving the
Corporation in any other capacity or from receiving compensation therefor.
Nonmanagement Directors who are members of special or standing Board Committees
will be allowed compensation for attending meetings of those Board Committees in
such amounts as the Board may fix from time to time by resolution.

                                   ARTICLE III

                                BOARD COMMITTEES

         Section 3.1 Board Committees. (a) The Board, by resolution a majority
of the Whole Board adopts, may designate one or more Board Committees consisting
of one or more of the Directors. The Board may designate one or more Directors
as alternate members of any Board Committee, who may replace any absent or
disqualified member at any meeting of that committee. The member or members
present at any meeting of any Board Committee and not disqualified from voting
at that meeting may, whether or not constituting a quorum, unanimously appoint
another Director to act at that meeting in any place of any member of that
committee who is absent from or disqualified to vote at that meeting.

         (b) The Board by resolution may change the membership of any Board
Committee at any time and fill vacancies on any of those committees. A majority
of the members of any Board Committee will constitute a quorum for the
transaction of business by that committee unless the Board by resolution
requires a greater number for that purpose. The Board by resolution may elect a
chairman of any Board Committee. The election or appointment of any Director to
a Board Committee will not create any contract rights of that Director, and the
Board's removal of any member of any Board Committee will not prejudice any
contract rights that member otherwise may have.

         (c) Pursuant to Section 3.1(a), the Board may designate an executive
committee (the "Executive Committee") to exercise, subject to applicable
provisions of law, all the powers of the Board in the management of the business
and affairs of the Corporation when the Board is not in session, including the
powers to (i) declare dividends and (ii) authorize the issuance by the
Corporation of any class or series of its capital stock. The Executive Committee
will include the Chairman among its members.

                                      -10-
<PAGE>   14

         (d) Each other Board Committee the Board may designate pursuant to
Section 3.1(a) will, subject to applicable provisions of law, have and may
exercise all the powers and authorities of the Board to the extent the Board
resolution designating that committee so provides.

         Section 3.2 Board Committee Rules; Minutes. Unless the Board otherwise
provides, each Board Committee may make, alter and repeal rules for the conduct
of its business. In the absence of those rules, each Board Committee will
conduct its business in the same manner as the Board conducts its business
pursuant to Article II. Each committee shall keep regular minutes of its
meetings and shall report the same to the Board as a whole.

         Section 3.3 Existing Committees. The Board has heretofore designated
the Board Committees Exhibit A to these Bylaws lists, and has assigned to those
Board Committees the responsibilities that Exhibit A sets forth or refers to.

                                   ARTICLE IV

                                    OFFICERS

         Section 4.1 Designation. The officers of the Corporation will consist
of a chief executive officer ("CEO"), president, chief financial officer, chief
operating officer, chief accounting officer, secretary, treasurer and such
senior or other vice presidents, assistant secretaries, assistant treasurers and
other officers as the Board or the CEO may elect or appoint from time to time.
Any person may hold any number of offices of the Corporation.

         Section 4.2 CEO. The CEO will, subject to the control of the Board: (i)
have general supervision and control of the affairs, business, operations and
properties of the Corporation; (ii) see that all orders and resolutions of the
Board are carried into effect; (iii) have the power to appoint and remove all
subordinate officers, employees and agents of the Corporation, except for those
the Board elects or appoints; and (iv) sign and execute, under the seal of the
Corporation, all contracts, instruments, mortgages and other documents
(collectively, "documents") of the Corporation which require that seal, except
as applicable law otherwise requires or permits any document to be signed and
executed and except as these Bylaws, the Board or the CEO authorize other
officers of the Corporation to sign and execute documents. The CEO also will
perform such other duties and may exercise such other powers as generally
pertain to his office or these Bylaws or the Board by resolution assigns to him
from time to time.

         Section 4.3 Powers and Duties of Other Officers. The other officers of
the Corporation will have such powers and duties in the management of the
Corporation as the Board by resolution may prescribe and, except to the extent
so prescribed, as generally pertain to their respective offices, subject to the
control of the Board. The Board may require any officer, agent or employee to
give security for the faithful performance of his duties.

         Section 4.4 Term of Office, etc. Each officer will hold office until
the first meeting of the Board after the annual meeting of Stockholders next
succeeding his election, and until his successor is elected and qualified or
until his earlier resignation or removal. No officer of the Corporation will
have any contractual right against the Corporation for compensation by reason of

                                      -11-
<PAGE>   15

his election or appointment as an officer of the Corporation beyond the date of
his service as such, except as a written employment or other contract otherwise
may provide. The Board may remove any officer with or without cause at any time,
but any such removal will not prejudice the contractual rights of that officer,
if any, against the Corporation. The Board by resolution may fill any vacancy
occurring in any office of the Corporation by death, resignation, removal or
otherwise for the unexpired portion of the term of that office at any time.

                                    ARTICLE V

                                  CAPITAL STOCK

         Section 5.1 Certificates. Shares of capital stock of the Corporation
will be evidenced by certificates in such form or forms as the Board by
resolution may approve from time to time or, if and to the extent the Board so
authorizes by resolution, may be uncertificated. The Chairman, the president or
any vice president of the Corporation and the Secretary or any assistant
secretary of the Corporation may sign certificates evidencing certificated
shares. Any of or all the signatures and the Corporation's seal on each such
certificate may be a facsimile. In case any officer, transfer agent or registrar
who has signed or whose facsimile signature has been placed upon a certificate
shall have ceased to be such officer, transfer agent or registrar before the
Corporation issues that certificate, the Corporation may issue that certificate
with the same effect as if he were such officer, transfer agent or registrar at
the date of that issue.

         Section 5.2 Transfer of Shares. The Corporation may act as its own
transfer agent and registrar for shares of its capital stock or use the services
of such one or more transfer agents and registrars as the Board by resolution
may appoint from time to time. Shares of the Corporation's capital stock will be
transferable only on the books of the Corporation by the holders thereof in
person or by their duly authorized attorneys or legal representatives on
surrender and cancellation of certificates for a like number of shares.

         Section 5.3 Ownership of Shares. The Corporation will be entitled to
treat the holder of record of any share or shares of its capital stock as the
holder in fact thereof and, accordingly, will not be bound to recognize any
equitable or other claim to or interest in such share or shares on the part of
any other person, whether or not it has express or other notice thereof, except
as the applicable laws of the State of Delaware otherwise provide.

         Section 5.4 Regulations Regarding Certificates. The Board will have the
power and authority to make all such rules and regulations as it may deem
expedient concerning the issue, transfer and registration or the replacement of
certificates for shares of capital stock of the Corporation.

         Section 5.5 Lost or Destroyed Certificates. The Board may determine the
conditions on which a new certificate of stock may be issued in place of a
certificate alleged to have been lost, stolen or destroyed and may, in its
discretion, require the owner of the allegedly lost, stolen or destroyed
certificate or his legal representative to give bond, with sufficient surety, to
indemnify the Corporation and each transfer agent and registrar against any and
all losses or claims that may

                                      -12-
<PAGE>   16

arise by reason of the issue of a new certificate in the place of the one
allegedly so lost, stolen or destroyed.

                                   ARTICLE VI

                                 INDEMNIFICATION

         Section 6.1 General. The Corporation will, to the fullest extent
applicable law as it presently exists permits, and to such greater extent as
applicable law hereafter may permit, indemnify and hold harmless each Indemnitee
from and against any and all judgments, penalties, fines (including excise
taxes), amounts paid in settlement and, subject to Section 6.2, Expenses
whatsoever arising out of any event or occurrence by reason of the fact that
such Indemnitee is or was a Director or an officer of the Corporation. The
Corporation may, but need not, indemnify and hold harmless any Indemnitee from
and against any and all judgments, penalties, fines (including excise taxes),
amounts paid in settlement and, subject to Section 6.2, Expenses whatsoever
arising out of any event or occurrence by reason of the fact that such
Indemnitee is or was an employee or agent of the Corporation or is or was
serving in another Corporate Status (other than as a Director or an officer of
the Corporation) at the written request of the Corporation.

         Section 6.2 Expenses. If any Indemnitee is, by reason of his serving as
a director, officer, employee or agent of the Corporation, a party to and is
successful, on the merits or otherwise, in any Proceeding, the Corporation will
indemnify him against all his Expenses in connection therewith. If that
Indemnitee is not wholly successful in that Proceeding but is successful, on the
merits or otherwise, as to any Matter in that Proceeding, the Corporation will
indemnify him against all his Expenses relating to that Matter. The termination
of any Matter against which any Indemnitee is defending himself by dismissal of
that Matter with or without prejudice will constitute success of that Indemnitee
with respect to that Matter. If any Indemnitee is, by reason of any Corporate
Status other than his serving as a director, officer, employee or agent of the
Corporation, a party to and is successful, on the merits or otherwise, in any
Proceeding, the Corporation may, but need not, indemnify him against all his
Expenses in connection therewith. If any Indemnitee is, by reason of his
Corporate Status, a witness in any Proceeding, the Corporation may, but need
not, indemnify him against all his Expenses in connection therewith.

         Section 6.3 Advances. In the event of any threatened or pending
Proceeding in which any Indemnitee is a party or is involved and that may give
rise to a right of that Indemnitee to indemnification under this Article VI,
following written request to the Corporation by that Indemnitee, the Corporation
promptly will pay to that Indemnitee amounts to cover his Expenses in connection
with that Proceeding in advance of its final disposition on the receipt by the
Corporation of (i) a written undertaking of that Indemnitee executed by or on
behalf of that Indemnitee to repay the advance if it ultimately is determined
pursuant to the provisions of this Article VI or by final judgment or other
final adjudication under the provisions of any applicable law that the
Indemnitee is not entitled to be indemnified by the Corporation pursuant to
these Bylaws and (ii) satisfactory evidence as to the amount of those Expenses.

         Section 6.4 Request for Indemnification. To request indemnification,
any Indemnitee must submit to the Secretary a written claim or request therefor
which contains sufficient

                                      -13-
<PAGE>   17

information to reasonably inform the Corporation about the nature and extent of
the indemnification or advance sought by that Indemnitee. The Secretary will
promptly advise the Board of each such request.

         Section 6.5 Nonexclusivity of Rights. The rights of indemnification and
advancement of Expenses this Article VI provides are not exclusive of any other
rights to which any Indemnitee may at any time be entitled under applicable law,
the Certificate of Incorporation, these Bylaws, any agreement, a vote of
Stockholders or a resolution of Directors, or otherwise. No amendment,
alteration or repeal of this Article VI or any provision hereof will be
effective as to any Indemnitee for acts, events and circumstances that occurred,
in whole or in part, before that amendment, alteration or repeal. The provisions
of this Article VI will continue as to any Indemnitee whose Corporate Status has
ceased for any reason and will inure to the benefit of his heirs, executors and
administrators. Neither the provisions of this Article VI nor those of any
agreement to which the Corporation is a party will preclude the indemnification
of any person whom this Article VI does not specify as having the right to
receive indemnification or is not a party to any such agreement, but whom the
Corporation has the power or obligation to indemnify under the provisions of the
DGCL.

         Section 6.6 Insurance and Subrogation. The Corporation will not be
liable under this Article VI to make any payment of amounts otherwise
indemnifiable hereunder to or for the benefit of any Indemnitee if, but only to
the extent that, that Indemnitee has otherwise actually received such payment
under any insurance policy, contract or agreement or otherwise. In the event of
any payment hereunder to or for the benefit of any Indemnitee, the Corporation
will be subrogated to the extent of that payment to all the rights of recovery
of that Indemnitee, who shall execute all papers required and take all action
the Corporation reasonably requests to secure those rights, including execution
of such documents as are necessary to enable the Corporation to bring suit to
enforce those rights.

         Section 6.7 Severability. If any provision or provisions of this
Article VI shall be held to be invalid, illegal or unenforceable for any reason
whatsoever, the validity, legality and enforceability of the remaining
provisions will not in any way be affected or impaired thereby; and, to the
fullest extent possible, the provisions of this Article VI will be construed so
as to give effect to the intent manifested by the provision held invalid,
illegal or unenforceable.

         Section 6.8 Certain Actions Where Indemnification Is Not Provided.
Notwithstanding any other provision of this Article VI, no person will be
entitled to indemnification or advancement of Expenses under this Article VI
with respect to any Proceeding, or any Matter therein, brought or made by that
person against the Corporation; provided, however, if any Indemnitee seeks a
judicial adjudication of or an award in arbitration to enforce his rights under,
or to recover damages for breach of, this Article VI, that Indemnitee will be
entitled to recover from the Corporation, and will be indemnified by the
Corporation against, all his Expenses in that judicial adjudication or
arbitration, but only if he prevails therein; and if it is determined in that
judicial adjudication or arbitration that he is entitled to receive part of, but
not all, the indemnification or advancement of expenses sought, his Expenses in
connection with that judicial adjudication or arbitration will be appropriately
prorated between those in respect of which this Section 6.8 entitles him to
indemnification and those he must bear.

                                      -14-
<PAGE>   18

         Section 6.9 Definitions. For purposes of this Article VI:

             "Corporate Status" describes the status of a person who is or was a
    director, officer, employee or agent of the Corporation or of any other
    corporation, partnership, joint venture, trust, employee benefit plan or
    other enterprise, provided that person is or was serving in that capacity at
    the written request of the Corporation. For purposes of these Bylaws,
    "serving at the written request of the Corporation" includes any service by
    an Indemnitee (at the written request of the Corporation) which imposes
    duties on or involves services by that Indemnitee with respect to any
    employee benefit plan or its participants or beneficiaries.

             "Expenses" of any person include all the following that are
    actually and reasonably incurred by or on behalf of that person: all
    reasonable attorneys' fees, retainers, court costs, transcript costs, fees
    of experts, witness fees, travel expenses, duplicating costs, printing and
    binding costs, telephone charges, postage, delivery service fees and all
    other disbursements or expenses of the types customarily incurred in
    connection with prosecuting, defending, preparing to prosecute or defend,
    investigating or being or preparing to be a witness in a Proceeding.

             "Indemnitee" includes any person who is, or is threatened to be
    made, a witness in or a party to any Proceeding as described in Section 6.1
    or 6.2 hereof by reason of his Corporate Status.

             "Matter" is a claim, a material issue or a substantial request for
    relief.

             "Proceeding" includes any action, suit, alternate dispute
    resolution mechanism, hearing or any other proceeding, whether civil,
    criminal, administrative, arbitrative, investigative or mediative, any
    appeal in any such action, suit, alternate dispute resolution mechanism,
    hearing or other proceeding and any inquiry or investigation that could lead
    to any such action, suit, alternate dispute resolution mechanism, hearing or
    other proceeding, except one (i) initiated by an Indemnitee to enforce his
    rights under this Article VI or (ii) pending on or before the date of
    adoption of these Bylaws.

         Section 6.10 Notices. Promptly after receipt by any Indemnitee of
notice of the commencement of a Proceeding in respect of which he contemplates
seeking any indemnification or advance or reimbursement of Expenses pursuant to
this Article VI, that Indemnitee must notify the Corporation of the commencement
of that Proceeding; provided, however, that (i) any delay in so notifying the
Corporation will not constitute a waiver or release by that Indemnitee of any
rights hereunder and (ii) any omission by Indemnitee to so notify the
Corporation will not relieve the Corporation from any liability that it may have
to Indemnitee otherwise than under this Article VI. Any communication required
or permitted to the Corporation must be addressed to the Secretary at the
Corporation's principal executive offices, and any such communication to any
Indemnitee must be addressed to that Indemnitee's address as shown in the
Corporation's records, unless he specifies otherwise, and must be personally
delivered or delivered by overnight mail delivery. Any such notice will be
effective upon receipt.

                                      -15-
<PAGE>   19

         Section 6.11 Contractual Rights. The right to be indemnified or to the
advancement or reimbursement of Expenses (i) is a contract right based on good
and valuable consideration pursuant to which any Indemnitee may sue as if these
provisions were set forth in a separate written contract between that Indemnitee
and the Corporation, (ii) is and is intended to be retroactive and will be
available as to events occurring prior to the adoption of these provisions and
(iii) will continue after any rescission or restrictive modification of these
provisions as to events occurring prior thereto.

         Section 6.12 Maintenance of Insurance. The Board may from time to time
authorize the Corporation to purchase and maintain insurance on behalf of any
person who is or was a director, officer, employee or agent of the Corporation,
or is or was serving at the request of the Corporation as a director, officer,
employee or agent of another corporation, partnership, joint venture, trust,
employee benefit plan or other enterprise against any liability asserted against
him and incurred by him in any such capacity, or arising out of his status as
such, whether or not the Corporation would have the power to indemnify him
against that liability under the provisions of these Bylaws.

                                   ARTICLE VII

                                  MISCELLANEOUS

         Section 7.1 Offices. The Corporation's registered office shall be in
the City of Wilmington, County of New Castle, State of Delaware. The Corporation
may have such other offices within and without the State of Delaware as have
heretofore been established or may hereafter be established by or with the
authority of the Board. The Corporation's administrative office shall be located
at 11911 FM 529, Houston, Texas.

         Section 7.2 Fiscal Year. The fiscal year of the Corporation shall end
on March 31.

         Section 7.3 Seal. The corporate seal will have the name of the
Corporation inscribed thereon and will be in such form as the Board by
resolution may approve from time to time. The seal may be used by an officer of
the Corporation causing it or a facsimile thereof to be impressed or affixed or
reproduced or otherwise applied to any acknowledgments, agreements,
applications, affidavits, certificates, contracts, instruments, statements or
other documents executed for or on behalf of the Corporation.

         Section 7.4 Interested Directors; Quorum. No contract or transaction
between the Corporation and one or more of its Directors or officers, or between
the Corporation and any other Entity in which one or more of its Directors or
officers are directors or officers (or hold equivalent offices or positions), or
have a financial interest, will be void or voidable solely for this reason, or
solely because the Director or officer is present at or participates in the
meeting of the Board or Board Committee which authorizes the contract or
transaction, or solely because his or their votes are counted for that purpose,
if: (i) the material facts as to his relationship or interest and as to the
contract or transaction are disclosed or are known to the Board or the Board
Committee, and the Board or Board Committee in good faith authorizes the
contract or transaction by the affirmative votes of a majority of the
disinterested Directors, even though the disinterested Directors be less than a
quorum; or (ii) the material facts as to his relationship or interest and as to
the contract or

                                      -16-
<PAGE>   20

transaction are disclosed or are known to the Stockholders entitled to vote
thereon, and the contract or transaction is specifically approved in good faith
by vote of those Stockholders; or (iii) the contract or transaction is fair as
to the Corporation as of the time it is authorized, approved or ratified by the
Board, a Board Committee or the Stockholders. Common or interested Directors may
be counted in determining the presence of a quorum at a meeting of the Board or
of a Board Committee which authorizes the contract or transaction.

         Section 7.5 Form of Records. Any records the Corporation maintains in
the regular course of its business, including its stock ledger, books of
account, and minute books, may be kept on, or be in the form of, punch cards,
magnetic tape, photographs, microphotographs or any other information storage
device, provided that the records so kept can be converted into clearly legible
form within a reasonable time.

         Section 7.6 Bylaw Amendments. The Board has the power to adopt, amend
and repeal from time to time the Bylaws of the Corporation, subject to the right
of Stockholders entitled to vote with respect thereto to amend or repeal those
Bylaws as adopted or amended by the Board. Bylaws of the Corporation may be
adopted, amended or repealed by the affirmative vote of the holders of at least
66.7%of the combined voting power of the outstanding shares of all classes of
capital stock of the Corporation entitled to vote generally in the election of
Directors, voting together as a single class, at any annual meeting, or at any
special meeting if notice of the proposed amendment is contained in the notice
of that special meeting, or by the Board as specified in the preceding sentence.

         Section 7.7 Notices; Waiver of Notice. Whenever any notice is required
to be given to any Stockholder, Director or member of any Board Committee under
the provisions of the DGCL, the Certificate of Incorporation or these Bylaws,
that notice will be deemed to be sufficient if given (i) by telegraphic,
facsimile, cable or wireless transmission or (ii) by deposit of the same in the
United States mail, with postage paid thereon, addressed to the person entitled
thereto at his address as it appears in the records of the Corporation, and that
notice will be deemed to have been given on the day of such transmission or
mailing, as the case may be.

         Whenever any notice is required to be given to any Stockholder or
Director under the provisions of the DGCL, the Certificate of Incorporation or
these Bylaws, a waiver thereof in writing signed by the person or persons
entitled to that notice, whether before or after the time stated therein, will
be equivalent to the giving of that notice. Attendance of a person at a meeting
will constitute a waiver of notice of that meeting, except when the person
attends a meeting for the express purpose of objecting, at the beginning of the
meeting, to the transaction of any business because the meeting is not lawfully
called or convened. Neither the business to be transacted at, nor the purpose
of, any regular or special meeting of the Stockholders, the Board or any Board
Committee need be specified in any written waiver of notice unless the
Certificate of Incorporation or these Bylaws so require.

         Section 7.8 Resignations. Any Director or officer of the Corporation
may resign at any time. Any such resignation must be made in writing and will
take effect at the time specified in that writing, or, if that resignation does
not specify any time, at the time of its receipt by the Chairman or the
Secretary. The acceptance of a resignation will not be necessary to make it
effective, unless that resignation expressly so provides.

                                      -17-
<PAGE>   21

         Section 7.9 Facsimile Signatures. In addition to the provisions for the
use of facsimile signatures these Bylaws elsewhere specifically authorize,
facsimile signatures of any officer or officers of the Corporation may be used
as and whenever the Board by resolution so authorizes.

         Section 7.10 Reliance on Books, Reports and Records. Each Director and
each member of any Board Committee designated by the Board will, in the
performance of his duties, be fully protected in relying in good faith on the
books of account or reports made to the Corporation by any of its officers, or
by an independent certified public accountant, or by an appraiser selected with
reasonable care by the Board or by any such committee, or in relying in good
faith upon other records of the Corporation.

         Section 7.11 Certain Definitional Provisions. (a) When used in these
Bylaws, the words "herein," "hereof" and "hereunder" and words of similar import
refer to these Bylaws as a whole and not to any provision of these Bylaws, and
the words "Article" and "Section" refer to Articles and Sections of these Bylaws
unless otherwise specified.

         (b) Whenever the context so requires, the singular number includes the
plural and vice versa, and a reference to one gender includes the other gender
and the neuter.

         (c) The word "including" (and, with correlative meaning, the word
"include") means including, without limiting the generality of any description
preceding that word, and the words "shall" and "will" are used interchangeably
and have the same meaning.

         Section 7.12 Captions. Captions to Articles and Sections of these
Bylaws are included for convenience of reference only, and these captions do not
constitute a part hereof for any other purpose or in any way affect the meaning
or construction of any provision hereof.

                                  End of Bylaws

                                      -18-
<PAGE>   22

                                     BYLAWS

                                   EXHIBIT "A"

                                   COMMITTEES

         Per ARTICLE III, of the Bylaws of Oceaneering International, Inc. (the
"Company") the following committees are designated by the Board of Directors of
the Company (the "Board") with the committee authority and responsibility
specified in the Appendix indicated opposite the name of the committee. Members
of the Audit Committee shall be independent members of the Board. The membership
and composition of the committees shall be as designated by the Board from time
to time.

                 Audit Committee                    Appendix "A"
                 Nominating Committee               Appendix "B"
                 Compensation Committee             Appendix "C"

                                       A-1

<PAGE>   23

                                  APPENDIX "A"

                         OCEANEERING INTERNATIONAL, INC.

                             AUDIT COMMITTEE CHARTER

GENERAL

         The Audit Committee of the Board of Directors of Oceaneering
International, Inc. shall consist of three independent directors. Members of the
Committee shall be considered independent if they have no relationship to the
Company that could interfere with the exercise of their independence from
management and the Company. As determined by the Board of Directors, the Members
of the Committee will be financially literate with at least one having
accounting or related financial management expertise. Company management,
internal and independent auditors and the Company's General Counsel may attend
each meeting or portions thereof as required by the Committee. The Committee
will have two meetings each year on a regular basis and will have special
meetings if and when required.

RESPONSIBILITIES

         The Audit Committee's role is one of oversight whereas the Company's
management is responsible for preparing the Company's financial statements and
the independent auditors are responsible for auditing those financial
statements. The Audit Committee is not providing any expert or special assurance
as to the Company's financial statements or any professional certification as to
the independent auditor's work. The following functions shall be the key
responsibilities of the Audit Committee in carrying out its oversight function.

         1.       The Committee and Board shall be ultimately responsible for
                  the selection, evaluation, and replacement of the independent
                  auditors.  The Committee will:

                  recommend annually the appointment of the independent auditors
                  to the Board for its approval and subsequent submission to the
                  stockholders for ratification, based upon an annual
                  performance evaluation and a determination of the auditors'
                  independence;

                                       A-2

<PAGE>   24

                  determine the independence of the independent auditors by
                  obtaining a formal written statement delineating all
                  relationships between the independent auditors and the
                  Company, including all non-audit services and fees;

                  discuss with the independent auditors if any disclosed
                  relationship or service could  impact the auditors'
                  objectivity and independence; and

                  recommend that the Board take appropriate action in response
                  to the auditors statement to ensure the independence of the
                  independent auditors.

         2.       Inquire of company management and independent auditors
                  regarding the appropriateness of accounting principles
                  followed by the Company, changes in accounting principles and
                  their impact on the financial statements.

         3.       Review with Company management the Company's financial
                  reporting process, published financial statement and/or major
                  disclosures and the adequacy of the Company's system of
                  internal controls.

         4.       Review and discuss with Company management and General Counsel
                  legal and regulatory matters that may have a material impact
                  on the Company's financial statements and Company compliance
                  policies.

         5.       Meet with independent auditors and review their report to the
                  Committee including comments relating to the system of
                  internal controls, published financial statements and related
                  disclosures, the adequacy of the financial reporting process
                  and the scope of the independent audit. The independent
                  auditors are ultimately accountable to the Board and the
                  Committee on all such matters.

         6.       Provide an open avenue of communications between the internal
                  and independent auditors and the Board of Directors, including
                  private sessions with the internal and independent auditors,
                  as the Committee may deem appropriate.

         7.       Review the internal audit program in terms of scope of audits
                  conducted or scheduled to be conducted.

                                       A-3
<PAGE>   25

         8.       Review with the internal auditors any major findings and
                  recommendations from internal audits conducted Company-wide.
                  Consult with internal auditors regarding on-going monitoring
                  programs including the Company's Statement of Philosophy and
                  Beliefs and compliance with policies of the Company.

         9.       Review with both the internal and independent auditors the
                  plans for the audit of the Company's information technology
                  procedures and controls.

         10.      Review with the internal and independent auditors the
                  coordination of their respective audit activities.

         11.      Prepare a Report, for inclusion in the Company's proxy
                  statement as required, disclosing that the Committee reviewed
                  and discussed the audited financial statements with management
                  and discussed certain other matters with the independent
                  auditors. Based upon these discussions, state in the Report
                  whether the Committee recommended to the Board that the
                  audited financial statements be included in the Annual Report.

         12.      Review and reassess the adequacy of the Audit Committee's
                  charter annually.  If any revisions therein are deemed
                  necessary or appropriate, submit the same to the Board for its
                  consideration and approval.

QUORUM

         For the transaction of business at any meeting of the Audit Committee,
a majority of the members shall constitute a quorum.

                                       A-4

<PAGE>   26

                                  APPENDIX "B"

                              NOMINATING COMMITTEE

         Responsibilities:

1.       Recommending to full Board of Directors of the Company (the "Board")
         nominees to fill Board vacancies.

2.       Receiving and evaluating stockholder recommendations for nominees to
         fill Board vacancies.

3.       Recommending to full Board candidates for membership of the committees
         of the Board.

4.       Recommending to the full Board a director to serve as Chairman of the
         Board.

                                       A-5

<PAGE>   27

                                  APPENDIX "C"

                             COMPENSATION COMMITTEE

Responsibilities:

1.       Setting salaries of the Officers of the Company

           -      The Company's Chief Executive Officer (the "CEO") recommends
                  and the Compensation Committee (the "Committee") approves
                  entry salary for all officers of the Company (except the CEO).

           -      The CEO recommends and the Committee approves changes to
                  salaries for all officers of the Company (except the CEO).

           -      The Committee recommends and the Board approves any successor
                  to the CEO and the entry salary when a vacancy occurs; and
                  changes to the salary of the CEO.

           -      The Committee recommends and the Board approves the entry
                  salary and changes to the salary of the Chairman of the Board.

2.       Bonus Plans

           -      The Committee recommends and the Board approves any bonus
                  award plans.

           -      The CEO recommends and the Committee approves any bonus awards
                  to officers within the parameters of the approved plans.

3.       Stock Awards

           -      The Committee recommends and the Board approves any stock
                  option or stock award plans which require shareholder
                  approval.

           -      The CEO recommends and the Committee approves any grants of
                  stock options and restricted stock to any recipient.

4.       Senior Executive Severance Agreements

           -      The Committee recommends and the Board approves participants
                  and terms of any senior executive severance agreements.

5.       Other Compensation Plans in which Officers and Directors are Eligible
         to Participate

           -      The Committee recommends and the Board approves adoption of
                  plans.

           -      The CEO recommends and the Committee approves participant
                  changes within the parameters of approved plans.

           -      The Chief Financial Officer of the Company administers plans
                  as provided in the plans.

                                       A-6<PAGE>   1
                                                                     EXHIBIT 4.5

                            FORM OF SENIOR INDENTURE

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

                         OCEANEERING INTERNATIONAL, INC.
                                    as Issuer

                                       and

                                   ----------

                                   as Trustee

                                   ----------

                                    Indenture

                        Dated as of ______________, ____

                                   ----------

                                 Debt Securities

================================================================================
<PAGE>   2

                         OCEANEERING INTERNATIONAL, INC.

           RECONCILIATION AND TIE BETWEEN TRUST INDENTURE ACT OF 1939
                   AND INDENTURE, DATED AS OF _______________

                                   ----------

<TABLE>
<CAPTION>
        Section of
      Trust Indenture                                                                            Section(s) of
        Act of 1939                                                                                Indenture
      ---------------                                                                            -------------
<S>                                                                                              <C>
      Section 310 (a)(1).....................................................................      7.10
             (a)(2)..........................................................................      7.10
             (a)(3)..........................................................................      Not Applicable
             (a)(4)..........................................................................      Not Applicable
             (a)(5)..........................................................................      7.10
             (b).............................................................................      7.08, 7.10
      Section 311 (a)........................................................................      7.11
             (b).............................................................................      7.11
             (c).............................................................................      Not Applicable
      Section 312 (a)........................................................................      2.07
             (b).............................................................................      10.03
             (c).............................................................................      10.03
      Section 313 (a)........................................................................      7.06
             (b).............................................................................      7.06
             (c).............................................................................      7.06
             (d).............................................................................      7.06
      Section 314 (a)........................................................................      4.03, 4.04
             (b).............................................................................      Not Applicable
             (c)(1)..........................................................................      10.04
             (c)(2)..........................................................................      10.04
             (c)(3)..........................................................................      Not Applicable
             (d).............................................................................      Not Applicable
             (e).............................................................................      10.05
      Section 315 (a)........................................................................      7.01(b)
             (b).............................................................................      7.05
             (c).............................................................................      7.01(a)
             (d).............................................................................      7.01(c)
             (d)(1)..........................................................................      7.01(c)(1)
             (d)(2)..........................................................................      7.01(c)(2)
             (d)(3)..........................................................................      7.01(c)(3)
             (e).............................................................................      6.11
      Section 316 (a)(1)(A)..................................................................      6.05
             (a)(1)(B).......................................................................      6.04
             (a)(2)..........................................................................      Not Applicable
             (a)(last sentence)..............................................................      2.11
             (b).............................................................................      6.07
      Section 317 (a)(1).....................................................................      6.08
             (a)(2)..........................................................................      6.09
             (b).............................................................................      2.06
      Section 318 (a)........................................................................      10.01
</TABLE>

----------

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

<PAGE>   3

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                              Page
                                                                              ----
<S>             <C>                                                           <C>
                                    ARTICLE I
                   DEFINITIONS AND INCORPORATION BY REFERENCE

SECTION 1.01    Definitions.....................................................1
SECTION 1.02    Other Definitions...............................................5
SECTION 1.03    Incorporation by Reference of Trust Indenture Act...............5
SECTION 1.04    Rules of Construction...........................................6

                                 ARTICLE II
                               THE SECURITIES

SECTION 2.01    Amount Unlimited; Issuable in Series............................6
SECTION 2.02    Denominations...................................................9
SECTION 2.03    Forms Generally.................................................9
SECTION 2.04    Execution, Authentication, Delivery and Dating.................10
SECTION 2.05    Registrar and Paying Agent.....................................11
SECTION 2.06    Paying Agent to Hold Money in Trust............................12
SECTION 2.07    Holder Lists...................................................12
SECTION 2.08    Transfer and Exchange..........................................12
SECTION 2.09    Replacement Securities.........................................13
SECTION 2.10    Outstanding Securities.........................................13
SECTION 2.11    Original Issue Discount, Foreign-Currency Denominated and
                Treasury Securities............................................14
SECTION 2.12    Temporary Securities...........................................14
SECTION 2.13    Cancellation...................................................14
SECTION 2.14    Payments; Defaulted Interest...................................15
SECTION 2.15    Persons Deemed Owners..........................................15
SECTION 2.16    Computation of Interest........................................15
SECTION 2.17    Global Securities; Book-Entry Provisions.......................16

                                 ARTICLE III
                                 REDEMPTION

SECTION 3.01    Applicability of Article.......................................18
SECTION 3.02    Notice to the Trustee..........................................18
SECTION 3.03    Selection of Securities To Be Redeemed.........................18
SECTION 3.04    Notice of Redemption...........................................18
SECTION 3.05    Effect of Notice of Redemption.................................19
SECTION 3.06    Deposit of Redemption Price....................................19
SECTION 3.07    Securities Redeemed or Purchased in Part.......................20
SECTION 3.08    Purchase of Securities.........................................20
SECTION 3.09    Mandatory and Optional Sinking Funds...........................20
</TABLE>

                                      -i-
<PAGE>   4

<TABLE>
<S>             <C>                                                           <C>
SECTION 3.10    Satisfaction of Sinking Fund Payments with Securities..........21
SECTION 3.11    Redemption of Securities for Sinking Fund......................21

                                 ARTICLE IV
                                  COVENANTS

SECTION 4.01    Payment of Securities..........................................22
SECTION 4.02    Maintenance of Office or Agency................................22
SECTION 4.03    SEC Reports; Financial Statements..............................23
SECTION 4.04    Compliance Certificate.........................................23
SECTION 4.05    Existence......................................................23
SECTION 4.06    Waiver of Stay, Extension or Usury Laws........................24
SECTION 4.07    Additional Amounts.............................................24

                                  ARTICLE V
                                 SUCCESSORS

SECTION 5.01    Limitations on Mergers, Consolidations and Other Transactions..25
SECTION 5.02    Successor Person Substituted...................................25

                                 ARTICLE VI
                            DEFAULTS AND REMEDIES

SECTION 6.01    Events of Default..............................................25
SECTION 6.02    Acceleration...................................................27
SECTION 6.03    Other Remedies.................................................28
SECTION 6.04    Waiver of Defaults.............................................28
SECTION 6.05    Control by Majority............................................29
SECTION 6.06    Limitations on Suits...........................................29
SECTION 6.07    Rights of Holders to Receive Payment...........................29
SECTION 6.08    Collection Suit by Trustee.....................................30
SECTION 6.09    Trustee May File Proofs of Claim...............................30
SECTION 6.10    Priorities.....................................................30
SECTION 6.11    Undertaking for Costs..........................................31

                                 ARTICLE VII
                                   TRUSTEE

SECTION 7.01    Duties of Trustee..............................................31
SECTION 7.02    Rights of Trustee..............................................32
SECTION 7.03    May Hold Securities............................................33
SECTION 7.04    Trustee's Disclaimer...........................................33
SECTION 7.05    Notice of Defaults.............................................33
SECTION 7.06    Reports by Trustee to Holders..................................34
SECTION 7.07    Compensation and Indemnity.....................................34
SECTION 7.08    Replacement of Trustee.........................................35
</TABLE>

                                      -ii-
<PAGE>   5

<TABLE>
<S>             <C>                                                           <C>
SECTION 7.09    Successor Trustee by Merger, etc...............................36
SECTION 7.10    Eligibility; Disqualification..................................37
SECTION 7.11    Preferential Collection of Claims Against Company..............37

                                ARTICLE VIII
                           DISCHARGE OF INDENTURE

SECTION 8.01    Termination of Company's Obligations...........................37
SECTION 8.02    Application of Trust Money.....................................41
SECTION 8.03    Repayment to Company...........................................41
SECTION 8.04    Reinstatement..................................................41

                                 ARTICLE IX
                   SUPPLEMENTAL INDENTURES AND AMENDMENTS

SECTION 9.01    Without Consent of Holders.....................................42
SECTION 9.02    With Consent of Holders........................................43
SECTION 9.03    Compliance with Trust Indenture Act............................45
SECTION 9.04    Revocation and Effect of Consents..............................45
SECTION 9.05    Notation on or Exchange of Securities..........................45
SECTION 9.06    Trustee to Sign Amendments, etc................................46

                                  ARTICLE X
                                MISCELLANEOUS

SECTION 10.01   Trust Indenture Act Controls...................................46
SECTION 10.02   Notices........................................................46
SECTION 10.03   Communication by Holders with Other Holders....................47
SECTION 10.04   Certificate and Opinion as to Conditions Precedent.............47
SECTION 10.05   Statements Required in Certificate or Opinion..................48
SECTION 10.06   Rules by Trustee and Agents....................................48
SECTION 10.07   Legal Holidays.................................................48
SECTION 10.08   No Recourse Against Others.....................................48
SECTION 10.09   Governing Law..................................................49
SECTION 10.10   No Adverse Interpretation of Other Agreements..................49
SECTION 10.11   Successors.....................................................49
SECTION 10.12   Severability...................................................49
SECTION 10.13   Counterpart Originals..........................................49
SECTION 10.14   Table of Contents, Headings, etc...............................49
</TABLE>

                                     -iii-

<PAGE>   6

               INDENTURE dated as of _______________ between Oceaneering
International, Inc., a Delaware corporation (the "Company"), and
____________________, as trustee (the "Trustee").

               Each party agrees as follows for the benefit of the other party
and for the equal and ratable benefit of the Holders of the Company's unsecured
debentures, notes or other evidences of indebtedness (the "Securities") to be
issued from time to time in one or more series as provided in this Indenture:

                                    ARTICLE I
                   DEFINITIONS AND INCORPORATION BY REFERENCE

SECTION 1.01 Definitions.

               "Additional Amounts" means any additional amounts required by the
express terms of a Security or by or pursuant to a Board Resolution, under
circumstances specified therein or pursuant thereto, to be paid by the Company
with respect to certain taxes, assessments or other governmental charges imposed
on certain Holders and that are owing to those Holders.

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

               "Agent" means any Registrar or Paying Agent.

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

               "Board of Directors" means the Board of Directors of the Company
or any committee thereof duly authorized, with respect to any particular matter,
to act by or on behalf of the Board of Directors of the Company.

               "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 that
certification, and delivered to the Trustee.

               "Business Day" means any day that is not a Legal Holiday.

               "Company" means the Person named as the "Company" in the first
paragraph of this instrument until a successor corporation shall have become
such pursuant to the applicable provisions of this Indenture, and thereafter
"Company" shall mean that successor corporation; provided, however, that for
purposes of any provision contained herein which is required by the TIA,
"Company" shall also mean each other obligor (if any) on the Securities of a
series.

                                       1
<PAGE>   7

               "Company Order" and "Company Request" mean, respectively, a
written order or request signed in the name of the Company by two Officers of
the Company, and delivered to the Trustee.

               "Corporate Trust Office" of the Trustee means the office of the
Trustee located at ____________________, and as may be located at such other
address as the Trustee may give notice to the Company.

               "Default" means any event, act or condition that is, or after
notice or the passage of time or both would be, an Event of Default.

               "Depositary" means, with respect to the Securities of any series
issuable or issued in whole or in part in global form, the Person specified
pursuant to Section 2.01 hereof as the initial Depositary with respect to the
Securities of that series, until a successor shall have been appointed and
become such pursuant to the applicable provision of this Indenture, and
thereafter "Depositary" shall mean or include that successor.

               "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 debt.

               "Exchange Act" means the Securities Exchange Act of 1934, as
amended, and any successor statute.

               "GAAP" means generally accepted accounting principles in the
United States set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and
statements and pronouncements of the Financial Accounting Standards Board or in
such other statements by such other entity as may be approved by a significant
segment of the accounting profession of the United States, as in effect from
time to time.

               "Global Security" of any series means a Security of that Series
that is issued in global form in the name of the Depositary with respect thereto
or its nominee.

               "Government Obligations" means, with respect to a series of
Securities, direct obligations of the government that issues the currency in
which the Securities of the series are payable for the payment of which the full
faith and credit of that government is pledged, or obligations of a Person
controlled or supervised by and acting as an agency or instrumentality of that
government, the payment of which is unconditionally guaranteed as a full faith
and credit obligation by that government.

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

               "Indenture" means this Indenture as amended or supplemented from
time to time pursuant to the provisions hereof, and includes the terms of a
particular series of Securities established as contemplated by Section 2.01.

                                       2
<PAGE>   8

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

               "Interest Payment Date," when used with respect to any Security,
shall have the meaning assigned to that term in the Security as contemplated by
Section 2.01.

               "Issue Date" means, with respect to Securities of a series, the
date on which the Securities of that series are originally issued under this
Indenture.

               "Legal Holiday" means a Saturday, a Sunday or a day on which
banking institutions in any of The City of New York, New York, _______________,
Houston, Texas or a Place of Payment are authorized or obligated by law,
regulation or executive order to remain closed.

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

               "Officer" means the Chairman of the Board, the President, any
Vice Chairman of the Board, any Vice President, the Chief Financial Officer, the
Treasurer, any Assistant Treasurer, the Controller, the Secretary or any
Assistant Secretary of a Person.

               "Officers' Certificate" means a certificate signed by two
Officers of a Person.

               "Opinion of Counsel" means a written opinion from legal counsel
who is acceptable to the Trustee. That counsel may be an employee of or counsel
to the Company or the Trustee.

               "Original Issue Discount Security" means any Security that
provides for an amount less than the principal amount thereof to be due and
payable on a declaration of acceleration of the Maturity thereof pursuant to
Section 6.02.

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

               "Place of Payment" means, with respect to the Securities of any
series, the place or places where, subject to the provisions of Section 4.02,
the principal of, premium (if any) on and interest on the Securities of that
series are payable as specified in accordance with Section 2.01.

               "principal" of a Security means the principal of the Security
plus, when appropriate, the premium, if any, on the Security.

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

                                       3
<PAGE>   9

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

               "Rule 144A Securities" means Securities of a series designated
pursuant to Section 2.01 as entitled to the benefits of Section 4.03(b).

               "SEC" means the Securities and Exchange Commission.

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

               "Security Custodian" means, with respect to Securities of a
series issued in global form, the Trustee for Securities of that series, as
custodian with respect to the Securities of that series, or any successor entity
thereto.

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

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

               "TIA" means the Trust Indenture Act of 1939, as amended (15
U.S.C. Sections 77aaa-77bbbb), as in effect on the date hereof.

               "Trust Officer" means any officer or assistant officer of the
Trustee assigned by the Trustee to administer its corporate trust matters.

               "Trustee" means the Person named as such above until a successor
replaces it in accordance with the applicable provisions of this Indenture, and
thereafter "Trustee" means each Person who is then a Trustee hereunder, and if
at any time there is more than one such Person, "Trustee" as used with respect
to the Securities of any series means the Trustee with respect to Securities of
that series.

               "United States" means the United States of America (including the
States and the District of Columbia) and its territories and possessions
(including Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake
Island and the Northern Mariana Islands).

               "United States Alien" means any Person who, for United States
federal income tax purposes, is a foreign corporation, a nonresident alien
individual, a nonresident alien or foreign fiduciary of an estate or trust, or a
foreign partnership.

                                       4
<PAGE>   10

               "U.S. Government Obligations" means Government Obligations with
respect to Securities payable in Dollars.

SECTION 1.02 Other Definitions.

                                                              DEFINED
TERM                                                         IN SECTION

<TABLE>
<S>                                                             <C>
"Bankruptcy Custodian"...................................       6.01
"Conversion Event".......................................       6.01
"covenant defeasance"....................................       8.01
"Event of Default".......................................       6.01
"Exchange Rate"..........................................       2.11
"Judgment Currency"......................................       6.10
"legal defeasance".......................................       8.01
"mandatory sinking fund payment".........................       3.09
"optional sinking fund payment"..........................       3.09
"Paying Agent"...........................................       2.05
"Registrar"..............................................       2.05
"Required Currency"......................................       6.10
"Successor"..............................................       5.01
</TABLE>

SECTION 1.03 Incorporation by Reference of Trust Indenture Act.

               Whenever this Indenture refers to a provision of the TIA, the
provision is incorporated by reference in and made a part of this Indenture. The
following TIA terms used in this Indenture have the following meanings:

               "Commission" means the SEC.

               "indenture securities" means the Securities.

               "indenture security holder" means a Holder.

               "indenture to be qualified" means this Indenture.

               "indenture trustee" or "institutional trustee" means the Trustee.

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

               All terms used in this Indenture that are defined by the TIA,
defined by a TIA reference to another statute or defined by an SEC rule under
the TIA have the meanings so assigned to them.

                                       5
<PAGE>   11

SECTION 1.04 Rules of Construction.

               Unless the context otherwise requires:

               (1)   a term has the meaning assigned to it;

               (2)   an accounting term not otherwise defined has the meaning
                     assigned to it in accordance with GAAP;

               (3)   "or" is not exclusive;

               (4)   words in the singular include the plural, and in the plural
                     include the singular;

               (5)   provisions apply to successive events and transactions; and

               (6)   all references in this instrument to Articles and Sections
                     are references to the corresponding Articles and Sections
                     in and of this instrument.

                                   ARTICLE II
                                 THE SECURITIES

SECTION 2.01 Amount Unlimited; Issuable in Series.

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

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

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

               (2) if there is to be a limit, the limit on 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 on registration of transfer of, or in
        exchange for, or in lieu of, other Securities of the series pursuant to
        Section 2.08, 2.09, 2.12, 2.17, 3.07 or 9.05 and except for any
        Securities that, pursuant to Section 2.04 or 2.17, are deemed never to
        have been authenticated and delivered hereunder); provided, however,
        that unless otherwise provided in the terms of the series, the
        authorized aggregate principal amount of that series may be increased
        before or after the issuance of any Securities of the series by a Board
        Resolution (or action pursuant to a Board Resolution) to that effect;

               (3) 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

                                       6
<PAGE>   12

       form, as Global Securities or otherwise, and, if so, whether beneficial
       owners of interests in any such Global Security may exchange those
       interests for Securities of that series and of like tenor of any
       authorized form and denomination and the circumstances under which those
       exchanges may occur, if other than in the manner provided in Section
       2.17, and the initial Depositary and Security Custodian, if any, for any
       Global Security or Securities of that series;

              (4) (i) if other than provided herein, the Person to whom any
       interest on Securities of the series shall be payable, and (ii) the
       manner in which any interest payable on a temporary Global Security on
       any Interest Payment Date will be paid if other than in the manner
       provided in Section 2.14;

              (5) the date or dates on which the principal of (and premium, if
       any, on) the Securities of the series is payable or the method of
       determination thereof;

              (6) the rate or rates, or the method of determination thereof, at
       which the Securities of the series shall bear interest, if any, whether
       and under what circumstances Additional Amounts with respect to those
       Securities shall be payable, the date or dates from which that interest
       shall accrue, the Interest Payment Dates on which that interest shall be
       payable and the record date for the interest payable on any Securities on
       any Interest Payment Date;

              (7) the place or places where, subject to the provisions of
       Section 4.02, the principal of, premium (if any) and interest on and any
       Additional Amounts with respect to the Securities of the series shall be
       payable;

              (8) the period or periods within which, the price or prices
       (whether denominated in cash, securities or otherwise) at which and the
       terms and conditions on 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 that option, and the manner in which the Company may exercise any
       such option, if different from those set forth herein;

              (9) the obligation, if any, of the Company to redeem, purchase or
       repay Securities of the series pursuant to any sinking fund or analogous
       provisions or at the option of a Holder thereof and the period or periods
       within which, the price or prices (whether denominated in cash,
       securities or otherwise) at which and the terms and conditions on which
       Securities of the series shall be redeemed, purchased or repaid in whole
       or in part pursuant to that obligation;

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

              (11) if other than Dollars, the currency or currencies (including
       composite currencies) or the form, including equity securities, other
       debt securities (including Securities), warrants or any other securities
       or property of the Company or any other Person, in which payment of the
       principal of, premium (if any) and interest on and any Additional Amounts
       with respect to the Securities of the series shall be payable;

                                       7
<PAGE>   13

              (12) if the principal of, premium (if any) or interest on or any
       Additional Amounts with respect to the Securities of the series are to be
       payable, at the election of the Company or a Holder thereof, in a
       currency or currencies (including composite currencies) other than that
       in which the Securities are stated to be payable, the currency or
       currencies (including composite currencies) in which payment of the
       principal, premium (if any), interest and any Additional Amounts with
       respect to Securities of that series as to which that election is made
       shall be payable, and the periods within which and the terms and
       conditions on which that election is to be made;

              (13) if the amount of payments of principal, premium (if any),
       interest and any Additional Amounts with respect to the Securities of the
       series may be determined with reference to any commodities, currencies or
       indices, values, rates or prices or any other index or formula, the
       manner in which those amounts shall be determined;

              (14) if other than the entire principal amount thereof, the
       portion of the principal amount of Securities of the series that shall be
       payable on declaration of acceleration of the Maturity thereof pursuant
       to Section 6.02;

              (15) any additional means of satisfaction and discharge of this
       Indenture and any additional conditions or limitations to discharge with
       respect to Securities of the series pursuant to Article VIII or any
       modifications of or deletions from those conditions or limitations;

              (16) any deletions or modifications of or additions to the Events
       of Default set forth in Section 6.01 or covenants of the Company set
       forth in Article IV pertaining to the Securities of the series;

              (17) any restrictions or other provisions with respect to the
       transfer or exchange of Securities of the series, which may amend,
       supplement, modify or supersede those contained in this Article II;

              (18) if the Securities of the series are to be convertible into or
       exchangeable for Capital Stock, other debt securities (including
       Securities), warrants, other equity securities or any other securities or
       property of the Company or any other Person, at the option of the Company
       or the Holder or on the occurrence of any condition or event, the terms
       and conditions for that conversion or exchange;

              (19) if the Securities of the series are to be entitled to the
       benefit of Section 4.03(b) (and accordingly constitute Rule 144A
       Securities); and

              (20) any other terms of the series (which terms shall not be
       prohibited by 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 the Board Resolution referred to above and (subject to Section 2.03) set
forth, or determined in the manner provided, in

                                       8
<PAGE>   14

the Officers' Certificate or Company Order referred to above or in any such
indenture supplemental hereto.

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

SECTION 2.02 Denominations.

               The Securities of each series shall be issuable in such
denominations as shall be specified as contemplated by Section 2.01. In the
absence of any such provisions with respect to the Securities of any series, the
Securities of that series denominated in Dollars shall be issuable in
denominations of $1,000 and any integral multiples thereof.

SECTION 2.03 Forms Generally.

               The Securities of each series shall be in fully registered form
and in substantially the form or forms (including temporary or permanent global
form) established by or pursuant to a Board Resolution or in one or more
indentures supplemental hereto. The Securities may have notations, legends or
endorsements required by law, securities exchange rule, the Company's
certificate of incorporation, bylaws or other similar governing documents,
agreements to which the Company is subject, if any, or usage (provided that any
such notation, legend or endorsement is in a form acceptable to the Company). A
copy of the Board Resolution establishing the form or forms of Securities of any
series shall be delivered to the Trustee at or prior to the delivery of the
Company Order contemplated by Section 2.04 for the authentication and delivery
of those Securities.

               The definitive Securities of each series shall be printed,
lithographed or engraved on steel engraved borders or may be produced in any
other manner, all as determined by the Officers executing those Securities, as
evidenced by their execution thereof.

               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.

                                                             , as Trustee
                                    -------------------------

                                    By:
                                        ----------------------------------------
                                                 Authorized Officer".

                                       9
<PAGE>   15

SECTION 2.04 Execution, Authentication, Delivery and Dating.

               Two Officers of the Company shall sign the Securities of each
series on behalf of the Company by manual or facsimile signature. The Company's
seal, if any, shall be impressed, affixed, imprinted or reproduced on the
Securities and may be in facsimile form.

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

               A Security shall not be entitled to any benefit under this
Indenture or be valid or obligatory for any purpose until authenticated by the
manual signature of an authorized signatory of the Trustee, which signature
shall be conclusive evidence that the Security has been authenticated under this
Indenture. Notwithstanding the foregoing, if any Security has been authenticated
and delivered hereunder but never issued and sold by the Company, and the
Company delivers that Security to the Trustee for cancellation as provided in
Section 2.13 together with a written statement (which need not comply with
Section 10.05 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 that Security shall be deemed never to have been authenticated
and delivered hereunder and shall never be entitled to the benefits of this
Indenture.

               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, and the Trustee shall
authenticate and deliver those Securities for original issue on a Company Order
for the authentication and delivery of those Securities or pursuant to such
procedures reasonably acceptable to the Trustee as may be specified from time to
time by Company Order. That order shall specify the amount of the Securities to
be authenticated, the date on which the original issue of Securities is to be
authenticated, the name or names of the initial Holder or Holders and any other
terms of the Securities of that series not otherwise determined. If provided for
in those procedures, that Company Order may authorize (1) authentication and
delivery of Securities of that series for original issue from time to time, with
certain terms (including, without limitation, the Maturity date or dates,
original issue date or dates and interest rate or rates) that differ from
Security to Security and (2) may authorize authentication and delivery pursuant
to oral or electronic instructions from the Company or its duly authorized
agent, which instructions shall be promptly confirmed in writing.

               If the form or terms of the Securities of the series have been
established in or pursuant to one or more Board Resolutions as permitted by
Section 2.01, in authenticating those Securities, and accepting the additional
responsibilities under this Indenture in relation to those Securities, the
Trustee shall be entitled to receive (in addition to the Company Order referred
to above and the other documents required by Section 10.04), and (subject to
Section 7.01) shall be fully protected in relying on,

               (a) an Officers' Certificate setting forth the Board Resolution
        and, if applicable, an appropriate record of any action taken pursuant
        thereto, as contemplated by the last paragraph of Section 2.01; and

                                       10
<PAGE>   16

               (b) an Opinion of Counsel to the effect that:

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

                       (ii) if the terms of those Securities have been
               established by or pursuant to Board Resolution, as is permitted
               by Section 2.01, that such terms have been established in
               conformity with the provisions of this Indenture; and

                       (iii) those Securities, when authenticated and delivered
               by the Trustee and issued by the Company in the manner and
               subject to any conditions specified in that Opinion of Counsel,
               will constitute valid and binding obligations of the Company,
               enforceable against the Company in accordance with their terms,
               except as the enforceability thereof may be limited by applicable
               bankruptcy, insolvency, reorganization, moratorium, fraudulent
               conveyance or other similar laws in effect from time to time
               affecting the rights of creditors generally, and the application
               of general principles of equity (regardless of whether that
               enforceability is considered in a proceeding in equity or at
               law).

               If all the Securities of any series are not to be issued at one
time, it shall not be necessary to deliver an Officers' Certificate and Opinion
of Counsel at the time of issuance of each such Security, but that Officers'
Certificate and Opinion of Counsel shall be delivered at or before the time of
issuance of the first Security of the series to be issued.

               The Trustee shall not be required to authenticate those
Securities if the issuance of those Securities pursuant to this Indenture would
affect the Trustee's own rights, duties or immunities under the Securities and
this Indenture or otherwise in a manner not reasonably acceptable to the
Trustee.

               The Trustee may appoint an authenticating agent acceptable to the
Company to authenticate Securities. Unless limited by the terms of that
appointment, an authenticating agent may authenticate Securities whenever the
Trustee may do so. Each reference in this Indenture to authentication by the
Trustee includes authentication by that agent. An authenticating agent has the
same rights as an Agent to deal with the Company or an Affiliate of the Company.

               Each Security shall be dated the date of its authentication.

SECTION 2.05 Registrar and Paying Agent.

               The Company shall maintain an office or agency for each series of
Securities where Securities of that series may be presented for registration of
transfer or exchange ("Registrar") and an office or agency where Securities of
that series may be presented for payment ("Paying Agent"). The Registrar shall
keep a register of the Securities of that series and of their transfer and
exchange. The Company may appoint one or more co-registrars and one or more
additional paying agents. The

                                       11
<PAGE>   17

term "Registrar" includes any co-registrar, and the term "Paying Agent" includes
any additional paying agent.

               The Company shall enter into an appropriate agency agreement with
any Registrar or Paying Agent not a party to this Indenture. The agreement shall
implement the provisions of this Indenture that relate to that Agent. The
Company shall notify the Trustee of the name and address of any Agent not a
party to this Indenture. The Company may change any Paying Agent or Registrar
without notice to any Holder. If the Company fails to appoint or maintain
another entity as Registrar or Paying Agent, the Trustee shall act as such. The
Company or any of its Subsidiaries may act as Paying Agent or Registrar.

               The Company initially appoints the Trustee as Registrar and
Paying Agent.

SECTION 2.06 Paying Agent to Hold Money in Trust.

               With respect to each series of Securities, the Company shall
require each Paying Agent other than the Trustee to agree in writing that the
Paying Agent will hold in trust for the benefit of Holders of Securities of that
series or the Trustee all money held by the Paying Agent for the payment of
principal of, premium, if any, or interest on or any Additional Amounts with
respect to Securities of that series and will notify the Trustee of any default
by the Company in making any such payment. While any such default continues, the
Trustee may require a Paying Agent to pay all money held by it to the Trustee
and to account for any funds disbursed. The Company at any time may require a
Paying Agent to pay all money held by it to the Trustee and to account for any
funds disbursed. Upon payment over to the Trustee and upon accounting for any
funds disbursed, the Paying Agent (if other than the Company or a Subsidiary of
the Company) shall have no further liability for the money. If the Company or a
Subsidiary of the Company acts as Paying Agent with respect to a series of
Securities, it shall segregate and hold in a separate trust fund for the benefit
of the Holders of Securities of that series all money held by it as Paying
Agent. Each Paying Agent shall otherwise comply with TIA Section 317(b).

SECTION 2.07 Holder Lists.

               The Trustee shall preserve in as current a form as is reasonably
practicable the most recent list available to it of the names and addresses of
Holders of each series of Securities and shall otherwise comply with TIA Section
312(a). If the Trustee is not the Registrar with respect to a series of
Securities, the Company shall furnish to the Trustee at least five Business Days
before each Interest Payment Date with respect to that series of Securities, and
at such other times as the Trustee may request in writing, a list in such form
and as of such date as the Trustee may reasonably require of the names and
addresses of Holders of the Securities of that series, and the Company shall
otherwise comply with TIA Section 312(a).

SECTION 2.08 Transfer and Exchange.

               Except as set forth in Section 2.17 or as may be provided
pursuant to Section 2.01, when Securities of any series are presented to the
Registrar with the request to register the transfer of those Securities or to
exchange those Securities for an equal principal amount of Securities of the

                                       12
<PAGE>   18

same series of like tenor and of other authorized denominations, the Registrar
shall register the transfer or make the exchange as requested if its
requirements and the requirements of this Indenture for those transactions are
met; provided, however, that the Securities presented or surrendered for
registration of transfer or exchange shall be duly endorsed or accompanied by a
written instruction of transfer in form reasonably satisfactory to the Registrar
duly executed by the Holder thereof or by his attorney, duly authorized in
writing, on which instruction the Registrar can rely.

               To permit registrations of transfers and exchanges, the Company
shall execute and the Trustee shall authenticate Securities at the Registrar's
written request and submission of the Securities (other than Global Securities).
No service charge shall be made to a Holder for any registration of transfer or
exchange (except as otherwise expressly permitted herein), but the Company may
require payment of a sum sufficient to cover any transfer tax or similar
governmental charge payable in connection therewith (other than such transfer
tax or similar governmental charge payable on exchanges pursuant to Section
2.12, 3.07 or 9.05). The Trustee shall authenticate Securities in accordance
with the provisions of Section 2.04. Notwithstanding any other provisions of
this Indenture to the contrary, the Company shall not be required to register
the transfer or exchange of (a) any Security selected for redemption in whole or
in part pursuant to Article III, except the unredeemed portion of any Security
being redeemed in part or (b) any Security during the period beginning 15
Business Days before the mailing of notice of any offer to repurchase Securities
of the series required pursuant to the terms thereof or of redemption of
Securities of a series to be redeemed and ending at the close of business on the
date of mailing.

SECTION 2.09 Replacement Securities.

               If any mutilated Security is surrendered to the Trustee, or if
the Holder of a Security claims that the Security has been destroyed, lost or
stolen and the Company and the Trustee receive evidence to their satisfaction of
the destruction, loss or theft of that Security, the Company shall issue and the
Trustee shall authenticate a replacement Security of the same series if the
Trustee's requirements are met. If 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 that Security. If
required by the Trustee or the Company, the Holder must furnish an indemnity
bond that is sufficient in the judgment of the Trustee and the Company to
protect the Company, the Trustee, any Agent or any authenticating agent from any
loss that any of them may suffer if a Security is replaced. The Company and the
Trustee may charge the Holder for their expenses in replacing a Security.

               Every replacement Security is an additional obligation of the
Company.

SECTION 2.10 Outstanding Securities.

               The Securities outstanding at any time are all the Securities
authenticated by the Trustee except for those canceled by it, those delivered to
it for cancellation, those reductions in the interest in a Global Security
effected by the Trustee hereunder and those described in this Section 2.10 as
not outstanding.

                                       13
<PAGE>   19

               If a Security is replaced pursuant to Section 2.09, it ceases to
be outstanding unless the Trustee receives proof satisfactory to it that the
replaced Security is held by a bona fide purchaser.

               If the principal amount of any Security is considered paid under
Section 4.01, it ceases to be outstanding and interest on it ceases to accrue.

               A Security does not cease to be outstanding because the Company
or an Affiliate of the Company holds the Security.

SECTION 2.11 Original Issue Discount, Foreign-Currency Denominated and Treasury
             Securities.

               In determining whether the Holders of the required principal
amount of Securities have concurred in any direction, amendment, supplement,
waiver or consent, (a) the principal amount of an Original Issue Discount
Security shall be the principal amount thereof that would be due and payable as
of the date of that determination upon acceleration of the Maturity thereof
pursuant to Section 6.02, (b) the principal amount of a Security denominated in
a foreign currency shall be the Dollar equivalent, as determined by the Company
by reference to the noon buying rate in The City of New York for cable transfers
for that currency, as that rate is certified for customs purposes by the Federal
Reserve Bank of New York (the "Exchange Rate") on the date of original issuance
of that Security, of the principal amount (or, in the case of an Original Issue
Discount Security, the Dollar equivalent, as determined by the Company by
reference to the Exchange Rate on the date of original issuance of that
Security, of the amount determined as provided in (a) above), of that Security
and (c) Securities owned by the Company or any other obligor on the Securities
or any Affiliate of the Company or of that other obligor shall be disregarded,
except that, for the purpose of determining whether the Trustee shall be
protected in relying on any such direction, amendment, supplement, waiver or
consent, only Securities that the Trustee actually knows are so owned shall be
so disregarded.

SECTION 2.12 Temporary Securities.

               Until definitive Securities of any series are ready for delivery,
the Company may prepare and the Trustee shall authenticate temporary Securities.
Temporary Securities shall be substantially in the form of definitive
Securities, but may have variations that the Company considers appropriate for
temporary Securities. Without unreasonable delay, the Company shall prepare and
the Trustee shall authenticate definitive Securities in exchange for temporary
Securities. Until so exchanged, the temporary Securities shall in all respects
be entitled to the same benefits under this Indenture as definitive Securities.

SECTION 2.13 Cancellation.

               The Company at any time may deliver Securities to the Trustee for
cancellation. The Registrar and the Paying Agent shall forward to the Trustee
any Securities surrendered to them for registration of transfer, exchange,
payment or redemption or for credit against any sinking fund payment. The
Trustee shall cancel all Securities surrendered for registration of transfer,
exchange, payment, redemption, replacement or cancellation or for credit against
any sinking fund. Unless the

                                       14
<PAGE>   20

Company shall direct in writing that canceled Securities be returned to it,
after written notice to the Company all canceled Securities held by the Trustee
shall be disposed of in accordance with the usual disposal procedures of the
Trustee, and the Trustee shall maintain a record of their disposal. The Company
may not issue new Securities to replace Securities that have been paid or that
have been delivered to the Trustee for cancellation.

SECTION 2.14 Payments; Defaulted Interest.

               Unless otherwise provided as contemplated by Section 2.01 with
respect to the Securities of any series, interest (except defaulted 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 Persons who are registered
Holders of that Security at the close of business on the record date next
preceding that Interest Payment Date, even if those Securities are canceled
after that record date and on or before that Interest Payment Date. Unless
otherwise provided with respect to the Securities of any series, the Company
will pay the principal of, premium (if any) and interest on and any Additional
Amounts with respect to the Securities in Dollars. Those amounts shall be
payable at the offices of the Trustee, provided that at the option of the
Company, the Company may pay those amounts (1) by wire transfer with respect to
Global Securities or (2) by check payable in that money mailed to a Holder's
registered address with respect to any Securities.

               If the Company defaults in a payment of interest on the
Securities of any series, it shall pay the defaulted interest in any lawful
manner plus, to the extent lawful, interest on the defaulted interest, in each
case at the rate provided in the Securities of that series and in Section 4.01.
The Company may pay the defaulted interest to the Persons who are Holders on a
subsequent special record date. At least 15 days before any special record date
selected by the Company, the Company (or the Trustee, in the name of and at the
expense of the Company upon 20 days' prior written notice from the Company
setting forth that record date and the interest amount to be paid) shall mail to
Holders of any such series of Securities a notice that states the special record
date, the related payment date and the amount of that interest to be paid.

SECTION 2.15 Persons Deemed Owners.

               The Company, the Trustee, any Agent and any authenticating agent
may treat the Person in whose name any Security is registered as the owner of
that Security for the purpose of receiving payments of principal of, premium (if
any) or interest on, or any Additional Amounts with respect to that Security and
for all other purposes. None of the Company, the Trustee, any Agent or any
authenticating agent shall be affected by any notice to the contrary.

SECTION 2.16 Computation of Interest.

               Except as otherwise specified as contemplated by Section 2.01 for
Securities of any series, interest on the Securities of each series shall be
computed on the basis of a year comprising twelve 30-day months.

                                       15
<PAGE>   21

SECTION 2.17 Global Securities; Book-Entry Provisions.

               If Securities of a series are issuable in global form as a Global
Security, as contemplated by Section 2.01, then, notwithstanding clause (10) of
Section 2.01 and the provisions of Section 2.02, any such Global Security shall
represent those of the outstanding Securities of that series as shall be
specified therein and may provide that it shall represent the aggregate amount
of outstanding Securities from time to time endorsed thereon and that the
aggregate amount of outstanding Securities represented thereby may from time to
time be reduced or increased, as appropriate, to reflect exchanges or
redemptions. Any endorsement of a Global Security to reflect the amount, or any
increase or decrease in the amount, of outstanding Securities represented
thereby shall be made by the Trustee (i) in such manner and upon instructions
given by such Person or Persons as shall be specified in that Security or in a
Company Order to be delivered to the Trustee pursuant to Section 2.04 or (ii)
otherwise in accordance with written instructions or such other written form of
instructions as is customary for the Depositary for that Security, from that
Depositary or its nominee on behalf of any Person having a beneficial interest
in that Global Security. Subject to the provisions of Section 2.04 and, if
applicable, Section 2.12, the Trustee shall deliver and redeliver any Security
in permanent global form in the manner and upon instructions given by the Person
or Persons specified in that Security or in the applicable Company Order. With
respect to the Securities of any series that are represented by a Global
Security, the Company authorizes the execution and delivery by the Trustee of a
letter of representations or other similar agreement or instrument in the form
customarily provided for by the Depositary appointed with respect to that Global
Security. Any Global Security may be deposited with the Depositary or its
nominee, or may remain in the custody of the Trustee or the Security Custodian
therefor pursuant to a FAST Balance Certificate Agreement or similar agreement
between the Trustee and the Depositary. If a Company Order 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 10.05 and need not be accompanied by an
Opinion of Counsel.

               Members of, or participants in, the Depositary ("Agent Members")
shall have no rights under this Indenture with respect to any Global Security
held on their behalf by the Depositary, or the Trustee or the Security Custodian
as its custodian, or under that Global Security, and the Depositary may be
treated by the Company, the Trustee or the Security Custodian and any agent of
the Company, the Trustee or the Security Custodian as the absolute owner of that
Global Security for all purposes whatsoever. Notwithstanding the foregoing, (i)
the registered holder of a Global Security of any series may grant proxies and
otherwise authorize any Person, including Agent Members and Persons that may
hold interests through Agent Members, to take any action that a Holder of
Securities of that series is entitled to take under this Indenture or the
Securities of that series and (ii) nothing herein shall prevent the Company, the
Trustee or the Security Custodian or any agent of the Company, the Trustee, or
the Security Custodian from giving effect to any written certification, proxy or
other authorization furnished by the Depositary or shall impair, as between the
Depositary and its Agent Members, the operation of customary practices governing
the exercise of the rights of a beneficial owner of any Security.

               Notwithstanding Section 2.08, and except as otherwise provided
pursuant to Section 2.01, transfers of a Global Security shall be limited to
transfers of that Global Security in whole, but not in part, to the Depositary,
its successors or their respective nominees. Interests of beneficial

                                       16
<PAGE>   22

owners in a Global Security may be transferred in accordance with the rules and
procedures of the Depositary. Securities of any series shall be transferred to
all beneficial owners of a Global Security of that series in exchange for their
beneficial interests in that Global Security if, and only if, either (1) the
Depositary notifies the Company that it is unwilling or unable to continue as
Depositary for that Global Security and a successor Depositary is not appointed
by the Company within 90 days of that notice, (2) an Event of Default has
occurred with respect to that series and is continuing and the Registrar has
received a request from the Depositary to issue Securities of that series in
lieu of all or a portion of that Global Security (in which case the Company
shall deliver Securities of that series within 30 days of that request) or (3)
the Company determines not to have the Securities of that series represented by
a Global Security.

               In connection with any transfer of a portion of the beneficial
interests in a Global Security to beneficial owners pursuant to this Section
2.17, the Registrar shall reflect on its books and records the date and a
decrease in the principal amount of the Global Security in an amount equal to
the principal amount of the beneficial interest in the Global Security to be
transferred, and the Company shall execute, and the Trustee on receipt of a
Company Order for the authentication and delivery of Securities shall
authenticate and deliver, one or more Securities of the same series of like
tenor and amount.

               In connection with the transfer of all the beneficial interests
in a Global Security of any series to beneficial owners pursuant to this Section
2.17, the Global Security shall be deemed to be surrendered to the Trustee for
cancellation, and the Company shall execute, and the Trustee shall authenticate
and deliver, to each beneficial owner identified by the Depositary in exchange
for its beneficial interest in the Global Security, an equal aggregate principal
amount of Securities of that series of authorized denominations.

               Neither the Company nor the Trustee will have any responsibility
or liability for any aspect of the records relating to, or payments made on
account of, Securities by the Depositary, or for maintaining, supervising or
reviewing any records of the Depositary relating to those Securities. Neither
the Company nor the Trustee shall be liable for any delay by the related Global
Security Holder or the Depositary in identifying the beneficial owners, and each
such Person may conclusively rely on, and shall be protected in relying on,
instructions from that Global Security Holder or the Depositary for all purposes
(including with respect to the registration and delivery, and the respective
principal amounts, of the Securities to be issued).

               The provisions of the last sentence of the third paragraph of
Section 2.04 shall apply to any Global Security if that Global Security was
never issued and sold by the Company and the Company delivers to the Trustee the
Global Security together with written instructions (which need not comply with
Section 10.05 and need not be accompanied by an Opinion of Counsel) with regard
to the cancellation or reduction in the principal amount of Securities
represented thereby, together with the written statement contemplated by the
last sentence of the third paragraph of Section 2.04.

               Notwithstanding the provisions of Sections 2.03 and 2.14, unless
otherwise specified as contemplated by Section 2.01 with respect to Securities
of any series, payment of principal of and premium (if any) and interest on and
any Additional Amounts with respect to any Global Security shall be made to the
Person or Persons specified therein.

                                       17
<PAGE>   23

                                   ARTICLE III
                                   REDEMPTION

SECTION 3.01 Applicability of Article.

               Securities of any series that are redeemable before their Stated
Maturity shall be redeemable in accordance with their terms and (except as
otherwise specified as contemplated by Section 2.01 for Securities of any
series) in accordance with this Article III.

SECTION 3.02 Notice to the Trustee.

               If the Company elects to redeem Securities of any series pursuant
to this Indenture, it shall notify the Trustee of the Redemption Date and
principal amount of Securities of that series to be redeemed. The Company shall
so notify the Trustee at least 45 days before the Redemption Date (unless a
shorter notice shall be satisfactory to the Trustee) by delivering to the
Trustee an Officers' Certificate stating that the redemption will comply with
the provisions of this Indenture and of the Securities of that series. Any such
notice may be canceled at any time prior to the mailing of that notice of
redemption to any Holder of the Securities of that series and shall thereupon be
void and of no effect.

SECTION 3.03 Selection of Securities To Be Redeemed.

               If less than all the Securities of any series are to be redeemed
(unless all of the Securities of that series of a specified tenor 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 that series (and tenor) not previously called for redemption,
either pro rata, by lot or by such other method as the Trustee shall deem fair
and appropriate. That redemption 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 that series of a denomination larger than the minimum authorized denomination
for Securities of that series or of the principal amount of Global Securities of
that series.

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

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

SECTION 3.04 Notice of Redemption.

               Notice of redemption shall be given by first-class mail, postage
prepaid, mailed not less than 30 nor more than 60 days prior to the Redemption
Date, to each Holder of Securities of a

                                       18
<PAGE>   24

series to be redeemed, at the address of that Holder appearing in the register
of Securities for that series maintained by the Registrar.

               All notices of redemption shall identify the Securities to be
redeemed and shall state:

               (1) the Redemption Date;

               (2) the Redemption Price;

               (3) that, unless the Company defaults in making the redemption
        payment, interest on Securities called for redemption ceases to accrue
        on and after the Redemption Date, and the only remaining right of the
        Holders of those Securities is to receive payment of the Redemption
        Price on surrender to the Paying Agent of the Securities redeemed;

               (4) if any Security is to be redeemed in part, the portion of the
        principal amount thereof to be redeemed and that on and after the
        Redemption Date, on surrender for cancellation of that Security to the
        Paying Agent, a new Security or Securities in the aggregate principal
        amount equal to the unredeemed portion thereof will be issued without
        charge to the Holder;

               (5) that Securities called for redemption must be surrendered to
       the Paying Agent to collect the Redemption Price and the name and address
       of the Paying Agent;

               (6) that the redemption is for a sinking or analogous fund, if
       that is the case; and

               (7) the CUSIP number, if any, relating to those Securities.

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

SECTION 3.05 Effect of Notice of Redemption.

               Once notice of redemption is mailed, Securities called for
redemption become due and payable on the Redemption Date and at the Redemption
Price. Upon surrender to the Paying Agent, those Securities called for
redemption shall be paid at the Redemption Price, but interest installments
whose maturity is on or prior to that Redemption Date will be payable on the
relevant Interest Payment Dates to the Holders of record at the close of
business on the relevant record dates specified pursuant to Section 2.01.

SECTION 3.06 Deposit of Redemption Price.

               On or prior to any Redemption Date, the Company shall deposit
with the Trustee or the Paying Agent (or, if the Company is acting as its own
Paying Agent, segregate and hold in trust as provided in Section 2.06) an amount
of money in same day funds sufficient to pay the Redemption Price of, and
(except if the Redemption Date shall be an Interest Payment Date) accrued
interest on

                                       19
<PAGE>   25

and any Additional Amounts with respect to, the Securities or portions thereof
which are to be redeemed on that date, other than Securities or portions thereof
called for redemption on that date which have been delivered by the Company to
the Trustee for cancellation.

               If the Company complies with the preceding paragraph, then,
unless the Company defaults in the payment of that Redemption Price, interest on
the Securities to be redeemed will cease to accrue on and after the applicable
Redemption Date, whether or not those Securities are presented for payment, and
the Holders of those Securities shall have no further rights with respect to
those Securities except for the right to receive the Redemption Price on
surrender of those Securities. If any Security called for redemption shall not
be so paid on surrender thereof for redemption, the principal of and premium, if
any, any Additional Amounts, and, to the extent lawful, accrued interest thereon
shall, until paid, bear interest from the Redemption Date at the rate specified
pursuant to Section 2.01 or provided in the Securities or, in the case of
Original Issue Discount Securities, their initial yield to maturity.

SECTION 3.07 Securities Redeemed or Purchased in Part.

               Upon surrender to the Paying Agent of a Security to be redeemed
in part, the Company shall execute and the Trustee shall authenticate and
deliver to the Holder of that Security without service charge a new Security or
Securities, of the same series and of any authorized denomination as requested
by that Holder in aggregate principal amount equal to, and in exchange for, the
unredeemed portion of the principal of the Security so surrendered that is not
redeemed.

SECTION 3.08 Purchase of Securities.

               Unless otherwise specified as contemplated by Section 2.01, the
Company and any Affiliate of the Company may at any time purchase or otherwise
acquire Securities in the open market or by private agreement. Any such
acquisition shall not operate as or be deemed for any purpose to be a redemption
of the indebtedness represented by those Securities. Any Securities purchased or
acquired by the Company may be delivered to the Trustee for cancellation and, on
that cancellation, the indebtedness represented thereby shall be deemed to be
satisfied. Section 2.13 shall apply to all Securities so delivered.

SECTION 3.09 Mandatory and Optional Sinking Funds.

               The minimum amount of any sinking fund payment provided for by
the terms of Securities of any series is herein referred to as a "mandatory
sinking fund payment," and any payment in excess of the minimum amount provided
for by the terms of Securities of any series is herein referred to as an
"optional sinking fund payment." Unless otherwise provided by the terms of
Securities of any series, the cash amount of any sinking fund payment may be
subject to reduction as provided in Section 3.10. Each sinking fund payment
shall be applied to the redemption of Securities of any series as provided for
by the terms of Securities of that series and by this Article III.

                                       20
<PAGE>   26

SECTION 3.10 Satisfaction of Sinking Fund Payments with Securities.

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

SECTION 3.11 Redemption of Securities for Sinking Fund.

               Not less than 45 days prior (unless a shorter period shall be
satisfactory to the Trustee) to each sinking fund payment date for any series of
Securities, the Company will deliver to the Trustee an Officers' Certificate of
the Company specifying the amount of the next ensuing sinking fund payment for
that series pursuant to the terms of that series, the portion thereof, if any,
that is to be satisfied by payment of cash and the portion thereof, if any, that
is to be satisfied by delivery of or by crediting Securities of that series
pursuant to Section 3.10 and will also deliver to the Trustee any Securities to
be so delivered. Failure of the Company to timely deliver that Officers'
Certificate and Securities specified in this paragraph, if any, shall not
constitute a default but shall constitute the election of the Company (i) that
the mandatory sinking fund payment for that series due on the next succeeding
sinking fund payment date shall be paid entirely in cash without the option to
deliver or credit Securities of that series in respect thereof and (ii) that the
Company will make no optional sinking fund payment with respect to that series
as provided in this Section.

               If the sinking fund payment or payments (mandatory or optional or
both) to be made in cash on the next succeeding sinking fund payment date plus
any unused balance of any preceding sinking fund payments made in cash shall
exceed $100,000 (or the Dollar equivalent thereof based on the applicable
Exchange Rate on the date of original issue of the applicable Securities) or a
lesser sum if the Company shall so request with respect to the Securities of any
particular series, that cash shall be applied on the next succeeding sinking
fund payment date to the redemption of Securities of that series at the sinking
fund redemption price together with accrued interest to the date fixed for
redemption. If that amount shall be $100,000 (or the Dollar equivalent thereof
as aforesaid) or less and the Company makes no such request, then it shall be
carried over until a sum in excess of $100,000 (or the Dollar equivalent thereof
as aforesaid) is available. Not less than 30 days before each such sinking fund
payment date, the Trustee shall select the Securities to be redeemed on that
sinking fund payment date in the manner specified in Section 3.03 and cause
notice of the redemption thereof to be given in the name of and at the expense
of the Company in the manner provided in Section 3.04. That notice having been
duly given, the redemption of those Securities shall be made on the terms and in
the manner stated in Sections 3.05, 3.06 and 3.07.

                                       21
<PAGE>   27

                                   ARTICLE IV
                                    COVENANTS

SECTION 4.01 Payment of Securities.

               The Company shall pay the principal of, premium (if any) and
interest on and any Additional Amounts with respect to the Securities of each
series on the dates and in the manner provided in the Securities of that series
and in this Indenture. Principal, premium, interest and any Additional Amounts
shall be considered paid on the date due if the Paying Agent, other than the
Company or a Subsidiary of the Company, holds on that date money deposited by
the Company designated for and sufficient to pay all principal, premium (if
any), interest and any Additional Amounts then due.

               The Company shall pay interest (including post-petition interest
in any proceeding under any Bankruptcy Law) on overdue principal of and premium
(if any) on Securities of any series, at a rate equal to the then applicable
interest rate on the Securities of that series to the extent lawful; and it
shall pay interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue installments of interest on and any overdue payments
of Additional Amounts with respect to Securities of that series (without regard
to any applicable grace period) at the same rate to the extent lawful.

SECTION 4.02 Maintenance of Office or Agency.

               The Company will maintain in each Place of Payment for any series
of Securities an office or agency (which may be an office of the Trustee, the
Registrar or the Paying Agent) where Securities of that series may be presented
for registration of transfer or exchange, where Securities of that series may be
presented for payment and where notices and demands to or on the Company in
respect of the Securities of that series and this Indenture may be served.
Unless otherwise designated by the Company by written notice to the Trustee,
that office or agency shall be the office of the Trustee in The City of New
York, which on the date hereof is located at ____________________. The Company
will give prompt written notice to the Trustee of the location, and any change
in the location, of that office or agency. If at any time the Company shall fail
to maintain any such required office or agency or shall fail to furnish the
Trustee with the address thereof, those presentations, surrenders, notices and
demands may be made or served at the Corporate Trust Office of the Trustee.

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

                                       22
<PAGE>   28

SECTION 4.03 SEC Reports; Financial Statements.

               (a) The Company shall file with the Trustee, within 15 days after
it files the same with the SEC, copies of the annual reports and the
information, documents and other reports (or copies of those portions of any of
the foregoing as the SEC may by rules and regulations prescribe) that the
Company is required to file with the SEC pursuant to Section 13 or 15(d) of the
Exchange Act. The Company shall also comply with the provisions of TIA Section
314(a).

               (b) If the Company is not subject to the requirements of Section
13 or 15(d) of the Exchange Act, the Company shall furnish to all Holders of
Rule 144A Securities and prospective purchasers of Rule 144A Securities
designated by the Holders of Rule 144A Securities, promptly on their request,
the information required to be delivered pursuant to Rule 144A(d)(4) promulgated
under the Securities Act of 1933, as amended.

SECTION 4.04 Compliance Certificate.

               (a) The Company shall deliver to the Trustee, within 120 days
after the end of each fiscal year of the Company, a statement signed by an
Officer of the Company, which need not constitute an Officers' Certificate,
complying with TIA Section 314(a)(4) and stating that, in the course of
performance by the signing Officer of the Company of his or her duties as such
Officer of the Company, he or she would normally obtain knowledge of the
keeping, observing, performing and fulfilling by the Company of its obligations
under this Indenture, and further stating that, to the best of his or her
knowledge, the Company has kept, observed, performed and fulfilled each and
every covenant contained in this Indenture and is not in default in the
performance or observance of any of the terms, provisions and conditions hereof
(or, if a Default or Event of Default shall have occurred, describing all such
Defaults or Events of Default of which that Officer may have knowledge and what
action the Company is taking or proposes to take with respect thereto).

               (b) The Company shall, so long as Securities of any series are
outstanding, deliver to the Trustee, promptly on any Officer of the Company
becoming aware of any Default or Event of Default under this Indenture, an
Officers' Certificate specifying that Default or Event of Default and what
action the Company is taking or proposes to take with respect thereto.

SECTION 4.05 Existence.

               Subject to Article V hereof, the Company shall do or cause to be
done all things necessary to preserve and keep in full force and effect its
existence and the existence of each of its Subsidiaries and all rights (charter
and statutory) of the Company and its Subsidiaries, provided that the Company
shall not be required to preserve the existence of any Subsidiary of the Company
or any such right if the Company shall determine that the preservation thereof
is no longer desirable in the conduct of the business of the Company and its
Subsidiaries taken as a whole and that the loss thereof would not have a
material adverse effect on the business, operations, assets or financial
condition of the Company and its Subsidiaries taken as a whole and would not
have any material adverse effect on the payment and performance of the
obligations of the Company under the Securities and this Indenture.

                                       23
<PAGE>   29

SECTION 4.06 Waiver of Stay, Extension or Usury Laws.

               The Company covenants (to the extent that it may lawfully do so)
that it will not at any time insist on, or plead, or in any manner whatsoever
claim or take the benefit or advantage of, any stay or extension law or any
usury law or other law that would prohibit or forgive the Company from paying
all or any portion of the principal of or interest on the Securities as
contemplated herein, wherever enacted, now or at any time hereafter in force, or
which may affect the covenants or the performance of this Indenture; and (to the
extent that it may lawfully do so) the Company 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.

SECTION 4.07 Additional Amounts.

               If the Securities of a series expressly provide for the payment
of Additional Amounts, the Company will pay to the Holder of any Security of
that series Additional Amounts as expressly provided therein. Whenever in this
Indenture there is mentioned, in any context, the payment of the principal of or
any premium or interest on, or in respect of, any Security of any series or the
net proceeds received from the sale or exchange of any Security of any series,
that mention shall be deemed to include mention of the payment of Additional
Amounts provided for in this Section 4.07 to the extent that, in that context,
Additional Amounts are, were or would be payable in respect thereof pursuant to
the provisions of this Section 4.07, and express mention of the payment of
Additional Amounts (if applicable) in any provisions hereof shall not be
construed as excluding Additional Amounts in those provisions hereof where that
express mention is not made.

               Unless otherwise provided pursuant to Section 2.01 with respect
to Securities of any series, if the Securities of a series provide for the
payment of Additional Amounts, at least ten days prior to the first Interest
Payment Date with respect to that series of Securities (or if the Securities of
that series will not bear interest prior to Maturity, the first day on which a
payment of principal and any premium is made), and at least ten days prior to
each date of payment of principal and any premium or interest if there has been
any change with respect to the matters set forth in the below-mentioned
Officers' Certificate, the Company shall furnish the Trustee and the Company's
principal Paying Agent or Paying Agents, if other than the Trustee, with an
Officers' Certificate instructing the Trustee and such Paying Agent or Paying
Agents whether that payment of principal of and any premium or interest on the
Securities of that series shall be made to Holders of Securities of that series
who are United States Aliens without withholding for or on account of any tax,
assessment or other governmental charge described in the Securities of that
series. If any such withholding shall be required, then that Officers'
Certificate shall specify by country the amount, if any, required to be withheld
on those payments to those Holders of Securities, and the Company will pay to
that Paying Agent the Additional Amounts required by this Section. The Company
covenants to indemnify the Trustee and any Paying Agent for and to hold them
harmless against any loss, liability or expense reasonably incurred without
negligence or bad faith on their part arising out of or in connection with
actions taken or omitted by any of them in reliance on any Officers' Certificate
furnished pursuant to this Section 4.07.

                                       24
<PAGE>   30

                                    ARTICLE V
                                   SUCCESSORS

SECTION 5.01 Limitations on Mergers, Consolidations and Other Transactions.

               The Company shall not, in any transaction or series of related
transactions, consolidate with any other Person into, or merge into, any other
Person, or sell, lease, convey, transfer or otherwise dispose of its assets
substantially as an entirety to any Person, unless:

               (1) the Person formed by that consolidation or into which the
        Company is merged, or to which that sale, lease, conveyance, transfer or
        other disposition shall be made (collectively, the "Successor"), is
        organized and validly existing under the laws of the United States, any
        political subdivision thereof or any State thereof or the District of
        Columbia, and expressly assumes by supplemental indenture the due and
        punctual payment of the principal of (and premium, if any) and interest
        on and Additional Amounts with respect to all the Securities and the
        performance of the Company's covenants and obligations under this
        Indenture and the Securities;

               (2) immediately after giving effect to that transaction or series
        of related transactions, no Default or Event of Default shall have
        occurred and be continuing; and

               (3) the Company delivers to the Trustee an Officers' Certificate
        and an Opinion of Counsel, each stating that the transaction and that
        supplemental indenture comply with this Indenture.

SECTION 5.02 Successor Person Substituted.

               Upon any consolidation or merger of the Company or any sale,
lease, conveyance, transfer or other disposition of the assets of the Company
substantially as an entirety in accordance with Section 5.01, any Successor
formed by that consolidation or into or with which the Company is merged or to
which that sale, lease, conveyance, transfer or other disposition is made shall
succeed to, and be substituted for, and may exercise every right and power of
the Company under this Indenture and the Securities with the same effect as if
that Successor had been named as the Company herein and the predecessor Company,
in the case of a sale, conveyance, transfer or other disposition, shall be
released from all obligations under this Indenture and the Securities.

                                   ARTICLE VI
                              DEFAULTS AND REMEDIES

SECTION 6.01 Events of Default.

               Unless either inapplicable to a particular series or specifically
deleted or modified in or pursuant to the supplemental indenture or Board
Resolution establishing that series of Securities or in the form of Security for
that series, an "Event of Default," wherever used herein with respect to
Securities of any series, occurs if:

                                       25
<PAGE>   31

                       (1) the Company defaults in the payment of interest on or
        any Additional Amounts with respect to any Security of that series when
        the same becomes due and payable and that default continues for a period
        of 30 days;

                       (2) the Company defaults in the payment of (A) the
        principal of any Security of that series at its Maturity or (B) premium
        (if any) on any Security of that series when the same becomes due and
        payable;

                       (3) the Company defaults in the deposit of any sinking
        fund payment, when and as due by the terms of a Security of that series,
        and that default continues for a period of 30 days;

                       (4) the Company fails to comply with any of its other
        covenants or agreements in, or provisions of, the Securities of that
        series or this Indenture (other than an agreement, covenant or provision
        that has expressly been included in this Indenture solely for the
        benefit of one or more series of Securities other than that series)
        which shall not have been remedied within the specified period after
        written notice, as specified in the last paragraph of this Section 6.01;

                       (5) the Company pursuant to or within the meaning of any
        Bankruptcy Law:

                       (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 Bankruptcy Custodian
               of it or for all or substantially all of its property, or

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

                       (6) a court of competent jurisdiction enters an order or
        decree under any Bankruptcy Law that remains unstayed and in effect for
        90 days and that:

                       (A) is for relief against the Company as debtor in an
               involuntary case,

                       (B) appoints a Bankruptcy Custodian of the Company or a
               Bankruptcy Custodian for all or substantially all of the property
               of the Company, or

                       (C) orders the liquidation of the Company; or

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

                                       26
<PAGE>   32

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

               The Trustee shall not be deemed to know or have notice of a
Default unless a Trust Officer at the Corporate Trust Office of the Trustee
receives written notice at the Corporate Trust Office of the Trustee of that
Default with specific reference to that Default.

               When a Default is cured, it ceases.

               Notwithstanding the foregoing provisions of this Section 6.01, if
the principal of, premium (if any) or interest on or Additional Amounts with
respect to any Security is payable in a currency or currencies (including a
composite currency) other than Dollars and such currency or currencies are not
available to the Company for making payment thereof due to the imposition of
exchange controls or other circumstances beyond the control of the Company (a
"Conversion Event"), the Company will be entitled to satisfy its obligations to
Holders of the Securities by making that payment in Dollars in an amount equal
to the Dollar equivalent of the amount payable in such other currency, as
determined by the Company by reference to the Exchange Rate on the date of that
payment, or, if that rate is not then available, on the basis of the most
recently available Exchange Rate. Notwithstanding the foregoing provisions of
this Section 6.01, any payment made under such circumstances in Dollars where
the required payment is in a currency other than Dollars will not constitute an
Event of Default under this Indenture.

               Promptly after the occurrence of a Conversion Event, the Company
shall give written notice thereof to the Trustee; and the Trustee, promptly
after receipt of that notice, shall give notice thereof in the manner provided
in Section 10.02 to the Holders. Promptly after the making of any payment in
Dollars as a result of a Conversion Event, the Company shall give notice in the
manner provided in Section 10.02 to the Holders, setting forth the applicable
Exchange Rate and describing the calculation of those payments.

               A Default under clause (4) or (7) of this Section 6.01 is not an
Event of Default until the Trustee notifies the Company, or the Holders of at
least 25% in principal amount of the then outstanding Securities of the series
affected by that Default (or, in the case of a Default under clause (4) of this
Section 6.01, if outstanding Securities of other series are affected by that
Default, then at least 25% in principal amount of the then outstanding
Securities so affected) notify the Company and the Trustee, of the Default, and
the Company fails to cure the Default within 90 days after receipt of the
notice. The notice must specify the Default, demand that it be remedied and
state that the notice is a "Notice of Default."

SECTION 6.02 Acceleration.

               If an Event of Default with respect to any Securities of any
series at the time outstanding (other than an Event of Default specified in
clause (5) or (6) of Section 6.01 hereof) occurs and is continuing, the Trustee
by notice to the Company, or the Holders of at least 25% in principal amount of
the then outstanding Securities of the series affected by that default (or, in
the case of an Event of Default described in clause (4) of Section 6.01, if
outstanding Securities of other series are affected by that Default, then at
least 25% in principal amount of the then outstanding

                                       27
<PAGE>   33

Securities so affected) by notice to the Company and the Trustee, may declare
the principal of (or, if any of those Securities are Original Issue Discount
Securities, that portion of the principal amount as may be specified in the
terms of that series) and all accrued and unpaid interest on all then
outstanding Securities of that series or of all series, as the case may be, to
be due and payable. Upon any such declaration, the amounts due and payable on
those Securities shall be due and payable immediately. If an Event of Default
specified in clause (5) or (6) of Section 6.01 hereof occurs, those amounts
shall ipso facto become and be immediately due and payable without any
declaration, notice or other act on the part of the Trustee or any Holder. The
Holders of a majority in principal amount of the then outstanding Securities of
the series affected by that default or all series, as the case may be, by
written notice to the Trustee may rescind an acceleration and its consequences
(other than nonpayment of principal of or premium or interest on or any
Additional Amounts with respect to the Securities) if the rescission would not
conflict with any judgment or decree and if all existing Events of Default with
respect to Securities of that series (or of all series, as the case may be) have
been cured or waived, except nonpayment of principal, premium, interest or any
Additional Amounts that has become due solely because of the acceleration.

SECTION 6.03 Other Remedies.

               If an Event of Default with respect to Securities of any series
occurs and is continuing, the Trustee may pursue any available remedy to collect
the payment of principal of, or premium, if any, or interest on the Securities
of that series or to enforce the performance of any provision of the Securities
of that series or this Indenture.

               The Trustee may maintain a proceeding with respect to Securities
of any series even if it does not possess any of the Securities of that series
or does not produce any of them in the proceeding. A delay or omission by the
Trustee or any Holder in exercising any right or remedy accruing on an Event of
Default shall not impair the right or remedy or constitute a waiver of or
acquiescence in the Event of Default. All remedies are cumulative to the extent
permitted by law.

SECTION 6.04 Waiver of Defaults.

               Subject to Sections 6.07 and 9.02, the Holders of a majority in
principal amount of the then outstanding Securities of any series or of all
series (acting as one class) by notice to the Trustee may waive an existing or
past Default or Event of Default with respect to that series or all series, as
the case may be, and its consequences (including waivers obtained in connection
with a tender offer or exchange offer for Securities of that series or all
series or a solicitation of consents in respect of Securities of that series or
all series, provided that in each case that offer or solicitation is made to all
Holders of then outstanding Securities of that series or all series (but the
terms of that offer or solicitation may vary from series to series)), except (1)
a continuing Default or Event of Default in the payment of the principal of, or
premium, if any, or interest on or any Additional Amounts with respect to any
Security or (2) a continued Default in respect of a provision that under Section
9.02 cannot be amended or supplemented without the consent of each Holder
affected. Upon any such waiver, that Default shall cease to exist, and any Event
of Default arising therefrom shall be deemed to have been cured for every
purpose of this Indenture; but no such waiver shall extend to any subsequent or
other Default or impair any right consequent thereon.

                                       28
<PAGE>   34

SECTION 6.05 Control by Majority.

               With respect to Securities of any series, the Holders of a
majority in principal amount of the then outstanding Securities of that series
may direct in writing the time, method and place of conducting any proceeding
for any remedy available to the Trustee or exercising any trust or power
conferred on it relating to or arising under an Event of Default described in
clause (1), (2), (3) or (7) of Section 6.01, and with respect to all Securities,
the Holders of a majority in principal amount of all the then outstanding
Securities affected may direct in writing the time, method and place of
conducting any proceeding for any remedy available to the Trustee or exercising
any trust or power conferred on it not relating to or arising under such an
Event of Default. However, the Trustee may refuse to follow any direction that
conflicts with applicable law or this Indenture, that the Trustee determines may
be unduly prejudicial to the rights of other Holders, or that may involve the
Trustee in personal liability; provided, however, that the Trustee may take any
other action deemed proper by the Trustee that is not inconsistent with that
direction. Prior to taking any action hereunder, the Trustee shall be entitled
to indemnification satisfactory to it in its sole discretion from Holders
directing the Trustee against all losses and expenses caused by taking or not
taking that action.

SECTION 6.06 Limitations on Suits.

               Subject to Section 6.07 hereof, a Holder of a Security of any
series may pursue a remedy with respect to this Indenture or the Securities of
that series only if:

               (1) the Holder gives to the Trustee written notice of a
        continuing Event of Default with respect to that series;

               (2) the Holders of at least 25% in principal amount of the then
        outstanding Securities of that series make a written request to the
        Trustee to pursue the remedy;

               (3) such Holder or Holders offer to the Trustee indemnity
        reasonably satisfactory to the Trustee against any loss, liability or
        expense;

               (4) the Trustee does not comply with the request within 60 days
        after receipt of the request and the offer of indemnity; and

               (5) during that 60-day period, the Holders of a majority in
        principal amount of the Securities of that series do not give the
        Trustee a direction inconsistent with the request.

               A Holder may not use this Indenture to prejudice the rights of
another Holder or to obtain a preference or priority over another Holder.

SECTION 6.07 Rights of Holders to Receive Payment.

               Notwithstanding any other provision of this Indenture, the right
of any Holder of a Security to receive payment of principal of and premium, if
any, and interest on and any Additional Amounts with respect to that Security,
on or after the respective due dates expressed in that Security,

                                       29
<PAGE>   35

or to bring suit for the enforcement of any such payment on or after those
respective dates, is absolute and unconditional and shall not be impaired or
affected without the consent of the Holder.

SECTION 6.08 Collection Suit by Trustee.

               If an Event of Default specified in clause (1) or (2) of Section
6.01 hereof occurs and is continuing with respect to Securities of any series,
the Trustee is authorized to recover judgment in its own name and as trustee of
an express trust against the Company for the amount of principal, premium (if
any), interest and any Additional Amounts remaining unpaid on the Securities of
that series, and interest on overdue principal and premium, if any, and, to the
extent lawful, interest on overdue interest, and 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.

SECTION 6.09 Trustee May File Proofs of Claim.

               The Trustee is authorized to file such proofs of claim and other
papers or documents and to take such actions, including participating as a
member, voting or otherwise, of any committee of creditors, as may be necessary
or advisable 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 the Holders allowed in any judicial proceeding
relative to the Company or its creditors or properties and shall be entitled and
empowered to collect, receive and distribute any money or other property payable
or deliverable on any such claims and any Bankruptcy Custodian in any such
judicial proceeding is hereby authorized by each Holder to make those payments
to the Trustee, and in the event that the Trustee shall consent to the making of
those 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, its agents and counsel, and any other amounts due the Trustee under
Section 7.07. To the extent that the payment of any such compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other
amounts due the Trustee under Section 7.07 out of the estate in any such
proceeding, shall be denied for any reason, payment of the same shall be secured
by a lien on, and shall be paid out of, any and all distributions, dividends,
money, securities and other properties which the Holders of the Securities may
be entitled to receive in that proceeding whether in liquidation or under any
plan of reorganization or arrangement or otherwise. Nothing herein contained
shall be deemed to authorize the Trustee to authorize or consent to or accept or
adopt on behalf of any Holder any plan of reorganization, arrangement,
adjustment or composition affecting the Securities or the rights of any Holder
thereof, or to authorize the Trustee to vote in respect of the claim of any
Holder in any such proceeding.

SECTION 6.10 Priorities.

               If the Trustee collects any money pursuant to this Article VI, it
shall pay out the money in the following order:

               First:  to the Trustee for amounts due under Section 7.07;

                                       30
<PAGE>   36

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

               Third: to the Company.

               The Trustee, on prior written notice to the Company, may fix
record dates and payment dates for any payment to Holders pursuant to this
Article VI.

               To the fullest extent allowed under applicable law, if for the
purpose of obtaining a judgment against the Company in any court it is necessary
to convert the sum due in respect of the principal of, premium (if any) or
interest on or Additional Amounts with respect to the Securities of any series
(the "Required Currency") into a currency in which a judgment will be rendered
(the "Judgment Currency"), the rate of exchange used shall be the rate at which
in accordance with normal banking procedures the Trustee could purchase in The
City of New York the Required Currency with the Judgment Currency on the New
York Business Day next preceding that on which final judgment is given. Neither
the Company nor the Trustee shall be liable for any shortfall nor shall it
benefit from any windfall in payments to Holders of Securities under this
Section 6.10 caused by a change in exchange rates between the time the amount of
a judgment against it is calculated as above and the time the Trustee converts
the Judgment Currency into the Required Currency to make payments under this
Section to Holders of Securities, but payment of that judgment shall discharge
all amounts owed by the Company on the claim or claims underlying that judgment.

SECTION 6.11 Undertaking for Costs.

               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 a trustee, a court in its discretion may require the filing by any party
litigant in the suit of an undertaking to pay the costs of the suit, and the
court in its discretion may assess reasonable costs, including reasonable
attorneys' fees, against any party litigant in the suit, having due regard to
the merits and good faith of the claims or defenses made by the party litigant.
This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder
pursuant to Section 6.07, or a suit by a Holder or Holders of more than 10% in
principal amount of the then outstanding Securities of any series.

                                   ARTICLE VII
                                     TRUSTEE

SECTION 7.01 Duties of Trustee.

               (a) If an Event of Default with respect to the Securities of any
series has occurred and is continuing, the Trustee shall exercise such of the
rights and powers vested in it by this Indenture with respect to the Securities
of that series, and use the same degree of care and skill in that exercise, as a
prudent person would exercise or use under the circumstances in the conduct of
his own affairs.

                                       31
<PAGE>   37

               (b) Except during the continuance of an Event of Default with
respect to the Securities of any series:

               (1) the Trustee need perform only those duties that are
        specifically set forth in this Indenture and no others, and no implied
        covenants or obligations shall be read into this Indenture against the
        Trustee; and

               (2) in the absence of bad faith on its part, the Trustee may
        conclusively rely, as to the truth of the statements and the correctness
        of the opinions expressed therein, on certificates or opinions furnished
        to the Trustee and conforming to the requirements of this Indenture.
        However, the Trustee shall examine those certificates and opinions to
        determine whether, on their face, they appear to conform to the
        requirements of this Indenture.

               (c) The Trustee may not be relieved from liabilities for its own
negligent action, its own negligent failure to act or its own willful
misconduct, except that:

               (1) this paragraph does not limit the effect of Section 7.01(b);

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

               (3) the Trustee shall not be liable with respect to any action it
        takes or omits to take in good faith in accordance with a direction
        received by it pursuant to Section 6.05 hereof.

               (d) Whether or not therein expressly so provided, every provision
of this Indenture that in any way relates to the Trustee is subject to the
provisions of this Section 7.01.

               (e) No provision of this Indenture shall require the Trustee to
expend or risk its own funds or incur any liability. The Trustee may refuse to
perform any duty or exercise any right or power unless it receives indemnity
reasonably satisfactory to it against any loss, liability or expense.

               (f) The Trustee shall not be liable for interest on any money
received by it except as the Trustee may agree in writing with the Company.
Money held in trust by the Trustee need not be segregated from other funds
except to the extent required by law. All money received by the Trustee with
respect to Securities of any series shall, until applied as herein provided, be
held in trust for the payment of the principal of, premium (if any) and interest
on and Additional Amounts with respect to the Securities of that series.

SECTION 7.02 Rights of Trustee.

               (a) The Trustee may rely on any document believed by it to be
genuine and to have been signed or presented by the proper Person. The Trustee
need not investigate any fact or matter stated in the document.

                                       32
<PAGE>   38

               (b) Before the Trustee acts or refrains from acting, it may
require instruction, an Officers' Certificate or an Opinion of Counsel or both
to be provided. The Trustee shall not be liable for any action it takes or omits
to take in good faith in reliance on that instruction, Officers' Certificate or
Opinion of Counsel. The Trustee may consult with counsel, and the written advice
of that 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.

               (c) The Trustee may act through agents and shall not be
responsible for the misconduct or negligence of any agent appointed with due
care.

               (d) The Trustee shall not be liable for any action it takes or
omits to take in good faith which it believes to be authorized or within its
rights or powers conferred on it by this Indenture.

               (e) Unless otherwise specifically provided in this Indenture, any
demand, request, direction or notice from the Company shall be sufficient if
signed by an Officer of the Company.

SECTION 7.03 May Hold Securities.

               The Trustee in its individual or any other capacity may become
the owner or pledgee of Securities and may otherwise deal with the Company or
any of its Affiliates with the same rights it would have if it were not Trustee.
Any Agent may do the same with like rights and duties. However, the Trustee is
subject to Sections 7.10 and 7.11.

SECTION 7.04 Trustee's Disclaimer.

               The Trustee makes no representation as to the validity or
adequacy of this Indenture or the Securities; it shall not be accountable for
the Company's use of the proceeds from the Securities or any money paid to the
Company or upon the Company's direction under any provision hereof; it shall not
be responsible for the use or application of any money received by any Paying
Agent other than the Trustee; and it shall not be responsible for any statement
or recital herein or any statement in the Securities other than its certificate
of authentication.

SECTION 7.05 Notice of Defaults.

               If a Default or Event of Default with respect to the Securities
of any series occurs and is continuing and it is known to the Trustee, the
Trustee shall mail to Holders of Securities of that series a notice of the
Default or Event of Default within 90 days after it occurs. Except in the case
of a Default or Event of Default in payment of principal of, premium (if any)
and interest on and Additional Amounts or any sinking fund installment with
respect to the Securities of that series, the Trustee may withhold the notice if
and so long as a committee of its Trust Officers in good faith determines that
withholding the notice is in the interests of Holders of Securities of that
series.

                                       33
<PAGE>   39

SECTION 7.06 Reports by Trustee to Holders.

               Within 60 days after each May 15 of each year after the execution
of this Indenture, the Trustee shall mail to Holders of a series and the Company
a brief report dated as of that reporting date that complies with TIA Section
313(a); provided, however, that if no event described in TIA Section 313(a) has
occurred within the twelve months preceding the reporting date with respect to a
series, no report need be transmitted to Holders of that series. The Trustee
also shall comply with TIA Section 313(b). The Trustee shall also transmit by
mail all reports if and as required by TIA Sections 313(c) and 313(d).

               A copy of each report at the time of its mailing to Holders of a
series of Securities shall be filed by the Company with the SEC and each
securities exchange, if any, on which the Securities of that series are listed.
The Company shall notify the Trustee if and when any series of Securities is
listed on any stock exchange.

SECTION 7.07 Compensation and Indemnity.

               The Company agrees to pay to the Trustee from time to time
reasonable compensation for its acceptance of this Indenture and services
hereunder. The Trustee's compensation shall not be limited by any law on
compensation of a trustee of an express trust. The Company agrees to reimburse
the Trustee on request for all reasonable disbursements, advances and expenses
incurred by it. Those expenses shall include the reasonable compensation,
disbursements and expenses of the Trustee's agents and counsel.

               The Company hereby indemnifies the Trustee against any loss,
liability or expense incurred by it arising out of or in connection with the
acceptance or administration of its duties under this Indenture, except as set
forth in the next paragraph. The Trustee shall notify the Company promptly of
any claim for which it may seek indemnity. The Company shall defend the claim
and the Trustee shall cooperate in the defense. The Trustee may have separate
counsel, and the Company shall pay the reasonable fees and expenses of that
counsel. The Company need not pay for any settlement made without its consent.

               The Company shall not be obligated to reimburse any expense or
indemnify against any loss or liability incurred by the Trustee through
negligence or bad faith.

               To secure the payment obligations of the Company in this Section
7.07, the Trustee shall have a lien prior to the Securities on all money or
property held or collected by the Trustee, except that held in trust to pay
principal of, premium (if any) and interest on and any Additional Amounts with
respect to the Securities of any series. That lien shall survive the
satisfaction and discharge of this Indenture.

               When the Trustee incurs expenses or renders services after an
Event of Default specified in Section 6.01(5) or (6) occurs, the expenses and
the compensation for the services are intended to constitute expenses of
administration under any Bankruptcy Law.

                                       34
<PAGE>   40

SECTION 7.08 Replacement of Trustee.

               A resignation or removal of the Trustee and appointment of a
successor Trustee shall become effective only upon the successor Trustee's
acceptance of appointment as provided in this Section 7.08.

               The Trustee may resign and be discharged at any time with respect
to the Securities of one or more series by so notifying the Company. The Holders
of a majority in principal amount of the then outstanding Securities of any
series may remove the Trustee with respect to the Securities of that series by
so notifying the Trustee and the Company. The Company may remove the Trustee if:

               (1) the Trustee fails to comply with Section 7.10;

               (2) the Trustee is adjudged a bankrupt or an insolvent or an
        order for relief is entered with respect to the Trustee under any
        Bankruptcy Law;

               (3) a Bankruptcy Custodian or public officer takes charge of the
        Trustee or its property; or

               (4) the Trustee otherwise becomes incapable of acting.

               If the Trustee resigns or is removed or if a vacancy exists in
the office of Trustee for any reason, with respect to the Securities of one or
more series, the Company 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 those series and that at any time there shall be only one
Trustee with respect to the Securities of any particular series). Within one
year after the successor Trustee with respect to the Securities of any series
takes office, the Holders of a majority in principal amount of the Securities of
that series may appoint a successor Trustee to replace the successor Trustee
appointed by the Company.

               If a successor Trustee with respect to the Securities of any
series does not take office within 60 days after the retiring Trustee resigns or
is removed, the retiring Trustee, the Company or the Holders of at least 10% in
principal amount of the then outstanding Securities of that series may petition
any court of competent jurisdiction for the appointment of a successor Trustee
with respect to the Securities of that series.

               If the Trustee with respect to the Securities of a series fails
to comply with Section 7.10, any Holder of Securities of that series may
petition any court of competent jurisdiction for the removal of the Trustee and
the appointment of a successor Trustee with respect to the Securities of that
series.

               In case of the appointment of a successor Trustee with respect to
all Securities, each such successor Trustee shall deliver a written acceptance
of its appointment to the retiring Trustee and to the Company. Thereupon, the
resignation or removal of the retiring Trustee shall become

                                       35
<PAGE>   41

effective, and the successor Trustee shall have all the rights, powers and
duties of the retiring Trustee under this Indenture. The successor Trustee shall
mail a notice of its succession to Holders. The retiring Trustee shall promptly
transfer all property held by it as Trustee to the successor Trustee, subject to
the lien provided for in Section 7.07.

               In case of the appointment 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
(but not all) series shall execute and deliver an indenture supplemental hereto
in which each successor Trustee shall accept that appointment and that (1) shall
confer to each successor Trustee all the rights, powers and duties of the
retiring Trustee with respect to the Securities of that or those series to which
the appointment of that successor Trustee relates, (2) if the retiring Trustee
is not retiring with respect to all Securities, shall confirm that all the
rights, powers 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.
Nothing herein or in that supplemental indenture shall constitute those Trustees
co-trustees of the same trust, and 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. Upon the execution and delivery of that
supplemental indenture, the resignation or removal of the retiring Trustee shall
become effective to the extent provided therein, and each such successor Trustee
shall have all the rights, powers and duties of the retiring Trustee with
respect to the Securities of that or those series to which the appointment of
that successor Trustee relates. On the request of the Company or any successor
Trustee, that retiring Trustee shall transfer to that successor Trustee all
property held by that retiring Trustee as Trustee with respect to the Securities
of that or those series to which the appointment of that successor Trustee
relates.

               Notwithstanding replacement of the Trustee or Trustees pursuant
to this Section 7.08, the obligations of the Company under Section 7.07 shall
continue for the benefit of the retiring Trustee or Trustees.

SECTION 7.09 Successor Trustee by Merger, etc.

               Subject to Section 7.10, if the Trustee consolidates, merges or
converts into, or transfers all or substantially all of its corporate trust
business to, another corporation, the successor corporation without any further
act shall be the successor Trustee; provided, however, that in the case of a
transfer of all or substantially all of its corporate trust business to another
corporation, the transferee corporation expressly assumes all of the Trustee's
liabilities hereunder.

               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 that authenticating Trustee may adopt that authentication and
deliver the Securities so authenticated; and in case at that time any of the
Securities shall not have been authenticated, any successor to the Trustee may
authenticate those Securities either in the name of any predecessor hereunder or
in the name of the successor to the Trustee; and in all those cases those
certificates shall have the full force which it is anywhere in the Securities or
in this Indenture provided that the certificate of the Trustee shall have.

                                       36
<PAGE>   42

SECTION 7.10 Eligibility; Disqualification.

               There shall at all times be a Trustee hereunder which shall be a
corporation organized and doing business under the laws of the United States,
any State thereof or the District of Columbia and authorized under those laws to
exercise corporate trust power, shall be subject to supervision or examination
by Federal or State (or the District of Columbia) authority and shall have, or
be a Subsidiary of a bank or bank holding company having, a combined capital and
surplus of at least $50 million as set forth in its most recent published annual
report of condition.

               The Indenture shall always have a Trustee who satisfies the
requirements of TIA Sections 310(a)(1), 310(a)(2) and 310(a)(5). The Trustee is
subject to and shall comply with the provisions of TIA Section 310(b) during the
period of time required by this Indenture. Nothing in this Indenture shall
prevent the Trustee from filing with the SEC the application referred to in the
penultimate paragraph of TIA Section 310(b).

SECTION 7.11 Preferential Collection of Claims Against Company.

               The Trustee is subject to and shall comply with the provisions of
TIA Section 311(a), excluding any creditor relationship listed in TIA Section
311(b). A Trustee who has resigned or been removed shall be subject to TIA
Section 311(a) to the extent indicated therein.

                                  ARTICLE VIII
                             DISCHARGE OF INDENTURE

SECTION 8.01 Termination of Company's Obligations.

               (a) This Indenture shall cease to be of further effect with
respect to the Securities of a series (except that the Company's obligations
under Section 7.07, the Trustee's and Paying Agent's obligations under Section
8.03 and the rights, powers, protections and privileges accorded the Trustee
under Article VII shall survive), and the Trustee, on demand of the Company,
shall execute proper instruments acknowledging the satisfaction and discharge of
this Indenture with respect to the Securities of that series, when:

               (1) either

                       (A) all outstanding Securities of that series theretofore
               authenticated and issued (other than destroyed, lost or stolen
               Securities that have been replaced or paid) have been delivered
               to the Trustee for cancellation; or

                       (B) all outstanding Securities of that 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

                                       37
<PAGE>   43

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

               and, in the case of clause (i), (ii) or (iii) above, the Company
               has irrevocably deposited or caused to be deposited with the
               Trustee as funds (immediately available to the Holders in the
               case of clause (i)) in trust for that purpose (x) cash in an
               amount, or (y) Government Obligations, maturing as to principal
               and interest at such times and in such amounts as will ensure the
               availability of cash in an amount or (z) a combination thereof,
               which will be sufficient, in the opinion (in the case of clauses
               (y) and (z)) of a nationally recognized firm of independent
               public accountants expressed in a written certification thereof
               delivered to the Trustee, to pay and discharge the entire
               indebtedness on the Securities of that series for principal and
               any interest and any Additional Amounts to the date of that
               deposit (in the case of Securities which have become due and
               payable) or for principal, premium, if any, interest and any
               Additional Amounts to the Stated Maturity or Redemption Date, as
               the case may be; or

                       (C) the Company has properly fulfilled such other means
               of satisfaction and discharge as is specified, as contemplated by
               Section 2.01, to be applicable to the Securities of that series;

               (2) the Company has paid or caused to be paid all other sums
        payable by it hereunder with respect to the Securities of that series;
        and

               (3) the Company has delivered to the Trustee an Officers'
        Certificate stating that all conditions precedent to satisfaction and
        discharge of this Indenture with respect to the Securities of that
        series have been complied with, together with an Opinion of Counsel to
        the same effect.

               (b) Unless this Section 8.01(b) is specified as not being
applicable to Securities of a series as contemplated by Section 2.01, the
Company may terminate certain of its obligations under this Indenture ("covenant
defeasance") with respect to the Securities of a series if:

               (1) the Company has irrevocably deposited or caused to be
        irrevocably deposited with the Trustee 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
        Securities of that series, (i) money in the currency in which payment of
        the Securities of that series is to be made in an amount, or (ii)
        Government Obligations with respect to that series, maturing as to
        principal and interest at such times and in such amounts as will ensure
        the availability of money in the currency in which payment of the
        Securities of that series is to be made in an amount or (iii) a
        combination thereof, that is sufficient, in the opinion (in the case of
        clauses (ii) and (iii)) of a nationally recognized firm of independent
        public accountants expressed in a written certification thereof
        delivered to the Trustee, to pay, without

                                       38
<PAGE>   44

        consideration of the reinvestment of any such amounts and after payment
        of all taxes or other charges or assessments in respect thereof payable
        by the Trustee, the principal of and premium (if any) and interest on
        and any Additional Amounts with respect to all Securities of that series
        on each date that such principal, premium (if any), interest or
        Additional Amounts are due and payable and (at the Stated Maturity
        thereof or on redemption as provided in Section 8.01(e)) to pay all
        other sums payable by it hereunder; provided that the Trustee shall have
        been irrevocably instructed to apply that money and/or the proceeds of
        those Government Obligations to the payment of said principal, premium
        (if any), interest and Additional Amounts with respect to the Securities
        of that series as the same shall become due;

               (2) the Company has delivered to the Trustee an Officers'
        Certificate stating that all conditions precedent to satisfaction and
        discharge of this Indenture with respect to the Securities of that
        series have been complied with, and an Opinion of Counsel to the same
        effect;

               (3) no Default or Event of Default with respect to the Securities
        of that series shall have occurred and be continuing on the date of that
        deposit;

               (4) the Company shall have delivered to the Trustee an Opinion of
        Counsel from counsel reasonably acceptable to the Trustee or a tax
        ruling to the effect that the Holders of Securities of that series will
        not recognize income, gain or loss for Federal income tax purposes as a
        result of the Company's exercise of its option under this Section
        8.01(b) and will be subject to Federal income tax on the same amount and
        in the same manner and at the same times as would have been the case if
        that option had not been exercised;

               (5) the Company has complied with any additional conditions
        specified pursuant to Section 2.01 to be applicable to the discharge of
        Securities of that series pursuant to this Section 8.01; and

               (6) that deposit and discharge shall not cause the Trustee to
        have a conflicting interest as defined in TIA Section 310(b).

               In that event, this Indenture shall cease to be of further effect
(except as set forth in this paragraph), and the Trustee, on demand of the
Company, shall execute proper instruments acknowledging satisfaction and
discharge under this Indenture. However, the Company's obligations in Sections
2.05, 2.06, 2.07, 2.08, 2.09, 4.01, 4.02, 5.01, 7.07, 7.08 and 8.04, the
Trustee's and Paying Agent's obligations in Section 8.03 and the rights, powers,
protections and privileges accorded the Trustee under Article VII shall survive
until all Securities of that series are no longer outstanding. Thereafter, only
the Company's obligations in Section 7.07 and the Trustee's and Paying Agent's
obligations in Section 8.03 shall survive with respect to Securities of that
series.

               After making the irrevocable deposit pursuant to this Section
8.01(b) and following satisfaction of the other conditions set forth herein, the
Trustee on request shall acknowledge in writing the discharge of the Company's
obligations under this Indenture with respect to the Securities of that series,
except for those surviving obligations specified above.

                                       39
<PAGE>   45

               In order to have money available on a payment date to pay
principal of or premium (if any) or interest on or any Additional Amounts with
respect to the Securities, the Government Obligations shall be payable as to
principal or interest on or before that payment date in such amounts as will
provide the necessary money. Any such Government Obligations shall not be
callable at the issuer's option.

               (c) If the Company has previously complied or is concurrently
complying with Section 8.01(b) (other than any additional conditions specified
pursuant to Section 2.01 that are expressly applicable only to covenant
defeasance) with respect to Securities of a series, then, unless this Section
8.01(c) is specified as not being applicable to Securities of that series as
contemplated by Section 2.01, the Company may elect to be discharged ("legal
defeasance") from its obligations to make payments with respect to Securities of
that series, if:

               (1) no Default or Event of Default under clauses (5) and (6) of
        Section 6.01 hereof shall have occurred at any time during the period
        ending on the 91st day after the date of deposit contemplated by Section
        8.01(b) (it being understood that this condition shall not be deemed
        satisfied until the expiration of that period);

               (2) unless otherwise specified with respect to Securities of that
        series as contemplated by Section 2.01, the Company has delivered to the
        Trustee an Opinion of Counsel from counsel reasonably acceptable to the
        Trustee to the effect referred to in Section 8.01(b)(4) with respect to
        that legal defeasance, which opinion is based on (i) a private ruling of
        the Internal Revenue Service addressed to the Company, (ii) a published
        ruling of the Internal Revenue Service or (iii) a change in the
        applicable federal income tax law (including regulations) after the date
        of this Indenture;

               (3) the Company has complied with any other conditions specified
        pursuant to Section 2.01 to be applicable to the legal defeasance of
        Securities of that series pursuant to this Section 8.01(c); and

               (4) the Company has delivered to the Trustee a Company Request
        requesting legal defeasance of the Securities of that series and an
        Officers' Certificate stating that all conditions precedent with respect
        to legal defeasance of the Securities of that series have been complied
        with, together with an Opinion of Counsel to the same effect.

               In that event, the Company will be discharged from its
obligations under this Indenture and the Securities of that series to pay
principal of, premium (if any) and interest on, and any Additional Amounts with
respect to, Securities of that series, the Company's obligations under Sections
4.01, 4.02 and 5.01 shall terminate with respect to those Securities, and the
entire indebtedness of the Company evidenced by those Securities shall be deemed
paid and discharged.

               (d) If and to the extent additional or alternative means of
satisfaction, discharge or defeasance of Securities of a series are specified to
be applicable to that series as contemplated by Section 2.01, the Company may
terminate any or all of its obligations under this Indenture with respect to
Securities of a series and any or all of its obligations under the Securities of
that series if

                                       40
<PAGE>   46

it fulfills such other means of satisfaction and discharge as may be so
specified, as contemplated by Section 2.01, to be applicable to the Securities
of that series.

               (e) If Securities of any series subject to subsections (a), (b),
(c) or (d) of this Section 8.01 are to be redeemed prior to their Stated
Maturity, whether pursuant to any optional redemption provisions or in
accordance with any mandatory or optional sinking fund provisions, the terms of
the applicable trust arrangement shall provide for that redemption, and the
Company shall make such arrangements as are reasonably satisfactory to the
Trustee for the giving of notice of redemption by the Trustee in the name, and
at the expense, of the Company.

SECTION 8.02 Application of Trust Money.

               The Trustee or a trustee reasonably satisfactory to the Trustee
and the Company shall hold in trust money or Government Obligations deposited
with it pursuant to Section 8.01 hereof. It shall apply the deposited money and
the money from Government Obligations through the Paying Agent and in accordance
with this Indenture to the payment of principal of, premium (if any) and
interest on and any Additional Amounts with respect to the Securities of the
series with respect to which the deposit was made.

SECTION 8.03 Repayment to Company.

               The Trustee and the Paying Agent shall promptly pay to the
Company at any time on the written request of the Company any excess money or
Government Obligations (or proceeds therefrom) held by them.

               Subject to the requirements of any applicable abandoned property
laws, the Trustee and the Paying Agent shall pay to the Company on written
request any money held by them for the payment of principal, premium (if any),
interest or any Additional Amounts that remain unclaimed for two years after the
date on which that payment shall have become due. After payment to the Company,
Holders entitled to the money must look to the Company for payment as general
creditors unless an applicable abandoned property law designates another Person,
and all liability of the Trustee and the Paying Agent with respect to that money
shall cease.

SECTION 8.04 Reinstatement.

               If the Trustee or the Paying Agent is unable to apply any money
or Government Obligations deposited with respect to Securities of any series in
accordance with Section 8.01 by reason of any legal proceeding or by reason of
any order or judgment of any court or governmental authority enjoining,
restraining or otherwise prohibiting that application, the obligations of the
Company under this Indenture with respect to the Securities of that series and
under the Securities of that series shall be revived and reinstated as though no
deposit had occurred pursuant to Section 8.01 until such time as the Trustee or
the Paying Agent is permitted to apply all such money or Government Obligations
in accordance with Section 8.01; provided, however, that if the Company has made
any payment of principal of, premium (if any) or interest on or any Additional
Amounts with respect to any Securities because of the reinstatement of its
obligations, the Company shall be

                                       41
<PAGE>   47

subrogated to the rights of the Holders of those Securities to receive such
payment from the money or Government Obligations held by the Trustee or the
Paying Agent.

                                   ARTICLE IX
                     SUPPLEMENTAL INDENTURES AND AMENDMENTS

SECTION 9.01 Without Consent of Holders.

               The Company and the Trustee may amend or supplement this
Indenture or the Securities or waive any provision hereof or thereof without the
consent of any Holder:

               (1) to cure any ambiguity, omission, defect or inconsistency;

               (2) to comply with Section 5.01;

               (3) to provide for uncertificated Securities in addition to or in
        place of certificated Securities, or to provide for the issuance of
        bearer Securities (with or without coupons);

               (4) to provide any security for any series of Securities or to
        add guarantees of any series of Securities;

               (5) to comply with any requirement in order to effect or maintain
        the qualification of this Indenture under the TIA;

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

               (7) to add any additional Events of Default with respect to all
        or any series of the Securities (and, if any such Event of Default is
        applicable to less than all series of Securities, specifying the series
        to which that Event of Default is applicable);

               (8) 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 outstanding Security of any series
        created prior to the execution of that amendment or supplemental
        indenture that is adversely affected in any material respect by that
        change in or elimination of that provision;

               (9) to establish the form or terms of Securities of any series as
        permitted by Section 2.01;

               (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 Section 8.01;
        provided, however, that any such action shall not adversely affect

                                       42
<PAGE>   48

        the interest of the Holders of Securities of that series or any other
        series of Securities in any material respect; or

               (11) to evidence and provide for the acceptance of appointment
        hereunder by a successor Trustee with respect to the Securities of one
        or more series and to add to or change any of the provisions of this
        Indenture as shall be necessary to provide for or facilitate the
        administration of the trusts hereunder by more than one Trustee,
        pursuant to the requirements of Section 7.08.

               Upon the request of the Company, accompanied by a Board
Resolution, and upon receipt by the Trustee of the documents described in
Section 9.06, the Trustee shall, subject to Section 9.06, join with the Company
in the execution of any supplemental indenture authorized or permitted by the
terms of this Indenture and make any further appropriate agreements and
stipulations that may be therein contained.

SECTION 9.02 With Consent of Holders.

               Except as provided below in this Section 9.02, the Company and
the Trustee may amend or supplement this Indenture with the written consent
(including consents obtained in connection with a tender offer or exchange offer
for Securities of any one or more series or all series or a solicitation of
consents in respect of Securities of any one or more series or all series,
provided that in each case that offer or solicitation is made to all Holders of
then outstanding Securities of each such series (but the terms of that offer or
solicitation may vary from series to series)) of the Holders of at least a
majority in principal amount of the then outstanding Securities of all series
affected by that amendment or supplement (acting as one class).

               Upon the request of the Company, accompanied by a Board
Resolution, and upon the filing with the Trustee of evidence of the consent of
the Holders as aforesaid, and upon receipt by the Trustee of the documents
described in Section 9.06, the Trustee shall, subject to Section 9.06, join with
the Company in the execution of that amendment or supplemental indenture.

               It shall not be necessary for the consent of the Holders under
this Section 9.02 to approve the particular form of any proposed amendment,
supplement or waiver, but it shall be sufficient if that consent approves the
substance thereof.

               The Holders of a majority in principal amount of the then
outstanding Securities of one or more series or of all series may waive
compliance in a particular instance by the Company with any provision of this
Indenture with respect to Securities of that series (including waivers obtained
in connection with a tender offer or exchange offer for Securities of that
series or a solicitation of consents in respect of Securities of that series,
provided that in each case that offer or solicitation is made to all Holders of
then outstanding Securities of that series (but the terms of that offer or
solicitation may vary from series to series)).

               However, without the consent of each Holder affected, an
amendment, supplement or waiver under this Section 9.02 may not:

                                       43
<PAGE>   49

               (1) reduce the amount of Securities whose Holders must consent to
        an amendment, supplement or waiver;

               (2) reduce the rate of or change the time for payment of
        interest, including default interest, on any Security;

               (3) reduce the principal of, premium on or any mandatory sinking
        fund payment with respect to, or change the Stated Maturity of, any
        Security or reduce the amount of the principal of an Original Issue
        Discount Security that would be due and payable on a declaration of
        acceleration of the Maturity thereof pursuant to Section 6.02;

               (4) reduce the premium, if any, payable on the redemption of any
        Security or change the time at which any Security may or shall be
        redeemed;

               (5) change any obligation of the Company to pay Additional
        Amounts with respect to any Security;

               (6) change the coin or currency or currencies (including
        composite currencies) in which any Security or any premium, interest or
        Additional Amounts with respect thereto are payable;

               (7) impair the right to institute suit for the enforcement of any
        payment of principal of, premium (if any) or interest on or any
        Additional Amounts with respect to any Security pursuant to Sections
        6.07 and 6.08, except as limited by Section 6.06;

               (8) make any change in the percentage of principal amount of
        Securities necessary to waive compliance with certain provisions of this
        Indenture pursuant to Section 6.04 or 6.07 or make any change in this
        sentence of Section 9.02; or

               (9) waive a continuing Default or Event of Default in the payment
        of principal of, premium (if any) or interest on or Additional Amounts
        with respect to the Securities.

               A supplemental indenture that 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 that series with respect to
that covenant or other provision, shall be deemed not to affect the rights under
this Indenture of the Holders of Securities of any other series.

               The right of any Holder to participate in any consent required or
sought pursuant to any provision of this Indenture (and the obligation of the
Company to obtain any such consent otherwise required from that Holder) may be
subject to the requirement that such Holder shall have been the Holder of record
of any Securities with respect to which that consent is required or sought as of
a date identified by the Company in a notice furnished to Holders in accordance
with the terms of this Indenture.

                                       44
<PAGE>   50

               After an amendment, supplement or waiver under this Section 9.02
becomes effective, the Company shall mail to the Holders of each Security
affected thereby a notice briefly describing the amendment, supplement or
waiver. Any failure of the Company to mail that notice, or any defect therein,
shall not, however, in any way impair or affect the validity of any such
amendment, supplement or waiver.

SECTION 9.03 Compliance with Trust Indenture Act.

               Every amendment or supplement to this Indenture or the Securities
shall comply in form and substance with the TIA as then in effect.

SECTION 9.04 Revocation and Effect of Consents.

               Until an amendment, supplement or waiver becomes effective, a
consent to it by a Holder is a continuing consent by the Holder and every
subsequent Holder of a Security or portion of a Security that evidences the same
debt as the consenting Holder's Security, even if notation of the consent is not
made on any Security. However, any such Holder or subsequent Holder may revoke
the consent as to his or her Security or portion of a Security if the Trustee
receives written notice of revocation before the date the amendment, supplement
or waiver becomes effective. An amendment, supplement or waiver becomes
effective in accordance with its terms and thereafter binds every Holder.

               The Company may, but shall not be obligated to, fix a record date
(which need not comply with Section 316(c) of the TIA) for the purpose of
determining the Holders entitled to consent to any amendment, supplement or
waiver or to take any other action under this Indenture. If a record date is
fixed, then notwithstanding the provisions of the immediately preceding
paragraph, those Persons who were Holders at that record date (or their duly
designated proxies), and only those Persons, shall be entitled to consent to
that amendment, supplement or waiver or to revoke any consent previously given,
whether or not those Persons continue to be Holders after that record date. No
consent shall be valid or effective for more than 90 days after that record date
unless consents from Holders of the principal amount of Securities required
hereunder for that amendment or waiver to be effective shall have also been
given and not revoked within that 90-day period.

               After an amendment, supplement or waiver becomes effective, it
shall bind every Holder, unless it is of the type described in any of clauses
(1) through (9) of Section 9.02 hereof. In that case, the amendment, supplement
or waiver shall bind each Holder who has consented to it and every subsequent
Holder that evidences the same debt as the consenting Holder's Security.

SECTION 9.05 Notation on or Exchange of Securities.

               If an amendment or supplement changes the terms of an outstanding
Security, the Company may require the Holder of the Security to deliver it to
the Trustee. The Trustee may place an appropriate notation on the Security at
the request of the Company regarding the changed terms and return it to the
Holder. Alternatively, if the Company so determines, the Company in exchange for
the Security shall issue and the Trustee shall authenticate a new Security that
reflects the changed

                                       45
<PAGE>   51

terms. Failure to make the appropriate notation or to issue a new Security shall
not affect the validity of that amendment or supplement.

               Securities of any series authenticated and delivered after the
execution of any amendment or supplement may, and shall if required by the
Company, bear a notation in form approved by the Company as to any matter
provided for in that amendment or supplement.

SECTION 9.06 Trustee to Sign Amendments, etc.

               The Trustee shall sign any amendment or supplement authorized
pursuant to this Article if the amendment or supplement does not adversely
affect the rights, duties, liabilities or immunities of the Trustee. If it does,
the Trustee may, but need not, sign it. In signing or refusing to sign that
amendment or supplement, the Trustee shall be entitled to receive, and, subject
to Section 7.01 hereof, shall be fully protected in relying on, an Opinion of
Counsel provided at the expense of the Company as conclusive evidence that such
amendment or supplement is authorized or permitted by this Indenture, that it is
not inconsistent herewith, and that it will be valid and binding on the Company
in accordance with its terms.

                                    ARTICLE X
                                  MISCELLANEOUS

SECTION 10.01 Trust Indenture Act Controls.

               If any provision of this Indenture limits, qualifies or conflicts
with the duties imposed by operation of TIA Section 318(c), the imposed duties
shall control.

SECTION 10.02 Notices.

               Any notice or communication by the Company or the Trustee to the
other is duly given if in writing and delivered in person or mailed by
first-class mail (registered or certified, return receipt requested), telex,
facsimile or overnight air courier guaranteeing next day delivery, to the
other's address:

               If to the Company:

               Oceaneering International, Inc.
               11911 FM 529
               Houston, Texas 77041
               Attention:  General Counsel

               If to the Trustee:

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

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

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

                                       46
<PAGE>   52

               The Company or the Trustee by notice to the other may designate
additional or different addresses for subsequent notices or communications.

               All notices and communications shall be deemed to have been duly
given: at the time delivered by hand, if personally delivered; five Business
Days after being deposited in the mail, postage prepaid, if mailed; when
answered back, if telexed; when receipt acknowledged, if by facsimile; and the
next Business Day after timely delivery to the courier, if sent by overnight air
courier guaranteeing next day delivery.

               Any notice or communication to a Holder shall be mailed by
first-class mail, postage prepaid, to the Holder's address shown on the register
kept by the Registrar. Failure to mail a notice or communication to a Holder or
any defect in it shall not affect its sufficiency with respect to other Holders.

               If a notice or communication is mailed in the manner provided
above within the time prescribed, it is duly given, whether or not the addressee
receives it, except in the case of notice to the Trustee, it is duly given only
when received.

               If the Company mails a notice or communication to Holders, it
shall mail a copy to the Trustee and each Agent at the same time.

               All notices or communications, including without limitation
notices to the Trustee or the Company by Holders, shall be in writing, except as
otherwise set forth herein.

               In case by reason of the suspension of regular mail service, or
by reason of any other cause, it shall be impossible to mail any notice required
by this Indenture, then such method of notification as shall be made with the
approval of the Trustee shall constitute a sufficient mailing of that notice.

SECTION 10.03 Communication by Holders with Other Holders.

               Holders may communicate pursuant to TIA Section 312(b) with other
Holders with respect to their rights under this Indenture or the Securities. The
Company, the Trustee, the Registrar and anyone else shall have the protection of
TIA Section 312(c).

SECTION 10.04 Certificate and Opinion as to Conditions Precedent.

               Upon any request or application by the Company to the Trustee to
take any action under this Indenture, the Company shall, if requested by the
Trustee, furnish to the Trustee at the expense of the Company:

               (1) an Officers' Certificate (which shall include the statements
        set forth in Section 10.05) stating that, in the opinion of the signers,
        all conditions precedent and

                                       47
<PAGE>   53

        covenants, if any, provided for in this Indenture relating to the
        proposed action have been complied with; and

               (2) an Opinion of Counsel (which shall include the statements set
        forth in Section 10.05 hereof) stating that, in the opinion of that
        counsel, all those conditions precedent and covenants have been complied
        with.

SECTION 10.05 Statements Required in Certificate or Opinion.

               Each certificate or opinion with respect to compliance with a
condition or covenant provided for in this Indenture (other than a certificate
provided pursuant to TIA Section 314(a)(4)) shall comply with the provisions of
TIA Section 314(e) and shall include:

               (1) a statement that the Person making that certificate or
        opinion has read that covenant or condition;

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

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

               (4) a statement as to whether or not, in the opinion of that
        Person, that condition or covenant has been complied with.

SECTION 10.06 Rules by Trustee and Agents.

               The Trustee may make reasonable rules for action by or at a
meeting of Holders. The Registrar or the Paying Agent may make reasonable rules
and set reasonable requirements for its functions.

SECTION 10.07 Legal Holidays.

               If a payment date is a Legal Holiday at a Place of Payment,
payment may be made at that place on the next succeeding day that is not a Legal
Holiday, and no interest shall accrue for the intervening period.

SECTION 10.08 No Recourse Against Others.

               A director, officer, employee, stockholder, partner or other
owner of the Company or the Trustee, as such, shall not have any liability for
any obligations of the Company under the Securities or for any obligations of
the Company or the Trustee under this Indenture or for any claim based on, in
respect of or by reason of those obligations or their creation. Each Holder by
accepting a Security waives and releases all that liability. The waiver and
release shall be part of the consideration for the issue of Securities.

                                       48
<PAGE>   54

SECTION 10.09 Governing Law.

               THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING
EFFECT TO ANY PRINCIPLES OF CONFLICTS OF LAWS THEREUNDER TO THE EXTENT THE LAWS
OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

SECTION 10.10 No Adverse Interpretation of Other Agreements.

               This Indenture may not be used to interpret another indenture,
loan or debt agreement of the Company or any Subsidiary. Any such indenture,
loan or debt agreement may not be used to interpret this Indenture.

SECTION 10.11 Successors.

               All agreements of the Company in this Indenture and the
Securities shall bind its successors. All agreements of the Trustee in this
Indenture shall bind its successors.

SECTION 10.12 Severability.

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

SECTION 10.13 Counterpart Originals.

               The parties may sign any number of copies of this Indenture. Each
signed copy shall be an original, but all of them together represent the same
agreement.

SECTION 10.14 Table of Contents, Headings, etc.

               The table of contents, cross-reference table and headings of the
Articles and Sections of this Indenture have been inserted for convenience of
reference only, are not to be considered a part hereof and shall in no way
modify or restrict any of the terms or provisions hereof.

                                       49
<PAGE>   55

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

                                       OCEANEERING INTERNATIONAL, INC.

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

                                       -----------------------------------------
                                           as Trustee

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

                                       50

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00014-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00014-of-00352.parquet"}]]