Document:

<PAGE>
                                                                     EXHIBIT 4.9

                            TRINITY INDUSTRIES, INC.

                                       AND

                                     TRUSTEE

                                    INDENTURE

                                   DATED AS OF

                          _______________________, 2002

                                 DEBT SECURITIES
                               (SUBORDINATED DEBT)
<PAGE>
           Reconciliation and tie between Trust Indenture Act of 1939
               and Indenture, dated as of _________________, 2002

<TABLE>
<CAPTION>
SECTION OF
TRUST INDENTURE.......................................................................    SECTION(S) OF
ACT OF 1939                                                                               INDENTURE
<S>                                                                                       <C>
______________________................................................................    ______________

ss.310 (a)(1).........................................................................    609
       (a)(2).........................................................................    609
       (a)(3).........................................................................    Not Applicable
       (a)(4).........................................................................    Not Applicable
       (b)............................................................................    608, 610
ss.311 (a)............................................................................    613
       (b)............................................................................    613
       (c)............................................................................    Not Applicable
ss.312 (a)............................................................................    701, 702(a)
       (b)............................................................................    702(b)
       (c)............................................................................    702(c)
ss.313 (a)............................................................................    703(a)
       (b)............................................................................    703(b)
       (c)............................................................................    703(c)
       (d)............................................................................    703(d)
ss.314 (a)............................................................................    704, 1005
       (b)............................................................................    Not Applicable
       (c)(1).........................................................................    103
       (c)(2).........................................................................    103
       (c)(3).........................................................................    Not Applicable
       (d)............................................................................    Not Applicable
       (e)............................................................................    103
ss.315 (a)............................................................................    601(a)
       (b)............................................................................    602
       (c)............................................................................    601(b)
       (d)............................................................................    601(c)
       (d)(1).........................................................................    601(a)(1)
       (d)(2).........................................................................    601(c)(2)
       (d)(3).........................................................................    601(c)(3)
       (e)............................................................................    513
ss.316 (a)(1)(A)......................................................................    502, 511
       (a)(1)(B)......................................................................    512
       (a)(2).........................................................................    Not Applicable
       (a)(last sentence).............................................................    101
       (b)............................................................................    508
ss.317 (a)(1).........................................................................    503
       (a)(2).........................................................................    504
       (b)............................................................................    1003
ss.318 (a)............................................................................    108
</TABLE>

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

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

                                       II
<PAGE>
                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                        PAGE

<S>                                                                                                     <C>
RECITALS OF THE COMPANY..........................................................................        1

                                   ARTICLE ONE

DEFINITIONS AND OTHER PROVISIONS
OF GENERAL APPLICATION
SECTION 101.          DEFINITIONS................................................................        1
      Act........................................................................................        2
      Additional Amounts.........................................................................        2
      Affiliate..................................................................................        2
      Agent Members..............................................................................        2
      Authenticating Agent.......................................................................        2
      Authorized Newspaper.......................................................................        2
      Board of Directors.........................................................................        2
      Board Resolution...........................................................................        2
      Business Day...............................................................................        2
      Capital Stock..............................................................................        3
      Capitalized Lease Obligation...............................................................        3
      Commission.................................................................................        3
      Company....................................................................................        3
      "Company Request" and "Company Order"......................................................        3
      Conversion Event...........................................................................        3
      Corporate Trust Office.....................................................................        3
      Defaulted Interest.........................................................................        3
      Depositary.................................................................................        3
      Designated Senior Indebtedness.............................................................        3
      Disqualified Capital Stock.................................................................        4
      "Dollar" or "$"............................................................................        4
      Event of Default...........................................................................        4
      Exchange Rate..............................................................................        4
      Holder.....................................................................................        4
      Indebtedness...............................................................................        4
      Indenture..................................................................................        4
      Interest...................................................................................        5
      Interest Payment Date......................................................................        5
      Interest Swap and Hedging Obligation.......................................................        5
      Judgment Currency..........................................................................        5
      Junior security............................................................................        5
      Maturity...................................................................................        5
      Obligor....................................................................................        5
      Officers' Certificate......................................................................        5
      Opinion of Counsel.........................................................................        5
      Original Issue Discount Security...........................................................        5
      Outstanding................................................................................        6
      Paying Agent...............................................................................        6
</TABLE>

                                       i
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<TABLE>
<S>                                                                                                     <C>
      Payment Default............................................................................        6
      Payment Notice.............................................................................        7
      Person.....................................................................................        7
      Place of Payment...........................................................................        7
      Predecessor Security.......................................................................        7
      Qualified Capital Stock....................................................................        7
      Redemption Date............................................................................        7
      Redemption Price...........................................................................        7
      Regular Record Date........................................................................        7
      Required Currency..........................................................................        7
      Responsible Officer........................................................................        7
      Securities.................................................................................        7
      Security Custodian.........................................................................        8
      Security Register..........................................................................        8
      Senior Indebtedness........................................................................        8
      Special Record Date........................................................................        8
      Stated Maturity............................................................................        8
      Subsidiary.................................................................................        8
      Subsidiary Guarantee.......................................................................        8
      Subsidiary Guarantor.......................................................................        8
      Trustee....................................................................................        8
      Trust Indenture Act........................................................................        9
      United States..............................................................................        9
      United States Alien........................................................................        9
      U.S. Government Obligations................................................................        9
      Vice President.............................................................................        9
      Wholly Owned Subsidiary....................................................................        9
      Yield to Maturity..........................................................................        9

SECTION 102.          INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT..........................        9
SECTION 103.          COMPLIANCE CERTIFICATES AND OPINIONS.......................................       10
SECTION 104.          FORM OF DOCUMENTS DELIVERED TO TRUSTEE.....................................       10
SECTION 105.          ACTS OF HOLDERS; RECORD DATES..............................................       11
SECTION 106.          NOTICES, ETC., TO TRUSTEE, COMPANY AND
                      SUBSIDIARY GUARANTORS......................................................       12
SECTION 107.          NOTICE TO HOLDERS; WAIVER..................................................       12
SECTION 108.          CONFLICT WITH TRUST INDENTURE ACT..........................................       13
SECTION 109.          EFFECT OF HEADINGS AND TABLE OF CONTENTS...................................       13
SECTION 110.          SUCCESSORS AND ASSIGNS.....................................................       13
SECTION 111.          SEPARABILITY CLAUSE........................................................       13
SECTION 112.          BENEFITS OF INDENTURE......................................................       13
SECTION 113.          GOVERNING LAW..............................................................       13
SECTION 114.          LEGAL HOLIDAYS.............................................................       14
SECTION 115.          CORPORATE OBLIGATION.......................................................       14
</TABLE>

                                       ii
<PAGE>
                                   ARTICLE TWO

<TABLE>
<S>                                                                                                     <C>
SECURITY FORMS
SECTION 201.          FORMS GENERALLY............................................................       14
SECTION 202.          FORM OF TRUSTEE'S CERTIFICATE OF AUTHENTICATION............................       14
SECTION 203.          SECURITIES IN GLOBAL FORM..................................................       15

                                  ARTICLE THREE

THE SECURITIES
SECTION 301.          AMOUNT UNLIMITED; ISSUABLE IN SERIES.......................................       18
SECTION 302.          DENOMINATIONS..............................................................       20
SECTION 303.          EXECUTION, AUTHENTICATION, DELIVERY AND DATING.............................       21
SECTION 304.          TEMPORARY SECURITIES.......................................................       22
SECTION 305.          REGISTRATION, REGISTRATION OF TRANSFER
                      AND EXCHANGE...............................................................       22
SECTION 306.          MUTILATED, DESTROYED, LOST AND STOLEN SECURITIES...........................       23
SECTION 307.          PAYMENT OF INTEREST; INTEREST RIGHTS PRESERVED.............................       25
SECTION 308.          PERSONS DEEMED OWNERS......................................................       25
SECTION 309.          CANCELLATION...............................................................       25
SECTION 310.          COMPUTATION OF INTEREST....................................................       26
SECTION 311.          CUSIP NUMBERS..............................................................       26
SECTION 312           PERIODIC OFFERING OF SECURITIES............................................       26

                                  ARTICLE FOUR

SATISFACTION AND DISCHARGE
SECTION 401.          SATISFACTION AND DISCHARGE OF INDENTURE....................................       26
SECTION 402.          APPLICATION OF TRUST MONEY.................................................       28
SECTION 403.          DISCHARGE OF LIABILITY ON SECURITIES OF ANY SERIES.........................       28
SECTION 404.          REINSTATEMENT..............................................................       29

                                  ARTICLE FIVE

REMEDIES
SECTION 501.          EVENTS OF DEFAULT..........................................................      29
SECTION 502.          ACCELERATION OF MATURITY; RESCISSION
                      AND ANNULMENT..............................................................      31
SECTION 503.          COLLECTION OF INDEBTEDNESS AND SUITS FOR \
                      ENFORCEMENT BY TRUSTEE.....................................................      32
SECTION 504.          TRUSTEE MAY FILE PROOFS OF CLAIM...........................................      33
SECTION 505.          TRUSTEE MAY ENFORCE CLAIMS WITHOUT
                      POSSESSION OF SECURITIES OR COUPONS........................................      34
SECTION 506.          APPLICATION OF MONEY COLLECTED.............................................      34
SECTION 507.          LIMITATION ON SUITS........................................................      35
SECTION 508.          UNCONDITIONAL RIGHT OF HOLDERS TO RECEIVE
                      PRINCIPAL PREMIUM AND INTEREST.............................................      35
SECTION 509.          RESTORATION OF RIGHTS AND REMEDIES.........................................      35
SECTION 510.          RIGHTS AND REMEDIES CUMULATIVE.............................................      36
</TABLE>

                                      iii
<PAGE>
<TABLE>
<S>                                                                                                    <C>
SECTION 511.          DELAY OR OMISSION NOT WAIVER...............................................      36
SECTION 512.          CONTROL BY HOLDERS.........................................................      36
SECTION 513.          WAIVER OF PAST DEFAULTS....................................................      36
SECTION 514.          UNDERTAKING FOR COSTS......................................................      37
SECTION 515.          WAIVER OF STAY OR EXTENSION LAWS...........................................      37

                                   ARTICLE SIX

THE TRUSTEE
SECTION 601.          CERTAIN DUTIES AND RESPONSIBILITIES........................................      37
SECTION 602.          NOTICE OF DEFAULTS.........................................................      39
SECTION 603.          CERTAIN RIGHTS OF TRUSTEE..................................................      39
SECTION 604.          NOT RESPONSIBLE FOR RECITALS OR ISSUANCE
                      OF SECURITIES..............................................................      40
SECTION 605.          MAY HOLD SECURITIES........................................................      40
SECTION 606.          MONEY HELD IN TRUST........................................................      40
SECTION 607.          COMPENSATION AND REIMBURSEMENT.............................................      40
SECTION 608.          DISQUALIFICATION; CONFLICTING INTERESTS....................................      41
SECTION 609.          CORPORATE TRUSTEE REQUIRED; ELIGIBILITY....................................      42
SECTION 610.          RESIGNATION AND REMOVAL; APPOINTMENT
                      OF SUCCESSOR...............................................................      42
SECTION 611.          ACCEPTANCE OF APPOINTMENT BY SUCCESSOR.....................................      43
SECTION 612.          MERGER, CONVERSION, CONSOLIDATION OR
                      SUCCESSION TO BUSINESS.....................................................      44
SECTION 613.          PREFERENTIAL COLLECTION OF CLAIMS
                      AGAINST COMPANY............................................................      44
SECTION 614.          APPOINTMENT OF AUTHENTICATING AGENT........................................      45

                                  ARTICLE SEVEN

HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY
SECTION 701.          COMPANY TO FURNISH TRUSTEE NAMES AND
                      ADDRESSES OF HOLDERS.......................................................      46
SECTION 702.          PRESERVATION OF INFORMATION;
'                     COMMUNICATIONS TO HOLDERS..................................................      47
SECTION 703.          REPORTS BY TRUSTEE.........................................................      47
SECTION 704.          REPORTS BY COMPANY.........................................................      48

                                  ARTICLE EIGHT

CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE
SECTION 801.          COMPANY MAY CONSOLIDATE, ETC., ONLY
                      ON CERTAIN TERMS...........................................................      48
SECTION 802.          SUCCESSOR PERSON SUBSTITUTED...............................................      49

                                  ARTICLE NINE

SUPPLEMENTAL INDENTURES
SECTION 901.          SUPPLEMENTAL INDENTURES WITHOUT CONSENT
</TABLE>

                                       iv
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<TABLE>
<S>                                                                                                    <C>
                      OF HOLDERS.................................................................      49
SECTION 902.          SUPPLEMENTAL INDENTURES WITH CONSENT
                      OF HOLDERS.................................................................      50
SECTION 903.          EXECUTION OF SUPPLEMENTAL INDENTURES.......................................      51
SECTION 904.          EFFECT OF SUPPLEMENTAL INDENTURES..........................................      52
SECTION 905.          CONFORMITY WITH TRUST INDENTURE ACT........................................      52
SECTION 906.          REFERENCE IN SECURITIES TO SUPPLEMENTAL
                      INDENTURES.................................................................      52

                                   ARTICLE TEN

COVENANTS
SECTION 1001.         PAYMENT OF PRINCIPAL, PREMIUM AND INTEREST.................................      52
SECTION 1002.         MAINTENANCE OF OFFICE OR AGENCY............................................      52
SECTION 1003.         MONEY FOR SECURITIES PAYMENTS TO BE HELD IN TRUST..........................      53
SECTION 1004.         EXISTENCE..................................................................      54
SECTION 1005.         STATEMENT BY OFFICERS AS TO DEFAULT........................................      54
SECTION 1006.         WAIVER OF CERTAIN COVENANTS................................................      54
SECTION 1007.         ADDITIONAL AMOUNTS.........................................................      55

                                 ARTICLE ELEVEN

REDEMPTION OF
SECURITIES
SECTION 1101.         APPLICABILITY OF ARTICLE...................................................      55
SECTION 1102.         ELECTION TO REDEEM; NOTICE TO TRUSTEE......................................      56
SECTION 1103.         SELECTION BY TRUSTEE OF SECURITIES TO BE REDEEMED..........................      56
SECTION 1104.         NOTICE OF REDEMPTION.......................................................      56
SECTION 1105.         DEPOSIT OF REDEMPTION PRICE................................................      57
SECTION 1106.         SECURITIES PAYABLE ON REDEMPTION DATE......................................      57
SECTION 1107.         SECURITIES REDEEMED IN PART................................................      58
SECTION 1108.         PURCHASE OF SECURITIES.....................................................      58

                                 ARTICLE TWELVE

SINKING FUNDS
SECTION 1201.         APPLICABILITY OF ARTICLE...................................................      58
SECTION 1202.         SATISFACTION OF SINKING FUND PAYMENTS
                      WITH SECURITIES............................................................      58
SECTION 1203.         REDEMPTION OF SECURITIES FOR SINKING FUND..................................      59

                                ARTICLE THIRTEEN

SUBORDINATION
SECTION 1301.         SECURITIES SUBORDINATED TO SENIOR INDEBTEDNESS.............................      59
SECTION 1302.         NO PAYMENT ON SECURITIES IN CERTAIN CIRCUMSTANCES..........................      59
SECTION 1303.         SECURITIES SUBORDINATED TO PRIOR PAYMENT
                      OF ALL SENIOR INDEBTEDNESS ON DISSOLUTION,
                      LIQUIDATION OR REORGANIZATION..............................................      61
SECTION 1304.         SUBROGATION TO RIGHTS OF HOLDERS OF
</TABLE>

                                       v
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<TABLE>
<S>                                                                                                    <C>
                      SENIOR INDEBTEDNESS........................................................      62
SECTION 1305.         OBLIGATIONS OF THE COMPANY UNCONDITIONAL...................................      62
SECTION 1306.         TRUSTEE ENTITLED TO ASSUME PAYMENTS
                      NOT PROHIBITED IN ABSENCE OF NOTICE........................................      63
SECTION 1307.         APPLICATION BY TRUSTEE OF AMOUNTS
                      DEPOSITED WITH IT..........................................................      63
SECTION 1308.         SUBORDINATION RIGHTS NOT IMPAIRED BY ACTS OR
                      OMISSIONS OF THE COMPANY OR HOLDERS OF
                      SENIOR INDEBTEDNESS........................................................      63
SECTION 1309.         TRUSTEE TO EFFECTUATE SUBORDINATION OF SECURITIES..........................      64
SECTION 1310.         RIGHT OF TRUSTEE TO HOLD SENIOR INDEBTEDNESS...............................      64
SECTION 1311.         ARTICLE THIRTEEN NOT TO PREVENT EVENTS OF DEFAULT..........................      64
SECTION 1312.         NO FIDUCIARY DUTY OF TRUSTEE TO HOLDERS
                      OF SENIOR INDEBTEDNESS.....................................................      64
SECTION 1313.         ARTICLE APPLICABLE TO PAYING AGENT.........................................      65
SECTION 1314.         SUBORDINATION OF SUBSIDIARY GUARANTEES.....................................      65

                                ARTICLE FOURTEEN

MEETINGS OF
HOLDERS OF
SECURITIES
SECTION 1401.         PURPOSES FOR WHICH MEETINGS MAY BE CALLED..................................      65
SECTION 1402.         CALL, NOTICE AND PLACE OF MEETINGS.........................................      65
SECTION 1403.         PERSONS ENTITLED TO VOTE AT MEETINGS.......................................      66
SECTION 1404.         QUORUM; ACTION.............................................................      66
SECTION 1405.         DETERMINATION OF VOTING RIGHTS; CONDUCT AND
                      ADJOURNMENT OF MEETINGS....................................................      67
SECTION 1406.         COUNTING VOTES AND RECORDING ACTION OF MEETINGS............................      67
</TABLE>

                                       vi
<PAGE>
         INDENTURE, dated as of _______________, 2002 between Trinity
Industries, Inc., a corporation duly organized and existing under the laws of
the State of Delaware (herein called the "Company"), having its principal office
at 2525 Stemmons Freeway, Dallas, Texas 75207, the Subsidiary Guarantors (as
defined herein), and [________________________], as Trustee (herein called the
"Trustee"), the office of the Trustee at which at the date hereof its corporate
trust business is principally administered being
[______________________________________].

                             RECITALS OF THE COMPANY

         The Company has duly authorized the execution and delivery of this
Indenture to provide for the issuance from time to time of its unsecured
subordinated debentures, notes or other evidences of indebtedness (herein called
the "Securities"), to be issued in one or more series, either with or without
the benefit of Subsidiary Guarantors (as defined herein), as in this Indenture
provided.

         This Indenture is subject to the provisions of the Trust Indenture Act
and the rules and regulations of the Commission promulgated thereunder that are
required to be part of this Indenture and, to the extent applicable, shall be
governed by such provisions.

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

         NOW, THEREFORE, THIS INDENTURE WITNESSETH:

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

                                   ARTICLE ONE
                        DEFINITIONS AND OTHER PROVISIONS
                             OF GENERAL APPLICATION

SECTION 101.  DEFINITIONS.

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

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

                  (2) all accounting terms not otherwise defined herein have the
         meanings assigned to them in accordance with generally accepted
         accounting principles in the United States,

         and, except as otherwise herein expressly provided, the term "generally
         accepted accounting principles" with respect to any computation
         required or permitted hereunder shall mean such accounting principles
         as are generally accepted in the United States at the date of such
         computation; and

                                       1
<PAGE>
                  (3) the words "herein", "hereof" and "hereunder" and other
         words of similar import refer to this Indenture as a whole and not to
         any particular Article, Section or other subdivision.

         Certain terms, used principally in Article Six, are defined in Section
102.

         "Act", when used with respect to any Holder, has the meaning specified
in Section 105.

         "Additional Amounts" means any additional amounts that are 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 such 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 such specified Person. For the purposes of this definition,
"control" when used with respect to any specified Person means the power to
direct the management and policies of such Person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise;
and the terms "controlling" and "controlled" have meanings correlative to the
foregoing.

         "Agent Members" has the meaning specified in Section 203.

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

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

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

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

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

         "Capital Stock" means, with respect to any Person, any and all shares,
interests, rights to purchase (other than convertible or exchangeable
Indebtedness), warrants, options, participations or other equivalents of or
interests (however designated) in stock issued by that Person.

                                       2
<PAGE>
         "Capitalized Lease Obligation" means rental obligations under a lease
that are required to be capitalized for financial reporting purposes in
accordance with generally accepted accounting principles, and the amount of
Indebtedness represented by such obligations shall be the capitalized amount of
such obligations, as determined in accordance with generally accepted accounting
principles.

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

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

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

         "Conversion Event" has the meaning specified in Section 501.

         "Corporate Trust Office" means the principal office of the Trustee in
____________, _______, at which at any particular time its corporate trust
business shall be principally administered, which office at the date hereof is
that indicated in the introductory paragraph of this Indenture.

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

         "Depositary" means, with respect to the Securities of any series
issuable or issued in whole or in part in global form, the Person designated as
Depositary by the Company pursuant to Section 301 with respect to the Securities
of such series until a successor Depositary shall have become such pursuant to
the applicable provisions of this Indenture, and thereafter "Depositary" shall
mean or include each Person who is then a Depositary hereunder, and if at any
time there is more than one such Person, "Depositary" as used with respect to
the Securities of any series shall mean the Depositary with respect to the
Securities of that series.

         "Designated Senior Indebtedness," unless otherwise provided with
respect to the Securities of a series as contemplated by Section 301, means any
Senior Indebtedness that (i) in the instrument evidencing the same or the
assumption or guarantee thereof (or related documents to which the Company is a
party) is expressly designated as "Designated Senior Indebtedness" for purposes
of this Indenture and (ii) satisfies such other conditions as may be provided
with respect to the Securities of such series; PROVIDED that such instruments or
documents may place limitations and conditions on the right of such Senior
Indebtedness to exercise the rights of Designated Senior Indebtedness.

         "Disqualified Capital Stock" means, when used with respect to the
Securities of any series, (a) except as set forth in (b), with respect to any
Person, Capital Stock of such Person that, by its terms or by the terms of any
security into which it is convertible, exercisable or exchangeable, is, or upon
the happening of an event or the passage of time would be, required to be
redeemed or repurchased (including at the option of the holder thereof) by such
Person or any Subsidiary of such Person, in whole or in part, on or prior to the
Stated Maturity of the Securities of such series, and (b) with respect to any
Subsidiary of

                                       3
<PAGE>
such Person (including with respect to any Subsidiary of the Company), any
Capital Stock other than any common stock with no preference, privileges, or
redemption or repayment provisions.

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

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

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

         "Holder", when used with respect to any Security, means the Person in
whose name the Security is registered in the Security Register.

         "Indebtedness" of any Person, unless otherwise provided with respect to
the Securities of a series as contemplated by Section 301, means, without
duplication, the following (whether currently outstanding or hereafter incurred
or created): (i) all liabilities and obligations, contingent or otherwise, of
any such Person (a) in respect of borrowed money (whether or not the recourse of
the lender is to the whole of the assets of such Person or only to a portion
thereof), (b) evidenced by bonds, notes, debentures or similar instruments, (c)
representing the balance deferred and unpaid of the purchase price of any
property or services, except such as would constitute trade payables to trade
creditors in the ordinary course of business that are not more than 90 days past
their original due date, (d) evidenced by bankers' acceptances or similar
instruments issued or accepted by banks, (e) for the payment of money relating
to a Capitalized Lease Obligation or (f) evidenced by a letter of credit or a
reimbursement obligation of such Person with respect to any letter of credit;
(ii) all net obligations of such Person under Interest Swap and Hedging
Obligations; (iii) all liabilities of others of the kind described in the
preceding clause (i) or (ii) that such Person has guaranteed or that is
otherwise its legal liability and all obligations to purchase, redeem or acquire
any Capital Stock; and (iv) any and all deferrals, renewals, extensions,
refinancings, refundings (whether direct or indirect) of, or amendments,
modifications or supplements to, any liability of the kind described in any of
the preceding clauses (i), (ii) or (iii), or this clause (iv), whether or not
between or among the same parties.

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

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

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

         "Interest Swap and Hedging Obligation" means any obligation of any
Person pursuant to any interest rate swap agreement, interest rate cap
agreement, interest rate collar agreement, interest rate exchange agreement,
currency exchange agreement or any other agreement or arrangement designed to
protect against fluctuations in interest rates or currency values, including,
without limitation, any arrangement whereby, directly or indirectly, such Person
is entitled to receive from time to time periodic payments calculated by
applying either a fixed or floating rate of interest on a stated notional amount
in

                                       4
<PAGE>
exchange for periodic payments made by such Person calculated by applying a
fixed or floating rate of interest on the same notional amount.

         "Judgment Currency" has the meaning specified in Section 506.

         "Junior security" of a Person means, when used with respect to the
Securities of any series, any Qualified Capital Stock of such Person or any
Indebtedness of such Person that is subordinated in right of payment to the
Securities of such series and has no scheduled installment of principal due, by
redemption, sinking fund payment or otherwise, on or prior to the Stated
Maturity of the Securities of such series.

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

         "Obligor," on the Securities of any series means the Company, any
Subsidiary Guarantor with respect to such Securities and any successor obligor
upon the Securities of such series, and all other terms herein which are defined
in the Trust Indenture Act, either directly or by reference therein, have the
meanings assigned to them therein.

         "Officers' Certificate" means a certificate signed by the Chairman of
the Board, the President or a Vice President, and by the Treasurer, the
Controller, the Secretary or an Assistant Treasurer, Assistant Controller or
Assistant Secretary, of the Company, and delivered to the Trustee, which
certificate shall comply with Section 103 hereof.

         "Opinion of Counsel" means a written opinion of counsel, who shall be
reasonably satisfactory to the Trustee and may be counsel for or an employee of
the Company, any Subsidiary of the Company, or the Trustee, rendered, if
applicable, in accordance with Section 314(c) of the Trust Indenture Act, which
opinion shall comply with Section 103 hereof.

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

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

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

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

                                       5
<PAGE>
                           (iii) Securities which have been paid pursuant to
                  Section 306 or in exchange for or in lieu of which other
                  Securities have been authenticated and delivered pursuant to
                  this Indenture, other than any such Securities in respect of
                  which there shall have been presented to the Trustee proof
                  satisfactory to it that such Securities are held by a bona
                  fide purchaser in whose hands such Securities are valid
                  obligations of the Company;

PROVIDED, HOWEVER, that in determining whether the Holders of the requisite
principal amount of the Outstanding Securities have given any request, demand,
authorization, direction, notice, consent or waiver hereunder, or whether a
quorum is present at a meeting of Holders of Securities, (a) the principal
amount of an Original Issue Discount Security that shall be deemed to be
Outstanding for such purposes shall be the principal amount thereof that would
be due and payable as of the date of such determination upon acceleration of the
Maturity thereof pursuant to Section 502, (b) the principal amount of a Security
denominated in a foreign currency shall be the U.S. dollar equivalent,
determined by the Company on the date of original issuance of such Security, of
the principal amount (or, in the case of an Original Issue Discount Security,
the U.S. dollar equivalent, determined on the date of original issuance of such
Security, of the amount determined as provided in (a) above), of such Security
and (c) Securities owned by the Company or any other obligor upon the Securities
or any Affiliate of the Company or of such other obligor shall be disregarded
and deemed not to be Outstanding, except that, in determining whether the
Trustee shall be protected in relying upon any such request, demand,
authorization, direction, notice, consent or waiver or upon any such
determination as to the presence of a quorum, only Securities which the Trustee
knows to be so owned shall be so disregarded. Securities so owned which have
been pledged in good faith may be regarded as Outstanding if the pledgee
establishes to the satisfaction of the Trustee the pledgee's right so to act
with respect to such Securities and that the pledgee is not the Company or any
other obligor upon the Securities or any Affiliate of the Company or of such
other obligor.

         "Paying Agent" means any Person, which may include the Company,
authorized by the Company to pay the principal of (and premium, if any) or
interest on or Additional Amounts with respect to any one or more series of
Securities on behalf of the Company.

         "Payment Default" has the meaning specified in Section 1302(a).

         "Payment Notice" has the meaning specified in Section 1302(b).

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

         "Place of Payment", when used with respect to the Securities of any
series, means the place or places where the principal of (and premium, if any)
and interest on and any Additional Amounts with respect to the Securities of
that series are payable as specified in accordance with Section 301 subject to
the provisions of Section 1002.

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

                                       6
<PAGE>
         "Qualified Capital Stock" means any Capital Stock of the Company that
is not Disqualified Capital Stock.

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

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

         "Regular Record Date" for the interest payable on any Interest Payment
Date on the Securities of any series means the date specified for that purpose
as contemplated by Section 301, or, if not so specified, the last day of the
calendar month preceding such Interest Payment Date if such Interest Payment
Date is the fifteenth day of the calendar month or the fifteenth day of the
calendar month preceding such Interest Payment Date if such Interest Payment
Date is the first day of a calendar month, whether or not such day shall be a
Business Day.

         "Required Currency" has the meaning specified in Section 506.

         "Responsible Officer," when used with respect to the Trustee, means any
Vice President, the Secretary, any Assistant Secretary, the Treasurer, and
Assistant Treasurer, the Cashier, any Assistant Cashier, any Trust Officer or
Assistant Trust Officer or any other officer of the Trustee customarily
performing functions similar to those performed by any of the above designated
officers and also means, with respect to a particular corporate trust matter,
any other officer to whom such matter is referred because of his knowledge of
and familiarity with the particular subject.

         "Securities" has the meaning stated in the first recital 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 such series, acting in its
capacity as custodian with respect to the Securities of such series, or any
successor entity thereto.

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

         "Senior Indebtedness" of the Company, unless otherwise provided with
respect to the Securities of a series as contemplated by Section 301, means (i)
all Indebtedness of the Company, whether currently outstanding or hereafter
issued, unless, by the terms of the instrument creating or evidencing such
Indebtedness, it is provided that such Indebtedness is not superior in right of
payment to the Securities or to other Indebtedness which is PARI PASSU with or
subordinated to the Securities, and (ii) any modifications, refunding,
deferrals, renewals or extensions of any such Indebtedness or securities, notes
or other evidences of Indebtedness issued in exchange for such Indebtedness;
PROVIDED that in no event shall "Senior Indebtedness" include (a) Indebtedness
of the Company owed or owing to any Subsidiary of the Company or any officer,
director or employee of the Company or any Subsidiary of the Company, (b)
Indebtedness to trade creditors or (c) any liability for taxes owed or owing by
the Company.

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

                                       7
<PAGE>
         "Stated Maturity", when used with respect to any Security or any
installment of principal thereof or interest thereon, means the date specified
in such Security as the fixed date on which the principal of such Security or
such installment of principal or interest is due and payable.

         "Subsidiary" means a corporation or other business entity of which the
Company owns or controls (either directly or through one or more other
Subsidiaries) more than 50% of the issued share capital or other ownership
interests, in each case having ordinary voting power to elect or appoint
directors, managers or trustees of such corporation or other business entity
(whether or not capital stock or other ownership interests or any other class or
classes shall or might have voting power upon the occurrence of any
contingency).

         "Subsidiary Guarantee" means a full and unconditional guarantee by a
Subsidiary Guarantor of the obligations of the Company with respect to the
Securities of a series, which guarantee shall be on he basis, and subject to the
terms and conditions, as may be specified as contemplated by Section 301 in
connection with the issuance of the Securities of such series.

         "Subsidiary Guarantor" means each of (i) the Persons so identified on
the signature page of this Indenture or any indenture supplemental hereto who,
pursuant to the terms of any series of Securities, are to provide a Subsidiary
Guarantee with respect to that series of Securities, (ii) any other Person that
executes a Subsidiary Guarantee with respect to a series of Securities in
accordance with the provisions thereof and (iii) their respective successors and
assigns, to the extent specified in the Subsidiary Guarantees.

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

         "Trust Indenture Act" means the Trust Indenture Act of 1939, as
amended, as in force at the date as of which this instrument was executed,
except as provided in Section 905.

         "United States" means the United States of America (including the
States and the District of Columbia) and its "possessions", which include 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 non-resident alien individual,
a non-resident alien or foreign fiduciary of an estate or trust, or a foreign
partnership.

         "U.S. Government Obligations" has the meaning specified in Section 401.

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

         "Wholly Owned Subsidiary" means a corporation all the outstanding
voting stock (other than any directors' qualifying shares) of which is owned,
directly or indirectly, by the Company or by one or more other Wholly Owned
Subsidiaries, or by the Company and one or more other Wholly Owned Subsidiaries.
For the purposes of this definition, "voting stock" means stock which ordinarily
has voting power for the

                                       8
<PAGE>
election of directors, whether at all times or only so long as no senior class
of stock has such voting power by reason of any contingency.

         "Yield to Maturity", when used with respect to any Original Issue
Discount Security, means the yield to maturity, if any, set forth on the face
thereof.

SECTION 102.  INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT.

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

         "Bankruptcy Act" means the Bankruptcy Act or Title 11 of the United
States Code.

         "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 Trust
Indenture Act, defined by Trust Indenture Act reference to another statute or
defined by Commission rule under the Trust Indenture Act and not otherwise
defined herein have the meanings assigned to them therein.

SECTION 103.  COMPLIANCE CERTIFICATES AND OPINIONS.

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

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

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

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

                                       9
<PAGE>
                  (3) a statement that, in the opinion of each such Person, such
         Person has made such examination or investigation as is necessary to
         enable such Person to express an informed opinion as to whether or not
         such covenant or condition has been complied with; and

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

SECTION 104.  FORM OF DOCUMENTS DELIVERED TO TRUSTEE.

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

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

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

SECTION 105.  ACTS OF HOLDERS; RECORD DATES.

                  (a) Any request, demand, authorization, direction, notice,
         consent, waiver or other action provided by this Indenture to be given
         or taken by Holders may be embodied in and evidenced by one or more
         instruments of substantially similar tenor signed by such Holders in
         person or by an agent duly appointed in writing. Except as herein
         otherwise expressly provided, such action shall become effective when
         such instrument or instruments or record thereof or both are delivered
         to the Trustee and, where it is hereby expressly required, to the
         Company. Such instrument or instruments and any such record (and the
         action embodied therein and evidenced thereby) are herein sometimes
         referred to as the "Act" of the Holders signing such instrument or
         instruments and so voting at any such meeting. Proof of execution of
         any such instrument or of a writing appointing any such agent, or the
         holding of any Person of a Security, shall be sufficient for any
         purpose of this Indenture and (subject to Section 601) conclusive in
         favor of the Trustee and the Company, if made in the manner provided in
         this Section. The record of any meeting of Holders of Securities shall
         be proved in the manner provided in Section 1406.

         The Company may set in advance a record date for purposes of
determining the identity of Holders of Securities entitled to vote or consent to
any action by vote or consent authorized or permitted under this

                                       10
<PAGE>
Indenture. If a record date is fixed, those Persons who were Holders of
Outstanding Securities at the close of business on such record date (or their
duly designated proxies), and only those Persons, shall be entitled with respect
to such Securities to take such action by vote or consent or to revoke any vote
or consent previously given, whether or not such Persons continue to be Holders
after such record date. Promptly after any record date is set pursuant to this
paragraph, the Company, at its own expense, shall cause notice thereof to be
given to the Trustee in writing in the manner provided in Section 106 and to the
relevant Holders as set forth in Section 107.

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

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

                  (d) Any request, demand, authorization, direction, notice,
         consent, waiver or other Act of the Holder of any Security shall bind
         every future Holder of the same Security and the Holder of every
         Security issued upon the registration of transfer thereof or in
         exchange therefor or in lieu thereof in respect of anything done,
         omitted or suffered to be done by the Trustee or the Company in
         reliance thereon, whether or not notation of such action is made upon
         such Security. Any Holder or subsequent Holder may revoke the request,
         demand, authorization, direction, notice, consent or other Act as to
         his Security or portion of his Security; PROVIDED, HOWEVER, that such
         revocation shall be effective only if the Trustee receives the notice
         of revocation before the date the Act becomes effective.

SECTION 106.  NOTICES, ETC., TO TRUSTEE, COMPANY AND SUBSIDIARY GUARANTORS.

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

                  (1) the Trustee by any Holder or by the Company or by any
         Subsidiary Guarantor shall be sufficient for every purpose hereunder if
         made, given, furnished or filed in writing to or with the Trustee at
         its Corporate Trust Office, Attention: Corporate Trust Administration,
         or

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

SECTION 107.  NOTICE TO HOLDERS; WAIVER.

                                       11
<PAGE>
         Where this Indenture provides for notice to Holders of Securities of
any event, such notice shall be sufficiently given (unless otherwise herein
expressly provided) if in writing and mailed, first-class postage prepaid, to
each Holder affected by such event, at the address of such Holder as it appears
in the Security Register, not later than the latest date, and not earlier than
the earliest date, prescribed for the giving of such notice.

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

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

SECTION 108.  CONFLICT WITH TRUST INDENTURE ACT.

         If any provision hereof limits, qualifies or conflicts with any
provision of the Trust Indenture Act or another provision hereof which is
required to be included in this Indenture by any of the provisions of the Trust
Indenture Act, such provision of the Trust Indenture Act shall control. If any
provision of this Indenture modifies or excludes any provision of the Trust
Indenture Act which may be so modified or excluded, the former provision shall
be deemed to apply to this Indenture as so modified or to be excluded.

SECTION 109.  EFFECT OF HEADINGS AND TABLE OF CONTENTS.

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

SECTION 110.  SUCCESSORS AND ASSIGNS.

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

SECTION 111.  SEPARABILITY CLAUSE.

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

SECTION 112.  BENEFITS OF INDENTURE.

         Nothing in this Indenture or in the Securities, express or implied,
shall give to any Person, other than the parties hereto and their successors
hereunder, any Authenticating Agent, Paying Agent and Security Registrar, and
the Holders and holders of any Senior Indebtedness, any benefit or any legal or
equitable right, remedy or claim under this Indenture.

                                       12
<PAGE>
SECTION 113.  GOVERNING LAW.

         This Indenture, any Subsidiary Guarantees and the Securities shall be
governed by and construed in accordance with the laws of the State of New York,
but without giving effect to applicable principles of conflicts of law to the
extent the application of the laws of another jurisdiction would be required
thereby.

SECTION 114.  LEGAL HOLIDAYS.

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

SECTION 115.  CORPORATE OBLIGATION.

         No recourse may be taken, directly or indirectly, against any
incorporator, subscriber to the capital stock, stockholder, officer, director or
employee of the Company or the Trustee or of any predecessor or successor of the
Company or the Trustee with respect to the Company's obligations on the
Securities or the obligations of the Company or the Trustee under this Indenture
or any certificate or other writing delivered in connection herewith.

                                   ARTICLE TWO

                                 SECURITY FORMS

SECTION 201.  FORMS GENERALLY.

         The Securities of each series shall be in fully registered form and in
substantially such form or forms (including temporary or permanent global form)
as shall be established by or pursuant to a Board Resolution or in one or more
indentures supplemental hereto, in each case with such appropriate insertions,
omissions, substitutions and other variations as are required or permitted by
this Indenture and may have such letters, numbers or other marks of
identification and such legends or endorsements placed thereon as may be
required to comply with the rules of any securities exchange or as may,
consistently herewith, be determined by the officers executing such Securities,
as evidenced by their execution of the Securities. If temporary Securities of
any series are issued in global form as permitted by Section 304, the form
thereof shall be established as provided in the preceding sentence. A copy of
the Board Resolution establishing the form or forms of Securities of any series
(or any such temporary global Security), including a copy of the approved form
of Securities, shall be certified by the Secretary or an Assistant Secretary of
the Company and delivered to the Trustee at or prior to the delivery of the
Company Order contemplated by Section 303 for the authentication and delivery of
such Securities (or any such temporary global Security).

         The definitive Securities 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 such Securities, as evidenced by their execution
thereof.

                                       13
<PAGE>
SECTION 202.  FORM OF TRUSTEE'S CERTIFICATE OF AUTHENTICATION.

         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 SIGNATORY".

SECTION 203.  SECURITIES IN GLOBAL FORM.

         If Securities of a series are issuable in global form, as contemplated
by Section 301, then, notwithstanding clause (10) of Section 301 and the
provisions of Section 302, any such Security shall represent such of the
Outstanding Securities of such series as shall be specified therein and may
provide that it shall represent the aggregate amount of Outstanding Securities
from time to time endorsed thereon and that the aggregate amount of Outstanding
Securities represented thereby may from time to time be reduced to reflect
exchanges. Any endorsement of a Security in global form to reflect the amount,
or any increase or decrease in the amount, of Outstanding Securities represented
thereby shall be made by the Trustee in such manner and upon instructions given
by such Person or Persons as shall be specified in such Security or in a Company
Order to be delivered to the Trustee pursuant to Section 303 or Section 304.
Subject to the provisions of Section 303 and, if applicable, Section 304, 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 such
Security or in the applicable Company Order. With respect to the Securities of
any series that are represented by a Security in global form, the Company
authorizes the execution and delivery by the Trustee of a letter of
representation or other similar agreement or instrument in the form customarily
provided for by the Depositary appointed with respect to such global Security.
Any Security in global form may be deposited with the Depositary or its nominee,
or may remain in the custody of the Security Custodian therefor pursuant to a
FAST Balance Certificate Agreement or similar agreement between the Trustee and
the Depositary. If a Company Order pursuant to Section 303 or 304 has been, or
simultaneously is, delivered, any instructions by the Company with respect to
endorsement or delivery or redelivery of a Security in global form shall be in
writing but need not comply with Section 103 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 Security issued in
global form held on their behalf by the Depositary, or the Security Custodian as
its custodian, or under such global Security, and the Depositary may be treated
by the Company, the Security Custodian and any agent of the Company or the
Trustee as the absolute owner of such global Security for all purposes
whatsoever. Notwithstanding the foregoing, (i) the registered holder of a
Security of any series issued in global form 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 such series
is entitled to take under this Indenture or the Securities of such series and
(ii) nothing herein shall prevent the Company, the Security Custodian or any
agent of the Company 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.

                                       14
<PAGE>
         Notwithstanding Section 305, except as otherwise specified as
contemplated by Section 301, any permanent global Security shall be exchangeable
only as provided in this paragraph. If the beneficial owners of interests in a
permanent global Security are entitled to exchange such interest for Securities
of such series and of like tenor and principal amount of another authorized form
and denomination, as specified as contemplated by Section 301, then without
unnecessary delay but in any event not later than the earliest date on which
such interests may be so exchanged, the Company shall deliver to the Trustee
definitive Securities of that series in an aggregate principal amount equal to
the principal amount of such permanent global Security, executed by the Company.
On or after the earliest date on which such interests may be so exchanged, such
permanent global Security shall be surrendered from time to time in accordance
with instructions given to the Trustee and the Depositary (which instructions
shall be in writing but need not comply with Section 103 or be accompanied by an
Opinion of Counsel) by the Depositary or such other depositary as shall be
specified in the Company Order with respect thereto to the Trustee, as the
Company's agent for such purpose, to be exchanged, in whole or in part, for
definitive Securities of the same series without charge and the Trustee shall
authenticate and deliver, in exchange for each portion of such permanent global
Security, a like aggregate principal amount of other definitive Securities of
the same series of authorized denominations and of like tenor as the portion of
such permanent global Security to be exchanged; PROVIDED, HOWEVER, that no such
exchanges may occur during a period beginning at the opening of business 15 days
before any selection of Securities of that series is to be redeemed and ending
on the relevant Redemption Date. Promptly following any such exchange in part,
such permanent global Security marked to evidence the partial exchange shall be
returned by the Trustee to the Depositary or such other depositary referred to
above in accordance with the instructions of the Company referred to above. If a
definitive Security is issued in exchange for any portion of a permanent global
Security after the close of business at the office or agency where such exchange
occurs on (i) any Regular Record Date and before the opening of business at such
office or agency on the relevant Interest Payment Date, or (ii) any Special
Record Date and before the opening of business at such office or agency on the
related proposed date for payment of Defaulted Interest, interest or Defaulted
Interest, as the case may be, will not be payable on such Interest Payment Date
or proposed date for payment, as the case may be, in respect of such Security,
but will be payable on such Interest Payment Date or proposed for payment, as
the case may be, only to the Person to whom interest in respect of such portion
of such permanent global Security is payable in accordance with the provisions
of this Indenture.

         Notwithstanding Section 305, except as otherwise specified as
contemplated by Section 301, transfers of a Security issued in global form shall
be limited to transfers of such global Security in whole, but not in part, to
the Depositary, its successors or their respective nominees. Interests of
beneficial owners in a Security issued in global form 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
such 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 the global Security of such
series and a successor Depositary is not appointed by the Company within 90 days
of such notice, (2) an Event of Default has occurred with respect to such series
and is continuing and the Security Registrar has received a request from the
Depositary or the holders of not less than ____% of the Securities of such
series to issue Securities of such series in lieu of all or a portion of that
global Security (in which case the Company shall deliver Securities of such
series within 30 days of such request) or (3) the Company determines not to have
the Securities of such series represented by a global Security.

         In connection with any transfer of a portion of the beneficial interest
in a global Security of any series to beneficial owners pursuant to this Section
203, the Security Registrar shall reflect on its books and records the date and
a decrease in the principal amount of the global Security of that series in an
amount equal to the principal amount of the beneficial interest in the global
Security of that series to be transferred,

                                       15
<PAGE>
and the Company shall execute, and the Trustee upon receipt of a Company Order
for the authentication and delivery of Securities of that series 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 203,
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 of any series by the Depositary, or for maintaining, supervising
or reviewing any records of the Depositary relating to such 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 such 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 Section 303 shall apply to any
Security in global form if such Security was never issued and sold by the
Company and the Company delivers to the Trustee the Security in global form
together with written instructions (which need not comply with Section 103 and
need not be accompanied by an Opinion of Counsel) with regard to the reduction
in the principal amount of Securities represented thereby, together with the
written statement contemplated by the last sentence of Section 303.

         Notwithstanding the provisions of Sections 201 and 307, unless
otherwise specified as contemplated by Section 301, payment of principal of (and
premium, if any) and interest on and any Additional Amounts with respect to any
Security in permanent global form shall be made to the Person or Persons
specified therein.

         Global Securities may be issued in either temporary or permanent form.
Permanent global Securities will be issued in definitive form.

                                  ARTICLE THREE

                                 THE SECURITIES

SECTION 301.  AMOUNT UNLIMITED; ISSUABLE IN SERIES.

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

         The Securities may be issued in one or more series. There shall be
established in or pursuant to a Board Resolution, and set forth in an Officers'
Certificate, 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 all other Securities);

                                       16
<PAGE>
                  (2) any limit upon the aggregate principal amount of the
         Securities of the series which may be authenticated and delivered under
         this Indenture (except for Securities authenticated and delivered upon
         registration of transfer of, or in exchange for, or in lieu of, other
         Securities of the series pursuant to Section 304, 305, 306, 906 or
         1107);

                  (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 form, and, if so, whether
         beneficial owners of interests in any such global Security may exchange
         such interests for Securities of such series and of like tenor of any
         authorized form and denomination and the circumstances under which any
         such exchanges may occur, if other than in the manner provided in
         Section 203, and the Depositary for any global Security or Securities
         of such series;

                  (4) 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 304;

                  (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 (which may be fixed or variable), 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 such Securities shall be payable,
         the date or dates from which such interest shall accrue, the Interest
         Payment Dates on which such interest shall be payable and, if other
         than as set forth in Section 101, the Regular 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 1002, the principal of (and premium, if any), any 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 upon which Securities of the series may be
         redeemed, in whole or in part, at the option of the Company, if the
         Company is to have that option, and the manner in which the Company
         must exercise any such option, if different from those set forth
         herein;

                  (9) the obligation, if any, of the Company to redeem or
         purchase 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 upon which Securities of the series shall be redeemed or
         purchased in whole or in part pursuant to such obligation;

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

                  (11) the currency or currencies (including composite
         currencies) if other than Dollars, 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 (and premium, if any), any interest
         on and any Additional Amounts with respect to the Securities of the
         series shall be payable;

                                       17
<PAGE>
                  (12) if the principal of (and 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 of (and premium, if any) and interest on, and any Additional
         Amounts with respect to, Securities of such series as to which such
         election is made shall be payable, and the periods within which and the
         terms and conditions upon which such election is to be made;

                  (13) if the amount of payments of principal of (and premium,
         if any), any interest on 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 such amounts shall be
         determined;

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

                  (15) any additional means of satisfaction and discharge of
         this Indenture with respect to Securities of the series pursuant to
         Section 401, any additional conditions to discharge pursuant to Section
         401 or 403 and the application, if any, of Section 403;

                  (16) any deletions or modifications of or additions to the
         definitions set forth in Section 101, the Events of Default set forth
         in Section 501 or covenants of the Company set forth in Article Ten
         pertaining to the Securities of the series;

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

                  (18) whether the Securities of the series shall be guaranteed
         by one or more Subsidiary Guarantors and, if so, the terms of the
         Subsidiary Guarantees, including the circumstances in which such
         Subsidiary Guarantees may be released; and

                  (19) any other terms of the series (which terms shall not be
         inconsistent with the provisions of this Indenture).

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

         At the option of the Company, interest on the Securities of any series
that bears interest may be paid by mailing a check to the address of any Holder
as such address shall appear in the Security Register.

                                       18
<PAGE>
         If any of the terms of the series are established by action taken
pursuant to a Board Resolution, a copy of an appropriate record of such action
together with such Board Resolution shall be certified by the Secretary or an
Assistant Secretary of the Company and delivered to the Trustee at or prior to
the delivery of the Officers' Certificate setting forth the terms of the series.

         The Securities shall be subordinated in right of payment to Senior
Indebtedness as provided in Article Thirteen.

SECTION 302.  DENOMINATIONS.

         The Securities of each series shall be issuable in such denominations
as shall be specified as contemplated by Section 301. In the absence of any such
provisions with respect to the Securities of any series, the Securities of such
series denominated in Dollars shall be issuable in denominations of $1,000 and
any integral multiple thereof. Unless otherwise provided as contemplated by
Section 301 with respect to any series of Securities, any Securities of a series
denominated in a currency other than Dollars shall be issuable in denominations
that are the equivalent, as determined by the Company by reference to the noon
buying rate in The City of New York for cable transfers for such currency, as
such rate is reported or otherwise made available by the Federal Reserve Bank of
New York, on the applicable issue date for such Securities, of $1,000 and any
integral multiple thereof.

SECTION 303.  EXECUTION, AUTHENTICATION, DELIVERY AND DATING.

         The Securities shall be executed on behalf of the Company by its
Chairman of the Board, its President, its Treasurer or one of its Vice
Presidents, under its corporate seal reproduced thereon or affixed thereto
attested by its Secretary or one of its Assistant Secretaries. The signature of
any of these officers on the Securities may be manual or facsimile.

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

         At any time and from time to time after the execution and delivery of
this Indenture, the Company may deliver Securities of any series executed by the
Company to the Trustee for authentication, together with a Company Order for the
authentication and delivery of such Securities, and the Trustee in accordance
with the Company Order shall authenticate and deliver such Securities as in this
Indenture provided and not otherwise.

         If the form or terms of the Securities of the series have been
established in or pursuant to one or more Board Resolutions or any other method
permitted by Sections 201 and 301, in authenticating such Securities, and
accepting the additional responsibilities under this Indenture in relation to
such Securities, the Trustee shall be entitled to receive, and (subject to
Section 601) shall be fully protected in relying upon, an Opinion of Counsel
stating,

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

                                       19
<PAGE>
                  (b) if the terms of such Securities have been established by
         or pursuant to Board Resolution as permitted by Section 301, that such
         terms have been established in conformity with the provisions of this
         Indenture; and

                  (c) that such Securities, when authenticated and delivered by
         the Trustee and issued by the Company in the manner and subject to any
         conditions specified in such Opinion of Counsel, will constitute legal,
         valid and binding obligations of the Company, enforceable in accordance
         with their terms, except as such enforcement is subject to the effect
         of (i) bankruptcy, Insolvency, fraudulent conveyance, reorganization or
         other laws relating to or affecting creditors' rights and (ii) general
         principles of equity (regardless of whether such enforcement is
         considered in a proceeding in equity or at law).

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

         Each Security shall be dated the date of its authentication.

         No Security shall be entitled to any benefit under this Indenture or be
valid or obligatory for any purpose unless there appears on such Security, a
certificate of authentication substantially in the form provided for herein
executed by the Trustee by manual signature, and such certificate upon any
Security shall be conclusive evidence, and the only evidence, that such Security
has been duly authenticated and delivered hereunder. Notwithstanding the
foregoing, if any Security shall have been authenticated and delivered hereunder
but never issued and sold by the Company, and the Company shall deliver such
Security to the Trustee for cancellation as provided in Section 309 together
with a written statement (which need not comply with Section 103 and need not be
accompanied by an Opinion of Counsel) stating that such Security has never been
issued and sold by the Company, for all purposes of this Indenture such Security
shall be deemed never to have been authenticated and delivered hereunder and
shall never be entitled to the benefits of this Indenture.

SECTION 304.  TEMPORARY SECURITIES.

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

         Except in the case of temporary Securities in global form (which shall
be exchanged in accordance with the provisions of the following paragraphs), if
temporary Securities of any series are issued, the Company will cause definitive
Securities of that series to be prepared without unreasonable delay. After the
preparation of definitive Securities of such series, the temporary Securities of
such series shall be exchangeable for definitive Securities of such series upon
surrender of the temporary Securities of such series at the office or agency of
the Company in a Place of Payment for that series, without charge to the Holder.
Upon surrender for cancellation of any one or more temporary Securities of any
series, the Company shall execute and the Trustee shall authenticate and deliver
in exchange therefor a like principal amount of definitive Securities of the
same series of authorized denominations. Until so exchanged the

                                       20
<PAGE>
temporary Securities of any series shall in all respects be entitled to the same
benefits under this Indenture as definitive Securities of such series.

         All Outstanding temporary Securities of any series shall in all
respects be entitled to the same benefits under this Indenture as definitive
Securities of the same series and of like tenor authenticated and delivered
hereunder.

SECTION 305.  REGISTRATION, REGISTRATION OF TRANSFER AND EXCHANGE.

         The Company shall cause to be kept for each series of Securities at one
of the offices or agencies maintained pursuant to Section 1002 a register (the
register maintained in such office and in any other office or agency of the
Company in a Place of Payment being herein sometimes collectively referred to as
the "Security Register") in which, subject to such reasonable regulations as it
may prescribe, the Company shall provide for the registration of Securities and
of transfers of Securities of such series. The Trustee is hereby initially
appointed "Security Registrar" for the purpose of registering Securities and
transfers of Securities as herein provided.

         Except as set forth in Section 203 or as may be provided pursuant to
Section 301, upon surrender for registration of transfer of any Security of any
series at the office or agency in a Place of Payment for that series, the
Company shall execute, and the Trustee shall authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Securities of
the same series and of like tenor, of any authorized denominations and of a like
aggregate principal amount.

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

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

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

         No service charge shall be made for any registration of transfer or
exchange of Securities, but the Company may require payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed in connection
with any registration of transfer or exchange of Securities, other than exchange
pursuant to Section 304, 906 or 1107 not involving any transfer.

         The Company shall not be required (i) to issue, register the transfer
of or exchange Securities of any series during a period beginning at the opening
of business 15 days before the day of the mailing of a notice of redemption of
Securities of such series selected for redemption and ending at the close of
business on the day of the mailing of the relevant notice of redemption or (ii)
to register the transfer of or exchange

                                       21
<PAGE>
any Security so selected for redemption in whole or in part, except the
unredeemed portion of any Security being redeemed in part.

SECTION 306.  MUTILATED, DESTROYED, LOST AND STOLEN SECURITIES.

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

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

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

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

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

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

SECTION 307.  PAYMENT OF INTEREST; INTEREST RIGHTS PRESERVED.

         Interest on any Security which is payable, and is punctually paid or
duly provided for, on any Interest Payment Date shall be paid to the Person in
whose name that Security (or one or more Predecessor Securities) is registered
at the close of business on the Regular Record Date for such interest. Unless
otherwise provided with respect to the Securities of any series, payment of
interest shall be made by the Company by check mailed or delivered to the
address of any Person entitled thereto as such address shall appear in the
Security Register, at the expense of the Company.

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

                                       22
<PAGE>
                  (1) The Company may elect to make payment of any Defaulted
         Interest to the Persons in whose names the Securities of such series
         (or their respective Predecessor Securities) are registered at the
         close of business on a Special Record Date for the payment of such
         Defaulted Interest, which shall be fixed in the following manner. The
         Company shall notify the Trustee in writing of the amount of Defaulted
         Interest proposed to be paid on each Security of such series and the
         date of the proposed payment, and at the same time the Company shall
         deposit with the Trustee an amount of money equal to the aggregate
         amount proposed to be paid in respect of such Defaulted Interest or
         shall make arrangements satisfactory to the Trustee for such deposit
         prior to the date of the proposed payment, such money when deposited to
         be held in trust for the benefit of the Persons entitled to such
         Defaulted Interest as in this Clause provided. Thereupon the Trustee
         shall fix a Special Record Date for the payment of such Defaulted
         Interest which shall be not more than 15 days and not less than 10 days
         prior to the date of the proposed payment and not less than 10 days
         after the receipt by the Trustee of the notice of the proposed payment.
         The Trustee shall promptly notify the Company of such Special Record
         Date and, in the name and at the expense of the Company, shall cause
         notice of the proposed payment of such Defaulted Interest and the
         Special Record Date therefor to be mailed, first-class postage prepaid,
         to each Holder of Securities of such series at his address as it
         appears in the Security Register, not less than 10 days prior to such
         Special Record Date. The Trustee may, in its discretion, in the name
         and at the expense of the Company, cause a similar notice to be
         published at least once in an Authorized Newspaper, but such
         publication shall not be a condition precedent to the establishment of
         such Special Record Date. Notice of the proposed payment of such
         Defaulted Interest and the Special Record Date therefor having been so
         mailed, such Defaulted Interest shall be paid to the Persons in whose
         names the Securities of such series (or their respective Predecessor
         Securities) are registered at the close of business on such Special
         Record Date and shall no longer be payable pursuant to the following
         clause (2).

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

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

SECTION 308.  PERSONS DEEMED OWNERS.

         Prior to due presentment of a Security for registration of transfer,
the Company, the Trustee and any agent of the Company or the Trustee may treat
the Person in whose name such Security is registered as the owner of such
Security for the purpose of receiving payment of principal of (and premium, if
any) and (subject to Sections 305 and 307) interest on such Security and for all
other purposes whatsoever, whether or not such Security be overdue, and neither
the Company, the Trustee nor any agent of the Company or the Trustee shall be
affected by notice to the contrary.

SECTION 309.  CANCELLATION.

                                       23
<PAGE>
         All Securities surrendered for payment, redemption, registration of
transfer or exchange or for credit against any sinking fund payment shall, if
surrendered to any Person other than the Trustee, be delivered to the Trustee.
All Securities so delivered shall be promptly canceled by the Trustee. The
Company may at any time deliver to the Trustee for cancellation any Securities
previously authenticated and delivered hereunder which the Company may have
acquired in any manner whatsoever, and all Securities so delivered shall be
promptly canceled by the Trustee. No Securities shall be authenticated in lieu
of or in exchange for any Securities canceled as provided in this Section,
except as expressly permitted by this Indenture. All canceled Securities held by
the Trustee shall be disposed of as directed by a Company Order; PROVIDED that
the Trustee shall not be required to destroy such Securities.

SECTION 310.  COMPUTATION OF INTEREST.

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

SECTION 311.  CUSIP NUMBERS.

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

SECTION 312.  PERIODIC OFFERING OF SECURITIES

         Notwithstanding any contrary provision herein, if all Securities of a
series are not to be originally issued at one time, it shall not be necessary
for the Company to deliver to the Trustee an Officers' Certificate, Board
Resolution, supplemental indenture, Opinion of Counsel or Company Order
otherwise required pursuant to Sections 201, 301 and 303 at or prior to the time
of authentication of each Security of such series if such documents are
delivered to the Trustee or its agent at or prior to the authentication upon
original issuance of the first Security of such series to be issued; provided
that any subsequent request by the Company to the Trustee to authenticate
Securities of such series upon original issuance shall constitute a
representation and warranty by the Company and its counsel that as of the date
of such request, the statements made in the Officers' Certificate and opinions
made in the Opinion of Counsel delivered pursuant to Section 103 and 303,
respectively, were true and correct as if made on such date.

         An Officers' Certificate, supplemental indenture or Board Resolution
delivered by the Company to the Trustee in the circumstances set forth in the
immediately preceding paragraph may provide that Securities which are the
subject thereof will be authenticated and delivered by the Trustee or its agent
on original issue from time to time upon the written order of a person or
persons designated in such Officers' Certificate, supplemental indenture or
Board Resolution (any such telephonic instructions to be confirmed promptly in
writing by such person or persons) and that such person or persons are
authorized to determine, consistent with such Officers' Certificate,
supplemental indenture or Board Resolution, such terms and conditions of the
Securities as are specified in such Officers' Certificate, supplemental
indenture or Board Resolution.

                                  ARTICLE FOUR

                                       24

<PAGE>
                           SATISFACTION AND DISCHARGE

SECTION 401.          SATISFACTION AND DISCHARGE OF INDENTURE.

         This Indenture shall upon Company Request cease to be of further effect
with respect to Securities of a series, and the Trustee, at the expense of the
Company, shall execute proper instruments acknowledging satisfaction and
discharge of this Indenture with respect to Securities of such series, when

                  (1)      either

                           (A) all Securities of such series theretofore
                  authenticated and delivered (other than (i) Securities which
                  have been destroyed, lost or stolen and which have been
                  replaced or paid as provided in Section 306, and (ii)
                  Securities for whose payment money has theretofore been
                  deposited in trust or segregated and held in trust by the
                  Company and thereafter repaid to the Company or discharged
                  from such trust, as provided in Section 1003) have been
                  delivered to the Trustee for cancellation; or

                           (B) with respect to all Outstanding Securities of
                  such series not theretofore delivered to the Trustee for
                  cancellation, the Company has deposited or caused to be
                  deposited with the Trustee as trust funds, under the terms of
                  an irrevocable escrow agreement in form and substance
                  satisfactory to the Trustee, money or U.S. Government
                  Obligations maturing as to principal and interest in such
                  amounts and at such times as will (together with the income to
                  accrue thereon and without consideration of any reinvestment
                  thereof) be sufficient to pay and discharge (with such
                  delivery in trust to be for the stated purpose of paying and
                  discharging) the entire indebtedness on all Outstanding
                  Securities of such series not theretofore delivered to the
                  Trustee for cancellation for principal (and premium and
                  Additional Amounts, if any) and interest to the Stated
                  Maturity or any Redemption Date contemplated by the
                  penultimate paragraph of this Section, 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 301, to be applicable to the
                  Securities of such series;

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

                  (3) the Company has complied with any other conditions
         specified pursuant to Section 301 to be applicable to the discharge of
         Securities of such series pursuant to this Section 401;

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

                  (5) if the conditions set forth in Section 401(1)(A) have not
         been satisfied, and unless otherwise specified pursuant to Section 301
         for the Securities of such series, the Company has delivered to the
         Trustee an Opinion of Counsel to the effect that the Holders of
         Securities of such series will not recognize income, gain or loss for
         United States federal income tax purposes as a

                                       25
<PAGE>

         result of such deposit, satisfaction and discharge and will be subject
         to United States federal income tax on the same amount and in the same
         manner and at the same time as would have been the case if such
         deposit, satisfaction and discharge had not occurred.

         For the purposes of this Indenture, "U.S. Government Obligations" means
direct non-callable obligations of, or non-callable obligations the payment of
principal of and interest on which is guaranteed by, the United States of
America, or to the payment of which obligations or guarantees the full faith and
credit of the United States of America is pledged, or beneficial interests in a
trust the corpus of which consists exclusively of money or such obligations or a
combination thereof.

         If any Outstanding Securities of such series are to be redeemed prior
to their Stated Maturity, whether pursuant to any optional redemption provisions
or in accordance with any mandatory sinking fund requirement, the trust
agreement referred to in subclause (B) of clause (1) of this Section shall
provide therefor and the Company shall make such arrangements as are
satisfactory to the Trustee for the giving of notice of redemption by the
Trustee in the name, and at the expense, of the Company.

         Notwithstanding the satisfaction and discharge of this Indenture with
respect to the Outstanding Securities of such series pursuant to this Section
401, the obligations of the Company to the Trustee under Section 607, the
obligations to any Authenticating Agent under Section 614 and, except for a
discharge pursuant to subclause (A) of clause (1) of this Section, the
obligations of the Company under Sections 305, 306, 404, 610(e), 701, 1001 and
1002 and the obligations of the Trustee under Section 402 and the last paragraph
of Section 1003 shall survive.

SECTION 402.          APPLICATION OF TRUST MONEY.

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

SECTION 403.          DISCHARGE OF LIABILITY ON SECURITIES OF ANY SERIES.

         If this Section is specified, as contemplated by Section 301, to be
applicable to Securities of any series, the Company shall be deemed to have paid
and discharged the entire indebtedness on all the Outstanding Securities of such
series, the obligation of the Company under this Indenture and the Securities of
such series to pay the principal of (and premium, if any) and interest on and
any Additional Amounts with respect to Securities of such series, shall cease,
terminate and be completely discharged and the Trustee, at the expense of the
Company, shall execute proper instruments acknowledging such satisfaction and
discharge, when

                  (1) the Company has complied with the provisions of Section
         401 (other than any additional conditions specified pursuant to
         Sections 301 and 401(3) and except that the Opinion of Counsel referred
         to in Section 401(5) shall state that it is based on a ruling by the
         Internal Revenue Service or other change since the date hereof under
         applicable Federal income tax law) with respect to all Outstanding
         Securities of such series,

                                       26
<PAGE>

                  (2) the Company has delivered to the Trustee a Company Request
         requesting such satisfaction and discharge,

                  (3) the Company has complied with any other conditions
         specified pursuant to Section 301 to be applicable to the discharge of
         Securities of such series pursuant to this Section 403, and

                  (4) the Company has delivered to the Trustee an Officers'
         Certificate and an Opinion of Counsel, each stating that all conditions
         precedent herein provided for relating to the discharge of the
         indebtedness on the Outstanding Securities of such series have been
         complied with.

         Upon the satisfaction of the conditions set forth in this Section with
respect to all the Outstanding Securities of any series, the terms and
conditions of such series, including the terms and conditions with respect
thereto set forth in this Indenture, shall no longer be binding upon, or
applicable to, the Company; PROVIDED that, the Company shall not be discharged
from any payment obligations in respect of Securities of such series which are
deemed not to be Outstanding under clause (iii) of the definition thereof if
such obligations continue to be valid obligations of the Company under
applicable law or pursuant to Section 305 or 306; and PROVIDED FURTHER that the
obligations of the Company to the Trustee under Section 607, the obligations to
any Authenticating Agent under Section 614 and the obligations of the Company
under Sections 305, 306, 404, 610(e), 701, 1001 and 1002 and the obligations of
the Trustee under Section 402 and the last paragraph of Section 1003 shall
survive.

SECTION 404.          REINSTATEMENT

         If the Trustee or Paying Agent is unable to apply any money or U.S.
Government Obligations deposited with respect to Securities of any series in
accordance with Section 401 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 such application, the Company's obligations
under this Indenture with respect to the Securities of such series and the
Securities of such series shall be revived and reinstated as though no deposit
had occurred pursuant to Section 401 until such time as the Trustee or Paying
Agent is permitted to apply all such money or U.S. Government Obligations in
accordance with Section 401; PROVIDED, HOWEVER, that if the Company has made any
payment of principal of (or 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 subrogated to the rights of the Holders of
such Securities to receive such payment from the money or U.S. Government
Obligations held by the Trustee or Paying Agent.

                                  ARTICLE FIVE

                                    REMEDIES

SECTION 501.          EVENTS OF DEFAULT.

         "Event of Default", wherever used herein with respect to Securities of
any series, means any one of the following events (whatever the reason for such
Event of Default and whether it shall be occasioned by the provisions of Article
Thirteen or be voluntary or involuntary or be effected by operation of law or
pursuant to any judgment, decree or order of any court or any order, rule or
regulation of any administrative or governmental body), unless it is either
inapplicable to a particular series or it is specifically deleted or modified in
or pursuant to the supplemental indenture or Board Resolution establishing such
series of Securities or in the form of Security for such series:

                                       27
<PAGE>

                  (1) default in the payment of any interest on or any
         Additional Amounts with respect to any Security of that series when
         such interest or Additional Amounts become due and payable, and
         continuance of such default for a period of 30 consecutive days; or

                  (2) default in the payment of the principal of (or premium, if
         any, on) any Security of that series when due and payable, whether at
         its Maturity or otherwise; or

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

                  (4) default in the performance or breach of any covenant or
         warranty of the Company in this Indenture (other than a covenant or
         warranty a default in whose performance or whose breach is elsewhere in
         this Section specifically dealt with or which has expressly been
         included in this Indenture solely for the benefit of one or more series
         of Securities other than that series), and continuance of such default
         or breach for a period of 90 days after there has been given, by
         registered or certified mail, to the Company by the Trustee or to the
         Company and the Trustee by the Holders of at least 25% in principal
         amount of all Outstanding Securities a written notice specifying such
         default or breach and requiring it to be remedied and stating that such
         notice is a "Notice of Default" hereunder; or

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

                  (6) the commencement by the Company of a voluntary case or
         proceeding under any applicable Federal or State bankruptcy,
         insolvency, reorganization or other similar law or of any other case or
         proceeding to be adjudicated a bankrupt or insolvent, or the consent by
         it to the entry of a decree or order for relief in respect of the
         Company in an involuntary case or proceeding under any applicable
         Federal or State bankruptcy, insolvency, reorganization or other
         similar law or to the commencement of any bankruptcy or insolvency case
         or proceeding against it, or the filing by it, of a petition or answer
         or consent seeking reorganization or relief under any applicable
         Federal or State law, or the consent by it to the filing of such
         petition or to the appointment of or taking possession by a custodian,
         receiver, liquidator, assignee, trustee, sequestrator or similar
         official of the Company or of any substantial part of its property, or
         the making by it of an assignment for the benefit of creditors, or the
         admission by it in writing of its inability to pay its debts generally
         as they become due, or the taking of corporate action by the Company in
         furtherance of any such action; or

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

         Notwithstanding the foregoing provisions of this Section 501, if the
principal of (and premium, if any) or any interest on, or Additional Amounts
with respect to, any Security is payable in a currency or

                                       28
<PAGE>
currencies (including a composite currency) other than Dollars and such currency
(or currencies) is (or 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 such 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 noon
buying rate in The City of New York for cable transfers for such currency
("Exchange Rate"), as such Exchange Rate is certified for customs purposes by
the Federal Reserve Bank of New York on the date of such payment, or, if such
rate is not then available, on the basis of the most recently available Exchange
Rate. Notwithstanding the foregoing provisions of this Section 501, any payment
made under such circumstances in 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 with respect to
Securities of any series, the Company shall give written notice thereof to the
Trustee; and the Trustee, promptly after receipt of such notice, shall give
notice thereof in the manner provided in Section 107 to the Holders of such
series. Promptly after the making of any payment in Dollars as a result of a
Conversion Event with respect to Securities of any series, the Company shall
give notice in the manner provided in Section 107 to the Holders of such series,
setting forth the applicable Exchange Rate and describing the calculation of
such payments.

SECTION 502.          ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT.

         If an Event of Default with respect to any Securities of any series at
the time Outstanding occurs and is continuing, then in every such case the
Trustee or the Holders of not less than 25% in principal amount of the
Outstanding Securities of (i) the series affected by such default (in the case
of an Event of Default described in clause (1), (2), (3) or (7) of Section 501)
or (ii) all series of Securities (subject to the immediately following sentence,
in the case of an Event of Default described in clause (4) of Section 501) may
declare the principal amount (or, if any such Securities are Original Issue
Discount Securities, such portion of the principal amount as may be specified in
the terms of that series) of all of the Securities of the series affected by
such default or all series, as the case may be, to be due and payable
immediately, by a notice in writing to the Company (and to the Trustee if given
by Holders), and upon any such declaration such principal amount (or specified
amount) shall become immediately due and payable. If an Event of Default
described in clause (5) or (6) of Section 501 shall occur, the principal amount
of the Outstanding Securities of all series (or, if any such Securities are
Original Issue Discount Securities, such portion of the principal amount as may
be specified in the terms of that series) IPSO FACTO shall become and be
immediately due and payable without any declaration or other act on the part of
the Trustee or any Holder.

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

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

                           (A) all overdue interest on, and any Additional
                  Amounts with respect to, all Securities of that series (or of
                  all series, as the case may be),

                                       29
<PAGE>

                           (B) the principal of (and premium, if any, on) any
                  Securities of that series (or of all series, as the case may
                  be) which have become due otherwise than by such declaration
                  of acceleration and interest thereon at the rate or rates
                  prescribed therefor in such Securities (in the case of
                  Original Issue Discount Securities, the Securities' Yield to
                  Maturity),

                           (C) to the extent that payment of such interest is
                  lawful, interest upon overdue interest and any Additional
                  Amounts at the rate or rates prescribed therefor in such
                  Securities (in the case of Original Issue Discount Securities,
                  the Securities' Yield to Maturity), and

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

                  and

                  (2) all Events of Default with respect to Securities of that
         series (or of all series, as the case may be), other than the
         non-payment of the principal of Securities of that series (or of all
         series, as the case may be) which have become due solely by such
         declaration of acceleration, have been cured or waived as provided in
         Section 512.

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

SECTION 503.          COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY
                      TRUSTEE.

         The Company covenants that if

                  (1) default is made in the payment of any installment of
         interest on, or any Additional Amounts with respect to, any Security of
         any series when such interest or Additional Amounts shall have become
         due and payable and such default continues for a period of 30 days, or

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

the Company will, upon demand of the Trustee, pay to it, for the benefit of the
Holders of such Securities, the whole amount then due and payable on such
Securities for principal (and premium, if any) and interest and Additional
Amounts and, to the extent that payment of such interest shall be legally
enforceable, interest on any overdue principal (and premium, if any) and on any
overdue interest and Additional Amounts, at the rate or rates prescribed
therefor in such Securities (or in the case of Original Issue Discount
Securities, the Securities' Yield to Maturity), and, in addition thereto, such
further amount as shall be sufficient to cover the costs and expenses of
collection, including the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel.

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

                                       30
<PAGE>

to be payable in the manner provided by law out of the property of the Company
or any other obligor upon such Securities, wherever situated.

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

SECTION 504.          TRUSTEE MAY FILE PROOFS OF CLAIM.

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

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

                  (ii) to collect and receive any monies or other property
         payable or deliverable on any such claims and to distribute the same
         after deduction of its charges and expenses to the extent such charges
         and expenses are not paid out of the estate in any such proceeding;

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or
other similar official in any such judicial proceeding is hereby authorized by
each Holder to make such payments to the Trustee and, in the event that the
Trustee shall consent to the making of such payments directly to the Holders, to
pay to the Trustee any amount due it for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other
amounts due the Trustee under Section 607.

         Nothing herein contained shall be deemed to authorize the Trustee to
authorize or consent to or accept or adopt on behalf of any Holder 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 proceedings; PROVIDED, HOWEVER,
that the Trustee may, on behalf of the Holders, vote for the election of a
trustee in bankruptcy or similar official.

                                       31
<PAGE>

SECTION 505.          TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF
                      SECURITIES OR COUPONS.

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

SECTION 506.          APPLICATION OF MONEY COLLECTED.

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

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

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

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

         To the fullest extent allowed under applicable law, if for the purpose
of obtaining judgment against the Company in any court it is necessary to
convert the sum due in respect of the principal of (or premium, if any) or
interest on or any 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 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 such judgment shall discharge all
amounts owed by the Company on the claim or claims underlying such judgment.

SECTION 507.          LIMITATION ON SUITS.

         Subject to Section 508, no Holder of any Security of any series shall
have any right to institute any proceeding, judicial or otherwise, with respect
to this Indenture, or for the appointment of a receiver or trustee, or for any
other remedy hereunder, unless

                                       32
<PAGE>

                  (1) an Event of Default with respect to Securities of such
         series shall have occurred and be continuing and such Holder has
         previously given written notice to the Trustee of such continuing Event
         of Default;

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

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

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

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

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

SECTION 508.          UNCONDITIONAL RIGHT OF HOLDERS TO RECEIVE PRINCIPAL
                      PREMIUM AND INTEREST.

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

SECTION 509.          RESTORATION OF RIGHTS AND REMEDIES.

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

SECTION 510.          RIGHTS AND REMEDIES CUMULATIVE.

         Except as otherwise provided with respect to the replacement or payment
of mutilated, destroyed, lost or stolen Securities in the last paragraph of
Section 306, no right or remedy herein conferred upon or reserved to the Trustee
or to the Holders is intended to be exclusive of any other right or remedy, and
every

                                       33
<PAGE>
right and remedy shall, to the extent permitted by law, be cumulative and in
addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any
right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy.

SECTION 511.          DELAY OR OMISSION NOT WAIVER.

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

SECTION 512.          CONTROL BY HOLDERS.

         With respect to Securities of any series, the Holders of a majority in
principal amount of the Outstanding Securities of such series shall have the
right to direct the time, method and place of conducting any proceeding for any
remedy available to the Trustee, or exercising any trust or power conferred on
the Trustee, relating to or arising under an Event of Default described in
clause (1), (2), (3) or (7) of Section 501, and with respect to all Securities,
the Holders of a majority in principal amount of all Outstanding Securities
shall have the right to direct the time, method and place of conducting any
remedy available to the Trustee, or exercising any trust or power conferred on
the Trustee, relating to or arising under an Event of Default described in
clause (4), (5) or (6) of Section 501, PROVIDED that in each such case

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

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

                  (3) such Holders shall have offered to the Trustee indemnity
         satisfactory to the Trustee against the costs, expenses and liabilities
         that might be incurred in compliance with such request; and

                  (4) the Trustee need not take any action which might involve
         it in personal liability or be unduly prejudicial to the Holders not
         joining in such direction.

SECTION 513.          WAIVER OF PAST DEFAULTS.

         The Holders of a majority in principal amount of the Outstanding
Securities of any series may on behalf of the Holders of all the Securities of
such series waive any past default hereunder with respect to such series and its
consequences, except a default

                  (1) in the payment of the principal of (or premium, if any) or
         interest on, or any Additional Amounts with respect to, any Security,
         or

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

                                       34
<PAGE>

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

SECTION 514.          UNDERTAKING FOR COSTS.

         All parties to this Indenture agree, and each Holder of any Security by
his acceptance thereof shall be deemed to have agreed, that any court may in its
discretion require, in any suit for the enforcement of any right or remedy under
this Indenture, or in any suit against the Trustee for any action taken or
omitted by it as Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit, and that such court may in its
discretion assess reasonable costs, including reasonable attorneys' fees,
against any party litigant in such suit, having due regard to the merits and
good faith of the claims or defenses made by such party litigant; but the
provisions of this Section shall not apply to any suit instituted by the
Company, to any suit instituted by the Trustee, to any suit instituted by any
Holder, or group of Holders, holding in the aggregate more than 10% in principal
amount of the Outstanding Securities of any series, or to any suit instituted by
any Holder for the enforcement of the payment of the principal of (or premium,
if any) or interest on, or any Additional Amounts with respect to, any Security
on or after the Stated Maturity or Maturities expressed in such Security (or, in
the case of redemption, on or after the Redemption Date).

SECTION 515.          WAIVER OF STAY OR EXTENSION LAWS.

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

                                   ARTICLE SIX

                                   THE TRUSTEE

SECTION 601.          CERTAIN DUTIES AND RESPONSIBILITIES.

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

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

                           (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, upon certificates or opinions furnished to the
                  Trustee and conforming to the requirements of this Indenture;
                  but in the case of any such certificates or opinions which by
                  any provision hereof are specifically required to be furnished
                  to the Trustee, the Trustee shall be under a duty to examine
                  the same to determine whether or not they conform to the
                  requirements of
                                       35

<PAGE>
            this Indenture, but shall not be required to confirm or investigate
            the accuracy of mathematical calculations or other facts stated
            therein.

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

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

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

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

                  (3) the Trustee shall not be liable with respect to any action
            taken or omitted to be taken by it in good faith in accordance with
            the direction of the Holders of a majority in principal amount of
            the Outstanding Securities of any series or of all series,
            determined as provided in Section 511, relating to the time, method
            and place of conducting any proceeding for any remedy available to
            the Trustee, or exercising any trust or power conferred upon the
            Trustee, under this Indenture with respect to the Securities of such
            series; and

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

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

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<PAGE>

SECTION 602.   NOTICE OF DEFAULTS.

      Within 90 days after the occurrence of any default hereunder with respect
to the Securities of any series, the Trustee shall give notice of such default
hereunder known to the Trustee to all Holders of Securities of such series in
the manner provided in Section 107, unless such default shall have been cured or
waived; PROVIDED, HOWEVER, that, except in the case of a default in the payment
of the principal of (or premium, if any) or interest on, or any Additional
Amounts with respect to, any Security of such series or in the payment of any
sinking fund installment with respect to Securities of such series, the Trustee
shall be protected in withholding such notice if and so long as the board of
directors, the executive committee or a trust committee of directors or
Responsible Officers of the Trustee in good faith determines that the
withholding of such notice is in the interest of the Holders of Securities of
such series; AND PROVIDED, FURTHER, that in the case of any default of the
character specified in Section 501(4) with respect to Securities of such series,
no such notice to Holders shall be given until at least 30 days after the
occurrence thereof. For the purpose of this Section, the term "default" means
any event, act or condition which is, or after notice or lapse of time or both
would become, an Event of Default with respect to Securities of such series.

SECTION 603.   CERTAIN RIGHTS OF TRUSTEE.

      Subject to the provisions of Section 601:

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

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

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

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

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

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

                                       37

<PAGE>

      paper or document, but the Trustee, in its discretion, may make such
      further inquiry or investigation into such facts or matters as it may see
      fit, and, if the Trustee shall determine to make such further inquiry or
      investigation, it shall be entitled to examine the books, records and
      premises of the Company, personally or by agent or attorney at the sole
      cost of the Company and shall incur no liability or additional liability
      of any kind by reason of such inquiry or investigation;

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

            (h) the Trustee shall not be deemed to know of any Default or Event
      of Default unless the Trustee shall have received notice thereof as
      provided in Section 106 hereof or a trust officer of the Trustee shall
      have actual knowledge thereof.

SECTION 604.   NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF SECURITIES.

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

SECTION 605.   MAY HOLD SECURITIES.

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

SECTION 606.   MONEY HELD IN TRUST.

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

SECTION 607.   COMPENSATION AND REIMBURSEMENT.

      The Company agrees

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

            (2) to reimburse the Trustee upon its request for all reasonable
      expenses, disbursements and advances incurred or made by the Trustee in
      accordance with any provision of this Indenture (including the
      compensation and the reasonable expenses and disbursements of its

                                       38

<PAGE>

      agents and counsel), except any such expense, disbursement or advance
      resulting from its negligence or bad faith; and

            (3) to indemnify the Trustee and each of its directors, officers,
      employees, agents and/or representatives for, and to hold each of them
      harmless against, any loss, liability or expense (including taxes, other
      than taxes based upon or determined or measured by the income of the
      Trustee) incurred without negligence or bad faith on each of their part,
      arising out of or in connection with the acceptance or administration of
      the trust or trusts hereunder, including the costs and expenses of
      defending themselves against any claim or liability in connection with the
      exercise or performance of any of the Trustee's powers or duties
      hereunder.

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

      The Trustee shall promptly notify the Company of any claim for which the
Trustee may seek indemnity, including costs and expenses of defending itself
against any claim for liability arising from the exercise or performance of any
of its powers or duties hereunder. The failure by the Trustee to so notify the
Company shall not relieve the Company of its obligations hereunder unless such
failure results in the forfeiture by the Company of substantive rights or
defenses. The Company will be entitled to participate in any proceeding and, to
the extent that it may wish, to assume the defense thereof, at its expense, with
counsel reasonably satisfactory to the Trustee; provided, however, that if (i)
the use of counsel chosen by the Company to represent the Trustee would present
such counsel with a conflict of interest, (ii) the defendants in any such action
include both the Company and the Trustee and the Trustee shall have been advised
by counsel that there may be one or more legal defenses available to it that are
different from or additional to those available to the Company, or (iii) the
Company shall not have employed counsel reasonably satisfactory to the Trustee
to represent the Trustee within a reasonable time after receipt by the Company
of notice of the institution of such action, then, in each such case, the
Company shall not have the right to direct the defense of such action on behalf
of the Trustee and the Trustee shall have the right to select separate counsel
to defend such action at the Company's expense. If the Company assumes the
defense in any such proceeding and the Trustee elects to have separate counsel
participate in such proceeding, except as otherwise provided by this paragraph,
the Trustee shall be solely responsible for the fees and expenses of such
counsel.

      Any expenses and compensation for any services rendered by the Trustee
after the occurrence of an Event of Default specified in clause (5) or (6) of
Section 501 shall constitute expenses and compensation for services of
administration under all applicable federal or state bankruptcy, insolvency,
reorganization or other similar laws.

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

SECTION 608.   DISQUALIFICATION; CONFLICTING INTERESTS.

            (a) If the Trustee has or shall acquire any conflicting interest, as
      defined in this Section, with respect to the Securities of any series, it
      shall, within 90 days after ascertaining that it has such conflicting
      interest, either eliminate such conflicting interest or resign with
      respect to the Securities of that series in the manner and with the effect
      hereinafter specified in this Article.

                                       39

<PAGE>

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

            (c) For the purposes of this Section, the term "conflicting
      interest" shall have the meaning specified in Section 310(b) of the Trust
      Indenture Act and the Trustee shall comply with Section 310(b) of the
      Trust Indenture Act; PROVIDED that there shall be excluded from the
      operation of Section 310(b)(1) of the Trust Indenture Act with respect to
      the Securities of any series any indenture or indentures under which other
      securities, or certificates of interest or participation in other
      securities, of the Company are outstanding, if the requirements for such
      exclusion set forth in Section 310(b)(1) of the Trust Indenture Act are
      met. For purposes of the preceding sentence, the optional provision
      permitted by the second sentence of Section 310(b)(9) of the Trust
      Indenture Act shall be applicable.

SECTION 609.   CORPORATE TRUSTEE REQUIRED; ELIGIBILITY.

      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 of
America, any State thereof or the District of Columbia, authorized under such
laws to exercise corporate trust powers, having a combined capital and surplus
(together with that of its parent) of at least $50,000,000 and subject to
supervision or examination by Federal or State (or District of Columbia)
authority. If such corporation publishes reports of condition at least annually,
pursuant to law or to the requirements of said supervising or examining
authority, then for the purposes of this Section, the combined capital and
surplus of such corporation shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. If at
any time the Trustee shall cease to be eligible in accordance with the
provisions of this Section, it shall resign immediately in the manner and with
the effect hereinafter specified in this Article.

      The Indenture shall always have a Trustee who satisfies the requirements
of Sections 310(a)(1), 310(a)(2) and 310(a)(5) of the Trust Indenture Act.

SECTION 610.   RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR.

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

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

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

            (d)   If at any time:

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<PAGE>

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

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

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

            (e) If the Trustee shall resign, be removed or become incapable of
      acting, or if a vacancy shall occur in the office of Trustee for any
      cause, with respect to the Securities of one or more series, the Company,
      by a Board Resolution, shall promptly appoint a successor Trustee or
      Trustees with respect to the Securities of that or those series (it being
      understood that any such successor Trustee may be appointed with respect
      to the Securities of one or more or all of such series and that at any
      time there shall be only one Trustee with respect to the Securities of any
      particular series) and such successor Trustee or Trustees shall comply
      with the applicable requirements of Section 611. If no successor Trustee
      with respect to the Securities of any series shall have been so appointed
      by the Company and accepted appointment in the manner required by Section
      611, any Holder who has been a bona fide Holder of a Security of such
      series for at least six months may, on behalf of himself and all others
      similarly situated, petition any court of competent jurisdiction for the
      appointment of a successor Trustee with respect to the Securities of such
      series.

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

SECTION 611.   ACCEPTANCE OF APPOINTMENT BY SUCCESSOR.

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

                                       41

<PAGE>

      transferring to such successor Trustee all the rights, powers and trusts
      of the retiring Trustee and shall duly assign, transfer and deliver to
      such successor Trustee all property and money held by such retiring
      Trustee hereunder.

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

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

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

SECTION 612.   MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS.

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

                                       42

<PAGE>

SECTION 613.   PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY.

      The Trustee shall comply with Section 311(a) of the Trust Indenture Act. A
Trustee who has resigned or been removed shall be subject to Section 311(a) of
the Trust Indenture Act to the extent indicated therein.

SECTION 614.   APPOINTMENT OF AUTHENTICATING AGENT.

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

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

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

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<PAGE>

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

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

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

                                            [NAME OF TRUSTEE],
                                               AS TRUSTEE

                                            By                                 ,
                                               --------------------------------
                                                   AS AUTHENTICATING AGENT

                                            By                                 ,
                                               --------------------------------
                                                   "AUTHORIZED SIGNATORY"

      Notwithstanding any provision of this Section 614 to the contrary, if at
any time any Authenticating Agent appointed hereunder with respect to any series
of Securities shall not also be acting as the Security Registrar hereunder with
respect to any series of Securities, then, in addition to all other duties of an
Authenticating Agent hereunder, such Authenticating Agent shall also be
obligated: (i) to furnish to the Security Registrar promptly all information
necessary to enable the Security Registrar to maintain at all times an accurate
and current Security Register; and (ii) prior to authenticating any Security
denominated in a foreign currency, to ascertain from the Company the units of
such foreign currency that are required to be determined by the Company pursuant
to Section 302.

                                  ARTICLE SEVEN

                HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY

SECTION 701.   COMPANY TO FURNISH TRUSTEE NAMES AND ADDRESSES OF HOLDERS.

      With respect to each series of Securities, the Company will furnish or
cause to be furnished to the Trustee:

            (a) semi-annually, not more than 15 days after each Regular Record
      Date relating to that series (or, if there is no Regular Record Date
      relating to that series, on January 1 and July 1), a list, in such form as
      the Trustee may reasonably require, of the names and addresses of the
      Holders of that series as of such dates, and

                                       44

<PAGE>

            (b) at such other times as the Trustee may request in writing,
      within 30 days after the receipt by the Company of any such request, a
      list of similar form and content, such list to be dated as of a date not
      more than 15 days prior to the time such list is furnished; PROVIDED, that
      so long as the Trustee is the Security Registrar, the Company shall not be
      required to furnish or cause to be furnished such a list to the Trustee.
      The Company shall otherwise comply with Section 310(a) of the Trust
      Indenture Act.

SECTION 702.   PRESERVATION OF INFORMATION; COMMUNICATIONS TO HOLDERS.

            (a) The Trustee shall preserve, in as current a form as is
      reasonably practicable, the names and addresses of Holders of each series
      contained in the most recent list furnished to the Trustee as provided in
      Section 701 and the names and addresses of Holders of each series received
      by the Trustee in its capacity as Security Registrar, if applicable. The
      Trustee may destroy any list furnished to it as provided in Section 701
      upon receipt of a new list so furnished. The Trustee shall otherwise
      comply with Section 310(a) of the Trust Indenture Act.

            (b) Holders of Securities may communicate pursuant to Section 312(b)
      the Trust Indenture Act with other Holders with respect to their rights
      under this Indenture or under the Securities.

            (c) Every Holder of Securities, by receiving and holding the same,
      agrees with the Company, each Subsidiary Guarantor and the Trustee that
      neither the Company, any Subsidiary Guarantor nor the Trustee nor any
      agent of either of them shall be held accountable by reason of the
      disclosure of any such information as to the names and addresses of the
      Holders in accordance with Section 702(b), regardless of the source from
      which such information was derived, and that the Trustee shall not be held
      accountable by reason of mailing any material pursuant to a request made
      under Section 702(b). The Company, the Trustee, the Security Registrar and
      any other Person shall have the protection of Section 312(c) of the Trust
      Indenture Act.

SECTION 703.   REPORTS BY TRUSTEE.

            (a) Within 60 days after May 15 of each year after the execution of
      this Indenture, the Trustee shall transmit by mail to Holders a brief
      report dated as of such May 15 that complies with Section 313(a) of the
      Trust Indenture Act.

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

            (c) Reports pursuant to this Section shall be transmitted by mail as
      required by Sections 313(c) and 313(d) of the Trust Indenture Act:

                  (1) to all Holders of Securities, as the names and addresses
            of such Holders appear in the Security Register;

                  (2) to such Holders of Securities as have, within the two
            years preceding such transmissions, filed their names and addresses
            with the Trustee for that purpose; and

                  (3) except in the case of reports pursuant to Subsection (b)
            of this Section, to each Holder of a Security whose name and address
            is preserved at the time by the Trustee, as provided in Section
            702(a).

                                       45
<PAGE>
            (d) A copy of each report pursuant to Subsection (a) or (b) of this
      Section 703 shall, at the time of its transmission to Holders, be filed by
      the Trustee with each stock exchange upon which any Securities are listed,
      with the Commission and with the Company. The Company will notify the
      Trustee when any Securities are listed on any stock exchange.

SECTION 704.   REPORTS BY COMPANY.

      The Company shall file with the Trustee, within 15 days after the Company
is required to file the same with the Commission, copies of the annual reports
and of the information, documents and other reports (or copies of such portions
of any of the foregoing as the Commission may from time to time by rules and
regulations prescribe) which the Company may be required to file with the
Commission pursuant to Section 13 or Section 15(d) of the Securities Exchange
Act of 1934, as amended, and shall otherwise comply with Section 314(a)of the
Trust Indenture Act.

                                  ARTICLE EIGHT

             CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

SECTION 801.   COMPANY MAY CONSOLIDATE, ETC., ONLY ON CERTAIN TERMS.

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

                  (1) the Person formed by such consolidation or into which the
            Company is merged or the Person which acquires by conveyance or
            transfer, or which leases, the properties and assets of the Company
            substantially as an entirety shall be a corporation, partnership or
            trust and shall expressly assume, by an indenture supplemental
            hereto, executed and delivered to the Trustee, in form satisfactory
            to the Trustee, the due and punctual payment of the principal of
            (and premium, if any) and interest on and any Additional Amounts
            with respect to all the Securities and the performance of every
            covenant of this Indenture on the part of the Company to be
            performed or observed;

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

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

SECTION 802.   SUCCESSOR PERSON SUBSTITUTED.

      Upon any consolidation by the Company with or merger by the Company into
any other Person or any conveyance, transfer or lease of the properties and
assets of the Company substantially as an entirety in accordance with Section
801, the successor Person formed by such consolidation or into which the Company
is merged or to which such conveyance, transfer or lease is made shall succeed
to, and be

                                       46
<PAGE>
substituted for, and may exercise every right and power of, the Company under
this Indenture with the same effect as if such successor Person had been named
as the Company herein, and thereafter, except in the case of such lease, the
predecessor Person shall be relieved of all obligations and covenants under this
Indenture and the Securities.

                                  ARTICLE NINE

                             SUPPLEMENTAL INDENTURES

SECTION 901.   SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF HOLDERS.

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

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

            (2) to add to the covenants of the Company for the benefit of the
      Holders of all or any series of Securities (and if such covenants are to
      be for the benefit of less than all series of Securities, stating that
      such covenants are expressly being included solely for the benefit of such
      series), to convey, transfer, assign, mortgage or pledge any property to
      or with the Trustee or otherwise secure any series of the Securities or to
      surrender any right or power herein conferred upon the Company; or

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

            (4) to change or eliminate any of the provisions of this Indenture,
      PROVIDED that any such change or elimination shall become effective only
      when there is no Security Outstanding of any series created prior to the
      execution of such supplemental indenture which is adversely affected by
      such change in or elimination of such provision; or

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

            (6) 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 401; PROVIDED,
      HOWEVER, that any such action shall not adversely affect the interest of
      the Holders of Securities of such series or any other series of Securities
      in any material respect; or

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

                                       47
<PAGE>
            (8) to cure any ambiguity, to correct or supplement any provision
      herein which may be defective or inconsistent with any other provision
      herein, or to make any other provisions with respect to matters or
      questions arising under this Indenture, PROVIDED such other provisions as
      may be made shall not adversely affect the interests of the Holders of
      Securities of any series in any material respect; or

            (9)   to secure any Securities or any Subsidiary Guarantee
      pursuant to the terms thereof; or

            (10) to release a Subsidiary Guarantor from its obligations under
      this Indenture and its Subsidiary Guarantee in accordance with the
      provisions hereof and thereof.

SECTION 902.   SUPPLEMENTAL INDENTURES WITH CONSENT OF HOLDERS.

      With the consent of the Holders of a majority in principal amount of the
Outstanding Securities of all series affected by such supplemental indenture
(acting as one class), by Act of said Holders delivered to the Company and the
Trustee, the Company, when authorized by a Board Resolution, and the Trustee may
enter into an indenture or indentures supplemental hereto for the purpose of
adding any provisions to or changing in any manner or eliminating any of the
provisions of this Indenture or of modifying in any manner the rights of the
Holders of Securities of such series under this Indenture; PROVIDED, HOWEVER,
that no such supplemental indenture shall, without the consent of the Holder of
each Outstanding Security affected thereby,

            (1) change the Stated Maturity of the principal of, or any
      installment of principal of or interest on, any Security, or reduce the
      principal amount thereof or the rate of interest thereon, any Additional
      Amounts with respect thereto or any premium payable upon the redemption
      thereof, or change any obligation of the Company to pay Additional Amounts
      (except as contemplated by Section 801(1) and permitted by Section
      901(1)), or reduce the amount of the principal of an Original Issue
      Discount Security that would be due and payable upon a declaration of
      acceleration of the Maturity thereof pursuant to Section 502, or change
      any Place of Payment where, or the coin or currency or currencies
      (including composite currencies) in which, any Security or any premium or
      any interest thereon or Additional Amounts with respect thereto is
      payable, or impair the right to institute suit for the enforcement of any
      such payment on or after the Stated Maturity thereof (or, in the case of
      redemption, on or after the Redemption Date) or modify the provisions of
      this Indenture with respect to the subordination of any Security in a
      manner adverse to the Holder thereof, or

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

            (3) modify any of the provisions of this Section, Section 512 or
      Section 1006, except to increase any such percentage or to provide with
      respect to any particular series the right to condition the effectiveness
      of any supplemental indenture as to that series on the consent of the
      Holders of a specified percentage of the aggregate principal amount of
      Outstanding Securities of such series (which provision may be made
      pursuant to Section 301 without the consent of any Holder) or to provide
      that certain other provisions of this Indenture cannot be modified or
      waived without the consent of the Holder of each Outstanding Security
      affected thereby, PROVIDED,

                                       48
<PAGE>
         HOWEVER, that this clause shall not be deemed to require the consent of
         any Holder with respect to changes in the references to "the Trustee"
         and concomitant changes in this Section and Section 1006, or the
         deletion of this proviso, in accordance with the requirements of
         Sections 611(b) and 901(7).

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

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

SECTION 903.   EXECUTION OF SUPPLEMENTAL INDENTURES.

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

SECTION 904.   EFFECT OF SUPPLEMENTAL INDENTURES.

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

SECTION 905.   CONFORMITY WITH TRUST INDENTURE ACT.

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

SECTION 906.   REFERENCE IN SECURITIES TO SUPPLEMENTAL INDENTURES.

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

                                       49
<PAGE>
                                   ARTICLE TEN

                                    COVENANTS

SECTION 1001.  PAYMENT OF PRINCIPAL, PREMIUM AND INTEREST.

      The Company covenants and agrees for the benefit of each series of
Securities that it will duly and punctually pay the principal of (and premium,
if any), interest on and any Additional Amounts with respect to the Securities
of that series in accordance with the terms of the Securities and this
Indenture.

SECTION 1002.  MAINTENANCE OF OFFICE OR AGENCY.

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

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

SECTION 1003.  MONEY FOR SECURITIES PAYMENTS TO BE HELD IN TRUST.

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

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

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

                                       50
<PAGE>
            (1) hold all sums held by it for the payment of the principal of
      (and premium, if any), interest on or any Additional Amounts with respect
      to Securities of that series in trust for the benefit of the Persons
      entitled thereto until such sums shall be paid to such Persons or
      otherwise disposed of as herein provided;

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

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

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

      Any money deposited with the Trustee or any Paying Agent, or then held by
the Company, in trust for the payment of the principal of (and premium, if any)
or interest on or any Additional Amounts with respect to any Security of any
series and remaining unclaimed for two years (or such shorter period of time as
may be provided in the applicable abandoned property law for return of such
monies to the Company) after such principal (and premium, if any) or interest or
Additional Amounts have become due and payable shall, unless otherwise required
by mandatory provisions of applicable escheat, or abandoned or unclaimed
property law, be paid to the Company on Company Request, or (if then held by the
Company) shall be discharged from such trust; and the Holder of such Security
shall thereafter, as an unsecured general creditor, look only to the Company for
payment thereof, and all liability of the Trustee or such Paying Agent with
respect to such trust money, and all liability of the Company as trustee
thereof, shall thereupon cease; PROVIDED, HOWEVER, that the Trustee or such
Paying Agent, before being required to make any such repayment, may at the
expense of the Company cause to be published once, in an Authorized Newspaper in
The Borough of Manhattan, The City of New York and in such other Authorized
Newspapers as the Trustee shall deem appropriate, notice that such money remains
unclaimed and that, after a date specified therein, which shall not be less than
30 days from the date of such publication, any unclaimed balance of such money
then remaining will, unless otherwise required by mandatory provisions of
applicable escheat, or abandoned or unclaimed property law, be repaid to the
Company.

SECTION 1004.  EXISTENCE.

      Subject to Article Eight, the Company will do or cause to be done all
things necessary to preserve and keep in full force and effect its corporate
existence.

SECTION 1005.  STATEMENT BY OFFICERS AS TO DEFAULT.

      The Company will deliver to the Trustee, within 120 days after the end of
each fiscal year of the Company ending after the date hereof so long as any
Security is outstanding hereunder, an Officers' Certificate, complying with
Section 314(a) of the Trust Indenture Act, stating that a review of the
activities of the Company during such year and of performance under this
Indenture has been made under the supervision of the signers thereof and whether
or not to the best of their knowledge, based upon such

                                       51
<PAGE>
review, the Company is in default in the performance, observance or fulfillment
of any of its covenants and other obligations under this Indenture, and if the
Company shall be in default, specifying each such default known to them and the
nature and status thereof. One of the officers signing the Officers' Certificate
delivered pursuant to this Section 1005 shall be the principal executive,
financial or accounting officer of the Company.

      For purposes of this Section, such compliance shall be determined without
regard to any period of grace or requirement of notice provided under this
Indenture.

SECTION 1006.  WAIVER OF CERTAIN COVENANTS.

      The Company may omit in any particular instance to comply with any
covenant or condition set forth in Section 1004, or any covenant added for the
benefit of any series of Securities as contemplated by Section 301 (unless
otherwise specified pursuant to Section 301) if before or after the time for
such compliance the Holders of a majority in principal amount of the Outstanding
Securities of all series affected by such omission (acting as one class) shall,
by Act of such Holders, either waive such compliance in such instance or
generally waive compliance with such covenant or condition, but no such waiver
shall extend to or affect such covenant or condition except to the extent so
expressly waived, and, until such waiver shall become effective, the obligations
of the Company and the duties of the Trustee in respect of any such covenant or
condition shall remain in full force and effect.

SECTION 1007.  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 such
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,
such mention shall be deemed to include mention of the payment of Additional
Amounts provided for in this Section to the extent that, in such context,
Additional Amounts are, were or would be payable in respect thereof pursuant to
the provisions of this Section 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 such express
mention is not made.

      If the Securities of a series provide for the payment of Additional
Amounts, at least 10 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 10 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 such
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 such Officers' Certificate shall
specify by country the amount, if any, required to be withheld on such payments
to such Holders of Securities and the Company will pay to such 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

                                       52
<PAGE>
with actions taken or omitted by any of them in reliance on any Officers'
Certificate furnished pursuant to this Section 1007.

                                 ARTICLE ELEVEN

                            REDEMPTION OF SECURITIES

SECTION 1101.  APPLICABILITY OF ARTICLE.

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

SECTION 1102.  ELECTION TO REDEEM; NOTICE TO TRUSTEE.

      Unless otherwise provided with respect to the Securities of a series as
contemplated by Section 301, the election of the Company to redeem any
Securities shall be evidenced by a Board Resolution. In case of any redemption
at the election of the Company, the Company shall, at least 45 days prior to the
Redemption Date (unless a shorter notice shall be satisfactory to the Trustee),
notify the Trustee of such Redemption Date and of the principal amount of
Securities of such series to be redeemed. In the case of any redemption of
Securities prior to the expiration of any restriction on such redemption
provided in the terms of such Securities or elsewhere in this Indenture, the
Company shall furnish the Trustee with an Officers' Certificate evidencing
compliance with such restriction.

SECTION 1103.  SELECTION BY TRUSTEE OF SECURITIES TO BE REDEEMED.

      If less than all the Securities of any series are to be redeemed, the
particular Securities to be redeemed shall be selected not more than 60 days
prior to the Redemption Date by the Trustee, from the Outstanding Securities of
such series not previously called for redemption, by such method as the Trustee
shall deem fair and appropriate and which may provide for the selection for
redemption of portions (equal to the minimum authorized denomination for
Securities of that series or any integral multiple thereof) of the principal
amount of Securities of such series of a denomination larger than the minimum
authorized denomination for Securities of that series or of the principal amount
of global Securities of such series.

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

SECTION 1104.  NOTICE OF REDEMPTION.

      Notice of redemption shall be given in the manner provided in Section 107
to each Holder of Securities to be redeemed not less than 30 nor more than 60
days prior to the Redemption Date.

      All notices of redemption shall state:

                                       53
<PAGE>
            (1)   the Redemption Date,

            (2)   the Redemption Price,

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

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

            (5)   the place or places where such Securities are to be
      surrendered for payment of the Redemption Price,

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

            and

            (7)   the "CUSIP" number, if applicable.

      A notice of redemption as contemplated by Section 107 need not identify
particular Securities to be redeemed. Notice of redemption of Securities to be
redeemed at the election of the Company shall be given by the Company or, at the
Company's request, by the Trustee in the name and at the expense of the Company.

SECTION 1105.  DEPOSIT OF REDEMPTION PRICE.

      On or before 11:00 a.m., New York, New York time, on any Redemption Date,
the Company shall deposit with the Trustee or with a Paying Agent (or, if the
Company is acting as its own Paying Agent, segregate and hold in trust as
provided in Section 1003) an amount of money sufficient to pay the Redemption
Price of, and (except if the Redemption Date shall be an Interest Payment Date)
accrued interest on, and any Additional Amounts with respect to, all the
Securities which are to be redeemed on that date.

SECTION 1106.  SECURITIES PAYABLE ON REDEMPTION DATE.

      Notice of redemption having been given as aforesaid, the Securities so to
be redeemed shall, on the Redemption Date, become due and payable at the
Redemption Price therein specified, and from and after such date (unless the
Company shall default in the payment of the Redemption Price and accrued
interest) such Securities shall cease to bear interest. Upon surrender of any
such Security for redemption in accordance with said notice, such Security shall
be paid by the Company at the Redemption Price, together with accrued interest
(and any Additional Amounts) to the Redemption Date; PROVIDED, HOWEVER, that
installments of interest whose Stated Maturity is on or prior to the Redemption
Date shall be payable to the Holders of such Securities, or one or more
Predecessor Securities, registered as such at the close of business on the
relevant Record Dates according to their terms and the provisions of Section
307.

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

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<PAGE>
prescribed therefor in the Security or, in the case of Original Issue Discount
Securities, the Securities' Yield to Maturity.

SECTION 1107.  SECURITIES REDEEMED IN PART.

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

SECTION 1108.  PURCHASE OF SECURITIES.

      Unless otherwise specified as contemplated by Section 301, 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. Such acquisition shall
not operate as or be deemed for any purpose to be a redemption of the
indebtedness represented by such Securities. Any Securities purchased or
acquired by the Company may be delivered to the Trustee and, upon such delivery,
the indebtedness represented thereby shall be deemed to be satisfied. Section
309 shall apply to all Securities so delivered.

                                 ARTICLE TWELVE

                                  SINKING FUNDS

SECTION 1201.  APPLICABILITY OF ARTICLE.

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

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

SECTION 1202.  SATISFACTION OF SINKING FUND PAYMENTS WITH SECURITIES.

      The Company (1) may deliver Outstanding Securities of a series (other than
any previously called for redemption), and (2) may apply as a credit Securities
of a series which have been redeemed either at the election of the Company
pursuant to the terms of such Securities or through the application of permitted
optional sinking fund payments pursuant to the terms of such Securities, in each
case in satisfaction of all or any part of any sinking fund payment with respect
to the Securities of such series required to be made pursuant to the terms of
such Securities as provided for by the terms of such series; PROVIDED that such

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<PAGE>
Securities have not been previously so credited. Such Securities shall be
received and credited for such purpose by the Trustee at the Redemption Price
specified in such Securities for redemption through operation of the sinking
fund and the amount of such sinking payment shall be reduced accordingly.

SECTION 1203. 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 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, which is to be satisfied by
payment of cash and the portion thereof, if any, which is to be satisfied by
delivery of or by crediting Securities of that series pursuant to Section 1202
and will also deliver to the Trustee any Securities to be so delivered. Not less
than 30 days before each such sinking fund payment date the Trustee shall select
the Securities to be redeemed upon such sinking fund payment date in the manner
specified in Section 1103 and cause notice of the redemption thereof to be given
in the name of and at the expense of the Company in the manner provided in
Section 1104. Such notice having been duly given, the redemption of such
Securities shall be made upon the terms and in the manner stated in Sections
1106 and 1107.

                                ARTICLE THIRTEEN

                                  SUBORDINATION

SECTION 1301. SECURITIES SUBORDINATED TO SENIOR INDEBTEDNESS.

      The Company and each Holder of a Security, by his acceptance thereof,
agree that (a) the payment of the principal of, premium (if any) and interest on
and any Additional Amounts with respect to each and all the Securities and (b)
any other payment in respect of the Securities (other than payments to the
Trustee under Section 607), including on account of the acquisition or
redemption of Securities by the Company, is subordinated, to the extent and in
the manner provided in this Article Thirteen, to the prior payment in full of
all Senior Indebtedness of the Company, whether outstanding at the date of this
Indenture or thereafter created, incurred, assumed or guaranteed, and that these
subordination provisions are for the benefit of the holders of Senior
Indebtedness.

      This Article Thirteen shall constitute a continuing offer to all Persons
who, in reliance upon such provisions, become holders of, or continue to hold,
Senior Indebtedness, and such provisions are made for the benefit of the holders
of Senior Indebtedness, and such holders are made obligees hereunder and any one
or more of them may enforce such provisions.

SECTION 1302. NO PAYMENT ON SECURITIES IN CERTAIN CIRCUMSTANCES.

            (a) No payment shall be made by or on behalf of the Company on
      account of the principal of, premium (if any) or interest on or any
      Additional Amounts with respect to the Securities of any series or to
      acquire any of such Securities (including any repurchases of such
      Securities pursuant to the provisions hereof or thereof at the option of
      the Holder of such Securities) for cash or property (other than Junior
      securities of the Company), or on account of any redemption provisions of
      such Securities, in the event of default in payment of any principal of,
      premium (if any) or interest on any Senior Indebtedness of the Company
      when the same becomes due and payable, whether at maturity or at a date
      fixed for prepayment or by declaration or

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<PAGE>
      otherwise (a "Payment Default"), unless and until such Payment Default has
      been cured or waived or otherwise has ceased to exist.

            (b) No payment shall be made by or on behalf of the Company on
      account of the principal of, premium (if any) or interest on or any
      Additional Amounts with respect to the Securities of any series or to
      acquire any of such Securities (including any repurchases of such
      Securities pursuant to the provisions hereof or thereof at the option of
      the Holder of such Securities) for cash or property (other than Junior
      securities of the Company), or on account of any redemption provisions of
      such Securities, in the event of any event of default (other than a
      Payment Default) with respect to any Designated Senior Indebtedness
      permitting the holders of such Designated Senior Indebtedness (or a
      trustee or other representative on behalf of the holders thereof) to
      declare such Designated Senior Indebtedness due and payable prior to the
      date on which it would otherwise have become due and payable, upon written
      notice thereof to the Company and the Trustee by any holders of Designated
      Senior Indebtedness (or a trustee or other representative on behalf of the
      holders thereof) (the "Payment Notice"), unless and until such event of
      default shall have been cured or waived or otherwise has ceased to exist;
      PROVIDED, that such payments may not be prevented pursuant to this Section
      1302(b) for more than 179 days after an applicable Payment Notice has been
      received by the Trustee unless the Designated Senior Indebtedness in
      respect of which such event of default exists has been declared due and
      payable in its entirety, in which case no such payment may be made until
      such acceleration has been rescinded or annulled or such Designated Senior
      Indebtedness has been paid in full. No event of default that existed or
      was continuing on the date of any Payment Notice (whether or not such
      event of default is on the same issue of Designated Senior Indebtedness)
      may be made the basis for the giving of a second Payment Notice, and only
      one such Payment Notice may be given in any 365-day period.

            (c) In furtherance of the provisions of Section 1301, in the event
      that, notwithstanding the foregoing provisions of this Section 1302, any
      payment or distribution of assets of the Company (other than Junior
      securities of the Company) shall be received by the Trustee or the Holders
      of Securities of any series at a time when such payment or distribution
      was prohibited by the provisions of this Section 1302 and if such fact, at
      the time of such payment or distribution, shall have been made known to
      the Trustee or, as the case may be, such Holder, then, unless such payment
      or distribution is no longer prohibited by this Section 1302, such payment
      or distribution (subject to the provisions of Section 1307) shall be
      received and held in trust by the Trustee or such Holder or Paying Agent
      for the benefit of the holders of Senior Indebtedness of the Company, and
      shall be paid or delivered by the Trustee or such Holders or such Paying
      Agent, as the case may be, to the holders of Senior Indebtedness of the
      Company remaining unpaid or unprovided for or their representative or
      representatives, or to the trustee or trustees under any indenture
      pursuant to which any instruments evidencing such Senior Indebtedness of
      the Company may have been issued, ratably, according to the aggregate
      amounts remaining unpaid on account of such Senior Indebtedness of the
      Company held or represented by each, for application to the payment of all
      Senior Indebtedness in full after giving effect to all concurrent payments
      and distributions to or for the holders of such Senior Indebtedness.

SECTION 1303. SECURITIES SUBORDINATED TO PRIOR PAYMENT OF ALL SENIOR
              INDEBTEDNESS ON DISSOLUTION, LIQUIDATION OR REORGANIZATION.

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<PAGE>
      Upon any distribution of assets of the Company or upon any dissolution,
winding up, total or partial liquidation or reorganization of the Company,
whether voluntary or involuntary, in bankruptcy, insolvency, receivership or
similar proceeding or upon assignment for the benefit of creditors:

            (a) the holders of all Senior Indebtedness of the Company shall
      first be entitled to receive payments in full before the Holders of
      Securities of any series are entitled to receive any payment on account of
      the principal of, premium (if any) or interest on or any Additional
      Amounts with respect to such Securities (other than Junior securities of
      the Company);

            (b) any payment or distribution of assets of the Company of any kind
      or character, whether in cash, property or securities (other than Junior
      securities of the Company), to which the Holders of Securities of any
      series or the Trustee on behalf of such Holders would be entitled, except
      for the provisions of this Article Thirteen, shall be paid by the
      liquidating trustee or agent or other Person making such a payment or
      distribution directly to the holders of such Senior Indebtedness or their
      representative, ratably according to the respective amounts of Senior
      Indebtedness held or represented by each, to the extent necessary to make
      payment in full of all such Senior Indebtedness remaining unpaid after
      giving effect to all concurrent payments and distributions to the holders
      of such Senior Indebtedness; and

            (c) in the event that, notwithstanding the foregoing, any payment or
      distribution of assets of the Company of any kind or character, whether in
      cash, property or securities (other than Junior securities of the
      Company), shall be received by the Trustee or the Holders of Securities of
      any series or any Paying Agent (or, if the Company or any Affiliate of the
      Company is acting as its own Paying Agent, money for any such payment or
      distribution shall be segregated or held in trust) on account of the
      principal of, premium (if any) or interest on or any Additional Amounts
      with respect to the Securities of such series before all Senior
      Indebtedness of the Company is paid in full and if such fact, at the time
      of such payment or distribution, shall have been made known to the Trustee
      or, as the case may be, such Holder, such payment or distribution (subject
      to the provisions of Section 1307) shall be received and held in trust by
      the Trustee or such Holder or Paying Agent for the benefit of the holders
      of such Senior Indebtedness, or their respective representatives, ratably
      according to the respective amounts of such Senior Indebtedness held or
      represented by each, to the extent necessary to make payment as provided
      herein of all such Senior Indebtedness remaining unpaid after giving
      effect to all concurrent payments and distributions and all provisions
      therefor to or for the holders of such Senior Indebtedness, but only to
      the extent that as to any holder of such Senior Indebtedness, as promptly
      as practical following notice from the Trustee to the holders of such
      Senior Indebtedness that such prohibited payment has been received by the
      Trustee, Holder(s) or Paying Agent (or has been segregated as provided
      above), such holder (or a representative therefor) notifies the Trustee of
      the amounts then due and owing on such Senior Indebtedness, if any, held
      by such holder and only the amounts specified in such notices to the
      Trustee shall be paid to the holders of such Senior Indebtedness.

SECTION 1304. SUBROGATION TO RIGHTS OF HOLDERS OF SENIOR INDEBTEDNESS.

      Subject to the payment in full of all Senior Indebtedness of the Company
as provided herein, the Holders of the Securities shall be subrogated (to the
extent of the payments or distributions made to the holders of such Senior
Indebtedness pursuant to the provisions of this Article) to the rights of the
holders of such Senior Indebtedness to receive payments or distributions of
assets of the Company applicable to the Senior Indebtedness until all amounts
owing on the Securities shall be paid in full. For the purpose of such

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<PAGE>
subrogation, no such payments or distributions to the holders of such Senior
Indebtedness by the Company, or by or on behalf of the Holders of the Securities
by virtue of this Article Thirteen, which otherwise would have been made to such
Holders shall, as between the Company and such Holders, be deemed to be payment
by the Company or on account of such Senior Indebtedness, it being understood
that the provisions of this Article Thirteen are and are intended solely for the
purpose of defining the relative rights of the Holders of the Securities, on the
one hand, and the holders of such Senior Indebtedness, on the other hand.

      If any payment or distribution to which the Holders of the Securities
would otherwise have been entitled but for the provisions of this Article
Thirteen shall have been applied, pursuant to the provisions of this Article
Thirteen, to the payment of amounts payable under Senior Indebtedness of the
Company, then such Holders shall be entitled to receive from the holders of such
Senior Indebtedness any payments or distributions received by such holders of
Senior Indebtedness in excess of the amount sufficient to pay all amounts
payable under or in respect of such Senior Indebtedness in full.

SECTION 1305. OBLIGATIONS OF THE COMPANY UNCONDITIONAL.

      Nothing contained in this Article Thirteen or elsewhere in this Indenture
or in the Securities is intended to or shall impair, as between the Company and
the Holders of the Securities of any series, the obligation of the Company,
which is absolute and unconditional, to pay to such Holders the principal of,
premium (if any) and interest on and any Additional Amounts with respect to the
Securities of such series as and when the same shall become due and payable in
accordance with their terms, or is intended to or shall affect the relative
rights of such Holders and creditors of the Company other than the holders of
the Senior Indebtedness, nor shall anything herein or therein prevent the
Trustee or any Holder from exercising all remedies otherwise permitted by
applicable law upon default under this Indenture, subject to the rights, if any,
under this Article Thirteen, of the holders of Senior Indebtedness in respect of
cash, property or securities of the Company received upon the exercise of any
such remedy. Notwithstanding anything to the contrary in this Article Thirteen
or elsewhere in this Indenture or in the Securities, upon any distribution of
assets of the Company referred to in this Article Thirteen, the Trustee, subject
to the provisions of Sections 601 and 603, and the Holders of the Securities
shall be entitled to rely upon any order or decree made by any court of
competent jurisdiction in which such dissolution, winding up, liquidation or
reorganization proceedings are pending, or a certificate of the liquidating
trustee or agent or other Person making any distribution to the Trustee or to
such Holders for the purpose of ascertaining the Persons entitled to participate
in such distribution, the holders of the Senior Indebtedness and other
Indebtedness of the Company, the amount thereof or payable thereon, the amount
or amounts paid or distributed thereon and all other facts pertinent thereto or
to this Article Thirteen so long as such court has been apprised of the
provisions of, or the order, decree or certificate makes reference to, the
provisions of this Article Thirteen.

SECTION 1306. TRUSTEE ENTITLED TO ASSUME PAYMENTS NOT PROHIBITED IN ABSENCE OF
              NOTICE.

      The Trustee shall not at any time be charged with knowledge of the
existence of any facts that would prohibit the making of any payment to or by
the Trustee unless and until a Responsible Officer of the Trustee or any Paying
Agent shall have received, no later than two Business Days prior to such
payment, written notice thereof from the Company or from one or more holders of
Senior Indebtedness or from any representative therefor and, prior to the
receipt of any such written notice, the Trustee, subject to the provisions of
Sections 601 and 603, shall be entitled in all respects conclusively to assume
that no such fact exists and shall have full power and authority to receive such
payment and to apply the same to the

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<PAGE>
purpose for which such money was received and shall not be affected by any
notice to the contrary that may be received by it within two Business Days prior
to such date.

SECTION 1307. APPLICATION BY TRUSTEE OF AMOUNTS DEPOSITED WITH IT.

      Amounts deposited in trust with the Trustee pursuant to and in accordance
with Article Four shall be for the sole benefit of Holders of the Securities of
series for the benefit of which such amounts were deposited, and, to the extent
allocated for the payment of Securities of such series, shall not be subject to
the subordination provisions of this Article Thirteen. Otherwise, any deposit of
assets with the Trustee or the Paying Agent (whether or not in trust) for the
payment of principal of, premium (if any) or interest on or any Additional
Amounts with respect to any Securities shall be subject to the provisions of
Sections 1301, 1302, 1303 and 1304; PROVIDED that if prior to two Business Days
preceding the date on which by the terms of this Indenture any such assets may
become distributable for any purpose (including without limitation, the payment
of either principal of, premium (if any) or interest on or any Additional
Amounts with respect to any Security), the Trustee or such Paying Agent shall
not have received with respect to such assets the written notice provided for in
Section 1306, then the Trustee or such Paying Agent shall have full power and
authority to receive such assets and to apply the same to the purpose for which
they were received, and shall not be affected by any notice to the contrary that
may be received by it on or after such date; and PROVIDED FURTHER that nothing
contained in this Article Thirteen shall prevent the Company from making, or the
Trustee from receiving or applying, any payment in connection with the
redemption of Securities if the first publication of notice of such redemption
(whether by mail or otherwise in accordance with this Indenture) has been made,
and the Trustee has received such payment from the Company, prior to the
occurrence of any of the contingencies specified in Section 1302 or 1303.

SECTION 1308. SUBORDINATION RIGHTS NOT IMPAIRED BY ACTS OR OMISSIONS OF THE
              COMPANY OR HOLDERS OF SENIOR INDEBTEDNESS.

      No right of any present or future holders of any Senior Indebtedness to
enforce subordination provisions contained in this Article Thirteen shall at any
time in any way be prejudiced or impaired by any act or failure to act on the
part of the Company or by any act or failure to act, in good faith, by any such
holder, or by any noncompliance by the Company with the terms of this Indenture,
regardless of any knowledge thereof that any such holder may have or be
otherwise charged with. The holders of Senior Indebtedness may extend, renew,
modify or amend the terms of the Senior Indebtedness or any security therefor
and release, sell or exchange such security and otherwise deal freely with the
Company, all without affecting the liabilities and obligations of the parties to
this Indenture or the Holders of the Securities.

SECTION 1309. TRUSTEE TO EFFECTUATE SUBORDINATION OF SECURITIES.

      Each Holder of a Security by his acceptance thereof authorizes and
expressly directs the Trustee on his behalf to take such action as may be
necessary or appropriate to effectuate the subordination provisions contained in
this Article Thirteen and to protect the rights of the Holders of the Securities
pursuant to this Indenture, and appoints the Trustee his attorney-in-fact for
such purpose, including, in the event of any dissolution, winding up,
liquidation or reorganization of the Company (whether in bankruptcy, insolvency
or receivership proceedings or upon an assignment for the benefit of creditors
of the Company), the filing of a claim for the unpaid balance of his Securities
in the form required in said proceedings and cause said claim to be approved. If
the Trustee does not file a proper claim or proof of debt in the form required
in such proceeding prior to 30 days before the expiration of the time to file
such claim or claims, then the holders of the Senior Indebtedness or their
representative are hereby authorized to have the right to file and are hereby
authorized to file an appropriate claim for and on behalf of the Holders of said
Securities.

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

SECTION 1310. RIGHT OF TRUSTEE TO HOLD SENIOR INDEBTEDNESS.

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

      Nothing in this Article Thirteen shall apply to claims of, or payments to,
the Trustee under or pursuant to Section 607.

SECTION 1311. ARTICLE THIRTEEN NOT TO PREVENT EVENTS OF DEFAULT.

      The failure to make a payment on account of principal of or premium (if
any) or interest on or any Additional Amounts with respect to the Securities by
reason of any provision of this Article Thirteen shall not be construed as
preventing the occurrence of a Default or an Event of Default under Section 501
or in any way prevent the Holders of the Securities from exercising any right
hereunder other than the right to receive payment on the Securities.

SECTION 1312. NO FIDUCIARY DUTY OF TRUSTEE TO HOLDERS OF SENIOR INDEBTEDNESS.

      With respect to holders of Senior Indebtedness, the Trustee undertakes to
perform only such obligations on the part of the Trustee as are specifically set
forth in this Article Thirteen and no implied covenants or obligations with
respect to holders of Senior Indebtedness shall be read into this Indenture
against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty
to the holders of Senior Indebtedness, and shall not be liable to any such
holders (other than for its willful misconduct or negligence) if it shall in
good faith mistakenly pay over or distribute to the Holders of the Securities or
the Company or any other Person, cash, property or securities to which any
holders of Senior Indebtedness shall be entitled by virtue of this Article
Thirteen or otherwise. Nothing in this Section 1312 shall affect the obligation
of any other such Person to hold such payment for the benefit of, and to pay
such payment over to, the holders of Senior Indebtedness or their
representative.

SECTION 1313. ARTICLE APPLICABLE TO PAYING AGENT.

      In case at any time any Paying Agent other than the Trustee shall have
been appointed by the Company and be then acting hereunder, the term "Trustee"
as used in this Article Thirteen shall in such case (unless the context shall
otherwise require) be construed as extending to and including such Paying Agent
within its meaning as fully for all intents and purposes as if such Paying Agent
were named in this Article in addition to or in place of the Trustee; PROVIDED,
HOWEVER, that this Section 1313 shall not apply to the Company or any Affiliate
of the Company if it or such Affiliate acts as Paying Agent.

SECTION 1314. SUBORDINATION OF SUBSIDIARY GUARANTEES.

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<PAGE>
      The obligations of each Subsidiary Guarantor under any Subsidiary
Guarantee relating to a series of Securities issued pursuant to this Indenture
shall be subordinated to the Senior Indebtedness of such Subsidiary Guarantor to
the same extent and in the same manner as the Securities of such series are
subordinated to Senior Indebtedness of the Company, or, if so provided in a
Board Resolution, Officers' Certificate or executed supplemental indenture
referred to in Sections 201 and 301 by or pursuant to which the form and terms
of the Securities of such series and the related Subsidiary Guarantees were
established, as and to the extent provided by the terms thereof, and each Holder
of Securities of each series, by his acceptance thereof, likewise covenants and
agrees to the subordination herein or therein provided and shall be bound by the
provisions hereof or thereof. For the purposes of the foregoing sentence, the
Trustee and the holders of Securities shall have the right to receive or retain
payments by any of the Subsidiary Guarantors only at such times as they may
receive or retain payments in respect of the Securities pursuant to this
Indenture.

                                ARTICLE FOURTEEN

                        MEETINGS OF HOLDERS OF SECURITIES

SECTION 1401. PURPOSES FOR WHICH MEETINGS MAY BE CALLED.

      A meeting of Holders of Securities of any or all series may be called at
any time and from time to time pursuant to this Article to make, give or take
any request, demand, authorization, direction, notice, consent, waiver or other
action provided by this Indenture to be made, given or taken by Holders of
Securities of such series.

SECTION 1402. CALL, NOTICE AND PLACE OF MEETINGS.

            (a) The Trustee may at any time call a meeting of Holders of
      Securities of any series for any purpose specified in Section 1401, to be
      held at such time and at such place in __________, ________, or in any
      other location, as the Trustee shall determine. Notice of every meeting of
      Holders of Securities of any series, setting forth the time and the place
      of such meeting and in general terms the action proposed to be taken at
      such meeting, shall be given, in the manner provided in Section 107, not
      less than 20 nor more than 180 days prior to the date fixed for the
      meeting.

            (b) In case at any time the Company, pursuant to a Board Resolution,
      or the Holders of at least 10% in aggregate principal amount of the
      Outstanding Securities of any series, shall have requested the Trustee for
      any such series to call a meeting of the Holders of Securities of such
      series for any purpose specified in Section 1401, by written request
      setting forth in reasonable detail the action proposed to be taken at the
      meeting, and the Trustee shall not have made the first publication of the
      notice of such meeting within 30 days after receipt of such request or
      shall not thereafter proceed to cause the meeting to be held as provided
      herein, then the Company or the Holders of Securities of such series in
      the amount above specified, as the case may be, may determine the time and
      the place in __________, ________, for such meeting and may call such
      meeting for such purposes by giving notice thereof as provided in
      Subsection (a) of this Section.

SECTION 1403. PERSONS ENTITLED TO VOTE AT MEETINGS.

      To be entitled to vote at any meeting of Holders of Securities of any
series, a Person shall be (1) a Holder of one or more Outstanding Securities of
such series, or (2) a Person appointed by an instrument in

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writing as proxy for a Holder or Holders of one or more Outstanding Securities
of such series by such Holder or Holders. The only Persons who shall be entitled
to be present or to speak at any meeting of Holders of Securities of any series
shall be the Persons entitled to vote at such meeting and their counsel, any
representatives of the Trustee and its counsel and any representatives of the
Company and its counsel.

SECTION 1404. QUORUM; ACTION.

      The Persons entitled to vote a majority in aggregate principal amount of
the Outstanding Securities of a series shall constitute a quorum for a meeting
of Holders of Securities of such series. In the absence of a quorum within 30
minutes of the time appointed for any such meeting, the meeting shall, if
convened at the request of Holders of Securities of such series, be dissolved.
In any other case, the meeting may be adjourned for a period of not less than 10
days as determined by the chairman of the meeting prior to the adjournment of
such meeting. In the absence of a quorum at any such adjourned meeting, such
adjourned meeting may be further adjourned for a period of not less than 10 days
as determined by the chairman of the meeting prior to the adjournment of such
adjourned meeting. Subject to Section 1405(d), notice of the reconvening of any
adjourned meeting shall be given as provided in Section 1402(a), except that
such notice need be given only once not less than five days prior to the date on
which the meeting is scheduled to be reconvened. Notice of the reconvening of an
adjourned meeting shall state expressly that Persons entitled to vote a majority
in principal amount of the Outstanding Securities of such series shall
constitute a quorum.

      Except as limited by the proviso to Section 902, any resolution presented
to a meeting or adjourned meeting duly reconvened at which a quorum is present
as aforesaid may be adopted by the affirmative vote of the Holders of a majority
in aggregate principal amount of the Outstanding Securities of that series;
PROVIDED, HOWEVER, that, except as limited by the proviso to Section 902, any
resolution with respect to any request, demand, authorization, direction,
notice, consent or waiver which this Indenture expressly provides may be made,
given or taken by the Holders of a specified percentage that is less than a
majority in aggregate principal amount of the Outstanding Securities of a series
may be adopted at a meeting or an adjourned meeting duly reconvened and at which
a quorum is present as aforesaid by the affirmative vote of the Holders of such
specified percentage in aggregate principal amount of the Outstanding Securities
of that series.

      In the event any matter considered at a meeting of Holders of Securities
is a matter upon which pursuant to Section 902 requires the consent of Holders
of a majority in principal amount of the Outstanding Securities of all series
affected thereby acting as one class, then the presence of a quorum and the
adoption of a resolution shall be by a majority in aggregate principal amount of
the Outstanding Securities of all of the affected series acting as a class.

      Except as limited by the proviso to Section 902, any resolution passed or
decision taken at any meeting of Holders of Securities of any series duly held
in accordance with this Section shall be binding on all the Holders of
Securities of such series, whether or not present or represented at the meeting.

SECTION 1405. DETERMINATION OF VOTING RIGHTS; CONDUCT AND ADJOURNMENT OF
              MEETINGS.

            (a) The holding of Securities shall be proved in the manner
      specified in Section 105 and the appointment of any proxy shall be proved
      in the manner specified in Section 105. Such regulations may provide that
      written instruments appointing proxies, regular on their face, may be
      presumed valid and genuine without the proof specified in Section 105 or
      other proof.

                                       63
<PAGE>
            (b) The Trustee shall, by an instrument in writing, appoint a
      temporary chairman of the meeting, unless the meeting shall have been
      called by the Company or by Holders of Securities as provided in Section
      1402(b), in which case the Company or the Holders of Securities of the
      series calling the meeting, as the case may be, shall appoint a temporary
      chairman. A permanent chairman and a permanent secretary of the meeting
      shall be elected by vote of the Persons entitled to vote a majority in
      aggregate principal amount of the Outstanding Securities of such series
      represented at the meeting.

            (c) At any meeting each Holder of a Security of such series and each
      proxy shall be entitled to one vote for each $1,000 principal amount of
      the Outstanding Securities of such series held or represented by him;
      PROVIDED, HOWEVER, that no vote shall be cast or counted at any meeting in
      respect of any Security challenged as not Outstanding and ruled by the
      chairman of the meeting to be not Outstanding. The chairman of the meeting
      shall have no right to vote, except as a Holder of a Security of such
      series or as a proxy.

            (d) Any meeting of Holders of Securities of any series duly called
      pursuant to Section 1402 at which a quorum is present may be adjourned
      from time to time by Persons entitled to vote a majority in aggregate
      principal amount of the Outstanding Securities of such series represented
      at the meeting; and the meeting may be held as so adjourned without
      further notice.

SECTION 1406. COUNTING VOTES AND RECORDING ACTION OF MEETINGS.

      The vote upon any resolution submitted to any meeting of Holders of
Securities of any series shall be by written ballots on which shall be
subscribed the signatures of the Holders of Securities of such series or of
their representatives by proxy and the principal amounts and serial numbers of
the Outstanding Securities of such series held or represented by them. The
permanent chairman of the meeting shall appoint two inspectors of votes who
shall count all votes cast at the meeting for or against any resolution and who
shall make and file with the secretary of the meeting their verified written
reports in duplicate of all votes cast at the meeting. A record, at least in
duplicate, of the proceedings of each meeting of Holders of Securities of any
series shall be prepared by the secretary of the meeting and there shall be
attached to such record the original reports of the inspectors of votes on any
vote by ballot taken thereat and affidavits by one or more persons having
knowledge of the facts setting forth a copy of the notice of the meeting and
showing that such notice was given as provided in Section 1402 and, if
applicable, Section 1404. Each copy shall be signed and verified by the
affidavits of the permanent chairman and secretary of the meeting and one such
copy shall be delivered to the Company, and another to the Trustee to be
preserved by the Trustee, the latter to have attached thereto the ballots voted
at the meeting. Any record so signed and verified shall be conclusive evidence
of the matters therein stated.

                                      * * *

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

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

                                       64
<PAGE>
                                    TRINITY INDUSTRIES, INC.

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

                                    TRUSTEE

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

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

                                    SUBSIDIARY GUARANTORS:

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

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

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

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

                                       65<PAGE>

                                                                    Exhibit 10.1

                           TERREMARK WORLDWIDE, INC.,

                                TD GLOBAL FINANCE

                                       AND

                            THE TORONTO-DOMINION BANK

                                 (AS GUARANTOR)

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

                       PUT AND WARRANT PURCHASE AGREEMENT

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

                                 APRIL 10, 2002

                                      -i-
<PAGE>
                                TABLE OF CONTENTS

                                                                            PAGE

1.   Put and Warrant Purchase Agreement........................................1

     1.1      Definitions......................................................1

     1.2      Put Option.......................................................2

     1.3      Call Warrants....................................................3

     1.4      Clearance and Settlement of Put Option...........................4

     1.5      Clearance and Settlement of Exercise of Warrant..................4

2.   Registration Rights.......................................................4

     2.1      Registration of Shares...........................................4

     2.2      Obligations of the Company.......................................6

     2.3      Furnish Information..............................................7

     2.4      Expenses of Registration.........................................7

     2.5      Indemnification..................................................7

     2.6      Assignment of Registration Rights................................9

3.   Representations and Warranties of the Company.............................9

     3.1      Issuance of Shares and Warrants..................................9

     3.2      By-Laws and Corporate Agreements.................................9

     3.3      Disclosure.......................................................9

     3.4      SEC Reports......................................................9

     3.5      Corporate Existence and Qualification...........................10

     3.6      Capitalization..................................................10

     3.7      Authority.......................................................10

     3.8      Compliance with Law.............................................10

     3.9      Taxes...........................................................11

     3.10     Actions Pending.................................................11

     3.11     Subsidiaries and Branches.......................................11

4.   Representations and Warranties of the Purchaser..........................11

     4.1      Securities Act..................................................11

     4.2      Information.....................................................11

     4.3      Authority.......................................................11

5.   Covenants of the Company.................................................11

     5.1      Sales of Shares.................................................11

     5.2      Exchange Act Reports............................................12

                                      -i-
<PAGE>
                                TABLE OF CONTENTS
                                   (CONTINUED)

                                                                            PAGE

     5.3      Regulatory Filings..............................................12

     5.4      Taxes...........................................................12

     5.5      Confidentiality.................................................12

6.   Covenants of the Purchaser...............................................13

     6.1      Resales.........................................................13

     6.2      Regulatory Filings..............................................13

     6.3      Information.....................................................13

     6.4      Guarantee.......................................................13

7.   Extraordinary Events.....................................................14

8.   Miscellaneous............................................................14

     8.1      Further Assurances..............................................14

     8.2      General Indemnity...............................................14

     8.3      Parties in Interest.............................................15

     8.4      Amendments and Waivers..........................................15

     8.5      Notices.........................................................15

     8.6      Severability....................................................15

     8.7      Governing Law...................................................15

     8.8      Exclusive Jurisdiction and Consent to Service of Process........15

     8.9      Counterparts....................................................16

     8.10     Titles and Subtitles............................................16

     8.11     Expenses........................................................16

     8.12     Entire Agreement................................................16

     8.13     Survival of Agreement...........................................16

     8.14     Brokerage.......................................................16

                                      -ii-
<PAGE>
                       PUT AND WARRANT PURCHASE AGREEMENT

         This Put and Warrant Purchase Agreement (the "Agreement") is made as of
the 10th day of April, 2002 by and among Terremark Worldwide, Inc., a Delaware
corporation (the "Company"), TD Global Finance, an Irish unlimited liability
investment company (the "Purchaser") and The Toronto-Dominion Bank, a Canadian
bank (the "Guarantor").

                                    RECITALS

         WHEREAS, the Purchaser wishes to grant to the Company an option (the
"Put Option") to cause the Purchaser to purchase U.S.$10,200,000.00 (ten million
two hundred thousand dollars) in aggregate value of the shares of the authorized
but unissued common stock, U.S.$0.001 par value, of the Company (the "Shares");
provided, the Purchaser shall not be obligated to purchase a number of Shares
that exceeds 9.9% (nine point nine percent) of the Company's outstanding share
capital of common stock on the Exercise Date (as defined herein).

         WHEREAS, upon the exercise of the Put Option, the Company wishes to
issue and grant to the Purchaser three call warrants (the "Warrants" and each a
"Warrant") which grant the Purchaser the right to purchase further Shares of the
Company.

         WHEREAS, as a condition to the Purchaser's obligations under this
Agreement, the Company has agreed to (i) register the Shares of the Company upon
the exercise of the Put Option by the Company and (ii) register the Shares
represented by a Warrant upon the exercise of such Warrant by the Purchaser.

                                    AGREEMENT

         The parties hereby agree as follows:

         1. PUT AND WARRANT PURCHASE AGREEMENT. The Company and the Purchaser
covenant and agree as follows:

                  1.1 DEFINITIONS. For purposes of this Agreement:

                           (a) The term "Affiliate"; shall have the meaning
assigned to such term under Rule 405 under the Securities Act (as defined
below).

                           (b) The term "Business Day"; shall mean any day on
which the commercial banks in the City of New York are open for business.

                           (c) The term "Exchange Act"; shall mean the
Securities Exchange Act of 1934, as amended.

                           (d) The term "Exercise Date"; shall mean the date on
which the Company exercises the Put Option.

                           (e) The term "Exercise Time"; shall mean any time on
any Trading Day from the official opening of trading on the American Stock
Exchange until 15 (fifteen) minutes after the official close of trading on such
exchange.
<PAGE>
                           (f) The term "Expiration Date"; shall mean the date 6
(six) months from the date of this Agreement.

                           (g) The term "Expiration Time"; shall mean the end of
the Exercise Time on the Expiration Date.

                           (h) The term "ISDA Master Agreement"; shall mean the
International Swap Dealers Association Master Agreement of 1992, as may be
amended until the date hereof by the International Swaps and Derivatives
Association.

                           (i) The term "Form S-3"; shall mean such form under
the Securities Act (as defined below) as in effect on the date hereof or any
successor form under the Securities Act.

                           (j) The term "Loss"; shall have the meaning assigned
to such term in the ISDA Master Agreement.

                           (k) The term "Purchaser's Agent"; shall mean The Bank
of New York having its offices at One Wall Street, Third Floor, Window B, Ref.
A/C TD Securities, Attn.: Margaret Duffy (+1 212 635 7017).

                           (l) The terms "register" "registered," and
"registration" refer to a registration effected by preparing and filing a
registration statement in compliance with the Securities Act of 1933, as amended
(the "Securities Act"), and the declaration or ordering of effectiveness of such
registration statement or document.

                           (m) The term "SEC" shall mean the Securities and
Exchange Commission.

                           (n) The term "Share Price"; shall mean the price of
the Shares as quoted by the American Stock Exchange at the closing of such
exchange on the Exercise Date; provided, if the price upon closing is more than
1.0% (one percent) above the arithmetic average of the highest and lowest traded
price of the Shares during the hours of trading on the American Stock Exchange
on the Exercise Date (the "Average Trading Price") as determined by the Company
as calculation agent, then the Share Price shall be equal to the Average Trading
Price plus 1.0%.

                           (o) The term "Trading Day"; shall mean any day on
which the American Stock Exchange is (i) officially open for trading for at
least four (4) consecutive hours and (ii) a closing price for the Shares of the
Company is published by the American Stock Exchange.

                           (p) The term "Warrant Exercise Date"; shall mean each
date on which the Purchaser exercises one or more of its Warrants.

                  1.2 PUT OPTION.

                           (a) During any Exercise Time and until the Expiration
Time, and subject to the terms and conditions contained herein, the Company may
exercise the Put Option. The Put Option shall require the Purchaser to purchase
U.S.$10,200,000 (the "Purchase Price") worth of Shares; provided, the Purchaser
shall not be obligated to purchase a number of Shares that exceeds 9.9% of the
Company's outstanding share capital of common stock (the "Company's Outstanding
Share Capital") on the Exercise Date.

                                       2
<PAGE>
                           (b) The amount of Shares of the Company to be
purchased by the Purchaser upon the exercise by the Company of the Put Option
(the "Put Shares") shall be determined by dividing U.S.$10,200,000 by 86.7%
(eighty six point seven percent) of the Share Price on the Exercise Date,
subject to the limitation set out in subsection 1.2(a); provided, if the
calculation of the number of Put Shares results in a non-integral number of
Shares, then the number of Put Shares shall be rounded up to the nearest whole
integer.

                           (c) In consideration for the granting of the Put
Option, the Company shall deliver to the Purchaser U.S.$1.00 (one dollar) within
2 (two) Business Days of the date of this Agreement and shall grant to the
Purchaser the Warrants.

                           (d) The Company shall pay to the Purchaser a non
exercise fee of U.S.$500,000 (the "Non Exercise Fee") within 2 (two) Business
Days following the Expiration Date if the Company fails to exercise the Put
Option before the Expiration Time.

                  1.3 CALL WARRANTS.

                           (a) Upon the exercise by the Company of its Put
Option, the Company shall issue and grant to the Purchaser three Warrants (each
three Warrants together, a "Warrant Series") in the form attached hereto as
Annex A. The Warrant Series shall entitle the Purchaser to purchase, at the
Purchaser's absolute discretion, from the Company, Shares in an amount equal to
20% (twenty percent) of the Put Shares ("Warrant Series Size"); provided, if the
calculation of the Warrant Series Size results in a non-integral number of
Shares, then the Warrant Series Size shall be rounded up to the nearest whole
integer.

                           (b) Each of the three Warrants in the Warrant Series
shall grant the Purchaser the right to purchase from the Company Shares equal
to, and not more than or less than, 33.3% (thirty-three percent) of the Warrant
Series Size (the "Warrant Size"); provided, if the calculation of the Warrant
Size results in a non-integral number of Shares, then the Warrant Size shall be
rounded up to the nearest whole integer.

                           (c) Each Warrant in the Warrant Series shall entitle
the Purchaser to purchase from the Company Shares equal to the Warrant Size at
the following exercise prices (each a "Warrant Exercise Price"):

                                    (i) in respect of the first Warrant, 85%
(eighty-five percent) of the Share Price on the Exercise Date;

                                    (ii) in respect of the second Warrant, 100%
(one hundred percent) of the Share Price on the Exercise Date; and

                                    (iii) in respect of the third Warrant, 115%
(one hundred and fifteen percent) of the Share Price on the Exercise Date.

                           (d) Each Warrant may be exercised on any Trading Day
until the date 6 (six) months following the Exercise Date.

                           (e) In the event of any capital adjustment by the
Company such as a stock split, stock combination, reclassification,
reorganization, merger or combination, or any issuance of additional shares of
common stock by reason of a dividend or other distribution payable in common
stock, the Warrant Series Size shall be adjusted accordingly.

                                       3
<PAGE>
                  1.4 CLEARANCE AND SETTLEMENT OF PUT OPTION.

                           (a) The Company shall indicate its intent to exercise
the Put Option by notifying the Purchaser by telephone which shall be
irrevocable. Following such notification, the Company shall confirm its intent
to exercise the Put Option by delivering to the Purchaser a written
confirmation; provided that, failure to deliver such written confirmation shall
not affect the validity or effectiveness of the notification by telephone. Upon
the giving of notification by telephone of its intent to exercise the Put
Option, the Company shall enter the Purchaser in its share register and shall
issue and deliver to the office of the Purchaser's Agent before the close of
business on the next Business Day, in person or by overnight courier, (i) a
stock certificate or certificates in definitive form, registered in the name of
the Purchaser or its designee, representing the Put Shares and (ii) the three
Warrants of the Warrant Series in definitive form, registered in the name of the
Purchaser or its designee.

                           (b) Upon receipt from the Company of sufficient
evidence that a registration statement has been declared effective by the SEC in
respect of the Put Shares, the Purchaser shall on the Business Day following
such receipt pay the Purchase Price to the Company by wire transfer in
immediately available funds to such account as may be specified to the Purchaser
by the Company in writing.

                  1.5 CLEARANCE AND SETTLEMENT OF EXERCISE OF WARRANT.

                           (a) The Purchaser shall indicate its intent to
exercise a Warrant by (i) notifying the Company in writing of the exercise of
the Warrant and (ii) delivering the exercised Warrant to the Company in person
or by courier.

                           (b) The Company upon receiving notification from the
Purchaser of the exercise shall issue and deliver to the office of the
Purchaser's Agent before the close of business on the next Business Day, in
person or by overnight courier, a stock certificate or certificates in
definitive form, registered in the name of the Purchaser or its designee,
representing the Shares equal to the Warrant Size.

                           (c) Upon receipt from the Company of sufficient
evidence that a registration statement has been declared effective by the SEC in
respect of the Shares issued in respect of the exercised Warrant, the Purchaser
shall on the Business Day following such receipt pay an amount equal to the
Warrant Exercise Price for each of the Shares issued and delivered by the
Company (the "Warrant Purchase Price") to the Company by wire transfer in
immediately available funds to such account as may be specified to the Purchaser
by the Company in writing.

         2. REGISTRATION RIGHTS. The Company and the Purchaser covenant and
agree as follows:

                  2.1 REGISTRATION OF SHARES.

                           (a) Upon the exercise by the Company of the Put
Option or the exercise by the Purchaser of a Warrant, the Company shall use its
commercially reasonable efforts to effect the registration under the Securities
Act of the Put Shares or the Shares issued in respect of an exercised Warrant
(together, the "Registerable Shares"), as the case may be, as soon as
practicable, and in any event within 90 (ninety) days of the Exercise Date or
the Warrant Exercise Date, as the case may be (the "Registration Period"). Such
registration statement shall cover the public distribution in the United States
by the Purchaser of the Put Shares or the Shares issued in respect of an
exercised Warrant, as the case may be. If the Company can establish, having the
burden of proof, that having used its commercially reasonable efforts, it is
unable to effect the registration under the Securities Act of such Shares within
the time period specified herein, the Company may instead arrange for the
delivery to the Purchaser of Shares

                                       4
<PAGE>
which have been registered under the Securities Act along with an opinion of
counsel, reasonably satisfactory to the Purchaser, stating that the delivered
Shares may be publicly offered and sold by the Purchaser without further
registration under the Securities Act as well an opinion letter substantially
similar to that described in subsection 2.2(h) below which shall include those
opinions that are reasonably requested by the Purchaser, within the Registration
Period in exchange for the unregistered Put Shares or Shares issued in respect
of an exercised Warrant, which exchange shall have the same effect for purposes
of this Agreement as an effective registration of the Put Shares or Shares
issued in respect of an exercised Warrant, as the case may be. Any such exchange
of Shares and payment of the Purchase Price therefore shall be concurrent.

                           (b) If the Put Shares or the Shares issued in respect
of an exercised Warrant have not been registered by the Company within the
Registration Period and the Company can establish, having the burden of proof,
that failure to effect the registration under the Securities Act of the Shares
as specified in subsection 2.1(a) was due to acts or omissions of third parties
or other circumstances outside the Company's control and that it has not
otherwise delivered Shares registered under the Securities Act as specified in
subsection 2.1(a), then the Purchaser may, in its sole discretion:

                                    (i) extend the Registration Period by giving
written notice to the Company, provided, however, if registration is not
completed to the Purchaser's satisfaction within the Registration Period
extended by the Purchaser then, at the Purchaser's sole discretion, subsections
2.1(c)(ii) or (iii) below shall apply;

                                    (ii) accept the unregistered Shares by
giving written notice to the Company and pay the Purchase Price or the Warrant
Purchase Price, as the case may be, to the Company by wire transfer in
immediately available funds to such account as may be specified to the Purchaser
by the Company in writing; or

                                    (iii) declare the exercise of the Put Option
or the Warrant ineffective by giving written notice to the Company, whereupon
receipt of such notice: (A) the Purchaser shall deliver stock certificate or
certificates representing the Put Shares or the Shares issued upon exercise of a
Warrant, as the case may be, to the Company in person or by courier, and (B) if
the Expiration Time has occurred, declare the Non Exercise Fee due and payable
within two Business Days, by giving written notice to the Company.

                           (c) If the Put Shares or the Shares issued in respect
of an exercised Warrant have not been registered by the Company within the
Registration Period, and the Company cannot establish, having the burden of
proof, that failure to effect the registration under the Securities Act of the
Shares as specified in Subsection 2.1(a) was due to acts or omissions of third
parties or other circumstances outside the Company's control and the Company has
not otherwise delivered Shares registered under the Securities Act as specified
in subsection 2.1(a) above, then the Purchaser may, in its sole discretion:

                                    (i) extend the Registration Period by giving
written notice to the Company;

                                    (ii) accept the unregistered Shares by
giving written notice to the Company and pay the Purchase Price or the Warrant
Purchase Price, as the case may be, to the Company by wire transfer in
immediately available funds to such account as may be specified to the Purchaser
by the Company in writing; or

                                       5
<PAGE>
                                    (iii) declare the exercise of the Put Option
or the Warrant ineffective by giving written notice to the Company, whereupon
receipt of such notice:

                                    (I) (A) the Purchaser shall deliver stock
certificate or certificates representing the Put Shares or the Shares issued
upon exercise of a Warrant, as the case may be, to the Company in person or by
courier, and (B) if the Expiration Time has occurred, the Purchaser shall
declare the Non Exercise Fee due and payable within two Business Days, and claim
Loss; or

                                    (II) the Purchaser may sell such Shares to
any non-Affiliate on reasonable market terms, and return within 30 (thirty) days
following delivery of the stock certificate or certificates, the stock
certificate or stock certificates representing the unsold Shares to the Company,
whereupon the Purchaser shall deliver to the Company by wire transfer in
immediately available funds to such account as may be specified to the Purchaser
by the Company the Purchase Price or the Warrant Purchase Price, as the case may
be, minus the value of the unsold Shares and the Loss suffered by the Purchaser,
as determined by the Purchaser as calculation agent.

                  2.2 OBLIGATIONS OF THE COMPANY. Whenever required under this
Section 2 to effect the registration of any Registerable Shares, the Company
shall, as expeditiously as reasonably possible:

                           (a) Prepare and file with the SEC a registration
statement with respect to such Registerable Shares and use its commercially
reasonable efforts to cause such registration statement to become effective, and
keep such registration statement effective for up to 120 (one hundred twenty)
days.

                           (b) Prepare and file with the SEC such amendments and
supplements to such registration statement and the prospectus used in connection
with such registration statement as may be necessary to comply with the
provisions of the Securities Act with respect to the disposition of all the
Registerable Shares covered by such registration statement for up to 120 (one
hundred twenty) days.

                           (c) Furnish to the Purchaser such numbers of copies
of a prospectus, including a preliminary prospectus, in conformity with the
requirements of the Securities Act, and such other documents as it may
reasonably request in order to facilitate the disposition of the Registerable
Shares owned by them.

                           (d) Use its commercially reasonable efforts to
register and qualify the Registerable Shares covered by such registration
statement under such other securities or Blue Sky laws of such jurisdictions as
shall be reasonably requested by the Purchaser, provided that the Company shall
not be required in connection therewith or as a condition thereto to qualify to
do business or to file a general consent to service of process in any such
states or jurisdictions unless the Company is already subject to service in such
jurisdiction and except as may be required by the Securities Act.

                           (e) Notify the Purchaser at any time when a
prospectus relating thereto is required to be delivered under the Securities Act
of the happening of any event as a result of which the prospectus included in
such registration statement, as then in effect, includes an untrue statement of
a material fact or omits to state a material fact required to be stated therein
or necessary to make the statements therein not misleading in the light of the
circumstances then existing, such obligation to continue for 120 (one hundred
twenty) days.

                           (f) Cause all Registerable Shares to be listed on the
American Stock Exchange and or any other securities exchange or quotation system
on which the Shares of the Company are then listed or quoted.

                                       6
<PAGE>
                           (g) Provide a transfer agent and registrar for all
Registerable Shares and a CUSIP number for all such Registerable Shares, in each
case not later than the effective date of such registration.

                           (h) Provide on the date that the registration
statement relating to the Registerable Shares becomes effective (i) an opinion,
dated such date, of the counsel representing the Company for the purposes of
such registration, in form and substance as is customarily given to underwriters
in an underwritten public offering, addressed to the Purchaser and (ii) a letter
dated such date, from the independent certified public accountants of the
Company, in form and substance as is customarily given by independent certified
public accountants to underwriters in an underwritten public offering, addressed
to the Purchaser.

                  2.3 FURNISH INFORMATION. It shall be a condition precedent to
the obligations of the Company to take any action pursuant to this Section 2
with respect to any Registerable Shares that the Purchaser shall furnish to the
Company such information regarding itself, the number of Registerable Shares
held by it, and the intended method of disposition of such Registerable Shares
as shall be required to effect the registration of the Purchaser's Registerable
Shares.

                  2.4 EXPENSES OF REGISTRATION. All expenses incurred in
connection with registrations, filings or qualifications pursuant to this
Section 2, including, without limitation, all registration, filing and
qualification fees, printers' and accounting fees, fees and disbursements of
counsel for the Company, and the reasonable fees and disbursements, up to
U.S.$20,000.00 per registration or filing made with the SEC, of one counsel for
the Purchaser selected by the Purchaser shall be borne by the Company.

                  2.5 INDEMNIFICATION. In the event any Registerable Shares are
included in a registration statement under this Section 2:

                           (a) To the extent permitted by law, the Company will
indemnify and hold harmless the Purchaser, any underwriter (as defined in the
Securities Act) for the Purchaser and each person, if any, who controls the
Purchaser or underwriter within the meaning of the Securities Act or the
Securities Exchange Act of 1934, as amended (the "Exchange Act"), against any
losses, claims, damages, or liabilities joint or several) to which they may
become subject under the Securities Act, the Exchange Act or other federal or
state law, insofar as such losses, claims, damages, or liabilities (or actions
in respect thereof arise out of or are based upon any of the following
statements, omissions or violations (collectively a "Violation"): (i) any untrue
statement or alleged untrue statement of a material fact contained in such
registration statement, including any preliminary prospectus or final prospectus
contained therein or any amendments or supplements thereto, (ii) the omission or
alleged omission to state therein a material fact required to be stated therein,
or necessary to make the statements therein not misleading, or (iii) any
violation or alleged violation by the Company of the Securities Act, the
Exchange Act, any state securities law or any rule or regulation promulgated
under the Securities Act, the Exchange Act or any state securities law; and the
Company will pay to each such Purchaser, underwriter or controlling person, as
incurred, any legal or other expenses reasonably incurred by them in connection
with investigating or defending any such loss, claim, damage, liability, or
action; provided, however, that the indemnity agreement contained in this
subsection 2.5(a) shall not apply to amounts paid in settlement of any such
loss, claim, damage, liability, or action if such settlement is effected without
the consent of the Company (which consent shall not be unreasonably withheld),
nor shall the Company be liable to the Purchaser, any underwriter or controlling
person for any such loss, claim, damage, liability, or action to the extent that
it arises out of or is based upon a Violation which occurs in reliance upon and
in conformity with written information furnished expressly for use in connection
with such registration by any such Purchaser, underwriter or controlling person.

                                       7
<PAGE>
                           (b) To the extent permitted by law, the Purchaser
will indemnify and hold harmless the Company, each of its directors, each of its
officers who has signed the registration statement, each person, if any, who
controls the Company within the meaning of the Securities Act, any underwriter,
and any controlling person of any underwriter, against any losses, claims,
damages, or liabilities (joint or several) to which any of the foregoing persons
may become subject, under the Securities Act, the Exchange Act or other federal
or state law, insofar as such losses, claims, damages, or liabilities (or
actions in respect thereto) arise out of or are based upon any Violation, in
each case to the extent (and only to the extent) that such Violation occurs in
reliance upon and in conformity with written information furnished by the
Purchaser expressly for use in connection with such registration and identified
as such; and the Purchaser shall pay, as incurred, any legal or other expenses
reasonably incurred by any person intended to be indemnified pursuant to this
subsection 2.5(b), in connection with investigating or defending any such loss,
claim, damage, liability, or action; provided, however, that the indemnity
agreement contained in this subsection 2.5(b) shall not apply to amounts paid in
settlement of any such loss, claim, damage, liability or action if such
settlement is effected without the consent of the Purchaser, which consent shall
not be unreasonably withheld; provided, that in no event shall any indemnity
under this Subsection 2.5(b) exceed the net proceeds received by the Purchaser
from the sale, if any, of any Shares to any non-affiliate of the Purchaser,
except in the case of willful misconduct by the Purchaser.

                           (c) Promptly after receipt by an indemnified party
under this Section 2.5 of notice of the commencement of any action (including
any governmental action), such indemnified party will, if a claim in respect
thereof is to be made against any indemnifying party under this Section 2.5,
deliver to the indemnifying party a written notice of the commencement thereof
and the indemnifying party shall have the right to participate in, and, to the
extent the indemnifying party so desires, jointly with any other indemnifying
party similarly noticed, to assume the defense thereof with counsel mutually
satisfactory to the parties; provided, however, that an indemnified party
(together with all other indemnified parties which may be represented without
conflict by one counsel) shall have the right to retain one separate counsel,
with the reasonable fees and expenses to be paid by the indemnifying party, if
representation of such indemnified party by the counsel retained by the
indemnifying party would be inappropriate due to actual or potential differing
interests between such indemnified party and any other party represented by such
counsel in such proceeding. The failure to deliver written notice to the
indemnifying party within a reasonable time of the commencement of any such
action, if prejudicial to its ability to defend such action, shall relieve such
indemnifying party of any liability to the indemnified party under this Section
2.5 to the extent of such prejudice, but the omission so to deliver written
notice to the indemnifying party will not relieve it of any liability that it
may have to ally indemnified party otherwise than under this Section 2.5.

                           (d) If the indemnification provided for in this
Section 2.5 is held by a court of competent jurisdiction to be unavailable to an
indemnified party with respect to any loss, liability, claim, damage or expense
referred to therein, then the indemnifying party, in lieu of indemnifying such
indemnified party hereunder, shall contribute to the amount paid or payable by
such indemnified party as a result of such loss, liability, claim, damage, or
expense in such proportion as is appropriate to reflect the relative fault of
the indemnifying party on the one hand and of the indemnified party on the other
in connection with the statements or omission that resulted in such loss,
liability, claim, damage or expense as well as any other relevant equitable
considerations; provided, that in no event shall any contribution by the
Purchaser under this subsection 2.5(d) exceed the net proceeds from the offering
received by the Purchaser, except in the case of willful misconduct by the
Purchaser. The relative fault of the indemnifying party and of the indemnified
party shall be determined by reference to, among other things, whether the
untrue or alleged untrue statement of a material fact or the omission to state a
material fact relates to information supplied by the indemnifying party or by
the indemnified party and the parties' relative intent, knowledge, access to
information, and opportunity to correct or prevent such statement or omission.

                                       8
<PAGE>
                           (e) The obligations of the Company and the Purchaser
under this Section 2.5 shall survive the completion of any offering of
Registerable Shares in a registration statement under this Section 2, and
otherwise.

                  2.6 ASSIGNMENT OF REGISTRATION RIGHTS. The rights to cause the
Company to register Registerable Shares pursuant to this Section 2 may be
assigned (but only with all related obligations) by the Purchaser to a
transferee of the Registerable Shares, provided the Company is, within a
reasonable time after such transfer, furnished with written notice of the name
and address of such transferee or assignee and the Registerable Shares with
respect to which such registration rights are being assigned; and provided,
further, that such assignment shall be effective only if immediately following
such transfer the further disposition of such Registerable Shares by the
transferee or assignee is restricted under the Securities Act.

         3. REPRESENTATIONS AND WARRANTIES OF THE COMPANY. The Company hereby
represents and warrants to the Purchaser as of the date hereof:

                  3.1 ISSUANCE OF SHARES AND WARRANTS.

                           (a) The Shares to be issued under this Agreement upon
the exercise of the Put Option by the Company and upon the exercise by the
Purchaser of a Warrant, have been duly authorized by all necessary corporate
action, and when paid for in accordance with the terms of this Agreement, shall
be validly issued and outstanding, fully paid and nonassessable, free and clear
of all liens, charges, and encumbrances of any nature whatsoever, including any
preferential rights of other shareholders of any nature or third parties and the
Purchaser shall be entitled to all rights accorded to a holder of capital stock
of the same class in the Company. The Company has also complied with all
applicable federal and state securities laws in connection with the offer,
issuance and sale of the Shares hereunder.

                           (b) The Warrants to be issued under this Agreement
upon the exercise of the Put Option by the Company, have been duly authorized by
all necessary corporate action and when issued, shall be validly issued and
outstanding, fully paid and nonassessable, free and clear of all liens, charges,
and encumbrances of any nature whatsoever, including any preferential rights of
other shareholders of any nature or third parties. The Company has also complied
with all applicable federal and state securities laws in connection with the
offer, issuance and sale of the Warrants hereunder.

                  3.2 BY-LAWS AND CORPORATE AGREEMENTS. All the rights and
obligations of the stockholders of the Company in their capacity as such are
included in the Certificate of Incorporation and the Corporate By-laws and there
are no other rights, obligations or undertakings of any kind including any
rights regarding the Shares. Further, the execution of, and performance of, the
transactions contemplated by this Agreement will not conflict with or result in
a breach of the Certificate of Incorporation or Bylaws of the Company, or any
material agreement, indenture or other instrument to which the Company is a
party or by which it is bound.

                  3.3 DISCLOSURE. Neither this Agreement nor any other
documents, certificates or instruments furnished to the Purchaser by or on
behalf of the Company or any subsidiary in connection with the transactions
contemplated by this Agreement contain any untrue statement of a material fact
or omits to state a material fact necessary in order to make the statements made
herein or therein, in light of the circumstances under which they were made
herein or therein, not misleading.

                  3.4 SEC REPORTS. The Company has duly filed with the SEC all
reports (individually a "Report" and collectively the "Reports") required to be
filed by it under the Exchange Act,

                                       9
<PAGE>
and has filed all material contracts required to be filed pursuant to Section
601(b)(10) of Regulation S-K under the Securities Act. Each Report did not, as
of the date on which it was signed, contain any untrue statement of a material
fact or omit to state a material fact necessary in order to make the statements
therein, in light of the circumstances under which they were made, not
misleading. Neither this Agreement nor any other documents, certificates or
instruments furnished to the Purchaser by or on behalf of the Company or any
subsidiary in connection with the transactions contemplated by this Agreement
contain any untrue statement of a material fact or omits to state a material
fact necessary in order to make the statements made herein or therein, in light
of the circumstances under which they were made herein or therein, not
misleading.

                  3.5 CORPORATE EXISTENCE AND QUALIFICATION. The Company has
been duly organized and is validly existing as a corporation in good standing
under the laws of the State of Delaware, with full power and authority
(corporate and other) to own, lease and operate its properties and assets and to
conduct its business as it is now being conducted. The Company is duly
incorporated and qualified to do business as a foreign corporation and is in
good standing in each jurisdiction of the United States, or any other country,
state, province, or political subdivision in which the character of the business
conducted by it or the nature of the properties owned or leased by it makes such
qualification necessary for the conduct of its business as described in the
Reports, except where the failure to be so qualified would not have a material
adverse effect on the Company.

                  3.6 CAPITALIZATION. As evidenced by the copy of the share
register provided by the Company to the Purchaser, the authorized capital stock
of the Company consists of (i) 300,000,000 shares of common stock, par value
U.S.$0.001 per share, of which 199,482,250 shares are issued and outstanding and
(ii) 10,000,000 shares of preferred stock, par value U.S.$0.001 per share, of
which 20 shares are designated as Series G convertible preferred stock and 5,882
shares are designated as Series H convertible preferred stock. As of March 15,
2002, 20 shares of Series G convertible preferred stock were issued and
outstanding and convertible into 1,653,333 shares of common stock, and 294
shares of Series H convertible preferred stock were issued and outstanding and
convertible into 294,000 shares of common stock. As of March 15, 2002, there
were outstanding options, warrants and convertible debentures (of which
U.S.$29,655,700 was outstanding) currently exercisable for or convertible into a
total of 35,515,813 shares of common stock. The Company has all requisite power
and authority to issue, sell and deliver the Shares and Warrants in accordance
with and upon the terms and conditions set forth in this Agreement, and all
corporate action required to be taken by the Company for the due and proper
authorization, issuance, sale and delivery of the Shares and Warrants has been
validly and sufficiently taken.

                  3.7 AUTHORITY. The Company has full right, power and authority
to enter into this Agreement, and this Agreement has been duly authorized,
executed and delivered by the Company and constitutes the legal, valid and
binding agreement of the Company enforceable against the Company in accordance
with its terms (except in all cases as such enforceability may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws
affecting the enforcement of creditors' rights generally and except that the
availability of the equitable remedy of specific performance or injunctive
relief is subject to the discretion of the court before which any proceeding may
be brought).

                  3.8 COMPLIANCE WITH LAW. The Company is not in violation of
any law, ordinance, governmental rule or regulation or court decree to which it
may be subject and the Company has been and is presently being conducted in
accordance with all applicable federal, state and local governmental laws,
rules, regulations and ordinances, except where such failure would not cause a
material adverse effect, having the Company all franchises, permits, licenses,
consents and other governmental or regulatory authorizations and approvals
necessary for the conduct of its business as now being conducted by it.

                                       10
<PAGE>
                  3.9 TAXES. The Company has accurately prepared and filed all
federal, state, local, foreign and other tax returns for income, gross receipts,
sales, use and other taxes and custom duties ("Taxes") required by law to be
filed by it, has paid or made provisions for the payment of all taxes shown to
be due and all additional assessments, and adequate provisions have been and are
reflected in the financial statements of the Company for all current taxes and
other charges to which the Company is subject and which are not currently due
and payable, except for taxes, if unpaid, individually or in the aggregate, do
not and would not have a material adverse effect on the Company.

                  3.10 ACTIONS PENDING. There is no action, suit, claim,
investigation or proceeding pending or, to the knowledge of the Company,
threatened against the Company which questions the validity of this Agreement
and the transactions contemplated hereby or thereby, or any action taken or to
be taken pursuant hereto or thereto. There is no action, suit, claim,
investigation or proceeding pending or, to the knowledge of the Company,
threatened, against or involving the Company or any of its respective properties
or assets and which, if adversely determined, is reasonably likely to result in
a material adverse effect. To the knowledge of the Company, there are no
outstanding orders, judgments, injunctions, awards or decrees of any court,
arbitrator or governmental or regulatory body against the Company or any
subsidiary which is reasonably likely to result in a material adverse effect.

                  3.11 SUBSIDIARIES AND BRANCHES. All the representations and
warranties made herein shall also be deemed to be made with regard to each of
the Company's subsidiaries.

         4. REPRESENTATIONS AND WARRANTIES OF THE PURCHASER. The Purchaser
hereby represents and warrants to the Company as of the date hereof:

                  4.1 SECURITIES ACT. The Purchaser acknowledges that the offer,
issuance and sale to it of the Shares and Warrants is intended to be exempt from
the registration requirements of the Securities Act pursuant to Section 4(2) of
the Securities Act.

                  4.2 INFORMATION. The Purchaser acknowledges that during the
course of the transaction and prior to this Agreement it has received
information relating to the Company and has been given a reasonable opportunity
to ask questions of and receive answers from the Company and its representatives
concerning the Company.

                  4.3 AUTHORITY. The Purchaser has full right, power and
authority to enter into this Agreement, and this Agreement has been duly
authorized, executed and delivered by the Purchaser and constitutes the legal,
valid and binding agreement of the Purchaser enforceable against the Purchaser
in accordance with its terms (except in all cases as such enforceability may be
limited by applicable bankruptcy, insolvency, reorganization, moratorium, or
similar laws affecting the enforcement of creditors' rights generally and except
that the availability of the equitable remedy of specific performance or
injunctive relief is subject to the discretion of the court before which any
proceeding may be brought).

         5. COVENANTS OF THE COMPANY.

                  5.1 SALES OF SHARES. For a period of 90 (ninety) days from the
Exercise Date, the Company shall not sell to any person, other than the
Purchaser, Shares at a price per share lower than the highest Share Price on the
Exercise Dates unless (i) the sale is made pursuant to an obligation of the
Company created before the date of this Agreement which the Company has
disclosed to the Purchaser prior to the execution of this Agreement or (ii) the
price paid for the Shares in all such sales to persons other than the Purchaser,
in the aggregate, does not exceed U.S.$2,000,000.00 (two million dollars).

                                       11
<PAGE>
                  5.2 EXCHANGE ACT REPORTS. With a view to making available to
the Purchaser the ability to sell the Registerable Shares to the public pursuant
to a registration on Form S-3, the Company agrees to:

                           (a) file with the SEC in a timely manner all reports
and other documents required of the Company under the Securities Act and the
Exchange Act; and

                           (b) furnish to the Purchaser, so long as the
Purchaser owns any Registerable Shares, forthwith upon request (i) a copy of the
most recent annual or quarterly report of the Company and such other reports and
documents so filed by the Company, and (ii) such other information as may be
reasonably requested in availing the Purchaser of any rule or regulation of the
SEC which permits the selling of any of the Registerable Shares without
registration or pursuant to a registration statement.

                  5.3 REGULATORY FILINGS. The Company shall furnish to the
Purchaser such information and assistance as the Purchaser may reasonably
request in connection with the preparation of any regulatory filings or
submissions. The Company will provide the Purchaser with copies of all
correspondence, filings or communications (or memoranda setting forth the
substance thereof) between such party or any of its representatives, on the one
hand, and any governmental agency or authority or member of their respective
staffs, on the other hand, with respect to this Agreement and the transactions
contemplated hereby.

                  5.4 TAXES. The Company shall pay any stamp or other tax (other
than income tax), levy, impost, deduction or other charge imposed or levied
(whether by withholding or otherwise) by any governmental agency, revenue or
taxing authority or agency on by virtue of the issuance or delivery of the
Shares or the Warrants, or the execution, delivery or performance by the Company
or the Purchaser of this Agreement.

         5.5 CONFIDENTIALITY.

                           (a) The Company shall keep all information regarding
the transaction contemplated by this Agreement (such information, together with
notes, memoranda, summaries, analyses, compilations and other writings relating
thereto or based thereon prepared by the Company or its directors, officers,
employees, legal and financial advisors, accountants and other agents and
representatives (each, a "Representative") being referred to herein as the
"Evaluation Material") strictly confidential; provided, however, that Evaluation
Material may be disclosed to any of the Company's Representatives who need to
know such information for the purpose of assisting the Company in executing the
transaction contemplated by this Agreement (it being understood that such
Representatives will be informed by the Company of the contents of this
Agreement and that, by receiving such information, such Representatives are
agreeing to be bound by this Agreement).

                           (b) If the Company shall be requested in any judicial
or administrative proceeding or by any governmental or regulatory authority to
disclose any Evaluation Material, the Company shall give the Purchaser prompt
notice of such request so that the Purchaser may seek an appropriate protective
order. The Company shall cooperate fully with the Purchaser in obtaining such an
order. If in the absence of a protective order the Company is nonetheless
compelled to disclose Evaluation Material, the Company shall make such
disclosure without liability hereunder, provided that the Company gives the
Purchaser written notice of the information to be disclosed as far in advance of
its disclosure as is practicable and, upon the Purchaser's request, uses its
commercially reasonable efforts to obtain reasonable assurances that
confidential treatment will be accorded to such information.

                                       12
<PAGE>
                           (c) Without the prior written consent of the
Purchaser, the Company shall not and the Company shall cause its respective
Representatives not to, make any release to the press or other public
disclosure, or make any statement to any competitor, customer, client or
supplier of the Company or any of its subsidiaries or any other person, with
respect to either the transaction contemplated by this Agreement or the
existence or contents of this Agreement, except for such public disclosure as
may be necessary, in the written opinion of counsel for the Company, for the
party proposing to make the disclosure not to be in violation of or default
under any applicable law, regulation or governmental order. If the Company or
any of its Representatives propose to make any disclosure based upon such an
opinion, the Company shall deliver a copy of such opinion to the Purchaser,
together with the text of the proposed disclosure, as far in advance of its
disclosure as is practicable, and shall in good faith consult with and consider
the suggestions of the Purchaser concerning the nature and scope of the
information it proposes to disclose. The Purchaser agrees that the timing of
such disclosures may be dictated by law and time is of the essence in providing
such suggestions concerning the nature and scope of the information the Company
proposes to disclose.

                           (d) The Company agrees that money damages would not
be a sufficient remedy for any breach of this subsection, and that in addition
to all other remedies which the Purchaser may have, the Purchaser shall be
entitled to specific performance and injunctive or other equitable relief as a
remedy for any such breach. No failure or delay by the Purchaser in exercising
any right, power or privilege hereunder will operate as a waiver thereof, nor
will any single or partial exercise thereof preclude any other or further
exercise thereof or the exercise of any right, power or privilege hereunder.

         6. COVENANTS OF THE PURCHASER.

                  6.1 RESALES. Neither the Purchaser nor any of its Affiliates
shall sell or assign the Shares or the Warrants to any person except pursuant to
a registration statement filed under the Securities Act or pursuant to an
exemption from the registration requirements of the Securities Act. Further,
until the Purchaser receives notice from the Company of its intention to
exercise the Put Option, neither the Purchaser nor any of its Affiliates shall
(a) sell any Shares of the Company or (b) enter into any discussions relating to
the sale of the Shares of the Company with any persons who are not Affiliates of
the Purchaser.

                  6.2 REGULATORY FILINGS. The Purchaser shall furnish to the
Company such information and assistance as the Company may reasonably request in
connection with the preparation of any regulatory filings or submissions. The
Purchaser shall provide the Company with copies of all correspondence, filings
or communications (or memoranda setting forth the substance thereof) between
such party or any of its representatives, on the one hand, and any governmental
agency or authority or member of their respective staffs, on the other hand,
with respect to this Agreement and the transactions contemplated hereby.

                  6.3 INFORMATION. The Purchaser shall furnish to the Company
such information and assistance as the Company may reasonably request in
connection with the preparation of any regulatory filings or submissions. The
Purchaser shall provide the Company with copies of all correspondence, filings
or communications (or memoranda setting forth the substance thereof) between
such party or any of its representatives, on the one hand, and any governmental
agency or authority or member of their respective staffs, on the other hand,
with respect to this Agreement and the transactions contemplated hereby.

                  6.4 GUARANTEE. The Guarantor hereby unconditionally and
irrevocably guarantees to the Company the prompt payment when due, subject to
any applicable grace period, of all present and future obligations and
liabilities of all kinds of the Purchaser arising under this Agreement (the

                                       13
<PAGE>
"Guaranteed Obligations"). If any payment due from the Purchaser to the Company
pursuant to the terms of this Agreement is not made on the due date for such
payment, the Company may on the following Business Day, serve on the Guarantor a
demand setting out the amount of such payment, stating that such payment has not
been made by the Purchaser and calling on the Guarantor to make immediate
payment of such unpaid amount. Upon receipt of such demand from the Company in
accordance with Section 8.5, the Guarantor shall, promptly, and in any event
within 5 (five) Business Days of receipt of such demand, pay to the Company the
amount specified in such demand. The provisions of this Section 6.4 are
absolute, unconditional and irrevocable and shall remain in full force and
effect and be binding upon the Guarantor, its successors until all of the
Guaranteed Obligations have been satisfied in full.

         7. EXTRAORDINARY EVENTS. If, prior to the end of the Registration
Period, the Company:

                  (a) consolidates or amalgamates with, or merges with or into,
or transfers all or substantially all of its assets to, another entity, whether
public or private; or

                  (b) (i) is dissolved, (ii) becomes insolvent or is unable to
pay its debts or fails or admits in writing its inability generally to pay its
debts as they become due, (iii) makes a general assignment, arrangement or
composition with or for the benefit of its creditors; (iv) institutes or has
instituted against it a proceeding seeking a judgment of insolvency or
bankruptcy or any other relief under any bankruptcy or insolvency law or other
similar law affecting creditors' rights, or a petition is presented for its
winding up or liquidation, and, in the case of any such proceeding or petition
instituted or presented against it, such proceeding or petition (A) results in a
judgment of insolvency or bankruptcy or the entry of an order for relief or the
making of an order for its winding-up or liquidation or (B) is not dismissed,
discharged, stayed or restrained in each case within 30 (thirty) days of the
institution thereof; (v) has a resolution passed for its winding-up, official
management or liquidation; (vi) seeks or becomes subject to the appointment of
an administrator, provisional liquidator, conservator, receiver, trustee,
custodian or other similar official for it or for all or substantially all of
its assets; (vii) has a secured party take possession of all or substantially
all of its assets or has a distress, execution, attachment, sequestration or
other legal process levied, enforced or sued on or against all or substantially
all of its assets and such secured party maintains possession, or any such
process is not dismissed, discharged, stayed or restrained, in each case within
30 (thirty) days thereafter; (viii) causes or is subject to any event with
respect to it which, under the applicable laws of any jurisdiction, has an
analogous effect to any of the events specified in clauses (i) to (vii)
inclusive; or (ix) takes any action in furtherance of, or indicating its consent
to, approval of, or acquiescence in, any of the foregoing acts; then

the Purchaser's obligation to purchase the Put Shares from the Company upon the
exercise of the Put Option under Section 1.2 hereto or to purchase the Shares
issuable upon exercise of a Warrant under Section 1.3 hereto shall terminate and
the Company shall pay to the Purchaser the Non Exercise Fee under subsection
1.2(d) hereto.

         8. MISCELLANEOUS.

                  8.1 FURTHER ASSURANCES. Subject to the terms and conditions
herein provided, each of the parties hereto agrees to use all reasonable efforts
to take, or cause to be taken, all action and to do, or cause to be done, all
things necessary, proper or advisable to consummate and make effective as
promptly as practicable the transactions contemplated by this Agreement,
including, without limitation, using all reasonable efforts to obtain all
necessary waivers, consents and approvals and to effect all necessary
registrations and filings.

                  8.2 GENERAL INDEMNITY. Except as provided in Section 2.5 of
this Agreement, the Company agrees to indemnify and hold harmless the Purchaser
and its agents, heirs, successors and

                                       14
<PAGE>
assigns from and against any and all actual losses, liabilities, deficiencies,
costs, damages and reasonable expenses (including, without limitation,
reasonable attorney's fees, charges and disbursements) incurred as a result of
any misrepresentation or breach of the warranties and covenants made by the
Company herein, except where such misrepresentation or breach is caused by the
Purchaser. Except as provided in Section 2.5 of this Agreement, the Purchaser
agrees to indemnify and hold harmless the Company and its agents, heirs,
successors and assigns from and against any and all actual losses, liabilities,
deficiencies, costs, damages and reasonable expenses (including, without
limitation, reasonable attorney's fees, charges and disbursements) incurred as a
result of any misrepresentation or breach of the warranties and covenants made
by the Purchaser herein, except where such misrepresentation or breach is caused
by the Company.

                  8.3 PARTIES IN INTEREST. All representations, covenants and
agreements contained in this Agreement by or on behalf of any of the parties
hereto shall bind and inure to the benefit of the respective successors and
assigns of the parties hereto whether so expressed or not. Without limiting the
generality of the foregoing, all representations, covenants and agreements
benefiting the Purchaser, including, without limitation, those contained in
Section 2 hereof, unless otherwise herein or therein provided, shall inure to
the benefit of any and all subsequent holders from time to time of the Shares
and Warrants and all such holders shall be bound by all of the obligations of
the Purchaser hereunder.

                  8.4 AMENDMENTS AND WAIVERS. Any term of this Agreement may be
amended or waived in writing and only with the written consent of the Company
and the Purchaser. Any amendment or waiver effected in accordance with this
paragraph shall be binding upon each holder of any Registerable Shares then
outstanding, each future holder of all such Registerable Shares, and the
Company.

                  8.5 NOTICES. Unless otherwise provided herein, any notice
required or permitted by this Agreement shall be in writing and shall be deemed
sufficient upon delivery, when delivered personally or by overnight courier or
sent by telegram or fax, or five (5) Business Days after being deposited in the
U.S. mail as certified or registered mail with postage prepaid, and addressed to
the party to be notified at such party's address or fax number as set forth
below or as subsequently modified by written notice.

                  8.6 SEVERABILITY. If one or more provisions of this Agreement
are held to be unenforceable under applicable law. the parties agree to
renegotiate such provision in good faith. In the event that the parties cannot
reach a mutually agreeable and enforceable replacement for such provision, then
(a) such provision shall be excluded from this Agreement, (b) the balance of the
Agreement shall be interpreted as if such provision were so excluded and (c) the
balance of the Agreement shall be enforceable in accordance with its terms.

                  8.7 GOVERNING LAW. This Agreement and all acts and
transactions pursuant hereto shall be governed, construed and interpreted in
accordance with the laws of the State of New York, without giving effect to
principles of conflicts of laws.

                  8.8 EXCLUSIVE JURISDICTION AND CONSENT TO SERVICE OF PROCESS.
The parties agree that any legal action, suit or proceeding arising out of or
relating to this Agreement or the transactions contemplated hereby shall be
instituted in a federal or state court sitting in the Borough of Manhattan in
the City of New York which shall be the exclusive jurisdiction and venue of said
legal proceedings and each party hereto waives any objection which such party
may now or hereafter have to the lay of venue of any such action, suit or
proceeding, and irrevocably submits to the jurisdiction of any such court in any
such action, suit or proceeding. Any and all service of process and any other
notice in any such action, suit or proceeding shall be effective against such
party (or the subsidiary of such party) when transmitted

                                       15
<PAGE>
in accordance with Section 8.5. Nothing contained herein shall be deemed to
affect the right of any party hereto to serve process in any manner permitted by
law.

                  8.9 COUNTERPARTS. This Agreement may be executed in two or
more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

                  8.10 TITLES AND SUBTITLES. The titles and subtitles used in
this Agreement are used for convenience only and are not to be considered in
construing or interpreting this Agreement.

                  8.11 EXPENSES. Each party hereto will pay its own expenses in
connection with the transactions contemplated hereby, whether or not such
transactions shall be consummated; provided, if any action at law or in equity
is necessary to enforce or interpret the terms of this Agreement, the prevailing
party shall be entitled to reasonable attorneys' fees, cost and necessary
disbursements in addition to any other relief to which such party may be
entitled.

                  8.12 ENTIRE AGREEMENT. This Agreement (including the Exhibits
hereto, if any) constitutes the full and entire understanding and agreement
between the parties with regard to the subjects hereof and thereof.

                  8.13 SURVIVAL OF AGREEMENT. All representations and warranties
made herein or in any agreement, certificate or instrument delivered to the
Purchaser or the Company pursuant to or in connection with this Agreement shall
survive the execution and delivery of this Agreement, the issuance, sale and
delivery of the Shares and the Warrants.

                  8.14 BROKERAGE. Each party hereto will indemnify and hold
harmless the others against and in respect of any claim for brokerage or other
commissions relative to this Agreement or to the transactions contemplated
hereby, based in any way on agreements, arrangements or understandings made or
claimed to have been made by such party with any third party.

                                       16
<PAGE>
         The parties have executed this Put and Warrant Purchase Agreement as of
the date first above written.

                                          TERREMARK WORLDWIDE, INC.

                                          /s/ Manuel D. Medina
                                          --------------------------------
                                          Name: Manuel D. Medina
                                          Title: Chairman, CEO & President

                                          Address: 2601 So. Bayshore Drive
                                                   Miami, FL 33133

                                          TD GLOBAL FINANCE

                                          /s/ Martin Walton
                                          --------------------------------
                                          Name: Martin Walton
                                          Title: Director

                                          Address: TD Global Finance
                                                   Level 2, Plaza 2,
                                                   Custom House Plaza
                                                   IFSC, Dublin 1

                                          THE TORONTO-DOMINION BANK

                                          /s/ Adriana G. Groskopf
                                          --------------------------------
                                          Name: Adriana G. Groskopf
                                          Title: Associate V.P. & Solicitor

                                          Address:

                                      -17-

<PAGE>
                                                                         ANNEX A

                               WARRANT CERTIFICATE

AS OF THE DATE HEREOF, THE SECURITIES REPRESENTED BY THIS CERTIFICATE OR
ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED. SAID SECURITIES MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE
DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH
ACT AND APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF COUNSEL REASONABLY
SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

THE SECURITIES REPRESENTED BY THIS CERTIFICATE OR ISSUABLE UPON EXERCISE HEREOF
MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT IN ACCORDANCE WITH
THE PROVISIONS OF THE PUT AND WARRANT PURCHASE AGREEMENT DATED AS OF APRIL 10,
2002 AMONG THE COMPANY, TD GLOBAL FINANCE AND THE TORONTO-DOMINION BANK, AND THE
HOLDER HEREOF AGREES TO BE BOUND BY THE TERMS AND CONDITIONS OF SUCH PUT AND
WARRANT PURCHASE AGREEMENT.

EXERCISABLE ON OR BEFORE [DATE SIX MONTHS AFTER EXERCISE DATE]

                                                            Warrants to Purchase

No. [1/2/3] [The Number of Shares Equal to 33.3% of 20% of the Put Shares]
Shares of Common Stock

                               WARRANT CERTIFICATE

                            TERREMARK WORLDWIDE, INC.

This Warrant Certificate certifies that TD Global Finance (the "PURCHASER"), or
registered assigns, is the registered holder of a warrant expiring [Date Six
Months After Exercise Date] (the "WARRANT") to purchase Common Stock, par value
U.S.$0.001 per share (the "COMMON STOCK"), of Terremark Worldwide, Inc., a
Delaware corporation (the "COMPANY"). Upon the terms and subject to the
conditions contained in that certain Put and Warrant Purchase Agreement dated as
of April 10, 2002 among the Company, the Purchaser and The Toronto-Dominion Bank
(the "PUT AND WARRANT AGREEMENT") pursuant to which this Warrant Certificate was
issued, the Warrant entitles the holder upon exercise to receive from the
Company on or before 5:00 p.m. New York City time on [Date Six Months After
Exercise Date], a total of [The Number of Shares Equal to 33.3% of 20% of the
Put Shares] fully paid and nonassessable shares of Common Stock (each a "WARRANT
SHARE") for an aggregate price of U.S.$________ or U.S.$[In the Case of Warrant
1, 85% of the Share Price on the Exercise Date; In the Case of Warrant 2, 100%
of the Share Price on the Exercise Date; In the Case of Warrant 3, 115% of the
Share Price on the Exercise Date] per share (the "EXERCISE PRICE") payable in
lawful money of the United States of America upon (i) surrender of this Warrant
Certificate at the office of the Company and (ii) receipt by the Purchaser of
sufficient evidence that a registration statement has been declared effective by
the Securities and Exchange Commission ("SEC") in respect of the Shares issuable
by this Warrant, all in accordance with the Put and Warrant Agreement. The
Exercise Price and number of Shares issuable upon exercise of the Warrant is
subject to adjustment upon the occurrence of certain events set forth in the Put
and Warrant Agreement.

The Warrant may not be exercised after 5:00 p.m., New York City time on [Date
Six Months After Exercise Date], and to the extent not exercised by such time
the Warrant shall become void.
<PAGE>
The Warrant evidenced by this Warrant Certificate is issued pursuant to the Put
and Warrant Agreement, which Put and Warrant Agreement is hereby incorporated by
reference in and made a part of this instrument and is hereby referred to for a
description of the rights, limitation of rights, obligations, duties and
immunities thereunder of the Company and the holders (the words "HOLDERS" or
"HOLDER" meaning the registered holders or registered holder) of the Warrant. A
copy of the Put and Warrant Agreement may be obtained by the holder hereof upon
written request to the Company.

The Warrant may be exercised at any time on or before [Date Six Months After
Exercise Date]. The holder of the Warrant evidenced by this Warrant Certificate
may exercise it by surrendering this Warrant Certificate, with the form of
election to purchase set forth hereon properly completed and executed, at the
office of the Company.

The Put and Warrant Agreement provides that upon the occurrence of certain
events the Exercise Price set forth on the face hereof may, subject to certain
conditions, be adjusted. If the Exercise Price is adjusted, the Warrant
Agreement provides that the number of shares of Common Stock issuable upon the
exercise of the Warrant shall be adjusted. No fractions of a share of Common
Stock will be issued upon the exercise of the Warrant, rather if the calculation
of the number of shares of Common Stock to be issued results in a non-integral
number of shares of Common Stock, then the number of shares of Common Stock to
be issued shall be rounded up to the nearest whole integer.

Upon due presentation for registration of transfer of this Warrant Certificate
at the office of the Company a new Warrant Certificate of like tenor and
evidencing in the aggregate a like number of Warrant shall be issued to the
transferee in exchange for this Warrant Certificate, subject to the limitations
provided in the Put and Warrant Agreement, without charge except for any tax or
other governmental charge imposed in connection therewith.

The Company may deem and treat the registered holder thereof as the absolute
owner of this Warrant Certificate (notwithstanding any notation of ownership or
other writing hereon made by anyone), for the purpose of any exercise hereof, of
any distribution to the holder hereof, and for all other purposes, and the
Company shall not be affected by any notice to the contrary.

<PAGE>
IN WITNESS WHEREOF, Terremark Worldwide, Inc. has caused this Warrant
Certificate to be signed.

Dated: [Exercise Date]
TERREMARK WORLDWIDE, INC.

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

<PAGE>
                         [Form of Election to Purchase]

                    (To Be Executed Upon Exercise Of Warrant)

The undersigned hereby elects, pursuant to the Put and Warrant Agreement, to
exercise the right, represented by this Warrant Certificate, to receive [The
Number of Shares Equal to 33.3% of 20% of the Put Shares] shares of Common Stock
and upon receipt of sufficient evidence that a registration statement has been
declared effective by the SEC in respect of the Shares issued in respect of this
exercised Warrant shall pay for such shares to the order of Terremark Worldwide,
Inc. (the "COMPANY") in the amount of U.S.$[ ] in accordance with the terms
hereof. The undersigned requests that a certificate for such shares be
registered in the name of [ ], whose address is [ ] and that such shares be
delivered to [ ] whose address is [ ].

Signature:
          -------------------------

Date:

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