Document:

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                                                                   Exhibit 10.38

                            ACE INA HOLDINGS INC.,
                                    Issuer

                                      to

                          BANK ONE TRUST COMPANY, NA
                                    Trustee

                                _______________

                                   INDENTURE
                                _______________

                         Dated as of November 30, 1999

                         Subordinated Debt Securities
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          Reconciliation and tie between Trust Indenture Act of 1939
                   (the "Trust Indenture Act") and Indenture

    Trust Indenture
      Act Section                                          Indenture Section
   -----------------                                       -----------------

   (S)310(a)(1)                                                          6.7
         (a)(2)                                                          6.7
         (b)                                                             6.8
   (S)312(a)                                                             7.1
         (b)                                                             7.2
         (c)                                                             7.2
   (S)313(a)                                                             7.3
         (b)(2)                                                          7.3
         (c)                                                             7.3
         (d)                                                             7.3
   (S)314(a)                                                             7.4
         (c)(1)                                                          1.2
         (c)(2)                                                          1.2
         (e)                                                             1.2
         (f)                                                             1.2
   (S)316(a) (last sentence)                                             1.1
         (a)(1)(A)                                                 5.2, 5.12
         (a)(1)(B)                                                      5.13
         (b)                                                             5.8
   (S)317(a)(1)                                                          5.3
         (a)(2)                                                          5.4
         (b)                                                            10.3
   (S)318(a)                                                            10.8

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

                                       i
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                               TABLE OF CONTENTS

ARTICLE 1

     Definitions and Other Provisions of General Application.................. 2
          Section 1.1  Definitions............................................ 2
          Act................................................................. 2
          Additional Amounts.................................................. 2
          Additional Interest................................................. 2
          Affiliate........................................................... 3
          Authenticating Agent................................................ 3
          Authorized Newspaper................................................ 3
          Authorized Officer.................................................. 3
          Bearer Security..................................................... 3
          Board of Directors.................................................. 3
          Board Resolution.................................................... 3
          Business Day........................................................ 3
          Capital Stock....................................................... 4
          Capitalized Lease Obligation........................................ 4
          Commission.......................................................... 4
          Common Stock........................................................ 4
          Company............................................................. 4
          Company Request..................................................... 4
          Company Senior Indebtedness......................................... 4
          Conversion Event.................................................... 5
          Corporate Trust Office.............................................. 5
          Corporation......................................................... 5
          Coupon.............................................................. 5
          Currency............................................................ 5
          CUSIP number........................................................ 5
          Defaulted Interest.................................................. 5
          Dollars............................................................. 5
          Event of Default.................................................... 5
          Foreign Currency.................................................... 6
          Government Obligations.............................................. 6
          Holder.............................................................. 6
          Indebtedness........................................................ 6
          Indenture........................................................... 7
          Independent Public Accountants...................................... 7

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          Indexed Security.................................................... 7
          Interest............................................................ 7
          Interest Payment Date............................................... 7
          Judgment Currency................................................... 7
          Lien................................................................ 8
          Maturity............................................................ 8
          New York Banking Day................................................ 8
          "Office" or "Agency"................................................ 8
          Officer's Certificate............................................... 8
          Opinion of Counsel.................................................. 8
          Original Issue Discount Security.................................... 8
          Outstanding......................................................... 8
          Paying Agent........................................................10
          Person..............................................................10
          Place of Payment....................................................10
          Predecessor Security................................................10
          Preferred Stock.....................................................10
          Redemption Date.....................................................10
          Redemption Price....................................................10
          Registered Security.................................................11
          Regular Record Date.................................................11
          Required Currency...................................................11
          Responsible Officer.................................................11
          "Security" or "Securities"..........................................11
          "Security Register" and "Security Registrar"........................11
          Senior Indebtedness.................................................11
          Special Record Date.................................................11
          Stated Maturity.....................................................11
          Subsidiary..........................................................11
          Trust Indenture Act.................................................12
          Trustee.............................................................12
          United States.......................................................12
          United States Alien.................................................12
          "U.S. Depository" or "Depository"...................................12
          Vice President......................................................13
          Section 1.2  Compliance Certificates and Opinions...................13
          Section 1.3  Form of Documents Delivered to Trustee.................13
          Section 1.4  Acts of Holders........................................14
          Section 1.5  Notices, etc. to Trustee and Company...................16
          Section 1.6  Notice to Holders of Securities; Waiver................17
          Section 1.7  Language of Notices....................................18

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          Section 1.8  Conflict with Trust Indenture Act......................18
          Section 1.9  Effect of Headings and Table of Contents...............18
          Section 1.10 Successors and Assigns.................................18
          Section 1.11 Separability Clause....................................19
          Section 1.12 Reserved...............................................19
          Section 1.13 Benefits of Indenture..................................19
          Section 1.14 Governing Law..........................................19
          Section 1.15 Legal Holidays.........................................19
          Section 1.16 Counterparts...........................................20
          Section 1.17 Judgment Currency......................................20
          Section 1.18 No Security Interest Created...........................20
          Section 1.19 Limitation on Individual Liability.....................21
          Section 1.20 Submission to Jurisdiction.............................21

     ARTICLE 2

     Securities Forms.........................................................22
          Section 2.2  Form of Trustee's Certificate of Authentication........23
          Section 3.2  Currency; Denominations................................29
          Section 3.3  Execution, Authentication, Delivery and Dating.........29
          Section 3.4  Temporary Securities...................................31
          Section 3.5  Registration, Transfer and Exchange....................32
          Section 3.6  Mutilated, Destroyed, Lost and Stolen Securities.......36
          Section 3.7  Payment of Interest and Certain Additional Amounts;
                       Rights to Interest and Certain Additional Amounts
                       Preserved..............................................37
          Section 3.8  Persons Deemed Owners..................................39
          Section 3.9  Cancellation...........................................40
          Section 3.10 Computation of Interest................................40
          Section 3.11 Agreed Tax Treatment...................................40

     ARTICLE 4

     Satisfaction and Discharge of Indenture..................................40

          Section 4.1  Satisfaction and Discharge.............................40
          Section 4.2  Defeasance and Covenant Defeasance.....................42
          Section 4.3  Application of Trust Money.............................47

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ARTICLE 5

     Remedies.................................................................47

          Section 5.1  Events of Default......................................47
          Section 5.2  Acceleration of Maturity; Rescission and Annulment.....50
          Section 5.3  Collection of Indebtedness and Suits for Enforcement by
                       Trustee................................................51
          Section 5.4  Trustee May File Proofs of Claim.......................52
          Section 5.5  Trustee May Enforce Claims without Possession of
                       Securities or Coupons..................................53
          Section 5.6  Application of Money Collected.........................53
          Section 5.7  Limitations on Suits...................................54
          Section 5.8  Unconditional Right of Holders to Receive Principal and
                       any Premium, Interest and Additional Amounts...........55
          Section 5.9  Restoration of Rights and Remedies.....................55
          Section 5.10 Rights and Remedies Cumulative.........................55
          Section 5.11 Delay or Omission Not Waiver...........................55
          Section 5.12 Control by Holders of Securities.......................56
          Section 5.13 Waiver of Past Defaults................................56
          Section 5.15 Undertaking for Costs..................................57

ARTICLE 6

     The Trustee..............................................................57

          Section 6.1  Certain Rights of Trustee..............................57
          Section 6.2  Notice of Defaults.....................................59
          Section 6.3  Not Responsible for Recitals or Issuance of Securities.60
          Section 6.4  May Hold Securities....................................60
          Section 6.6  Compensation and Reimbursement.........................60
          Section 6.7  Corporate Trustee Required; Eligibility................61
          Section 6.8  Resignation and Removal; Appointment of Successor......62
          Section 6.9  Acceptance of Appointment by Successor.................63
          Section 6.10 Merger, Conversion, Consolidation or Succession to
                       Business...............................................65
          Section 6.11 Appointment of Authenticating Agent....................65
          Section 7.1  Company to Furnish Trustee Names and Addresses of
                       Holders................................................67
          Section 7.2  Preservation of Information; Communications to Holders.68
          Section 7.3  Reports by Trustee.....................................68

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          Section 7.4  Reports by Company.....................................68

ARTICLE 8

     Consolidation, Amalgamations, Merger and Sales...........................69

          Section 8.1  Company May Consolidate, Etc., Only on Certain Terms...69
          Section 8.2  Successor Person Substituted for Company...............70

ARTICLE 9

     Supplemental Indentures..................................................71

          Section 9.1  Supplemental Indentures without Consent of Holders.....71
          Section 9.2  Supplemental Indentures with Consent of Holders........72
          Section 9.3  Execution of Supplemental Indentures...................74
          Section 9.4  Effect of Supplemental Indentures......................74
          Section 9.5  Reference in Securities to Supplemental Indentures.....74
          Section 9.6  Conformity with Trust Indenture Act....................74
          Section 9.7  Effect on Senior Indebtedness..........................75
          Section 9.8  Notice of Supplemental Indenture.......................75

ARTICLE 10

     Covenants................................................................75

          Section 10.1  Payment of Principal, any Premium, Interest and
                        Additional Amounts....................................75
          Section 10.2  Maintenance of Office or Agency.......................75
          Section 10.3  Money for Securities Payments to Be Held in Trust.....77
          Section 10.4  Additional Amounts....................................78
          Section 10.5  Corporate Existence...................................79
          Section 10.6  Waiver of Certain Covenants...........................80
          Section 10.7  Company Statement as to Compliance; Notice of Certain
                        Defaults..............................................80

          ARTICLE 11

     Redemption of Securities.................................................81
          Section 11.1  Applicability of Article..............................81

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          Section 11.2  Election to Redeem; Notice to Trustee.................81
          Section 11.3  Selection by Trustee of Securities to be Redeemed.....81
          Section 11.4  Notice of Redemption..................................82
          Section 11.5  Deposit of Redemption Price...........................84
          Section 11.6  Securities Payable on Redemption Date.................84
          Section 11.7  Securities Redeemed in Part...........................85

ARTICLE 12
     Sinking Funds............................................................85

          Section 12.1  Applicability of Article..............................85
          Section 12.2  Satisfaction of Sinking Fund Payments with Securities.86
          Section 12.3  Redemption of Securities for Sinking Fund.............86

ARTICLE 13

     Repayment at the Option of Holders.......................................87

          Section 13.1  Applicability of Article..............................87

ARTICLE 14

     Securities in Foreign Currencies.........................................87

          Section 14.1  Applicability of Article..............................87

ARTICLE 15

     Meetings of Holders of Securities........................................88
          Section 15.1  Purposes for Which Meetings May Be Called.............88
          Section 15.2  Call, Notice and Place of Meetings....................88
          Section 15.3  Persons Entitled to Vote at Meetings..................89
          Section 15.4  Quorum; Action........................................89
          Section 15.5  Determination of Voting Rights; Conduct and
                        Adjournment of Meetings...............................90
          Section 15.6  Counting Votes and Recording Action of Meetings.......91

ARTICLE 16

     Subordination Of Securities..............................................91

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          Section 16.1  Agreement to Subordinate..............................91
          Section 16.2  Default on Company Senior Indebtedness................92
          Section 16.3  Liquidation; Dissolution; Bankruptcy..................92
          Section 16.4  Subrogation...........................................94
          Section 16.5  Trustee to Effectuate Subordination...................95
          Section 16.6  Notice by the Company.................................95
          Section 16.7  Rights of the Trustee; Holders of Company Senior
                        Indebtedness..........................................97
          Section 16.8  Subordination May Not Be Impaired.....................97

                                      viii
<PAGE>

     INDENTURE, dated as of November 30, 1999 (the "Indenture"), among ACE INA
HOLDINGS INC., a corporation duly organized and existing under the laws of the
State of Delaware (hereinafter called the "Company"), having its principal
executive office located at Two Liberty Place, 1601 Chestnut Street,
Philadelphia, Pennsulvania 19101 and BANK ONE TRUST COMPANY, NA, a national
banking association duly organized and existing under the laws of the United
States of America (including any successors, the "Trustee"), having its
Corporate Trust Office located at 1 Bank One, Plaza, Suite IL1-0126, Chicago,
Illinois 60670-0126.

                                   Recitals

     The Company has duly authorized the execution and delivery of this
Indenture to provide for the issuance from time to time of its subordinated
unsecured debentures, notes or other evidences of indebtedness (hereinafter
called the "Securities"), unlimited as to principal amount, to bear such rates
of interest, to mature at such time or times, to be issued in one or more series
and to have such other provisions as shall be fixed as hereinafter provided.

     The Company has duly authorized the execution and delivery of this
Indenture. All things necessary to make this Indenture a valid agreement of the
Company, in accordance with its terms, have been done.

     This Indenture is subject to the provisions of the Trust Indenture Act of
1939, as amended, and the rules and regulations of the Securities and Exchange
Commission promulgated thereunder that are required to be part of this Indenture
and, to the extent applicable, shall be governed by such provisions.

     Now, Therefore, This Indenture Witnesseth:

     For and in consideration of the premises and the purchase of the Securities
by the Holders (as herein defined) thereof, it is mutually covenanted and
agreed, for the equal and proportionate benefit of all Holders of the Securities
or of any series thereof and any Coupons (as herein defined), as follows:
<PAGE>

                                   ARTICLE 1

            Definitions and Other Provisions of General Application

     Section 1.1    Definitions.

     Except as otherwise expressly provided in or pursuant to this Indenture or
unless the context otherwise requires, for all purposes of this Indenture:

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

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

          (3) all accounting terms not otherwise defined herein have the
     meanings assigned to them in accordance with generally accepted accounting
     principles in the United States of America and, except as otherwise herein
     expressly provided, the terms "generally accepted accounting principles" or
     "GAAP" with respect to any computation required or permitted hereunder
     shall mean such accounting principles as are generally accepted in the
     United States of America at the date or time of such computation;

          (4) the words "herein," "hereof," "hereto" 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; and

          (5) the word "or" is always used inclusively (for example, the phrase
     "A or B" means "A or B or both," not "either A or B but not both").

     Certain terms used principally in certain Articles hereof are defined in
     those Articles.

     "Act," when used with respect to any Holders, has the meaning specified in
     Section 1.4.

     "Additional Amounts" means any additional amounts which are required hereby
or by any Security, under circumstances specified herein or therein, to be paid
by the Company in respect of certain taxes, assessments or other governmental
charges imposed on Holders specified therein and which are owing to such
Holders.

     "Additional Interest" means the interest, if any, that shall accrue on any
interest on the Securities of any series the payment of which has not been made
on the applicable Interest

                                       2
<PAGE>

Payment Date and which shall accrue at the rate per annum specified or
determined as specified in such Security.

     "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 the meanings correlative to
the foregoing.

     "Authenticating Agent" means any Person authorized by the Trustee pursuant
to Section 6.11 to act on behalf of the Trustee to authenticate Securities of
one or more series.

     "Authorized Newspaper" means a newspaper, in an official language of the
place of publication or in the English language, customarily published on each
day that is a Business Day in the place of publication, whether or not published
on days that are Legal Holidays in the place of publication, and of general
circulation in each place in connection with which the term is used or in the
financial community of each 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 day that is a Business Day in the
place of publication.

     "Authorized Officer" means, when used with respect to the Company, the
Chairman of the Board of Directors, a Vice Chairman, the President, any Vice
President, the Treasurer, an Assistant Treasurer, the Secretary or an Assistant
Secretary, of the Company.

     "Bearer Security" means any Security in the form established pursuant to
Section 2.1 which is payable to bearer.

     "Board of Directors" means the board of directors of the Company or any
committee of that board duly authorized to act generally or in any particular
respect for the Company hereunder.

     "Board Resolution" means a copy of one or more resolutions, 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, delivered to the Trustee.

     "Business Day," with respect to any Place of Payment or other location,
means, unless otherwise specified with respect to any Securities pursuant to
Section 3.1, any day other than a Saturday, Sunday or other day on which banking
institutions in such Place of Payment or other location are authorized or
obligated by law, regulation or executive order to close.

                                       3
<PAGE>

     "Capital Stock" of any Person means any and all shares, interests, rights
to purchase, warrants, options, participations or other equivalents of or
interests in (however designated) equity of such Person, including Preferred
Stock, but excluding any debt securities convertible into such equity.

     "Capitalized Lease Obligation" means an obligation under a lease that is
required to be capitalized for financial reporting purposes in accordance with
generally accepted accounting principles, and the amount of Indebtedness
represented by such obligation shall be the capitalized amount of such
obligation determined in accordance with such 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 Indenture such Commission is not
existing and performing the duties now assigned to it under the Trust Indenture
Act, then the body performing such duties at such time.

     "Common Stock" in respect of any Corporation means Capital Stock of any
class or classes (however designated) which has no preference as to the payment
of dividends, or as to the distribution of assets upon any voluntary or
involuntary liquidation or dissolution of such Corporation, and which is not
subject to redemption by such Corporation.

     "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, and any other obligor upon the Securities.

     "Company Request" and "Company Order" mean, respectively, a written request
or order, as the case may be, signed in the name of the Company by an Authorized
Officer, and delivered to the Trustee.

     "Company Senior Indebtedness" means, with respect to the Securities of any
particular series, all Indebtedness of the Company outstanding at any time,
except (a) the Securities of such series, (b) Indebtedness as to which, by the
terms of the instrument creating or evidencing the same, it is provided that
such Indebtedness is subordinated to or pari passu with the Securities of such
series, (c) Indebtedness of the Company to an Affiliate of the Company, (d)
interest accruing after the filing of a petition initiating any proceeding
relating to the Company referred to in Section 5.1(7) and 5.1(8) unless such
interest is an allowed claim enforceable against the Company in a proceeding
under federal or state bankruptcy laws, (e) trade accounts payable and (f) any
Indebtedness, including all other debt securities and guaranties in respect of
those debt securities, initially issued to ACE Capital Trust I, ACE Capital
Trust II, ACE Capital Trust III and ACE RHINOS Trust, each a statutory business
trust formed under the laws of the State of

                                       4
<PAGE>

Delaware, or any other similar trust created to issued common and preferred
securities and to use the proceeds from the sale thereof to purchase debt
securities of the Company.

     "Conversion Event" means the cessation of use of (i) a Foreign Currency
both by the government of the country or the confederation which issued such
Foreign Currency and for the settlement of transactions by a central bank or
other public institutions of or within the international banking community or
(ii) any currency unit or composite currency for the purposes for which it was
established.

     "Corporate Trust Office" means the principal corporate trust office of the
Trustee at which at any particular time its corporate trust business shall be
administered, which office at the date of original execution of this Indenture
is located at 1 Bank One Plaza, Suite IL1-0126, Chicago, Illinois 60670-0126.

     "Corporation" includes corporations and limited liability companies and,
except for purposes of Article 8, associations, companies and business trusts.

     "Coupon" means any interest coupon appertaining to a Bearer Security.

     "Currency," with respect to any payment, deposit or other transfer in
respect of the principal of or any premium or interest on or any Additional
Amounts with respect to any Security, means Dollars or the Foreign Currency, as
the case may be, in which such payment, deposit or other transfer is required to
be made by or pursuant to the terms hereof or such Security and, with respect to
any other payment, deposit or transfer pursuant to or contemplated by the terms
hereof or such Security, means Dollars.

     "CUSIP number" means the alphanumeric designation assigned to a Security by
Standard & Poor's Ratings Service, CUSIP Service Bureau.

     "Defaulted Interest" has the meaning specified in Section 3.7.

     "Dollars" or "$" means a dollar or other equivalent unit of legal tender
for payment of public or private debts in the United States of America.

     "Event of Default" has the meaning specified in Section 5.1.

     "Foreign Currency" means any currency, currency unit or composite currency,
including, without limitation, the euro, issued by the government of one or more
countries other than the United States of America or by any recognized
confederation or association of such governments.

                                       5
<PAGE>

     "Government Obligations" means securities which are (i) direct obligations
of the United States of America or the other government or governments which
issued the Foreign Currency in which the principal of or any premium or interest
on such Security or any Additional Amounts in respect thereof shall be payable,
in each case where the payment or payments thereunder are supported by the full
faith and credit of such government or governments or (ii) obligations of a
Person controlled or supervised by and acting as an agency or instrumentality of
the United States of America or such other government or governments, in each
case where the timely payment or payments thereunder are unconditionally
guaranteed as a full faith and credit obligation by the United States of America
or such other government or governments, and which, in the case of (i) or (ii),
are not callable or redeemable at the option of the issuer or issuers thereof,
and shall also include a depository receipt issued by a bank or trust company as
custodian with respect to any such Government Obligation or a specific payment
of interest on or principal of or other amount with respect to any such
Government Obligation held by such custodian for the account of the holder of a
depository receipt, provided that (except as required by law) such custodian is
not authorized to make any deduction from the amount payable to the holder of
such depository receipt from any amount received by the custodian in respect of
the Government Obligation or the specific payment of interest on or principal of
or other amount with respect to the Government Obligation evidenced by such
depository receipt.

     "Holder," in the case of any Registered Security, means the Person in whose
name such Security is registered in the Security Register and, in the case of
any Bearer Security, means the bearer thereof and, in the case of any Coupon,
means the bearer thereof.

     "Indebtedness" means, with respect to any Person, (i) the principal of and
any premium and interest on (a) indebtedness of such Person for money borrowed
and (b) indebtedness evidenced by notes, debentures, bonds or other similar
instruments for the payment of which such Person is responsible or liable; (ii)
all Capitalized Lease Obligations of such Person; (iii) all obligations of such
Person issued or assumed as the deferred purchase price of property, all
conditional sale obligations and all obligations under any title retention
agreement (but excluding trade accounts payable arising in the ordinary course
of business); (iv) all obligations of such Person for the reimbursement of any
obligor on any letter of credit, banker's acceptance or similar credit
transaction (other than obligations with respect to letters of credit securing
obligations (other than obligations described in (i) through (iii) above)
entered into in the ordinary course of business of such Person to the extent
such letters of credit are not drawn upon or, if and to the extent drawn upon,
such drawing is reimbursed no later than the third Business Day following
receipt by such Person of a demand for reimbursement following payment on the
letter of credit); (v) all obligations of the type referred to in clauses (i)
through (iv) of other Persons and all dividends of other Persons for the payment
of which, in either case, such Person is responsible or liable as obligor,
guarantor or otherwise; (vi) all obligations of the type referred to in clauses
(i) through (v) of other Persons secured by any Lien on any property or asset of
such Person (whether or not such obligation is assumed by such Person), the
amount of such

                                       6
<PAGE>

obligation being deemed to be the lesser of the value of such property or assets
or the amount of the obligation so secured; and (vii) any amendments,
modifications, refundings, renewals or extensions of any indebtedness or
obligation described as Indebtedness in clauses (i) through (vi) above.

     "Indenture" means this instrument 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, with respect to any
Security, by the terms and provisions of such Security and any Coupon
appertaining thereto established pursuant to Section 3.1 (as such terms and
provisions may be amended pursuant to the applicable provisions hereof).

     "Independent Public Accountants" means accountants or a firm of accountants
that, with respect to the Company and any other obligor under the Securities or
the Coupons, are independent public accountants within the meaning of the
Securities Act of 1933, as amended, and the rules and regulations promulgated by
the Commission thereunder, who may be the independent public accountants
regularly retained by the Company or who may be other independent public
accountants. Such accountants or firm shall be entitled to rely upon any Opinion
of Counsel as to the interpretation of any legal matters relating to this
Indenture or certificates required to be provided hereunder.

     "Indexed Security" means a Security the terms of which provide that the
principal amount thereof payable at Stated Maturity may be more or less than the
principal face amount thereof at original issuance.

     "Interest", with respect to any Original Issue Discount Security which by
its terms bears interest only after Maturity, means interest payable after
Maturity and, when used with respect to a Security which provides for the
payment of Additional Amounts pursuant to Section 10.4, includes such Additional
Amounts.

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

     "Judgment Currency" has the meaning specified in Section 1.16.

     "Lien" means any mortgage, pledge, lien, security interest or other
encumbrance.

     "Maturity", 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 provided in or pursuant to this Indenture, whether at the Stated
Maturity or by declaration of acceleration, notice of redemption or repurchase,
notice of option to elect repayment or otherwise, and includes the Redemption
Date.

                                       7
<PAGE>

     "New York Banking Day" has the meaning specified in Section 1.16.

     "Office" or "Agency," with respect to any Securities, means an office or
agency of the Company maintained or designated in a Place of Payment for such
Securities pursuant to Section 10.2 or any other office or agency of the Company
maintained or designated for such Securities pursuant to Section 10.2 or, to the
extent designated or required by Section 10.2 in lieu of such office or agency,
the Corporate Trust Office of the Trustee.

     "Officer's Certificate" means a certificate signed by an Authorized Officer
that complies with the requirements of Section 314(e) of the Trust Indenture Act
and is delivered to the Trustee.

     "Opinion of Counsel" means a written opinion of counsel, who may be an
employee of or counsel for the Company or other counsel who shall be reasonably
acceptable to the Trustee, that, if required by the Trust Indenture Act,
complies with the requirements of Section 314(e) of the Trust Indenture Act.

     "Original Issue Discount Security" means a Security issued pursuant to this
Indenture which provides for declaration of an amount less than the principal
face amount thereof to be due and payable upon acceleration pursuant to Section
5.2.

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

          (a) any such Security theretofore cancelled by the Trustee or the
              Security Registrar or delivered to the Trustee or the Security
              Registrar for cancellation;

          (b) any such Security for whose payment at the Maturity thereof money
              in the necessary amount has been theretofore deposited pursuant
              hereto (other than pursuant to Section 4.2) 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 and
              any Coupons appertaining thereto, 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;

                                       8
<PAGE>

          (c) any such Security with respect to which the Company has effected
              defeasance pursuant to the terms hereof, except to the extent
              provided in Section 4.2;

          (d) any such Security which has been paid pursuant to Section 3.6 or
              in exchange for or in lieu of which other Securities have been
              authenticated and delivered pursuant to this Indenture, unless
              there shall have been presented to the Trustee proof satisfactory
              to it that such Security is held by a bona fide purchaser in whose
              hands such Security is a valid obligation of the Company; and

          (e) any such Security converted or exchanged as contemplated by this
              Indenture into securities of the Company or another issuer, if the
              terms of such Security provide for such conversion or exchange
              pursuant to Section 3.1;

provided, however, that in determining whether the Holders of the requisite
principal amount of Outstanding Securities have given any request, demand,
authorization, direction, notice, consent or waiver hereunder or are present at
a meeting of Holders of Securities for quorum purposes, (i) the principal amount
of an Original Issue Discount Security that may be counted in making such
determination and that shall be deemed to be Outstanding for such purposes shall
be equal to the amount of the principal thereof that pursuant to the terms of
such Original Issue Discount Security would be declared (or shall have been
declared to be) due and payable upon a declaration of acceleration thereof
pursuant to Section 5.2 at the time of such determination, and (ii) the
principal amount of any Indexed Security that may be counted in making such
determination and that shall be deemed Outstanding for such purposes shall be
equal to the principal face amount of such Indexed Security at original
issuance, unless otherwise provided in or pursuant to this Indenture, and (iii)
the principal amount of a Security denominated in a Foreign Currency shall be
the Dollar equivalent, determined on the date of original issuance of such
Security, of the principal amount (or, in the case of an Original Issue Discount
Security, the Dollar equivalent on the date of original issuance of such
Security of the amount determined as provided in (i) above) of such Security,
and (iv) Securities owned by the Company or any other obligor upon the
Securities or any Affiliate of the Company or such other obligor, shall be
disregarded and deemed not to be Outstanding, except that, in determining
whether the Trustee shall be protected in making any such determination or
relying upon any such request, demand, authorization, direction, notice, consent
or waiver, only Securities which a Responsible Officer of the Trustee actually
knows to be so owned shall be so disregarded. Securities so owned which shall
have been pledged in good faith may be regarded as Outstanding if the pledgee
establishes to the satisfaction of the Trustee (A) the pledgee's right so to act
with respect to such Securities and (B) that the pledgee is not the Company or
any other obligor upon the Securities or any Coupons appertaining thereto or an
Affiliate of the Company or such other obligor.

                                       9
<PAGE>

     "Paying Agent" means any Person authorized by the Company to pay the
principal of, or any premium or interest on, or any Additional Amounts with
respect to, any Security or any Coupon on behalf of the Company.

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

     "Place of Payment," with respect to any Security, means the place or places
where the principal of, or any premium or interest on, or any Additional Amounts
with respect to such Security are payable as provided in or pursuant to this
Indenture or such Security.

     "Predecessor Security" of any particular Security means every previous
Security evidencing all or a portion of the same Indebtedness as that evidenced
by such particular Security; and, for the purposes of this definition, any
Security authenticated and delivered under Section 3.6 in exchange for or in
lieu of a lost, destroyed, mutilated or stolen Security or any Security to which
a mutilated, destroyed, lost or stolen Coupon appertains shall be deemed to
evidence the same Indebtedness as the lost, destroyed, mutilated or stolen
Security or the Security to which a mutilated, destroyed, lost or stolen Coupon
appertains.

     "Preferred Stock" in respect of any Corporation means Capital Stock of any
class or classes (however designated) which is preferred as to the payment of
dividends, or as to the distribution of assets upon any voluntary or involuntary
liquidation or dissolution of such Corporation, over shares of Capital Stock of
any other class of such Corporation.

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

     "Redemption Price," with respect to any Security or portion thereof to be
redeemed, means the price at which it is to be redeemed as determined by or
pursuant to this Indenture or such Security.

     "Registered Security" means any Security established pursuant to Section
2.1 which is registered in a Security Register.

     "Regular Record Date" for the interest payable on any Registered Security
on any Interest Payment Date therefor means the date, if any, specified in or
pursuant to this Indenture or such Security as the "Regular Record Date".

     "Required Currency" has the meaning specified in Section 1.16.

                                      10
<PAGE>

     "Responsible Officer" means any vice president, any assistant vice
president, the secretary, any assistant secretary, the treasurer, any assistant
treasurer, or any 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 or her
knowledge of and familiarity with the particular subject.

     "Security" or "Securities" means any note or notes, bond or bonds,
debenture or debentures, or any other evidences of Indebtedness, as the case may
be, authenticated and delivered under this Indenture; provided, however, that,
if at any time there is more than one Person acting as Trustee under this
Indenture, "Securities," with respect to any such Person, shall mean Securities
authenticated and delivered under this Indenture, exclusive, however, of
Securities of any series as to which such Person is not Trustee.

     "Security Register" and "Security Registrar" have the respective meanings
specified in Section 3.5.

     "Senior Indebtedness," with respect to the Securities of any particular
series means Company Senior Indebtedness with respect to the Securities of such
series.

     "Special Record Date" for the payment of any Defaulted Interest on any
Registered Security means a date fixed by the Company pursuant to Section 3.7.

     "Stated Maturity," with respect to any Security or any installment of
principal thereof or interest thereon or any Additional Amounts with respect
thereto, means the date established by or pursuant to this Indenture or such
Security as the fixed date on which the principal of such Security or such
installment of principal or interest is, or such Additional Amounts are, due and
payable.

     "Subsidiary" means, in respect of any Person, any Corporation, limited or
general partnership or other business entity of which at the time of
determination more than 50% of the voting power of the shares of its Capital
Stock or other interests (including partnership interests) entitled (without
regard to the occurrence of any contingency) to vote in the election of
directors, managers or trustees thereof is owned or controlled, directly or
indirectly, by (i) such Person, (ii) such Person and one or more Subsidiaries of
such Person or (iii) one or more Subsidiaries of such Person.

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

                                      11
<PAGE>

from time to time by rules or regulations adopted by the Commission under or in
furtherance of the purposes of such Act or provision, as the case may be.

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

     "United States," except as otherwise provided in or pursuant to this
Indenture or any Security, means the United States of America (including the
states thereof and the District of Columbia), its territories and possessions
and other areas subject to its jurisdiction.

     "United States Alien," except as otherwise provided in or pursuant to this
Indenture or any Security, means any Person who, for United States Federal
income tax purposes, is a foreign corporation, a nonresident alien individual, a
nonresident alien fiduciary of a foreign estate or trust, or a foreign
partnership one or more of the members of which is, for United States Federal
income tax purposes, a foreign corporation, a nonresident alien individual or a
nonresident alien fiduciary of a foreign estate or trust.

     "U.S. Depository" or "Depository" means, with respect to any Security
issuable or issued in the form of one or more global Securities, the Person
designated as U.S. Depository or Depository by the Company in or pursuant to
this Indenture, which Person must be, to the extent required by applicable law
or regulation, a clearing agency registered under the Securities Exchange Act of
1934, as amended, and, if so provided with respect to any Security, any
successor to such Person. If at any time there is more than one such Person,
"U.S. Depository" or "Depository" shall mean, with respect to any Securities,
the qualifying entity which has been appointed with respect to such Securities.

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

     Section 1.2    Compliance Certificates and Opinions.

     Except as otherwise expressly provided in 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
Officer's Certificate stating that all conditions precedent, if any, provided
for in this Indenture relating to the proposed action have been complied with
and an Opinion of Counsel stating that, in the opinion of such counsel, all such

                                      12
<PAGE>

conditions precedent, if any, have been complied with, except that in the case
of any such application or request as to which the furnishing of such documents
or any of them 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 the individual signing such certificate or
     opinion has read such condition or covenant and the definitions herein
     relating thereto;

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

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

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

     Section 1.3    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 an Opinion of Counsel, provided
that such officer, after reasonable inquiry, has no reason to believe and does
not believe that the Opinion of Counsel with respect to the matters upon which
his certificate or opinion is based is erroneous. Any such 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 provided that such counsel, after reasonable inquiry, has no
reason to believe and does not believe that the certificate or opinion or
representations with respect to such matters are erroneous.

                                      13
<PAGE>

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

     Section 1.4    Acts of Holders.

          (1) Any request, demand, authorization, direction, notice, consent,
     waiver or other action provided by or pursuant to 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. If, but only if,
     Securities of a series are issuable as Bearer Securities, any request,
     demand, authorization, direction, notice, consent, waiver or other action
     provided in or pursuant to this Indenture to be given or taken by Holders
     of Securities of such series may, alternatively, be embodied in and
     evidenced by the record of Holders of Securities of such series voting in
     favor thereof, either in person or by proxies duly appointed in writing, at
     any meeting of Holders of Securities of such series duly called and held in
     accordance with the provisions of Article 15, or a combination of such
     instruments and any such record. Except as herein otherwise expressly
     provided, such action shall become effective when such instrument or
     instruments or record 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 or so voting at any such meeting. Proof of
     execution of any such instrument or of a writing appointing any such agent,
     or of the holding by any Person of a Security, shall be sufficient for any
     purpose of this Indenture and (subject to Section 315 of the Trust
     Indenture Act) conclusive in favor of the Trustee and the Company and any
     agent of the Trustee or 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 15.6.

          Without limiting the generality of this Section 1.4, unless otherwise
     provided in or pursuant to this Indenture, a Holder, including a U.S.
     Depository that is a Holder of a global Security, may make, give or take,
     by a proxy or proxies, duly appointed in writing, any request, demand,
     authorization, direction, notice, consent, waiver or other Act provided in
     or pursuant to this Indenture to be made, given or taken by Holders, and a
     U.S. Depository that is a Holder of a global Security may provide its proxy
     or proxies to the beneficial owners of interests in any such global
     Security through such U.S. Depository's standing instructions and customary
     practices.

          The Company shall fix a record date for the purpose of determining the
     Persons who are beneficial owners of interest in any permanent global
     Security held by a U.S.

                                      14
<PAGE>

     Depository entitled under the procedures of such U.S. Depository to make,
     give or take, by a proxy or proxies duly appointed in writing, any request,
     demand, authorization, direction, notice, consent, waiver or other Act
     provided in or pursuant to this Indenture to be made, given or taken by
     Holders. If such a record date is fixed, the Holders on such record date or
     their duly appointed proxy or proxies, and only such Persons, shall be
     entitled to make, give or take such request, demand, authorization,
     direction, notice, consent, waiver or other Act, whether or not such
     Holders remain Holders after such record date. No such request, demand,
     authorization, direction, notice, consent, waiver or other Act shall be
     valid or effective if made, given or taken more than 90 days after such
     record date.

          (2) The fact and date of the execution by any Person of any such
     instrument or writing referred to in this Section 1.4 may be proved in any
     reasonable manner; and the Trustee may in any instance require further
     proof with respect to any of the matters referred to in this Section.

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

          (4) The ownership, principal amount and serial numbers of Bearer
     Securities held by any Person, and the date of the commencement and the
     date of the termination of holding the same, may be proved by the
     production of such Bearer Securities or by a certificate executed, as
     depositary, by any trust company, bank, banker or other depositary
     reasonably acceptable to the Company, wherever situated, if such
     certificate shall be deemed by the Company and the Trustee to be
     satisfactory, showing that at the date therein mentioned such Person had on
     deposit with such depositary, or exhibited to it, the Bearer Securities
     therein described; or such facts may be proved by the certificate or
     affidavit of the Person holding such Bearer Securities, if such certificate
     or affidavit is deemed by the Trustee to be satisfactory. The Trustee and
     the Company may assume that such ownership of any Bearer Security continues
     until (i) another certificate or affidavit bearing a later date issued in
     respect of the same Bearer Security is produced, or (ii) such Bearer
     Security is produced to the Trustee by some other Person, or (iii) such
     Bearer Security is surrendered in exchange for a Registered Security, or
     (iv) such Bearer Security is no longer Outstanding. The ownership,
     principal amount and serial numbers of Bearer Securities held by the Person
     so executing such instrument or writing and the date of the commencement
     and the date of the termination of holding the same may also be proved in
     any other manner which the Company and the Trustee deem sufficient.

          (5) If the Company shall solicit from the Holders of any Registered
     Securities any request, demand, authorization, direction, notice, consent,
     waiver or other Act, the

                                      15
<PAGE>

     Company, may at its option (but is not obligated to), by Board Resolution,
     fix in advance a record date for the determination of Holders of Registered
     Securities entitled to give such request, demand, authorization, direction,
     notice, consent, waiver or other Act. If such a record date is fixed, such
     request, demand, authorization, direction, notice, consent, waiver or other
     Act may be given before or after such record date, but only the Holders of
     Registered Securities of record at the close of business on such record
     date shall be deemed to be Holders for the purpose of determining whether
     Holders of the requisite proportion of Outstanding Securities have
     authorized or agreed or consented to such request, demand, authorization,
     direction, notice, consent, waiver or other Act, and for that purpose the
     Outstanding Securities shall be computed as of such record date; provided
     that no such authorization, agreement or consent by the Holders of
     Registered Securities shall be deemed effective unless it shall become
     effective pursuant to the provisions of this Indenture not later than six
     months after the record date.

          (6) Any request, demand, authorization, direction, notice, consent,
     waiver or other Act by 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 or suffered to be done by the Trustee,
     any Security Registrar, any Paying Agent or the Company in reliance
     thereon, whether or not notation of such Act is made upon such Security.

     Section 1.5    Notices, etc. to Trustee and Company.

     Any request, demand, authorization, direction, notice, consent, waiver or
other 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 the Company shall be sufficient for
     every purpose hereunder if made, given, furnished or filed in writing to or
     with the Trustee at its Corporate Trust Office, or

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

     Section 1.6    Notice to Holders of Securities; Waiver.

                                      16
<PAGE>

     Except as otherwise expressly provided in or pursuant to this Indenture,
where this Indenture provides for notice to Holders of Securities of any event,

          (1) such notice shall be sufficiently given to Holders of Registered
     Securities if in writing and mailed, firstclass postage prepaid, to each
     Holder of a Registered Security affected by such event, at his address as
     it appears in the Security Register, not later than the latest date, and
     not earlier than the earliest date, prescribed for the giving of such
     notice; and

          (2) such notice shall be sufficiently given to Holders of Bearer
     Securities, if any, if published in an Authorized Newspaper in The City of
     New York and, if such Securities are then listed on any stock exchange
     outside the United States, in an Authorized Newspaper in such city as the
     Company shall advise the Trustee that such stock exchange so requires, on a
     Business Day at least twice, the first such publication to be not earlier
     than the earliest date and the second such publication not later than the
     latest date prescribed for the giving of such notice.

     In any case where notice to Holders of Registered 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 Registered Security shall affect the
sufficiency of such notice with respect to other Holders of Registered
Securities or the sufficiency of any notice to Holders of Bearer Securities
given as provided herein. Any notice which is mailed in the manner herein
provided shall be conclusively presumed to have been duly given or provided. In
the case by reason of the suspension of regular mail service or by reason of any
other cause it shall be impracticable to give such notice by mail, then such
notification as shall be made with the approval of the Trustee shall constitute
a sufficient notification for every purpose hereunder.

     In case by reason of the suspension of publication of any Authorized
Newspaper or Authorized Newspapers or by reason of any other cause it shall be
impracticable to publish any notice to Holders of Bearers Securities as provided
above, then such notification to Holders of Bearer Securities as shall be given
with the approval of the Trustee shall constitute sufficient notice to such
Holders for every purpose hereunder. Neither failure to give notice by
publication to Holders of Bearer Securities as provided above, nor any defect in
any notice so published, shall affect the sufficiency of any notice mailed to
Holders of Registered Securities as provided above.

     Where this Indenture provides for notice in any manner, such notice may be
waived in writing by the Person entitled to receive such notice, either before
or after the event, and such waiver shall be the equivalent of such notice.
Waivers of notice by Holders of Securities 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.

                                      17
<PAGE>

     Section 1.7    Language of Notices.

     Any request, demand, authorization, direction, notice, consent, election or
waiver required or permitted under this Indenture shall be in the English
language, except that, if the Company, so elects, any published notice may be in
an official language of the country of publication.

     Section 1.8    Conflict with Trust Indenture Act.

     If any provision hereof limits, qualifies or conflicts with any duties
under any required provision of the Trust Indenture Act imposed hereon by
Section 318(c) thereof, such required provision shall control.

     Section 1.9    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 1.10   Successors and Assigns.

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

     Section 1.11   Separability Clause.

     In case any provision in this Indenture, any Security or any Coupon 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 1.12   Reserved.

     Section 1.13   Benefits of Indenture.

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

                                      18
<PAGE>

     Section 1.14   Governing Law.

     This Indenture, the Securities and any Coupons shall be governed by and
construed in accordance with the laws of the State of New York applicable to
agreements made or instruments entered into and, in each case, performed in said
state.

     Section 1.15   Legal Holidays.

     Unless otherwise specified in or pursuant to this Indenture or any
Securities, in any case where any Interest Payment Date, Stated Maturity or
Maturity of any Security, or the last date on which a Holder has the right to
convert or exchange Securities of a series that are convertible or exchangeable,
shall not be a Business Day at any Place of Payment, then (notwithstanding any
other provision of this Indenture, any Security or any Coupon other than a
provision in any Security or Coupon that specifically states that such provision
shall apply in lieu hereof) payment need not be made at such Place of Payment on
such date, and such Securities need not be converted or exchanged on such date,
but such payment may be made, and such Securities may be converted or exchanged,
on the next succeeding day that is a Business Day at such Place of Payment, and
no interest shall accrue on the amount payable on such date or at such time for
the period from and after such Interest Payment Date, Stated Maturity, Maturity
or last day for conversion or exchange, as the case may be, to such next
succeeding Business Day, except that if such next succeeding Business Day is in
the next succeeding calendar year, such payment may be made, and such Securities
may be converted or exchanged, on the immediately preceding Business Day (in the
case of each of the foregoing, with the same force and effect as if made on such
Interest Payment Date or at such Stated Maturity or Maturity or on such last day
for conversion or exchange, as the case may be).

     Section 1.16   Counterparts.

     This Indenture may be executed in several counterparts, each of which shall
be an original and all of which shall constitute but one and the same
instrument.

     Section 1.17   Judgment Currency.

     The Company agrees, to the fullest extent that it may effectively do so
under applicable law, that (a) if for the purpose of obtaining judgment in any
court it is necessary to convert the sum due in respect of the principal of, or
premium or interest, if any, or Additional Amounts on 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 requisite amount of the Required Currency with the
Judgment Currency on the New York Banking Day preceding the day on which a final
unappealable judgment is given and (b) its

                                      19
<PAGE>

obligations under this Indenture to make payments in the Required Currency (i)
shall not be discharged or satisfied by any tender, or any recovery pursuant to
any judgment (whether or not entered in accordance with clause (a)), in any
currency other than the Required Currency, except to the extent that such tender
or recovery shall result in the actual receipt, by the payee, of the full amount
of the Required Currency expressed to be payable in respect of such payments,
(ii) shall be enforceable as an alternative or additional cause of action for
the purpose of recovering in the Required Currency the amount, if any, by which
such actual receipt shall fall short of the full amount of the Required Currency
so expressed to be payable and (iii) shall not be affected by judgment being
obtained for any other sum due under this Indenture. For purposes of the
foregoing, "New York Banking Day" means any day except a Saturday, Sunday or a
legal holiday in The City of New York or a day on which banking institutions in
The City of New York are authorized or obligated by law, regulation or executive
order to be closed.

     Section 1.18   No Security Interest Created.

     Nothing in this Indenture or in any Securities, express or implied, shall
be construed to constitute a security interest under the Uniform Commercial Code
or similar legislation, as now or hereafter enacted and in effect in any
jurisdiction where property of the Company or its Subsidiaries is or may be
located.

     Section 1.19   Limitation on Individual Liability.

     No recourse under or upon any obligation, covenant or agreement contained
in this Indenture or in any Security, or for any claim based thereon or
otherwise in respect thereof, shall be had against any incorporator,
shareholder, officer or director, as such, past, present or future, of the
Company, either directly or through the Company, whether by virtue of any
constitution, statute or rule of law, or by the enforcement of any assessment or
penalty or otherwise; it being expressly understood that this Indenture and the
obligations issued hereunder are solely corporate obligations, and that no such
personal liability whatever shall attach to, or is or shall be incurred by, the
incorporators, shareholders, officers or directors, as such, of the Company, or
any of them, because of the creation of the indebtedness hereby authorized, or
under or by reason of the obligations, covenants or agreements contained in this
Indenture or in any Security or implied therefrom; and that any and all such
personal liability of every name and nature, either at common law or in equity
or by constitution or statute, of, and any and all such rights and claims
against, every such incorporator, shareholder, officer or director, as such,
because of the creation of the indebtedness hereby authorized, or under or by
reason of the obligations, covenants or agreements contained in this Indenture
or in any Security or implied therefrom, are hereby expressly waived and
released as a condition of, and as a consideration for, the execution of this
Indenture and the issuance of such Security.

     Section 1.20   Submission to Jurisdiction.

                                      20
<PAGE>

     The Company agrees that any judicial proceedings instituted in relation to
any matter arising under this Indenture, the Securities or any Coupons
appertaining thereto may be brought in any United States Federal or New York
State court sitting in the Borough of Manhattan, The City of New York, New York
to the extent that such court has subject matter jurisdiction over the
controversy, and, by execution and delivery of this Indenture, the Company
hereby irrevocably accepts, generally and unconditionally, the jurisdiction of
the aforesaid courts, acknowledges their competence and irrevocably agrees to be
bound by any judgement rendered in such proceeding. The Company also irrevocably
and unconditionally waives for the benefit of the Trustee and the Holders of the
Securities and Coupons any immunity from jurisdiction and any immunity from
legal process (whether through service or notice, attachment prior to judgement,
attachment in the aid of execution, execution or otherwise) in respect of this
Indenture. The Company hereby irrevocably designates and appoints for the
benefit of the Trustee and the Holders of the Securities and Coupons for the
term of this Indenture ACE USA, Inc., 1133 Avenue of the Americas, 32/nd/ Floor,
New York, New York 10036, as its agent to receive on its behalf service of all
process (with a copy of all such service of process to be delivered to Peter N.
Mear, General Counsel and Secretary, ACE Limited, The ACE Building, 30
Woodbourne Avenue, Hamilton, HM 08, Bermuda) brought against it with respect to
any such proceeding in any such court in The City of New York, such service
being hereby acknowledged by each of the Company to be effective and binding
service on it in every respect whether or not the Company shall then be doing or
shall have at any time done business in New York. Such appointment shall be
irrevocable so long as any of the Securities or Coupons or the respective
obligations of the Company hereunder remain outstanding, or until the
appointment of a successor by the Company and such successor's acceptance of
such appointment. Upon such acceptance, the Company shall notify the Trustee of
the name and address of such successor. The Company further agrees for the
benefit of the Trustee and the Holders of the Securities and the Coupons to take
any and all action, including the execution and filing of any and all such
documents and instruments, as may be necessary to continue such designation and
appointment of said ACE USA, Inc. in full force and effect so long as any of the
Securities or Coupons or the respective obligations of the Company hereunder
shall be outstanding. The Trustee shall not be obligated and shall have no
responsibility with respect to any failure by the Company to take any such
action. Nothing herein shall affect the right to serve process in any other
manner permitted by any law or limit the right of the Trustee or any Holder to
institute proceedings against the Company in the courts of any other
jurisdiction or jurisdictions.

                                   ARTICLE 2

                               Securities Forms

     Section 2.1    Forms Generally.

                                      21
<PAGE>

     Each Registered Security, Bearer Security, Coupon and temporary or
permanent global Security issued pursuant to this Indenture shall be in the form
established by or pursuant to a Board Resolution or in one or more indentures
supplemental hereto, shall have such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by or pursuant
to this Indenture or any indenture supplemental hereto and may have such
letters, numbers or other marks of identification and such legends or
endorsements placed thereon as may, consistently herewith, be determined by the
officers executing such Security or Coupon as evidenced by their execution of
such Security or Coupon.

     Unless otherwise provided in or pursuant to this Indenture or any
Securities, the Securities shall be issuable in registered form without Coupons
and shall not be issuable upon the exercise of warrants.

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

     Section 2.2    Form of Trustee's Certificate of Authentication.

     Subject to Section 6.11, 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.

                         BANK ONE TRUST COMPANY, NA,
                         as Trustee

                         By
                         Authorized Officer

     Section 2.3    Securities in Global Form.

     Unless otherwise provided in or pursuant to this Indenture or any
Securities, the Securities shall not be issuable in temporary or permanent
global form. If Securities of a series shall be issuable in global form, any
such Security may provide that it or any number of such Securities shall
represent the aggregate amount of all Outstanding Securities of such series (or
such lesser amount as is permitted by the terms thereof) from time to time
endorsed thereon and

                                      22
<PAGE>

may also provide that the aggregate amount of Outstanding Securities represented
thereby may from time to time be increased or reduced to reflect exchanges. Any
endorsement of any Security in global form to reflect the amount, or any
increase or decrease in the amount, or changes in the rights of Holders, of
Outstanding Securities represented thereby shall be made in such manner and by
such Person or Persons as shall be specified therein or in the Company Order to
be delivered pursuant to Section 3.3 or 3.4 with respect thereto. Subject to the
provisions of Section 3.3 and, if applicable, Section 3.4, the Trustee shall
deliver and redeliver, in each case at the Company's expense, any Security in
permanent global form in the manner and upon instructions given by the Person or
Persons specified therein or in the applicable Company Order. If a Company Order
pursuant to Section 3.3 or 3.4 has been, or simultaneously is, delivered, any
instructions by the Company with respect to a Security in global form shall be
in writing but need not be accompanied by or contained in an Officer's
Certificate and need not be accompanied by an Opinion of Counsel.

     Notwithstanding the provisions of Section 3.7, unless otherwise specified
in or pursuant to this Indenture or any Securities, payment of principal of, any
premium and interest on, and any Additional Amounts in respect of, any Security
in temporary or permanent global form shall be made to the Person or Persons
specified therein.

     Notwithstanding the provisions of Section 3.8 and except as provided in the
preceding paragraph, the Company, the Trustee and any agent of the Company, or
the Trustee shall treat as the Holder of such principal amount of Outstanding
Securities represented by a global Security (i) in the case of a global Security
in registered form, the Holder of such global Security in registered form, or
(ii) in the case of a global Security in bearer form, the Person or Persons
specified pursuant to Section 3.1.

                                   ARTICLE 3

                                The Securities

     Section 3.1    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. The Securities of each series shall be subordinated in right of
payment to all Company Senior Indebtedness with respect to such series as
provided in Article 16.

     With respect to any Securities to be authenticated and delivered hereunder,
there shall be established in or pursuant to a Board Resolution and set forth in
an Officer's Certificate, or established in one or more indentures supplemental
hereto,

                                      23
<PAGE>

          (1) the title of such Securities and the series in which such
     Securities shall be included;

          (2) any limit upon the aggregate principal amount of the Securities of
     such title or the Securities of such 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 such series pursuant to Section 3.4, 3.5, 3.6, 9.5
     or 11.7, upon repayment in part of any Registered Security of such series
     pursuant to Article 13, upon surrender in part of any Registered Security
     for conversion into other securities of the Company or exchange for
     securities of another issuer pursuant to its terms, or pursuant to or as
     contemplated by the terms of such Securities);

          (3) if such Securities are to be issuable as Registered Securities, as
     Bearer Securities or alternatively as Bearer Securities and Registered
     Securities, and whether the Bearer Securities are to be issuable with
     Coupons, without Coupons or both, and any restrictions applicable to the
     offer, sale or delivery of the Bearer Securities and the terms, if any,
     upon which Bearer Securities may be exchanged for Registered Securities and
     vice versa;

          (4) if any of such Securities are to be issuable in global form, when
     any of such Securities are to be issuable in global form and (i) whether
     such Securities are to be issued in temporary or permanent global form or
     both, (ii) whether beneficial owners of interests in any such global
     Security may exchange such interests for Securities of the same series and
     of like tenor and of any authorized form and denomination, and the
     circumstances under which any such exchanges may occur, if other than in
     the manner specified in Section 3.5, and (iii) the name of the Depository
     or the U.S. Depository, as the case may be, with respect to any such global
     Security;

          (5) if any of such Securities are to be issuable as Bearer Securities
     or in global form, the date as of which any such Bearer Security or global
     Security shall be dated (if other than the date of original issuance of the
     first of such Securities to be issued);

          (6) if any of such Securities are to be issuable as Bearer Securities,
     whether interest in respect of any portion of a temporary Bearer Security
     in global form payable in respect of an Interest Payment Date therefor
     prior to the exchange, if any, of such temporary Bearer Security for
     definitive Securities shall be paid to any clearing organization with
     respect to the portion of such temporary Bearer Security held for its
     account and, in such event, the terms and conditions (including any
     certification requirements) upon which any such interest payment received
     by a clearing organization will be credited to the Persons entitled to
     interest payable on such Interest Payment Date;

                                      24
<PAGE>

          (7) the date or dates, or the method or methods, if any, by which such
     date or dates shall be determined, on which the principal of such
     Securities is payable;

          (8) the rate or rates at which such Securities shall bear interest, if
     any, or the method or methods, if any, by which such rate or rates are to
     be determined, the rate or rates and the extent to which Additional
     Interest, if any, shall be payable in respect of such Securities, the date
     or dates, if any, from which such interest shall accrue or the method or
     methods, if any, by which such date or dates are to be determined, the
     Interest Payment Dates, if any, on which such interest shall be payable and
     the Regular Record Date, if any, for the interest payable on Registered
     Securities on any Interest Payment Date, whether and under what
     circumstances Additional Amounts on such Securities or any of them shall be
     payable, the notice, if any, to Holders regarding the determination of
     interest on a floating rate Security and the manner of giving such notice,
     and the basis upon which interest shall be calculated if other than that of
     a 360-day year of twelve 30-day months;

          (9) if in addition to or other than the Borough of Manhattan, The City
     of New York, the place or places where the principal of, any premium and
     interest on or any Additional Amounts with respect to such Securities shall
     be payable, any of such Securities that are Registered Securities may be
     surrendered for registration of transfer or exchange, any of such
     Securities may be surrendered for conversion or exchange and notices or
     demands to or upon the Company in respect of such Securities and this
     Indenture may be served, the extent to which, or the manner in which, any
     interest payment or Additional Amounts on a global Security on an Interest
     Payment Date, will be paid and the manner in which any principal of or
     premium, if any, on any global Security will be paid;

          (10) whether any of such Securities are to be redeemable at the option
     of the Company and, if so, the date or dates on which, the period or
     periods within which, the price or prices at which and the other terms and
     conditions upon which such Securities may be redeemed, in whole or in part,
     at the option of the Company;

          (11) whether the Company is obligated to redeem or purchase any of
     such Securities pursuant to any sinking fund or analogous provision or at
     the option of any Holder thereof and, if so, the date or dates on which,
     the period or periods within which, the price or prices at which and the
     other terms and conditions upon which such Securities shall be redeemed or
     purchased, in whole or in part, pursuant to such obligation, and any
     provisions for the remarketing of such Securities so redeemed or purchased;

                                      25
<PAGE>

          (12) the denominations in which any of such Securities that are
     Registered Securities shall be issuable if other than denominations of
     $1,000 and any integral multiple thereof, and the denominations in which
     any of such Securities that are Bearer Securities shall be issuable if
     other than the denomination of $5,000;

          (13) whether the Securities of the series will be convertible into
     other securities of the Company and/or exchangeable for securities of
     another issuer, and if so, the terms and conditions upon which such
     Securities will be so convertible or exchangeable, and any deletions from
     or modifications or additions to this Indenture to permit or to facilitate
     the issuance of such convertible or exchangeable Securities or the
     administration thereof;

          (14) if other than the principal amount thereof, the portion of the
     principal amount of any of such Securities that shall be payable upon
     declaration of acceleration of the Maturity thereof pursuant to Section 5.2
     or the method by which such portion is to be determined;

          (15) if other than Dollars, the Foreign Currency in which payment of
     the principal of, any premium or interest on or any Additional Amounts with
     respect to any of such Securities shall be payable;

          (16) if the principal of, any premium or interest on or any Additional
     Amounts with respect to any of such Securities are to be payable, at the
     election of the Company or a Holder thereof or otherwise, in Dollars or in
     a Foreign Currency other than that in which such Securities are stated to
     be payable, the date or dates on which, the period or periods within which,
     and the other terms and conditions upon which, such election may be made,
     and the time and manner of determining the exchange rate between the
     Currency in which such Securities are stated to be payable and the Currency
     in which such Securities or any of them are to be paid pursuant to such
     election, and any deletions from or modifications of or additions to the
     terms of this Indenture to provide for or to facilitate the issuance of
     Securities denominated or payable, at the election of the Company or a
     Holder thereof or otherwise, in a Foreign Currency;

          (17) whether the amount of payments of principal of, any premium or
     interest on or any Additional Amounts with respect to such Securities may
     be determined with reference to an index, formula or other method or
     methods (which index, formula or method or methods may be based, without
     limitation, on one or more Currencies, commodities, equity securities,
     equity indices or other indices), and, if so, the terms and conditions upon
     which and the manner in which such amounts shall be determined and paid or
     payable;

                                      26
<PAGE>

          (18) the relative degree, if any, to which Securities of such series
     shall be senior to or be subordinated to other series of Securities or
     other Indebtedness of the Company, in right of payment, whether such other
     series of Securities or other Indebtedness is outstanding or not;

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

          (20) whether either or both of Section 4.2(2) relating to defeasance
     or Section 4.2(3) relating to covenant defeasance shall not be applicable
     to the Securities of such series, or any covenants in addition to those
     specified in Section 4.2(3) relating to the Securities of such series which
     shall be subject to covenant defeasance, and any deletions from, or
     modifications or additions to, the provisions of Article 4 in respect of
     the Securities of such series;

          (21) whether any of such Securities are to be issuable upon the
     exercise of warrants, and the time, manner and place for such Securities to
     be authenticated and delivered;

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

          (23) if there is more than one Trustee, the identity of the Trustee
     and, if not the Trustee, the identity of each Security Registrar, Paying
     Agent or Authenticating Agent with respect to such Securities; and

          (24) any other terms of such Securities and any other deletions from
     or modifications or additions to this Indenture in respect of such
     Securities.

     All Securities of any one series and all Coupons, if any, appertaining to
Bearer Securities of such series shall be substantially identical except as to
Currency of payments due thereunder, denomination and the rate of interest
thereon, or method of determining the rate of interest, if any, Maturity, and
the date from which interest, if any, shall accrue and except as may otherwise
be provided by the Company in or pursuant to the Board Resolution and set forth
in the Officer's Certificate or in any indenture or indentures supplemental
hereto pertaining to such series of Securities. The terms of the Securities of
any series may provide, without limitation, that the Securities shall be
authenticated and delivered by the Trustee on original issue from time to time

                                      27
<PAGE>

upon written order of persons designated in the Officer's Certificate or
supplemental indenture and that such persons are authorized to determine,
consistent with such Officer's Certificate or any applicable supplemental
indenture, such terms and conditions of the Securities of such series as are
specified in such Officer's Certificate or supplemental indenture. All
Securities of any one series need not be issued at the same time and, unless
otherwise so provided, a series may be reopened for issuances of additional
Securities of such series or to establish additional terms of such series of
Securities.

     If any of the terms of the Securities of any series shall be established by
action taken by or pursuant to a Board Resolution, the Board Resolution shall be
delivered to the Trustee at or prior to the delivery of the Officer's
Certificate setting forth the terms of such series.

     Section 3.2    Currency; Denominations.

     Unless otherwise provided in or pursuant to this Indenture, the principal
of, any premium and interest on and any Additional Amounts with respect to the
Securities shall be payable in Dollars. Unless otherwise provided in or pursuant
to this Indenture, Registered Securities denominated in Dollars shall be
issuable in registered form without Coupons in denominations of $1,000 and any
integral multiple thereof, and the Bearer Securities denominated in Dollars
shall be issuable in the denomination of $5,000. Securities not denominated in
Dollars shall be issuable in such denominations as are established with respect
to such Securities in or pursuant to this Indenture.

     Section 3.3    Execution, Authentication, Delivery and Dating.

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

     Securities and any Coupons appertaining thereto 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 and Coupons or did not hold such offices at the date
of original issuance of such Securities or Coupons.

     At any time and from time to time after the execution and delivery of this
Indenture, the Company may deliver Securities, together with any Coupons
appertaining thereto, executed by the Company, to the Trustee for authentication
and, provided that the Board Resolution and

                                      28
<PAGE>

Officer's Certificate or supplemental indenture or indentures with respect to
such Securities referred to in Section 3.1 and a Company Order for the
authentication and delivery of such Securities have been delivered to the
Trustee, the Trustee in accordance with the Company Order and subject to the
provisions hereof and of such Securities shall authenticate and deliver such
Securities. In authenticating such Securities, and accepting the additional
responsibilities under this Indenture in relation to such Securities and any
Coupons appertaining thereto, the Trustee shall be entitled to receive, and
(subject to Sections 315(a) through 315(d) of the Trust Indenture Act) shall be
fully protected in relying upon,

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

               (a) the form or forms and terms of such Securities and Coupons,
          if any, have been established in conformity with the provisions of
          this Indenture;

               (b) all conditions precedent to the authentication and delivery
          of such Securities and Coupons, if any, appertaining thereto, have
          been complied with and that such Securities and Coupons, when
          completed by appropriate insertions, executed under the Company's
          corporate seal and attested by duly authorized officers of the
          Company, delivered by duly authorized officers of the Company to the
          Trustee for authentication pursuant to this Indenture, and
          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 legally valid and binding obligations of
          the Company, enforceable against the Company in accordance with their
          terms, except as enforcement thereof may be subject to or limited by
          bankruptcy, insolvency, reorganization, moratorium, arrangement,
          fraudulent conveyance, fraudulent transfer or other similar laws
          relating to or affecting creditors' rights generally, and subject to
          general principles of equity (regardless of whether enforcement is
          sought in a proceeding in equity or at law) and will entitle the
          Holders thereof to the benefits of this Indenture; such Opinion of
          Counsel need express no opinion as to the availability of equitable
          remedies;

               (c) all laws and requirements in respect of the execution and
          delivery by the Company of such Securities and Coupons, if any, have
          been complied with; and

               (d) this Indenture is in a form sufficient for qualification
          under the Trust Indenture Act; and

     (2)  an Officer's Certificate stating that, to the best knowledge of the
Persons executing such certificate, all conditions precedent to the execution,
authentication and delivery of such Securities and Coupons, if any, appertaining
thereto, have been complied with, and no

                                      29
<PAGE>

event which is, or after notice or lapse of time would become, an Event of
Default with respect to any of the Securities shall have occurred and be
continuing.

     If all the Securities of any series are not to be issued at one time, it
shall not be necessary to deliver an Opinion of Counsel and an Officer's
Certificate at the time of issuance of each Security, but such opinion and
certificates, with appropriate modifications, shall be delivered at or before
the time of issuance of the first Security of such series. After any such first
delivery, any separate written request by an Authorized Officer of the Company
or any person designated in writing by an Authorized Officer that the Trustee
authenticate and deliver Securities of such series for original issue will be
deemed to be a certification by the Company that all conditions precedent
provided for in this Indenture relating to authentication and delivery of such
Securities continue to have been complied with and that no Event of Default with
respect to any of the Securities has occurred or is continuing.

     The Trustee shall not be required to authenticate or to cause an
Authenticating Agent to authenticate any 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 or if the Trustee,
being advised by counsel, determines that such action may not lawfully be taken.

     Each Registered Security shall be dated the date of its authentication.
Each Bearer Security and any Bearer Security in global form shall be dated as of
the date specified in or pursuant to this Indenture.

     No Security or Coupon appertaining thereto 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 in Section 2.2 or 6.11 executed by or on behalf of the Trustee
or by the Authenticating Agent by the manual signature of one of its authorized
officers. Such certificate upon any Security shall be conclusive evidence, and
the only evidence, that such Security has been duly authenticated and delivered
hereunder. Except as permitted by Section 3.6 or 3.7, the Trustee shall not
authenticate and deliver any Bearer Security unless all Coupons appertaining
thereto then matured have been detached and cancelled.

     Section 3.4    Temporary Securities.

     Pending the preparation of definitive Securities, the Company may execute
and deliver to the Trustee and, upon Company Order, the Trustee shall
authenticate and deliver, in the manner provided in Section 3.3, temporary
Securities in lieu thereof 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

                                      30
<PAGE>

registered form or, if authorized in or pursuant to this Indenture, in bearer
form with one or more Coupons or without Coupons and with such appropriate
insertions, omissions, substitutions and other variations as the officers of the
Company executing such Securities may determine, as conclusively evidenced by
their execution of such Securities. Such temporary Securities may be in global
form.

     Except in the case of temporary Securities in global form, which shall be
exchanged in accordance with the provisions thereof, if temporary Securities are
issued, the Company shall cause definitive Securities to be prepared without
unreasonable delay. After the preparation of definitive Securities of the same
series and containing terms and provisions that are identical to those of any
temporary Securities, such temporary Securities shall be exchangeable for such
definitive Securities upon surrender of such temporary Securities at an Office
or Agency for such Securities, without charge to any Holder thereof. Upon
surrender for cancellation of any one or more temporary Securities (accompanied
by any unmatured Coupons appertaining thereto), the Company shall execute and
the Trustee shall authenticate and deliver in exchange therefor a like principal
amount of definitive Securities of authorized denominations of the same series
and containing identical terms and provisions; provided, however, that no
definitive Bearer Security, except as provided in or pursuant to this Indenture,
shall be delivered in exchange for a temporary Registered Security; and
provided, further, that a definitive Bearer Security shall be delivered in
exchange for a temporary Bearer Security only in compliance with the conditions
set forth in or pursuant to this Indenture. Unless otherwise provided in or
pursuant to this Indenture with respect to a temporary global Security, until so
exchanged the temporary Securities of any series shall in all respects be
entitled to the same benefits under this Indenture as definitive Securities of
such series.

     Section 3.5    Registration, Transfer and Exchange.

     With respect to the Registered Securities of each series, if any, the
Company shall cause to be kept a register (each such register being herein
sometimes referred to as the "Security Register") at an Office or Agency for
such series in which, subject to such reasonable regulations as it may
prescribe, the Company shall provide for the registration of the Registered
Securities of such series and of transfers of the Registered Securities of such
series. Such Office or Agency shall be the "Security Registrar" for that series
of Securities. Unless otherwise specified in or pursuant to this Indenture or
the Securities, the Trustee shall be the initial Security Registrar for each
series of Securities. The Company shall have the right to remove and replace
from time to time the Security Registrar for any series of Securities; provided
that no such removal or replacement shall be effective until a successor
Security Registrar with respect to such series of Securities shall have been
appointed by the Company and shall have accepted such appointment by the
Company. In the event that the Trustee shall not be or shall cease to be
Security Registrar with respect to a series of Securities, it shall have the
right to examine the Security Register for

                                      31
<PAGE>

such series at all reasonable times. There shall be only one Security Register
for each series of Securities.

     Upon surrender for registration of transfer of any Registered Security of
any series at any Office or Agency for such series, the Company shall execute,
and the Trustee shall authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Registered Securities of the same
series denominated as authorized in or pursuant to this Indenture, of a like
aggregate principal amount bearing a number not contemporaneously outstanding
and containing identical terms and provisions.

     At the option of the Holder, Registered Securities of any series may be
exchanged for other Registered Securities of the same series containing
identical terms and provisions, in any authorized denominations, and of a like
aggregate principal amount, upon surrender of the Securities to be exchanged at
any Office or Agency for such series. Whenever any Registered Securities are so
surrendered for exchange, the Company shall execute, and the Trustee shall
authenticate and deliver, the Registered Securities which the Holder making the
exchange is entitled to receive.

     If provided in or pursuant to this Indenture, with respect to Securities of
any series, at the option of the Holder, Bearer Securities of such series may be
exchanged for Registered Securities of such series containing identical terms,
denominated as authorized in or pursuant to this Indenture and in the same
aggregate principal amount, upon surrender of the Bearer Securities to be
exchanged at any Office or Agency for such series, with all unmatured Coupons
and all matured Coupons in default thereto appertaining. If the Holder of a
Bearer Security is unable to produce any such unmatured Coupon or Coupons or
matured Coupon or Coupons in default, such exchange may be effected if the
Bearer Securities are accompanied by payment in funds acceptable to the Company
and the Trustee in an amount equal to the face amount of such missing Coupon or
Coupons, or the surrender of such missing Coupon or Coupons may be waived by the
Company and the Trustee if there is furnished to them such security or indemnity
as they may require to save each of them and any Paying Agent harmless. If
thereafter the Holder of such Bearer Security shall surrender to any Paying
Agent any such missing Coupon in respect of which such a payment shall have been
made, such Holder shall be entitled to receive the amount of such payment;
provided, however, that, except as otherwise provided in Section 10.2, interest
represented by Coupons shall be payable only upon presentation and surrender of
those Coupons at an Office or Agency for such series located outside the United
States. Notwithstanding the foregoing, in case a Bearer Security of any series
is surrendered at any such Office or Agency for such series in exchange for a
Registered Security of such series and like tenor after the close of business at
such Office or Agency on (i) any Regular Record Date and before the opening of
business at such Office or Agency on the next succeeding Interest Payment Date,
or (ii) any Special Record Date and before the opening of business at such
Office or Agency on the related date for payment of Defaulted Interest, such
Bearer Security shall be

                                      32
<PAGE>

surrendered without the Coupon relating to such Interest Payment Date or
proposed date of payment, as the case may be (or, if such Coupon is so
surrendered with such Bearer Security, such Coupon shall be returned to the
Person so surrendering the Bearer Security), and interest or Defaulted Interest,
as the case may be, shall not be payable on such Interest Payment Date or
proposed date for payment, as the case may be, in respect of the Registered
Security issued in exchange for such Bearer Security, but shall be payable only
to the Holder of such Coupon when due in accordance with the provisions of this
Indenture.

     If provided in or pursuant to this Indenture with respect to Securities of
any series, at the option of the Holder, Registered Securities of such series
may be exchanged for Bearer Securities upon such terms and conditions as may be
provided in or pursuant to this Indenture with respect to such series.

     Whenever any Securities are surrendered for exchange as contemplated by the
immediately preceding two paragraphs, the Company shall execute, and the Trustee
shall authenticate and deliver, the Securities which the Holder making the
exchange is entitled to receive.

     Notwithstanding the foregoing, except as otherwise provided in or pursuant
to this Indenture, any global Security shall be exchangeable for definitive
Securities only if (i) the Depository is at any time unwilling, unable or
ineligible to continue as depository and a successor depository is not appointed
by the Company within 90 days of the date the Company is so informed in writing,
(ii) the Company executes and delivers to the Trustee a Company Order to the
effect that such global Security shall be so exchangeable, or (iii) an Event of
Default has occurred and is continuing with respect to the Securities. If the
beneficial owners of interests in a global Security are entitled to exchange
such interests for definitive Securities as the result of an event described in
clause (i), (ii) or (iii) of the preceding sentence, 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 in such form and denominations as are required by or pursuant to this
Indenture, and of the same series, containing identical terms and in aggregate
principal amount equal to the principal amount of such global Security, executed
by the Company. On or after the earliest date on which such interests may be so
exchanged, such global Security shall be surrendered from time to time by the
U.S. Depository or such other Depository as shall be specified in the Company
Order with respect thereto, and in accordance with instructions given to the
Trustee and the U.S. Depository or such other Depository, as the case may be
(which instructions shall be in writing but need not be contained in or
accompanied by an Officer's Certificate or be accompanied by an Opinion of
Counsel), 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 as described above without charge. The
Trustee shall authenticate and make available for delivery, in exchange for each
portion of such surrendered global Security, a like aggregate

                                      33
<PAGE>

principal amount of definitive Securities of the same series of authorized
denominations and of like tenor as the portion of such global Security to be
exchanged, which (unless such Securities are not issuable both as Bearer
Securities and as Registered Securities, in which case the definitive Securities
exchanged for the global Security shall be issuable only in the form in which
the Securities are issuable, as provided in or pursuant to this Indenture) shall
be in the form of Bearer Securities or Registered Securities, or any combination
thereof, as shall be specified by the beneficial owner thereof, but subject to
the satisfaction of any certification or other requirements to the issuance of
Bearer Securities; 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 the same series to be redeemed and ending on the relevant
Redemption Date; and provided, further, that (unless otherwise provided in or
pursuant to this Indenture) no Bearer Security delivered in exchange for a
portion of a global Security shall be mailed or otherwise delivered to any
location in the United States. Promptly following any such exchange in part,
such global Security shall be returned by the Trustee to such Depository or the
U.S. Depository, as the case may be, or such other Depository or U.S. Depository
referred to above in accordance with the instructions of the Company referred to
above. If a Registered Security is issued in exchange for any portion of a
global Security after the close of business at the Office or Agency for such
Security where such exchange occurs on or after (i) any Regular Record Date for
such Security and before the opening of business at such Office or Agency on the
next succeeding Interest Payment Date, or (ii) any Special Record Date for such
Security and before the opening of business at such Office or Agency on the
related proposed date for payment of interest or Defaulted Interest, as the case
may be, interest shall not be payable on such Interest Payment Date or proposed
date for payment, as the case may be, in respect of such Registered Security,
but shall be payable on such Interest Payment Date or proposed date for payment,
as the case may be, only to the Person to whom interest in respect of such
portion of such global Security shall be payable in accordance with the
provisions of this Indenture.

     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 entitling the Holders thereof to the same benefits under this Indenture
as the Securities surrendered upon such registration of transfer or exchange.

     Every Registered Security presented or surrendered for registration of
transfer or for exchange or redemption shall (if so required by the Company or
the Security Registrar for such Security) be duly endorsed, or be accompanied by
a written instrument of transfer in form satisfactory to the Company and the
Security Registrar for such Security 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, or redemption of Securities, but the Company may require payment of a
sum sufficient to cover any tax or other governmental charge and any other
expenses (including fees and expenses of the

                                      34
<PAGE>

Trustee) that may be imposed in connection with any registration of transfer or
exchange of Securities, other than exchanges pursuant to Section 3.4, 9.5 or
11.7 not involving any transfer.

     Except as otherwise provided in or pursuant to this Indenture, the Company
shall not be required (i) to issue, register the transfer of or exchange any
Securities during a period beginning at the opening of business 15 days before
the day of mailing of a notice of redemption of Securities of like tenor and the
same series under Section 11.3 and ending at the close of business on the day of
such mailing, or (ii) to register the transfer of or exchange any Registered
Security selected for redemption in whole or in part, except in the case of any
Security to be redeemed in part, the portion thereof not to be redeemed, or
(iii) to exchange any Bearer Security selected for redemption except, to the
extent provided with respect to such Bearer Security, that such Bearer Security
may be exchanged for a Registered Security of like tenor and the same series,
provided that such Registered Security shall be immediately surrendered for
redemption with written instruction for payment consistent with the provisions
of this Indenture or (iv) to issue, register the transfer of or exchange any
Security which, in accordance with its terms, has been surrendered for repayment
at the option of the Holder, except the portion, if any, of such Security not to
be so repaid.

     Section 3.6    Mutilated, Destroyed, Lost and Stolen Securities.

     If any mutilated Security or a Security with a mutilated Coupon
appertaining to it is surrendered to the Trustee, subject to the provisions of
this Section 3.6, the Company shall execute and the Trustee shall authenticate
and deliver in exchange therefor a new Security of the same series containing
identical terms and of like principal amount and bearing a number not
contemporaneously outstanding, with Coupons appertaining thereto corresponding
to the Coupons, if any, appertaining to the surrendered Security.

     If there be delivered to the Company and the Trustee (i) evidence to their
satisfaction of the destruction, loss or theft of any Security or Coupon, 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 or Coupon has been acquired by a bona
fide purchaser, the Company shall execute and, upon the Company's request the
Trustee shall authenticate and deliver, in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Security or in exchange for the Security to
which a destroyed, lost or stolen Coupon appertains with all appurtenant Coupons
not destroyed, lost or stolen, a new Security of the same series containing
identical terms and of like principal amount and bearing a number not
contemporaneously outstanding, with Coupons appertaining thereto corresponding
to the Coupons, if any, appertaining to such destroyed, lost or stolen Security
or to the Security to which such destroyed, lost or stolen Coupon appertains.

                                      35
<PAGE>

     Notwithstanding the foregoing provisions of this Section 3.6, in case any
mutilated, destroyed, lost or stolen Security or Coupon 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 or Coupon; provided, however, that payment of
principal of, any premium or interest on or any Additional Amounts with respect
to any Bearer Securities shall, except as otherwise provided in Section 10.2, be
payable only at an Office or Agency for such Securities located outside the
United States and, unless otherwise provided in or pursuant to this Indenture,
any interest on Bearer Securities and any Additional Amounts with respect to
such interest shall be payable only upon presentation and surrender of the
Coupons appertaining thereto.

     Upon the issuance of any new Security under this Section 3.6, the Company
may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto and any other
expenses (including the fees and expenses of the Trustee) connected therewith.

     Every new Security, with any Coupons appertaining thereto issued pursuant
to this Section 3.6 in lieu of any destroyed, lost or stolen Security, or in
exchange for a Security to which a destroyed, lost or stolen Coupon appertains
shall constitute a separate obligation of the Company, whether or not the
destroyed, lost or stolen Security and Coupons appertaining thereto or the
destroyed, lost or stolen Coupon 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 such series and any
Coupons, if any, duly issued hereunder.

     The provisions of this Section 3.6, as amended or supplemented pursuant to
this Indenture with respect to particular Securities or generally, shall be
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 or Coupons.

     Section 3.7    Payment of Interest and Certain Additional Amounts; Rights
to Interest and Certain Additional Amounts Preserved.

     Unless otherwise provided in or pursuant to this Indenture, any interest on
and any Additional Amounts with respect to any Registered Security which shall
be payable, and are punctually paid or duly provided for, on any Interest
Payment Date shall be paid to the Person in whose name such Security (or one or
more Predecessor Securities) is registered as of the close of business on the
Regular Record Date for such interest.

     Unless otherwise provided in or pursuant to this Indenture, any interest on
and any Additional Amounts with respect to any Registered Security which shall
be payable, but shall not be punctually paid or duly provided for, on any
Interest Payment Date for such Registered Security (herein called "Defaulted
Interest") shall forthwith cease to be payable to the Holder

                                      36
<PAGE>

thereof on the relevant Regular Record Date by virtue of having been such
Holder; and such Defaulted Interest may be paid by the Company, at its election,
as provided in Clause (1) or (2) below:

          (1) The Company may elect to make payment of any Defaulted Interest to
     the Person in whose name such Registered Security (or a Predecessor
     Security thereof) shall be registered at the close of business on a Special
     Record Date for the payment of such Defaulted Interest, which shall be
     fixed by the Company in the following manner. The Company shall notify the
     Trustee in writing of the amount of Defaulted Interest proposed to be paid
     on such Registered Security, the Special Record Date therefor 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 on or prior to the date of the
     proposed payment, such money when so deposited to be held in trust for the
     benefit of the Person entitled to such Defaulted Interest as in this Clause
     provided. The Special Record Date for the payment of such Defaulted
     Interest 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
     notification to the Trustee of the proposed payment. The Trustee shall, in
     the name and at the expense of the Company, cause notice of the proposed
     payment of such Defaulted Interest and the Special Record Date therefor to
     be mailed, firstclass postage prepaid, to the Holder of such Registered
     Security (or a Predecessor Security thereof) 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 of general circulation in the Borough of Manhattan,
     The City of New York, 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 mailed as aforesaid, such Defaulted Interest shall be
     paid to the Person in whose name such Registered Security (or a Predecessor
     Security thereof) shall be 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 in any
     other lawful manner not inconsistent with the requirements of any
     securities exchange on which such Security 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 payment shall be deemed practicable by the Trustee.

     Unless otherwise provided in or pursuant to this Indenture or the
Securities of any particular series pursuant to the provisions of this
Indenture, at the option of the Company,

                                      37
<PAGE>

interest on Registered Securities that bear interest may be paid by mailing a
check to the address of the Person entitled thereto as such address shall appear
in the Security Register or by transfer to an account maintained by the payee
with a bank located in the United States.

     Subject to the foregoing provisions of this Section and Section 3.5, each
Security delivered under this Indenture upon registration of transfer of or in
exchange for or in lieu of any other Security shall carry the rights to interest
accrued and unpaid, and to accrue, which were carried by such other Security.

     In the case of any Registered Security of any series that is convertible
into other securities of the Company or exchangeable for securities of another
issuer, which Registered Security is converted or exchanged after any Regular
Record Date and on or prior to the next succeeding Interest Payment Date (other
than any Registered Security with respect to which the Stated Maturity is prior
to such Interest Payment Date), interest with respect to which the Stated
Maturity is on such Interest Payment Date shall be payable on such Interest
Payment Date notwithstanding such conversion or exchange, and such interest
(whether or not punctually paid or duly provided for) shall be paid to the
Person in whose name that Registered Security (or one or more predecessor
Registered Securities) is registered at the close of business on such Regular
Record Date. Except as otherwise expressly provided in the immediately preceding
sentence, in the case of any Registered Security which is converted or
exchanged, interest with respect to which the Stated Maturity is after the date
of conversion or exchange of such Registered Security shall not be payable.

     Section 3.8    Persons Deemed Owners.

     Prior to due presentment of a Registered 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 Registered Security is registered in the
Security Register as the owner of such Registered Security for the purpose of
receiving payment of principal of, any premium and (subject to Sections 3.5 and
3.7) interest on and any Additional Amounts with respect to such Registered
Security and for all other purposes whatsoever, whether or not any payment with
respect to such Registered Security shall be overdue, and none of the Company,
the Trustee or any agent of the Company or the Trustee shall be affected by
notice to the contrary.

     The Company, the Trustee and any agent of the Company or the Trustee may
treat the bearer of any Bearer Security or the bearer of any Coupon as the
absolute owner of such Security or Coupon for the purpose of receiving payment
thereof or on account thereof and for all other purposes whatsoever, whether or
not any payment with respect to such Security or Coupon shall be overdue, and
none of the Company, the Trustee or any agent of the Company or the Trustee
shall be affected by notice to the contrary.

                                      38
<PAGE>

     No Holder of any beneficial interest in any global Security held on its
behalf by a Depository shall have any rights under this Indenture with respect
to such global Security, and such Depository may be treated by the Company, the
Trustee, and any agent of the Company or the Trustee as the owner of such global
Security for all purposes whatsoever. None of the Company, the Trustee, any
Paying Agent or the Security Registrar will have any responsibility or liability
for any aspect of the records relating to or payments made on account of
beneficial ownership interests of a global Security or for maintaining,
supervising or reviewing any records relating to such beneficial ownership
interests.

     Section 3.9 Cancellation.

     All Securities and Coupons surrendered for payment, redemption,
registration of transfer, exchange or conversion or for credit against any
sinking fund payment shall, if surrendered to any Person other than the Trustee,
be delivered to the Trustee, and any such Securities and Coupons, as well as
Securities and Coupons surrendered directly to the Trustee for any such purpose,
shall be cancelled promptly 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 cancelled promptly by the
Trustee. No Securities shall be authenticated in lieu of or in exchange for any
Securities cancelled as provided in this Section, except as expressly permitted
by or pursuant to this Indenture. All cancelled Securities and Coupons held by
the Trustee shall be destroyed by the Trustee, unless by a Company Order the
Company directs their return to it.

     Section 3.10 Computation of Interest.

     Except as otherwise provided in or pursuant to this Indenture or in any
Security, interest on the Securities shall be computed on the basis of a 360-day
year of twelve 30-day months.

     Section 3.11 Agreed Tax Treatment.

     Each Security issued hereunder shall provide that the Company and, by its
acceptance of a Security or a beneficial interest therein, the Holder of, and
any Person that acquires a beneficial interest in, such Security agree that for
United States Federal, state and local tax purposes it is intended that such
Security constitute indebtedness.

                                   ARTICLE 4

                    Satisfaction and Discharge of Indenture

                                       39
<PAGE>

     Section 4.1 Satisfaction and Discharge.

     Upon the direction of the Company by a Company Order, this Indenture shall
cease to be of further effect with respect to any series of Securities specified
in such Company Order and any Coupons appertaining thereto, and the Trustee, on
receipt of a Company Order, at the expense of the Company, shall execute proper
instruments acknowledging satisfaction and discharge of this Indenture as to
such series, when

          (1)  either

               (a)  all Securities of such series theretofore authenticated and
          delivered and all Coupons appertaining thereto (other than (i) Coupons
          appertaining to Bearer Securities of such series surrendered in
          exchange for Registered Securities of such series and maturing after
          such exchange whose surrender is not required or has been waived as
          provided in Section 3.5, (ii) Securities and Coupons of such series
          which have been destroyed, lost or stolen and which have been replaced
          or paid as provided in Section 3.6, (iii) Coupons appertaining to
          Securities of such series called for redemption and maturing after the
          relevant Redemption Date whose surrender has been waived as provided
          in Section 11.7, and (iv) Securities and Coupons of such series for
          whose payment money has theretofore been deposited in trust or
          segregated and held in trust by the Company and thereafter repaid to
          the Company, as the case may be, or discharged from such trust, as
          provided in Section 10.3) have been delivered to the Trustee for
          cancellation; or

               (b)  all Securities of such series and, in the case of (i) or
          (ii) below, any Coupons appertaining thereto not theretofore delivered
          to the Trustee for cancellation (i) have become due and payable, or
          (ii) will become due and payable at their Stated Maturity within one
          year, or (iii) if redeemable at the option of the Company, are to be
          called for redemption within one year under arrangements satisfactory
          to the Trustee for the giving of notice of redemption by the Trustee
          in the name, and at the expense, of the Company,

and the Company, in the case of (i), (ii) or (iii) above, has deposited or
caused to be deposited with the Trustee as trust funds in trust for such
purpose, money in the Currency in which such Securities are payable in an amount
sufficient to pay and discharge the entire indebtedness on such Securities and
any Coupons appertaining thereto not theretofore delivered to the Trustee for
cancellation, including the principal of, any premium and interest (including
any Additional Interest) on, and any Additional Amounts with respect to such
Securities and any Coupons appertaining thereto, to the date of such deposit (in
the case of Securities which have become due and payable) or to the Maturity
thereof, as the case may be;

                                       40
<PAGE>

          (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 and any Coupons appertaining thereto; and

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

     In the event there are Securities of two or more series hereunder, the
Trustee shall be required to execute an instrument acknowledging satisfaction
and discharge of this Indenture only if requested to do so with respect to
Securities of such series as to which it is Trustee and if the other conditions
thereto are met.

     Notwithstanding the satisfaction and discharge of this Indenture with
respect to any series of Securities, the obligations of the Company to the
Trustee under Section 6.6 and, if money shall have been deposited with the
Trustee pursuant to subclause (b) of clause (1) of this Section, the obligations
of the Company and the Trustee with respect to the Securities of such series
under Sections 3.5, 3.6, 4.3, 10.2 and 10.3, with respect to the payment of
Additional Amounts, if any, with respect to such Securities as contemplated by
Section 10.4 (but only to the extent that the Additional Amounts payable with
respect to such Securities exceed the amount deposited in respect of such
Additional Amounts pursuant to Section 4.1(1)(b)), and with respect to any
rights to convert or exchange such Securities into securities of the Company or
another issuer shall survive.

     Section 4.2 Defeasance and Covenant Defeasance.

          (1)  Unless pursuant to Section 3.1, either or both of (i) defeasance
     of the Securities of or within a series under clause (2) of this Section
     4.2 shall not be applicable with respect to the Securities of such series
     or (ii) covenant defeasance of the Securities of or within a series under
     clause (3) of this Section 4.2 shall not be applicable with respect to the
     Securities of such series, then such provisions, together with the other
     provisions of this Section 4.2 (with such modifications thereto as may be
     specified pursuant to Section 3.1 with respect to any Securities), shall be
     applicable to such Securities and any Coupons appertaining thereto, and the
     Company may at its option by Board Resolution, at any time, with respect to
     such Securities and any Coupons appertaining thereto, elect to have Section
     4.2(2) or Section 4.2(3) be applied to such Outstanding Securities and any
     Coupons appertaining thereto upon compliance with the conditions set forth
     below in this Section 4.2.

          (2)  Upon the Company's exercise of the above option applicable to
     this Section 4.2(2) with respect to any Securities of or within a series,
     the Company shall be

                                       41
<PAGE>

     deemed to have been discharged from its obligations with respect to such
     Outstanding Securities and any Coupons appertaining thereto on the date the
     conditions set forth in clause (4) of this Section 4.2 are satisfied
     (hereinafter, "defeasance"). For this purpose, such defeasance means that
     the Company shall be deemed to have paid and discharged the entire
     Indebtedness represented by such Outstanding Securities and any Coupons
     appertaining thereto which shall thereafter be deemed to be "Outstanding"
     only for the purposes of clause (5) of this Section 4.2 and the other
     Sections of this Indenture referred to in clauses (i) and (ii) below, and
     to have satisfied all of its other obligations under such Securities and
     any Coupons appertaining thereto, and this Indenture insofar as such
     Securities and any Coupons appertaining thereto, are concerned (and the
     Trustee, at the expense of the Company, shall execute proper instruments
     acknowledging the same), except for the following which shall survive until
     otherwise terminated or discharged hereunder: (i) the rights of Holders of
     such Outstanding Securities and any Coupons appertaining thereto to
     receive, solely from the trust fund described in clause (4) of this Section
     4.2 and as more fully set forth in such clause, payments in respect of the
     principal of (and premium, if any) and interest (including any Additional
     Interest), if any, on, and Additional Amounts, if any, with respect to,
     such Securities and any Coupons appertaining thereto when such payments are
     due, and any rights of such Holder to convert such Securities into other
     securities of the Company or exchange such Securities for securities of
     another issuer, (ii) the obligations of the Company and the Trustee with
     respect to such Securities under Sections 3.5, 3.6, 10.2 and 10.3 and with
     respect to the payment of Additional Amounts, if any, on such Securities as
     contemplated by Section 10.4 (but only to the extent that the Additional
     Amounts payable with respect to such Securities exceed the amount deposited
     in respect of such Additional Amounts pursuant to Section 4.2(4)(a) below),
     and with respect to any rights to convert such Securities into other
     securities of the Company or exchange such Securities for securities of
     another issuer, (iii) the rights, powers, trusts, duties and immunities of
     the Trustee hereunder and (iv) this Section 4.2. The Company may exercise
     its option under this Section 4.2(2) notwithstanding the prior exercise of
     its option under clause (3) of this Section 4.2 with respect to such
     Securities and any Coupons appertaining thereto.

          (3)  Upon the Company's exercise of the option to have this Section
     4.2(3) apply with respect to any Securities of or within a series, the
     Company shall be released from its obligations under any covenant
     applicable to such Securities specified pursuant to Section 3.1(20), with
     respect to such Outstanding Securities and any Coupons appertaining
     thereto, on and after the date the conditions set forth in clause (4) of
     this Section 4.2 are satisfied (hereinafter, "covenant defeasance"), and
     such Securities and any Coupons appertaining thereto shall thereafter be
     deemed to be not "Outstanding" for the purposes of any direction, waiver,
     consent or declaration or Act of Holders (and the consequences of any
     thereof) in connection with any such covenant, but shall continue to be
     deemed "Outstanding" for all other purposes hereunder. For this purpose,
     such

                                       42
<PAGE>

     covenant defeasance means that, with respect to such Outstanding Securities
     and any Coupons appertaining thereto, the Company may omit to comply with,
     and shall have no liability in respect of, any term, condition or
     limitation set forth in any such Section or such other covenant, whether
     directly or indirectly, by reason of any reference elsewhere herein to any
     such Section or such other covenant or by reason of reference in any such
     Section or such other covenant to any other provision herein or in any
     other document and such omission to comply shall not constitute a default
     or an Event of Default under Section 5.1(4) or 5.1(9) or otherwise, as the
     case may be, but, except as specified above, the remainder of this
     Indenture and such Securities and Coupons appertaining thereto shall be
     unaffected thereby.

          (4)  The following shall be the conditions to application of clause
     (2) or (3) of this Section 4.2 to any Outstanding Securities of or within a
     series and any Coupons appertaining thereto:

               (a)  The Company shall irrevocably have deposited or caused to be
          deposited with the Trustee (or another trustee satisfying the
          requirements of Section 6.7 who shall agree to comply with the
          provisions of this Section 4.2 applicable to it) as trust funds in
          trust for the purpose of making the following payments, specifically
          pledged as security for, and dedicated solely to, the benefit of the
          Holders of such Securities and any Coupons appertaining thereto, (1)
          an amount in Dollars or in such Foreign Currency in which such
          Securities and any Coupons appertaining thereto are then specified as
          payable at Stated Maturity, or (2) Government Obligations applicable
          to such Securities and Coupons appertaining thereto (determined on the
          basis of the Currency in which such Securities and Coupons
          appertaining thereto are then specified as payable at Stated Maturity)
          which through the scheduled payment of principal and interest in
          respect thereof in accordance with their terms will provide, not later
          than one day before the due date of any payment of principal of (and
          premium, if any) and interest (including any Additional Interest), if
          any, on such Securities and any Coupons appertaining thereto, money in
          an amount, or (3) a combination thereof, in any case, in an amount,
          sufficient, without consideration of any reinvestment of such
          principal and interest, in the opinion of a nationally recognized firm
          of independent public accountants expressed in a written certification
          thereof delivered to the Trustee, to pay and discharge, and which
          shall be applied by the Trustee (or other qualifying trustee) to pay
          and discharge, (y) the principal of (and premium, if any) and interest
          (including any Additional Interest), if any, on such Outstanding
          Securities and any Coupons appertaining thereto at the Stated Maturity
          of such principal or installment of principal or premium or interest
          and (z) any mandatory sinking fund payments or analogous payments
          applicable to such Outstanding Securities and any Coupons appertaining
          thereto on the days on

                                       43
<PAGE>

          which such payments are due and payable in accordance with the terms
          of this Indenture and of such Securities and any Coupons appertaining
          thereto.

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

               (c)  No Event of Default or event which with notice or lapse of
          time or both would become an Event of Default with respect to such
          Securities and any Coupons appertaining thereto shall have occurred
          and be continuing on the date of such deposit and, with respect to
          defeasance only, at any time during the period ending on the 123rd day
          after the date of such deposit (it being understood that this
          condition shall not be deemed satisfied until the expiration of such
          period).

               (d)  In the case of an election under clause (2) of this Section
          4.2, the Company shall have delivered to the Trustee an Opinion of
          Counsel stating that (i) the Company has received from the Internal
          Revenue Service a letter ruling, or there has been published by the
          Internal Revenue Service a Revenue Ruling, or (ii) since the date of
          execution of this Indenture, there has been a change in the applicable
          Federal income tax law, in either case to the effect that, and based
          thereon such opinion shall confirm that, the Holders of such
          Outstanding Securities and any Coupons appertaining thereto will not
          recognize income, gain or loss for Federal income tax purposes as a
          result of such defeasance and will be subject to Federal income tax on
          the same amounts, in the same manner and at the same times as would
          have been the case if such defeasance had not occurred.

               (e)  In the case of an election under clause (3) of this Section
          4.2, the Company shall have delivered to the Trustee an Opinion of
          Counsel to the effect that the Holders of such Outstanding Securities
          and any Coupons appertaining thereto will not recognize income, gain
          or loss for Federal income tax purposes as a result of such covenant
          defeasance and will be subject to Federal income tax on the same
          amounts, in the same manner and at the same times as would have been
          the case if such covenant defeasance had not occurred.

               (f)  The Company shall have delivered to the Trustee an Opinion
          of Counsel to the effect that, after the 123rd day after the date of
          deposit, all money and Government Obligations (or other property as
          may be provided pursuant to Section 3.1) (including the proceeds
          thereof) deposited or caused to be deposited with the Trustee (or
          other qualifying trustee) pursuant to this clause (4) to be held in
          trust will not be subject to any case or proceeding (whether voluntary
          or

                                       44
<PAGE>

          involuntary) in respect of the Company under any Federal or State
          bankruptcy, insolvency, reorganization or other similar law, or any
          decree or order for relief in respect of the Company issued in
          connection therewith.

               (g)  The Company shall have delivered to the Trustee an Officer's
          Certificate and the Company shall have delivered to the Trustee an
          Opinion of Counsel, each stating that all conditions precedent to the
          defeasance or covenant defeasance under clause (2) or (3) of this
          Section 4.2 (as the case may be) have been complied with.

               (h)  Notwithstanding any other provisions of this Section 4.2(4),
          such defeasance or covenant defeasance shall be effected in compliance
          with any additional or substitute terms, conditions or limitations
          which may be imposed on the Company in connection therewith pursuant
          to Section 3.1.

          (5)  Unless otherwise specified in or pursuant to this Indenture or
     any Security, if, after a deposit referred to in Section 4.2(4)(a) has been
     made, (a) the Holder of a Security in respect of which such deposit was
     made is entitled to, and does, elect pursuant to Section 3.1 or the terms
     of such Security to receive payment in a Currency other than that in which
     the deposit pursuant to Section 4.2(4)(a) has been made in respect of such
     Security, or (b) a Conversion Event occurs in respect of the Foreign
     Currency in which the deposit pursuant to Section 4.2(4)(a) has been made,
     the indebtedness represented by such Security and any Coupons appertaining
     thereto shall be deemed to have been, and will be, fully discharged and
     satisfied through the payment of the principal of (and premium, if any),
     and interest (including any Additional Interest), if any, on, and
     Additional Amounts, if any, with respect to, such Security as the same
     becomes due out of the proceeds yielded by converting (from time to time as
     specified below in the case of any such election) the amount or other
     property deposited in respect of such Security into the Currency in which
     such Security becomes payable as a result of such election or Conversion
     Event based on (x) in the case of payments made pursuant to clause (a)
     above, the applicable market exchange rate for such Currency in effect on
     the second Business Day prior to each payment date, or (y) with respect to
     a Conversion Event, the applicable market exchange rate for such Foreign
     Currency in effect (as nearly as feasible) at the time of the Conversion
     Event.

          The Company shall pay and indemnify the Trustee (or other qualifying
     trustee, collectively for purposes of this Section 4.2(5) and Section 4.3,
     the "Trustee") against any tax, fee or other charge, imposed on or assessed
     against the Government Obligations deposited pursuant to this Section 4.2
     or the principal or interest received in respect thereof other than any
     such tax, fee or other charge which by law is for the account of the
     Holders of such Outstanding Securities and any Coupons appertaining
     thereto.

                                       45
<PAGE>

          Anything in this Section 4.2 to the contrary notwithstanding, the
     Trustee shall deliver or pay to the Company from time to time upon Company
     Request, any money or Government Obligations (or other property and any
     proceeds therefrom) held by it as provided in clause (4) of this Section
     4.2 which, in the opinion of a nationally recognized firm of independent
     public accountants expressed in a written certification thereof delivered
     to the Trustee, are in excess of the amount thereof which would then be
     required to be deposited to effect a defeasance or covenant defeasance, as
     applicable, in accordance with this Section 4.2.

     Section 4.3  Application of Trust Money.

     Subject to the provisions of the last paragraph of Section 10.3, all money
and Government Obligations (or other property as may be provided pursuant to
Section 3.1) (including the proceeds thereof) deposited with the Trustee
pursuant to Section 4.1 or 4.2 in respect of any Outstanding Securities of any
series and any Coupons appertaining thereto shall be held in trust and applied
by the Trustee, in accordance with the provisions of such Securities and any
Coupons appertaining thereto and this Indenture, to the payment, either directly
or through any Paying Agent (including the Company acting as its own Paying
Agent) as the Trustee may determine, to the Holders of such Securities and any
Coupons appertaining thereto of all sums due and to become due thereon in
respect of principal (and premium, if any) and interest (including any
Additional Interest) and Additional Amounts, if any; but such money and
Government Obligations need not be segregated from other funds except to the
extent required by law.

                                   ARTICLE 5

                                   Remedies

     Section 5.1  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 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 such event is specifically deleted or modified in or pursuant to the
supplemental indenture, Board Resolution or Officer's Certificate establishing
the terms of such Series pursuant to this Indenture:

          (1)  default in the payment of any interest on any Security of such
     series, including any Additional Interest in respect thereof, or any
     Additional Amounts payable with respect thereto, when such interest becomes
     or such Additional Amounts become

                                       46
<PAGE>

     due and payable, and continuance of such default for a period of 30 days
     (subject to any deferral of any due date in the case of an Extension
     Period); or

          (2)  default in the payment of the principal of or any premium on any
     Security of such series, or any Additional Amounts payable with respect
     thereto, when such principal or premium becomes or such Additional Amounts
     become due and payable at their Maturity; or

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

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

          (5)  if any event of default as defined in any mortgage, indenture or
     instrument under which there may be issued, or by which there may be
     secured or evidenced, any Indebtedness of the Company (including an Event
     of Default under any other series of Securities), whether such Indebtedness
     now exists or shall hereafter be created or incurred, shall happen and
     shall consist of default in the payment of more than $50,000,000 in
     principal amount of such Indebtedness at the maturity thereof (after giving
     effect to any applicable grace period) or shall result in such Indebtedness
     in principal amount in excess of $50,000,000 becoming or being declared due
     and payable prior to the date on which it would otherwise become due and
     payable, and such default shall not be cured or such acceleration shall not
     be rescinded or annulled within a period of 30 days after there shall have
     been given, by registered or certified mail, to the Company by the Trustee
     or to the Company and the Trustee by the Holders of at least 25% in
     principal amount of the Outstanding Securities of such series, a written
     notice specifying such event of default and requiring the Company to cause
     such acceleration to be rescinded or annulled or to cause such Indebtedness
     to be discharged and stating that such notice is a "Notice of Default"
     hereunder; or

          (6)  the Company shall fail within 60 days to pay, bond or otherwise
     discharge any uninsured judgment or court order for the payment of money in
     excess of

                                       47
<PAGE>

     $50,000,000, which is not stayed on appeal or is not otherwise being
     appropriately contested in good faith; or

          (7)  the entry by a court having competent jurisdiction of:

               (a)  a decree or order for relief in respect of the Company in an
          involuntary proceeding under any applicable bankruptcy, insolvency,
          reorganization (other than a reorganization under a foreign law that
          does not relate to insolvency) or other similar law and such decree or
          order shall remain unstayed and in effect for a period of 60
          consecutive days; or

               (b)  a decree or order adjudging the Company to be insolvent, or
          approving a petition seeking reorganization (other than a
          reorganization under a foreign law that does not relate to
          insolvency), arrangement, adjustment or composition of the Company and
          such decree or order shall remain unstayed and in effect for a period
          of 60 consecutive days; or

               (c)  a final and nonappealable order appointing a custodian,
          receiver, liquidator, assignee, trustee or other similar official of
          the Company of any substantial part of the property of the Company or
          ordering the winding up or liquidation of the affairs of the Company;
          or

          (8)  the commencement by the Company of a voluntary proceeding under
     any applicable bankruptcy, insolvency, reorganization (other than a
     reorganization under a foreign law that does not relate to insolvency) or
     other similar law or of a voluntary proceeding seeking to be adjudicated
     insolvent or the consent by the Company to the entry of a decree or order
     for relief in an involuntary proceeding under any applicable bankruptcy,
     insolvency, reorganization or other similar law or to the commencement of
     any insolvency proceedings against it, or the filing by the Company of a
     petition or answer or consent seeking reorganization, arrangement,
     adjustment or composition of the Company or relief under any applicable
     law, or the consent by the Company to the filing of such petition or to the
     appointment of or taking possession by a custodian, receiver, liquidator,
     assignee, trustee or similar official of the Company or any substantial
     part of the property of the Company or the making by the Company of an
     assignment for the benefit of creditors, or the taking of corporate action
     by the Company in furtherance of any such action; or

          (9)  any other Event of Default provided in or pursuant to this
     Indenture with respect to Securities of such series.

     Section 5.2  Acceleration of Maturity; Rescission and Annulment.

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<PAGE>

     If an Event of Default with respect to Securities of any series at the time
Outstanding (other than an Event of Default specified in clause (7) or (8) of
Section 5.1) occurs and is continuing, then the Trustee or the Holders of not
less than 25% in principal amount of the Outstanding Securities of such series
may declare the principal of all the Securities of such series, or such lesser
amount as may be provided for in the Securities of such series, and all accrued
interest (including Additional Interest) and accrued Additional Amounts, if any,
to be due and payable immediately, by a notice in writing to the Company (and to
the Trustee if given by the Holders), and upon any such declaration such
principal or such lesser amount and all accrued interest (including Additional
Interest) and accrued Additional Amounts, if any, shall become immediately due
and payable; and upon any such declaration such principal or such lesser amount
and all accrued and unpaid interest (including any Additional Interest) thereon
shall become immediately due and payable, provided that the payment of principal
and interest and all other amounts due with respect to such Securities shall
remain subordinated to the extent provided in Article 16.

     If an Event of Default specified in clause (7) or (8) of Section 5.1
occurs, all unpaid principal of and accrued interest (including any Additional
Interest) and Additional Amounts, if any, on the Outstanding Securities of that
series (or such lesser amount as may be provided for in the Securities of such
series) shall ipso facto become and be immediately due and payable without any
declaration or other act on the part of the Trustee or any Holder of any
Security of that series.

     At any time after a declaration of acceleration with respect to the
Securities of any series has been made and before a judgment or decree for
payment of the money due has been obtained by the Trustee as hereinafter in this
Article provided, the Holders of not less than a majority in principal amount of
the Outstanding Securities of such series by written notice to the Company and
the Trustee, may rescind and annul such declaration and its consequences if

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

               (a)  all overdue installments of any interest (including any
          Additional Interest) on and Additional Amounts with respect to all
          Securities of such series and any Coupon appertaining thereto,

               (b)  the principal of and any premium on any Securities of such
          series which have become due otherwise than by such declaration of
          acceleration and interest thereon and any Additional Amounts with
          respect thereto at the rate or rates borne by or provided for in such
          Securities,

                                       49
<PAGE>

               (c)  to the extent that payment of such interest or Additional
          Amounts is lawful, interest upon overdue installments of any interest
          and Additional Amounts at the rate or rates borne by or provided for
          in such Securities, and

               (d)  all sums paid or advanced by the Trustee hereunder and the
          reasonable compensation, expenses, disbursements and advances of the
          Trustee, its agents and counsel and all other amounts due the Trustee
          under Section 6.6; and

          (2)  all Events of Default with respect to Securities of such series,
     other than the nonpayment of the principal of, any premium and interest on,
     and any Additional Amounts with respect to Securities of such series which
     shall have become due solely by such declaration of acceleration, shall
     have been cured or waived as provided in Section 5.13.

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

     Section 5.3  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
     (including any Additional Interest) on or any Additional Amounts with
     respect to any Security or any Coupon appertaining thereto 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 any premium
     on any Security or any Additional Amounts with respect thereto at their
     Maturity,

the Company, shall, upon demand of the Trustee, pay to the Trustee, for the
benefit of the Holders of such Securities and any Coupons appertaining thereto,
the whole amount of money then due and payable with respect to such Securities
and any Coupons appertaining thereto, with interest (including any Additional
Interest) upon the overdue principal, any premium and (to the extent that
payment of such interest shall be legally enforceable) upon any overdue
installments of interest and Additional Amounts at the rate or rates borne by or
provided for in such Securities, and, in addition thereto, such further amount
of money as shall be sufficient to cover the costs and expenses of collection,
including the reasonable compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel and all other amounts due to the Trustee
under Section 6.6.

                                       50
<PAGE>

     If the Company fails to pay the money it is required to pay the Trustee
pursuant to the preceding paragraph forthwith upon the demand of the Trustee,
the Trustee, in its own name and as trustee of an express trust, may institute a
judicial proceeding for the collection of the money so due and unpaid, and may
prosecute such proceeding to judgment or final decree, and may enforce the same
against the Company or any other obligor upon such Securities and any Coupons
appertaining thereto and collect the monies adjudged or decreed to be payable in
the manner provided by law out of the property of the Company or any other
obligor upon such Securities and any Coupons appertaining thereto, 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 and any
Coupons appertaining thereto 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 such Securities or in aid of the exercise of any power granted
herein or therein, or to enforce any other proper remedy.

     Section 5.4  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 of any series or the property of the Company or such other obligor or
their creditors, the Trustee (irrespective of whether the principal of the
Securities shall then be due and payable as therein expressed or by declaration
or otherwise and irrespective of whether the Trustee shall have made any demand
on the Company for the payment of any overdue principal, premium, interest
(including any Additional Interest) or Additional Amounts) shall be entitled and
empowered, by intervention in such proceeding or otherwise,

          (1)  to file and prove a claim for the whole amount, or such lesser
     amount as may be provided for in the Securities of any applicable series,
     of the principal and any premium, interest (including any Additional
     Interest) and Additional Amounts owing and unpaid in respect of the
     Securities and any Coupons appertaining thereto 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 or counsel)
     and of the Holders of Securities or any Coupons appertaining thereto
     allowed in such judicial proceeding, and

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

                                       51
<PAGE>

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or
other similar official in any such judicial proceeding is hereby authorized by
each Holder of Securities or any Coupons to make such payments to the Trustee
and, in the event that the Trustee shall consent to the making of such payments
directly to the Holders of Securities or any Coupons, to pay to the Trustee any
amount due to it for the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel and any other amounts due the
Trustee under Section 6.6.

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

     Section 5.5  Trustee May Enforce Claims without Possession of Securities
or Coupons.

     All rights of action and claims under this Indenture or any of the
Securities or Coupons may be prosecuted and enforced by the Trustee without the
possession of any of the Securities or Coupons 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 or judgment, after provision for the payment of the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel, shall be for the ratable benefit of each and every Holder of the
Securities or Coupons in respect of which such judgment has been recovered.

     Section 5.6  Application of Money Collected.

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

          FIRST: To the payment of all amounts due the Trustee and any
     predecessor Trustee under Section 6.6;

          SECOND: To the payment of the amounts then due and unpaid upon the
     Securities and any Coupons for principal and any premium, interest and
     Additional Amounts in respect of which or for the benefit of which such
     money has been collected, ratably, without preference or priority of any
     kind, according to the aggregate amounts

                                       52
<PAGE>

     due and payable on such Securities and Coupons for principal and any
     premium, interest (including any Additional Interest) and Additional
     Amounts, respectively;

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

     Section 5.7  Limitations on Suits.

     No Holder of any Security of any series or any Coupons appertaining thereto
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

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

          (2)  the Holders of not less than 25% in principal amount of the
     Outstanding Securities of such 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 such indemnity
     as is reasonably satisfactory to it against the costs, expenses and
     liabilities to be incurred in compliance with such request;

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

          (5)  no direction inconsistent with such written request has been
     given to the Trustee during such 60-day period by the Holders of a majority
     in principal amount of the Outstanding Securities of such 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 or any Security to affect, disturb or prejudice the rights of
any other such Holders or Holders of Securities of any other series, or to
obtain or to seek to obtain priority or preference over any other Holders or to
enforce any right under this Indenture, except in the manner herein provided and
for the equal and ratable benefit of all such Holders.

     Section 5.8  Unconditional Right of Holders to Receive Principal and any
Premium, Interest and Additional Amounts.

     Notwithstanding any other provision in this Indenture, the Holder of any
Security or Coupon shall have the right, which is absolute and unconditional, to
receive payment of the

                                       53
<PAGE>

principal of, any premium and (subject to Sections 3.5 and 3.7) interest
(including any Additional Interest) on, and any Additional Amounts with respect
to such Security or payment of such Coupon, as the case may be, on the
respective Stated Maturity or Maturities therefor specified in such Security or
Coupon (or, in the case of redemption, on the Redemption Date or, in the case of
repayment at the option of such Holder if provided in or pursuant to this
Indenture, on the date such repayment is due) and to institute suit for the
enforcement of any such payment, and such right shall not be impaired without
the consent of such Holder.

     Section 5.9  Restoration of Rights and Remedies.

     If the Trustee or any Holder of a Security or a Coupon has instituted any
proceeding to enforce any right or remedy under this Indenture and such
proceeding has been discontinued or abandoned for any reason, or has been
determined adversely to the Trustee, to such Holder, then and in every such case
the Company, the Trustee and each such Holder 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 each such Holder shall continue as though no such proceeding had
been instituted.

     Section 5.10  Rights and Remedies Cumulative.

     Except as otherwise provided with respect to the replacement or payment of
mutilated, destroyed, lost or stolen Securities or Coupons in the last paragraph
of Section 3.6, no right or remedy herein conferred upon or reserved to the
Trustee, to each and every Holder of a Security or a Coupon is intended to be
exclusive of any other right or remedy, and every right and remedy, to the
extent permitted by law, shall 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, to the extent permitted by law, prevent the
concurrent assertion or employment of any other appropriate right or remedy.

     Section 5.11  Delay or Omission Not Waiver.

     No delay or omission of the Trustee or of any Holder of any Security or
Coupon 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 any Holder of a Security or a Coupon may be
exercised from time to time, and as often as may be deemed expedient, by the
Trustee or by such Holder, as the case may be.

     Section 5.12  Control by Holders of Securities.

                                       54
<PAGE>

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

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

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

          (3)  such direction is not unduly prejudicial to the rights of the
     other Holders of Securities of such series not joining in such action.

     Section 5.13  Waiver of Past Defaults.

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

          (1)  in the payment of the principal of, any premium or interest
     (including any Additional Interest) on, or any Additional Amounts with
     respect to, any Security of such series or any Coupons appertaining
     thereto, or

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

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

     Section 5.14  Waiver of Usury, Stay or Extension Laws.

     The Company covenants that (to the extent that it may lawfully do so) it
will not at any time insist upon, or plead, or in any manner whatsoever claim or
take the benefit or advantage of, any usury, stay or extension law wherever
enacted, now or at any time hereafter in force, which may affect the covenants
or the performance of this Indenture; and the Company expressly waives (to the
extent that it may lawfully do so) 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

                                       55
<PAGE>

the Trustee, but will suffer and permit the execution of every such power as
though no such law had been enacted.

     Section 5.15  Undertaking for Costs

     All parties to this Indenture agree, and each Holder of any Security by his
acceptance thereof shall be deemed to have agreed, that any court may in its
discretion require, in any suit for the enforcement of any right or remedy under
this Indenture, or in any suit against the Trustee for any action taken or
omitted by it as Trustee, the filing by any party litigant in such suit of any
undertaking to pay the costs of such suit, and that such court may in its
discretion assess reasonable costs, including reasonable attorneys' fees,
against any party litigant in such suit having due regard to the merits and good
faith of the claims or defenses made by such party litigant; but the provisions
of this Section 5.15 shall not apply to any suit instituted by the Trustee, to
any suit instituted by any Holder, or group of Holders, holding in the aggregate
more than 10% in principal amount of 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 (including any Additional
Interest), if any, on or Additional Amounts, if any, with respect to any
Security on or after the respective Stated Maturities expressed in such Security
(or, in the case of redemption, on or after the Redemption Date, and, in the
case of repayment, on or after the date for repayment) or for the enforcement of
the right, if any, to convert or exchange any Security into other securities in
accordance with its terms.

                                   ARTICLE 6

                                  The Trustee

     Section 6.1  Certain Rights of Trustee.

     Subject to Sections 315(a) through 315(d) of the Trust Indenture Act:

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

          (2)  any request or direction of the Company mentioned herein shall be
     sufficiently evidenced by a Company Request or a Company Order (in each
     case, other than delivery of any Security, together with any Coupons
     appertaining thereto, to the Trustee for authentication and delivery
     pursuant to Section 3.3 which shall be sufficiently

                                       56
<PAGE>

     evidenced as provided therein) and any resolution of the Board of Directors
     may be sufficiently evidenced by a Board Resolution;

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

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

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

          (6)  the Trustee shall not be bound to make any investigation into the
     facts or matters stated in any resolution, certificate, statement,
     instrument, opinion, report, notice, request, direction, consent, order,
     bond, debenture, coupon or other paper or document, but the Trustee, in its
     discretion, may, but shall not be obligated to 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, during business hours and upon reasonable
     notice, the books, records and premises of the Company, personally or by
     agent or attorney;

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

          (8)  the Trustee shall not be liable for any action taken or error of
     judgment made in good faith by a Responsible Officer or Responsible
     Officers of the Trustee, unless it shall be proved that the Trustee was
     negligent, acted in bad faith or engaged in willful misconduct;

          (9)  the Authenticating Agent, Paying Agent, and Security Registrar
     shall have the same protections as the Trustee set forth hereunder; and

                                       57
<PAGE>

          (10)  the Trustee shall not be liable with respect to any action
     taken, suffered or omitted to be taken by it in good faith in accordance
     with an Act of the Holders hereunder, and, to the extent not so provided
     herein, with respect to any act requiring the Trustee to exercise its own
     discretion, 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 or any
     Securities, unless it shall be proved that, in connection with any such
     action taken, suffered or omitted or any such act, the Trustee was
     negligent, acted in bad faith or engaged in willful misconduct.

     Section 6.2  Notice of Defaults.

     Within 90 days after the occurrence of any default hereunder with respect
to the Securities of any series, the Trustee shall transmit by mail to all
Holders of Securities of such series entitled to receive reports pursuant to
Section 7.3(3), notice of such default hereunder actually known to a Responsible
Officer of the Trustee, unless such default shall have been cured or waived;
provided, however, that, except in the case of a default in the payment of the
principal of (or premium, if any), or interest (including any Additional
Interest), if any, on, or Additional Amounts or any sinking fund or purchase
fund installment with respect to, any Security 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 and/or
Responsible Officers of the Trustee in good faith determine that the withholding
of such notice is in the best interest of the Holders of Securities and Coupons
of such series; and provided, further, that in the case of any default of the
character specified in Section 5.1(5) 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 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 6.3  Not Responsible for Recitals or Issuance of Securities.

     The recitals contained herein and in the Securities, except the Trustee's
certificate of authentication, and in any Coupons shall be taken as the
statements of the Company and neither the Trustee nor any Authenticating Agent
assumes any responsibility for their correctness. The Trustee makes no
representations as to the validity or sufficiency of this Indenture or of the
Securities or the Coupons, except that the Trustee represents that it is duly
authorized to execute and deliver this Indenture, authenticate the Securities
and perform its obligations hereunder. Neither the Trustee nor any
Authenticating Agent shall be accountable for the use or application by the
Company of the Securities or the proceeds thereof.

     Section 6.4  May Hold Securities.

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<PAGE>

     The Trustee, any Authenticating Agent, any Paying Agent, any Security
Registrar or any other Person that may be an agent of the Trustee or the
Company, in its individual or any other capacity, may become the owner or
pledgee of Securities or Coupons and, subject to Sections 310(b) and 311 of the
Trust Indenture Act, may otherwise deal with the Company with the same rights it
would have if it were not the Trustee, Authenticating Agent, Paying Agent,
Security Registrar or such other Person.

     Section 6.5  Money Held in Trust.

     Except as provided in Section 4.3 and Section 10.3, money held by the
Trustee in trust hereunder need not be segregated from other funds except to the
extent required by law and shall be held uninvested. The Trustee shall be under
no liability for interest on any money received by it hereunder except as
otherwise agreed to in writing with the Company.

     Section 6.6  Compensation and Reimbursement.

     The Company agrees:

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

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

          (3)  to indemnify the Trustee and its agents, officers, directors and
     employees for, and to hold them harmless against, any loss, liability or
     expense incurred without negligence or bad faith on 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 their powers or duties hereunder, except to the
     extent that any such loss, liability or expense was due to the Trustee's
     negligence or bad faith.

     As security for the performance of the obligations of the Company under
this Section, the Trustee shall have a lien prior to the Securities of any
series upon all property and funds held or

                                       59
<PAGE>

collected by the Trustee as such, except funds held in trust for the payment of
principal of, and premium or interest (including any Additional Interest) on or
any Additional Amounts with respect to Securities or any Coupons appertaining
thereto.

     To the extent permitted by law, any compensation or expense incurred by the
Trustee after a default specified in or pursuant to Section 5.1 is intended to
constitute an expense of administration under any then applicable bankruptcy or
insolvency law. "Trustee" for purposes of this Section 6.6 shall include any
predecessor Trustee but the negligence or bad faith of any Trustee shall not
affect the rights of any other Trustee under this Section 6.6.

     The provisions of this Section 6.6 shall survive the satisfaction and
discharge of this Indenture or the earlier resignation or removal of the Trustee
and shall apply with equal force and effect to the Trustee in its capacity as
Authenticating Agent, Paying Agent or Security Registrar.

     Section 6.7  Corporate Trustee Required; Eligibility.

     There shall at all times be a Trustee hereunder that is a Corporation
organized and doing business under the laws of the United States of America, any
state thereof or the District of Columbia, that is eligible under Section
310(a)(1) of the Trust Indenture Act to act as trustee under an indenture
qualified under the Trust Indenture Act and that has a combined capital and
surplus (computed in accordance with Section 310(a)(2) of the Trust Indenture
Act) of at least $50,000,000, and that is subject to supervision or examination
by Federal or state authority. If at any time the Trustee shall cease to be
eligible in accordance with the provisions of this Section, it shall resign
immediately in the manner and with the effect hereinafter specified in this
Article.

     Section 6.8  Resignation and Removal; Appointment of Successor.

          (1)  No resignation or removal of the Trustee and no appointment of a
     successor Trustee pursuant to this Article shall become effective until the
     acceptance of appointment by the successor Trustee pursuant to Section 6.9.

          (2)  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 6.9
     shall not have been delivered to the Trustee within 30 days after the
     giving of such notice of resignation, the resigning Trustee may petition
     any court of competent jurisdiction for the appointment of a successor
     Trustee with respect to such series.

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<PAGE>

          (3)  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 the Company.

          (4)  If at any time:

               (a)  the Trustee shall fail to comply with the obligations
          imposed upon it under Section 310(b) of the Trust Indenture Act with
          respect to Securities of any series after written request therefor by
          the Company or any Holder of a Security of such series who has been a
          bona fide Holder of a Security of such series for at least six months,
          or

               (b)  the Trustee shall cease to be eligible under Section 6.7 and
          shall fail to resign after written request therefor by the Company or
          any such Holder, or

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

          then, in any such case, (i) the Company, by or pursuant to a Board
          Resolution may remove the Trustee with respect to all Securities or
          the Securities of such series, or (ii) subject to Section 315(e) of
          the Trust Indenture Act, any Holder of a Security who has been a bona
          fide Holder of a Security of such series for at least six months may,
          on behalf of himself and all others similarly situated, petition any
          court of competent jurisdiction for the removal of the Trustee with
          respect to all Securities of such series and the appointment of a
          successor Trustee or Trustees.

          (5)  If the Trustee shall resign, be removed or become incapable of
     acting, or if a vacancy shall occur in the office of Trustee for any cause,
     with respect to the Securities of one or more series, the Company, by or
     pursuant to a Board Resolution, shall promptly appoint a successor Trustee
     or Trustees with respect to the Securities of such series (it being
     understood that any such successor Trustee may be appointed with respect to
     the Securities of one or more or all of such series and that at any time
     there shall be only one Trustee with respect to the Securities of any
     particular series) and shall comply with the applicable requirements of
     Section 6.9. If, within one year after such resignation, removal or
     incapacity, or the occurrence of such vacancy, a successor Trustee with
     respect to the Securities of any series shall be appointed by Act of the
     Holders of a majority in principal amount of the Outstanding Securities of
     such series delivered to the Company and the retiring Trustee, the
     successor Trustee so appointed shall, forthwith upon its acceptance of such
     appointment in accordance with the applicable requirements

                                       61
<PAGE>

     of Section 6.9, become the successor Trustee with respect to the Securities
     of such series and to that extent supersede the successor Trustee appointed
     by the Company. If no successor Trustee with respect to the Securities of
     any series shall have been so appointed by the Company or the Holders of
     Securities and accepted appointment in the manner required by Section 6.9,
     any Holder of a Security who has been a bona fide Holder of a Security of
     such series for at least six months may, on behalf of himself and all
     others similarly situated, petition any court of competent jurisdiction for
     the appointment of a successor Trustee with respect to the Securities of
     such series.

          (6)  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 the Holders of Registered Securities, if any, of such
     series as their names and addresses appear in the Security Register and, if
     Securities of such series are issued as Bearer Securities, by publishing
     notice of such event once in an Authorized Newspaper in each Place of
     Payment located outside the United States. 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.

          (7)  In no event shall any retiring Trustee be liable for the acts or
     omissions of any successor Trustee hereunder.

     Section 6.9  Acceptance of Appointment by Successor.

          (1)  Upon the appointment hereunder of any successor Trustee with
     respect to all Securities, such successor Trustee so appointed shall
     execute, acknowledge and deliver to the Company and 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 hereunder of the retiring
     Trustee; but, on the request of the Company or such successor Trustee, such
     retiring Trustee, upon payment of its charges, shall execute and deliver an
     instrument transferring to such successor Trustee all the rights, powers
     and trusts of the retiring Trustee and, subject to Section 10.3, shall duly
     assign, transfer and deliver to such successor Trustee all property and
     money held by such retiring Trustee hereunder, subject nevertheless to its
     claim, if any, provided for in Section 6.6.

          (2)  Upon the appointment hereunder of any successor Trustee with
     respect to the Securities of one or more (but not all) series, the Company,
     the retiring Trustee and such successor Trustee shall execute and deliver
     an indenture supplemental hereto wherein each successor Trustee shall
     accept such appointment and which (1) shall

                                       62
<PAGE>

     contain such provisions as shall be necessary or desirable to transfer and
     confirm to, and to vest in, such 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,
     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 that no Trustee shall be responsible for any notice
     given to, or received by, or any act or failure to act on the part of any
     other Trustee hereunder, 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, such retiring
     Trustee shall have no further responsibility for the exercise of rights and
     powers or for the performance of the duties and obligations vested in the
     Trustee under this Indenture with respect to the Securities of that or
     those series to which the appointment of such successor Trustee relates
     other than as hereinafter expressly set forth, 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 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 such successor
     Trustee, such retiring Trustee, upon payment of its charges with respect to
     the Securities of that or those series to which the appointment of such
     successor Trustee relates and subject to Section 10.3 shall duly assign,
     transfer and deliver to such successor Trustee, to the extent contemplated
     by such supplemental indenture, the 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, subject
     to its claim, if any, provided for in Section 6.6.

          (3)  Upon request of any Person appointed hereunder as a 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 (1) or (2) of this
     Section, as the case may be.

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

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<PAGE>

     Section 6.10  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, shall be the
successor of the Trustee hereunder, without the execution or filing of any paper
or any further act on the part of any of the parties hereto. In case any
Securities shall have been authenticated but not delivered by the Trustee then
in office, any successor by merger, conversion or consolidation to such
authenticating Trustee may adopt such authentication and deliver the Securities
so authenticated with the same effect as if such successor Trustee had itself
authenticated such Securities.

     Section 6.11  Appointment of Authenticating Agent.

     The Trustee may appoint one or more Authenticating Agents acceptable to the
Company with respect to one or more series of Securities which shall be
authorized to act on behalf of the Trustee to authenticate Securities of that or
those series issued upon original issue, exchange, registration of transfer,
partial redemption or partial repayment or pursuant to Section 3.6, 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 must be acceptable to the Company and, except as
provided in or pursuant to this Indenture, shall at all times be a corporation
that would be permitted by the Trust Indenture Act to act as trustee under an
indenture qualified under the Trust Indenture Act, is authorized under
applicable law and by its charter to act as an Authenticating Agent and has a
combined capital and surplus (computed in accordance with Section 310(a)(2) of
the Trust Indenture Act) of at least $50,000,000. If at any time an
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, it 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 all or substantially all of
the corporate agency or corporate trust business of an Authenticating Agent,
shall be the successor of such Authenticating Agent hereunder, 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.

                                       64
<PAGE>

     An Authenticating Agent may resign at any time by giving written notice
thereof to the Trustee and 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 the Company. Upon receiving such a notice of
resignation or upon such a termination, or in case at any time such
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, the Trustee may appoint a successor Authenticating
Agent which shall be acceptable to the Company and shall (i) mail written notice
of such appointment by first class mail, postage prepaid, to all Holders of
Registered Securities, if any, of the series with respect to which such
Authenticating Agent shall serve, as their names and addresses appear in the
Security Register, and (ii) if Securities of the series are issued as Bearer
Securities, publish notice of such appointment at least once in an Authorized
Newspaper in the place where such successor Authenticating Agent has its
principal office if such office is located outside the United States. Any
successor Authenticating Agent, upon acceptance of its appointment hereunder,
shall become vested with all the rights, powers and duties of its predecessor
hereunder, with like effect as if originally named as an Authenticating Agent.
No successor Authenticating Agent shall be appointed unless eligible under the
provisions of this Section.

     The Company agrees to pay each Authenticating Agent from time to time
reasonable compensation for its services under this Section. If the Trustee
makes such payments, it shall be entitled to be reimbursed for such payments,
subject to the provisions of Section 6.6.

     The provisions of Sections 3.8, 6.3 and 6.4 shall be applicable to each
Authenticating Agent.

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

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

                              BANK ONE TRUST COMPANY, NA,
                              as Trustee

                              By
                              as Authenticating Agent

                              By
                              Authorized Officer

                                       65
<PAGE>

     If all of the Securities of any series may not be originally issued at one
time, and if the Trustee does not have an office capable of authenticating
Securities upon original issuance located in a Place of Payment where the
Company wishes to have Securities of such series authenticated upon original
issuance, the Trustee, if so requested in writing (which writing need not be
accompanied by or contained in an Officer's Certificate by the Company), shall
appoint in accordance with this Section an Authenticating Agent having an office
in a Place of Payment designated by the Company with respect to such series of
Securities.

                                   ARTICLE 7

                Holders Lists and Reports by Trustee and Company

     Section 7.1  Company to Furnish Trustee Names and Addresses of Holders.

     In accordance with Section 312(a) of the Trust Indenture Act, the Company
shall furnish or cause to be furnished to the Trustee

          (1)  semiannually with respect to Securities of each series not later
     than May 1 and November 1 of the year or upon such other dates as are set
     forth in or pursuant to the Board Resolution or indenture supplemental
     hereto authorizing such series, a list, in each case in such form as the
     Trustee may reasonably require, of the names and addresses of Holders as of
     the applicable date, and

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

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

     Section 7.2  Preservation of Information; Communications to Holders.

     The Trustee shall comply with the obligations imposed upon it pursuant to
Section 312 of the Trust Indenture Act.

     Every Holder of Securities or Coupons, by receiving and holding the same,
agrees with the Company and the Trustee that none of the Company, the Trustee,
any Paying Agent or any Security Registrar shall be held accountable by reason
of the disclosure of any such information as to the names and addresses of the
Holders of Securities in accordance with Section 312(c) of the Trust Indenture
Act, regardless of the source from which such information was derived, and

                                       66
<PAGE>

that the Trustee shall not be held accountable by reason of mailing any material
pursuant to a request made under Section 312(b) of the Trust Indenture Act.

     Section 7.3  Reports by Trustee.

          (1)  Within 60 days after September 15 of each year commencing with
     the first September 15 following the first issuance of Securities pursuant
     to Section 3.1, if required by Section 313(a) of the Trust Indenture Act,
     the Trustee shall transmit, pursuant to Section 313(c) of the Trust
     Indenture Act, a brief report dated as of such September 15 with respect to
     any of the events specified in said Section 313(a) which may have occurred
     since the later of the immediately preceding September 15 and the date of
     this Indenture.

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

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

     Section 7.4  Reports by Company.

     The Company, pursuant to Section 314(a) of the Trust Indenture Act, shall:

          (1)  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; or, if the Company is not
     required to file information, documents or reports pursuant to either of
     said Sections, then it shall file with the Trustee and the Commission, in
     accordance with rules and regulations prescribed from time to time by the
     Commission, such of the supplementary and periodic information, documents
     and reports which may be required pursuant to Section 13 of the Securities
     Exchange Act of 1934, as amended, in respect of a security listed and
     registered on a national securities exchange as may be prescribed from time
     to time in such rules and regulations;

          (2)  file with the Trustee and the Commission, in accordance with
     rules and regulations prescribed from time to time by the Commission, such
     additional information, documents and reports with respect to compliance by
     the Company with the conditions

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     and covenants of this Indenture as may be required from time to time by
     such rules and regulations; and

          (3)  transmit within 30 days after the filing thereof with the
     Trustee, in the manner and to the extent provided in Section 313(c) of the
     Trust Indenture Act, such summaries of any information, documents and
     reports required to be filed by the Company pursuant to paragraphs (1) and
     (2) of this Section as may be required by rules and regulations prescribed
     from time to time by the Commission.

                                   ARTICLE 8

                Consolidation, Amalgamations, Merger and Sales

     Section 8.1  Company May Consolidate, Etc., Only on Certain Terms.

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

          (1)  in case the Company shall consolidate or amalgamate with or merge
     into another Person or convey, transfer or lease its properties and assets
     as an entirety or substantially as an entirety to any Person, the Person
     formed by such consolidation or amalgamation 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 as an entirety or
     substantially as an entirety shall be a Corporation organized and existing
     under the laws of the United States of America or any state thereof or the
     District of Columbia and shall expressly assume, by an indenture (or
     indentures, if at such time there is more than one Trustee) supplemental
     hereto, executed by the successor Person and delivered to the Trustee the
     due and punctual payment of the principal of, any premium and interest
     (including any Additional Interest) on and any Additional Amounts with
     respect to all the Securities and the performance of every obligation in
     this Indenture and the Outstanding Securities on the part of the Company to
     be performed or observed and shall provide for conversion or exchange
     rights in accordance with the provisions of the Securities of any series
     that are convertible or exchangeable into Common Stock or other securities;

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

          (3)  either the Company or the successor Person shall have delivered
     to the Trustee an Officer's 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 8.2  Successor Person Substituted for Company.

     Upon any consolidation or amalgamation by the Company with or merger of the
Company into any other Person or any conveyance, transfer or lease of the
properties and assets of the Company substantially as an entirety to any Person
in accordance with Section 8.1, the successor Person formed by such
consolidation or amalgamation or into which the Company is merged or to which
such conveyance, transfer or lease is made shall succeed to, and be substituted
for, and may exercise every right and power of, the Company under this Indenture
with the same effect as if such successor Person had been named as the Company
herein; and thereafter, except in the case of a lease, the predecessor Person
shall be released from all obligations and covenants under this Indenture, the
Securities and the Coupons.

                                   ARTICLE 9

                            Supplemental Indentures

     Section 9.1  Supplemental Indentures without Consent of Holders.

     Without the consent of any Holders of Securities or Coupons, the Company
(when authorized by or pursuant to a Board Resolution) and the Trustee, at any
time and from time to time, may enter into one or more indentures supplemental
hereto, 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
     contained herein and in the Securities; or

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<PAGE>

          (2)  to add to the covenants of the Company for the benefit of the
     Holders of all or any series of Securities (as shall be specified in such
     supplemental indenture or indentures) or to surrender any right or power
     herein conferred upon the Company; or

          (3)  to add to or change any of the provisions of this Indenture to
     provide that Bearer Securities may be registrable as to principal, to
     change or eliminate any restrictions on the payment of principal of, any
     premium or interest (including any Additional Interest) on or any
     Additional Amounts with respect to Securities, to permit Bearer Securities
     to be issued in exchange for Registered Securities, to permit Bearer
     Securities to be exchanged for Bearer Securities of other authorized
     denominations or to permit or facilitate the issuance of Securities in
     uncertificated form, provided any such action shall not adversely affect
     the interests of the Holders of Outstanding Securities of any series or any
     Coupons appertaining thereto in any material respect; or

          (4)  to establish the form or terms of Securities of any series and
     any Coupons appertaining thereto as permitted by Sections 2.1 and 3.1; or

          (5)  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 6.9; or

          (6)  to cure any ambiguity or to correct or supplement any provision
     herein which may be defective or inconsistent with any other provision
     herein, or to make any other provisions with respect to matters or
     questions arising under this Indenture which shall not adversely affect the
     interests of the Holders of Securities of any series then Outstanding or
     any Coupons appertaining thereto; or

          (7)  to add to, delete from or revise the conditions, limitations and
     restrictions on the authorized amount, terms or purposes of issue,
     authentication and delivery of Securities, as herein set forth; or

          (8)  to add any additional Events of Default with respect to all or
     any series of Securities (as shall be specified in such supplemental
     indenture); or

          (9)  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 Article 4, provided that
     any such action shall not adversely affect the interests of any Holder of
     an Outstanding Security of such series and any Coupons appertaining thereto
     or any other Outstanding Security or Coupon; or

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<PAGE>

          (10)  to secure the Securities; or

          (11)  to make provisions with respect to conversion or exchange rights
     of Holders of Securities of any series; or

          (12)  to amend or supplement any provision contained herein or in any
     supplemental indenture, provided that no such amendment or supplement shall
     materially adversely affect the interests of the Holders of any Securities
     then Outstanding.

     Section 9.2  Supplemental Indentures with Consent of Holders.

     With the consent of the Holders of not less than a majority in principal
amount of the Outstanding Securities of each series affected by such
supplemental indenture, by Act of said Holders delivered to the Company and the
Trustee, the Company (when authorized by or pursuant to a Company's 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 or of the Securities of such series; provided, however,
that no such supplemental indenture, without the consent of the Holder of each
Outstanding Security affected thereby, shall

          (1)  change the Stated Maturity of the principal of, or any premium or
     installment of interest (including any Additional Interest) on or any
     Additional Amounts with respect to, any Security, or reduce the principal
     amount thereof or the rate (or modify the calculation of such rate) of
     interest (including any Additional Interest) thereon or any Additional
     Amounts with respect thereto, or any premium payable upon the redemption
     thereof or otherwise, or change the obligation of the Company to pay
     Additional Amounts pursuant to the terms hereof (except as contemplated by
     Section 8.1(1) and permitted by Section 9.1(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 5.2 or the amount thereof provable in bankruptcy pursuant to
     Section 5.4, change the redemption provisions or adversely affect the right
     of repayment at the option of any Holder as contemplated by Article 13, or
     change the Place of Payment, Currency in which the principal of, any
     premium or interest (including any Additional Interest) on, or any
     Additional Amounts with respect to any Security 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, in the case of repayment at the option of the Holder,
     on or after the date for repayment), or

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<PAGE>

          (2)  reduce the percentage in principal amount of the Outstanding
     Securities of any series, the consent of whose Holders is required for any
     such supplemental indenture, or the consent of whose Holders is required
     for any waiver (of compliance with certain provisions of this Indenture or
     certain defaults hereunder and their consequences) provided for in this
     Indenture, or reduce the requirements of Section 15.4 for quorum or voting,
     or

          (3)  modify any of the provisions of this Indenture relating to the
     subordination of the Securities in respect thereof in a manner adverse to
     Holders of Securities, or

          (4)  modify any of the provisions of this Section, Section 5.13 or
     Section 10.6, except to increase any such percentage or to provide that
     certain other provisions of this Indenture cannot be modified or waived
     without the consent of the Holder of each Outstanding Security affected
     thereby, or

          (5)  make any change that adversely affects the right to convert or
     exchange any Security into or for securities of the Company or other
     securities (whether or not issued by the Company), cash or property in
     accordance with its terms.

     A supplemental indenture which changes or eliminates any covenant or other
provision of this Indenture which shall have been included expressly and 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 of Securities 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 9.3  Execution of Supplemental Indentures.

     As a condition to executing, or accepting the additional trusts created by,
any supplemental indenture permitted by this Article or the modifications
thereby of the trust created by this Indenture, the Trustee shall be entitled to
receive, and (subject to Section 315 of the Trust Indenture Act) 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 and an
Officer's Certificate stating that all conditions precedent to the execution of
such supplemental indenture have been fulfilled. The Trustee may, but shall not
be obligated to, enter into any such supplemental indenture which affects the
Trustee's own rights, duties or immunities under this Indenture or otherwise.

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     Section 9.4  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 a Security theretofore or thereafter authenticated and delivered hereunder
and of any Coupon appertaining thereto shall be bound thereby.

     Section 9.5  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.

     Section 9.6  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 9.7  Effect on Senior Indebtedness.

     No supplemental indenture shall directly or indirectly modify or eliminate
the provisions of Article 16 in any manner which might terminate or impair the
subordination of the Securities of any series to Company Senior Indebtedness
with respect to such series without the prior written consent of the holders of
such Company Senior Indebtedness.

     Section 9.8  Notice of Supplemental Indenture.

     Promptly after the execution by the Company and the Trustee of any
supplemental indenture pursuant to Section 9.2, the Company shall transmit to
the Holders of Outstanding Securities of any series affected thereby a notice
setting forth the substance of such supplemental indenture.

                                  ARTICLE 10

                                   Covenants

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     Section 10.1  Payment of Principal, any Premium, Interest and Additional
Amounts.

     The Company covenants and agrees for the benefit of the Holders of the
Securities of each series that it will duly and punctually pay the principal of,
any premium and interest (including any Additional Interest) on and any
Additional Amounts with respect to the Securities of such series in accordance
with the terms thereof, any Coupons appertaining thereto and this Indenture.
Any interest due on any Bearer Security on or before the Maturity thereof, and
any Additional Amounts payable with respect to such interest, shall be payable
only upon presentation and surrender of the Coupons appertaining thereto for
such interest as they severally mature.

     Section 10.2  Maintenance of Office or Agency.

     The Company shall maintain in each Place of Payment for any series of
Securities an Office or Agency where Securities of such series (but not Bearer
Securities, except as otherwise provided below, unless such Place of Payment is
located outside the United States) may be presented or surrendered for payment,
where Securities of such series may be surrendered for registration of transfer
or exchange, where Securities of such series that are convertible or
exchangeable may be surrendered for conversion or exchange, and where notices
and demands to or upon the Company in respect of the Securities of such series
relating thereto and this Indenture may be served. If Securities of a series are
issuable as Bearer Securities, the Company shall maintain, subject to any laws
or regulations applicable thereto, an Office or Agency in a Place of Payment for
such series which is located outside the United States where Securities of such
series and any Coupons appertaining thereto may be presented and surrendered for
payment; provided, however, that if the Securities of such series are listed on
The Stock Exchange of the United Kingdom and the Republic of Ireland or the
Luxembourg Stock Exchange or any other stock exchange located outside the United
States and such stock exchange shall so require, the Company shall maintain a
Paying Agent in London, Luxembourg or any other required city located outside
the United States, as the case may be, so long as the Securities of such series
are listed on such exchange. 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, except that Bearer Securities of such
series and any Coupons appertaining thereto may be presented and surrendered for
payment at the place specified for the purpose with respect to such Securities
as provided in or pursuant to this Indenture, and the Company hereby appoints
the Trustee as its agent to receive all such presentations, surrenders, notices
and demands.

     Except as otherwise provided in or pursuant to this Indenture, no payment
of principal, premium, interest or Additional Amounts with respect to Bearer
Securities shall be made at any

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Office or Agency in the United States or by check mailed to any address in the
United States or by transfer to an account maintained with a bank located in the
United States; provided, however, if amounts owing with respect to any Bearer
Securities shall be payable in Dollars, payment of principal of, any premium or
interest on and any Additional Amounts with respect to any such Security may be
made at the Corporate Trust Office of the Trustee or any Office or Agency
designated by the Company in the Borough of Manhattan, The City of New York, if
(but only if) payment of the full amount of such principal, premium, interest or
Additional Amounts at all offices outside the United States maintained for such
purpose by the Company in accordance with this Indenture is illegal or
effectively precluded by exchange controls or other similar restrictions.

     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 shall give prompt written notice to the Trustee of any such designation
or rescission and of any change in the location of any such other Office or
Agency. Unless otherwise provided in or pursuant to this Indenture, the Company
hereby designates as the Place of Payment for each series of Securities the
Borough of Manhattan, The City of New York, and initially appoint the Corporate
Trust Office of the Trustee as the Office or Agency of the Company in the
Borough of Manhattan, The City of New York for such purpose. The Company may
subsequently appoint a different Office or Agency in the Borough of Manhattan,
The City of New York for the Securities of any series.

     Unless otherwise specified with respect to any Securities pursuant to
Section 3.1, if and so long as the Securities of any series (i) are denominated
in a Foreign Currency or (ii) may be payable in a Foreign Currency, or so long
as it is required under any other provision of this Indenture, then the Company
will maintain with respect to each such series of Securities, or as so required,
at least one exchange rate agent.

     Section 10.3  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 shall, on or before each due date of the
principal of, any premium or interest (including any Additional Interest) on or
Additional Amounts with respect to any of the Securities of such series,
segregate and hold in trust for the benefit of the Persons entitled thereto a
sum in the currency or currencies, currency unit or units or composite currency
or currencies in which the Securities of such series are payable (except as
otherwise specified pursuant to Section 3.1 for the Securities of such series)
sufficient to pay the principal or any premium, interest (including any
Additional Interest) or Additional Amounts so becoming due until such sums

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shall be paid to such Persons or otherwise disposed of as herein provided, and
shall promptly notify the Trustee of its action or failure so to act.

     Whenever the Company shall have one or more Paying Agents for any series of
Securities, it shall, on or prior to each due date of the principal of, any
premium or interest (including any Additional Interest) on or any Additional
Amounts with respect to any Securities of such series, deposit with any Paying
Agent a sum (in the currency or currencies, currency unit or units or composite
currency or currencies described in the preceding paragraph) sufficient to pay
the principal or any premium, interest (including any Additional Interest) or
Additional Amounts so becoming due, such sum to be held in trust for the benefit
of the Persons entitled thereto, 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 shall 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 shall:

          (1)  hold all sums held by it for the payment of the principal of, any
     premium or interest (including any Additional Interest) on or any
     Additional Amounts with respect to Securities of such 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 provided in or pursuant to this
     Indenture;

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

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 terms as those upon which such sums were held by the Company or such Paying
Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying
Agent shall be released from all further liability with respect to such sums.

     Except as otherwise provided herein or pursuant hereto, 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, any premium or interest (including any
Additional Interest) on or any Additional

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Amounts with respect to any Security of any series or any Coupon appertaining
thereto and remaining unclaimed for two years after such principal or any such
premium or interest or any such Additional Amounts shall have become due and
payable shall be paid to the Company on Company Request, or (if then held by the
Company) shall be discharged from such trust; and the Holder of such Security or
any Coupon appertaining thereto 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 each Place of Payment for such series or to be mailed to
Holders of Registered Securities of such series, or both, 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 or mailing nor shall it be
later than two years after such principal and any premium or interest or
Additional Amounts shall have become due and payable, any unclaimed balance of
such money then remaining will be repaid to the Company.

     Section 10.4  Additional Amounts.

     If any Securities of a series provide for the payment of Additional
Amounts, the Company agrees to pay to the Holder of any such Security or any
Coupon appertaining thereto Additional Amounts as provided in or pursuant to
this Indenture or such Securities. 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 any Coupon or the
net proceeds received on 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 by the terms of such series established hereby or pursuant
hereto to the extent that, in such context, Additional Amounts are, were or
would be payable in respect thereof pursuant to such terms, and express mention
of the payment of Additional Amounts (if applicable) in any provision hereof
shall not be construed as excluding Additional Amounts in those provisions
hereof where such express mention is not made.

     Except as otherwise provided in or pursuant to this Indenture or the
Securities of the applicable series, 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 such series of Securities (or if the Securities of
such series shall not bear interest prior to Maturity, the first day on which a
payment of principal is made), and at least 10 days prior to each date of
payment of principal or interest if there has been any change with respect to
the matters set forth in the below-mentioned Officer's Certificate, the Company
shall furnish to the Trustee and the principal Paying Agent or Paying Agents, if
other than the Trustee, an Officer's Certificate instructing the Trustee and
such Paying Agent or Paying Agents whether such payment of principal of and
premium, if any, or interest on the Securities of such series shall be made to
Holders of Securities of such series or

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the Coupons appertaining thereto who are United States Aliens without
withholding for or on account of any tax, assessment or other governmental
charge described in the Securities of such series. If any such withholding shall
be required, then such Officer's Certificate shall specify by country the
amount, if any, required to be withheld on such payments to such Holders of
Securities or Coupons, and the Company agrees to pay to the Trustee or such
Paying Agent the Additional Amounts required by the terms of such Securities.
The Company covenants to indemnify the Trustee and any Paying Agent for, and to
hold them harmless against, any loss, liability or expense reasonably incurred
without negligence or bad faith on their part arising out of or in connection
with actions taken or omitted by any of them in reliance on any Officer's
Certificate furnished pursuant to this Section 10.4.

     Section 10.5  Corporate Existence.

     Subject to Article 8, the Company shall do or cause to be done all things
necessary to preserve and keep in full force and effect its respective corporate
existence and that of each of its Subsidiaries and their respective rights
(charter and statutory) and franchises; provided, however, that the foregoing
shall not obligate the Company or any of its Subsidiaries to preserve any such
right or franchise if the Company or any such Subsidiary shall determine that
the preservation thereof is no longer desirable in the conduct of its business
or the business of such Subsidiary and that the loss thereof is not
disadvantageous in any material respect to any Holder.

     Section 10.6  Waiver of Certain Covenants.

     The Company may omit in any particular instance to comply with any term,
provision or condition set forth in Section 10.5 with respect to the Securities
of any series if before the time for such compliance the Holders of at least a
majority in principal amount of the Outstanding Securities of such series, by
Act of such Holders, either shall waive such compliance in such instance or
generally shall have waived compliance with such term, provision or condition,
but no such waiver shall extend to or affect such term, provision or condition
except to the extent so expressly waived, and, until such waiver shall become
effective, the obligations of the Company and the duties of the Trustee in
respect of any such term, provision or condition shall remain in full force and
effect.

     Section 10.7  Company Statement as to Compliance; Notice of Certain
Defaults.

          (1)  The Company shall deliver to the Trustee, within 120 days after
     the end of each fiscal year, a written statement (which need not be
     contained in or accompanied by an Officer's Certificate) signed by the
     principal executive officer, the principal financial officer or the
     principal accounting officer of the Company, stating that

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               (a) a review of the activities of the Company during such year
          and of its performance under this Indenture has been made under his or
          her supervision, and

               (b) to the best of his or her knowledge, based on such review,
          (a) the Company has complied with all the conditions and covenants
          imposed on it under this Indenture throughout such year, or, if there
          has been a default in the fulfillment of any such condition or
          covenant, specifying each such default known to him or her and the
          nature and status thereof, and (b) no event has occurred and is
          continuing which is, or after notice or lapse of time or both would
          become, an Event of Default, or, if such an event has occurred and is
          continuing, specifying each such event known to him and the nature and
          status thereof.

          (2)  The Company shall deliver to the Trustee, within five days after
     the occurrence thereof, written notice of any Event of Default or any event
     which after notice or lapse of time or both would become an Event of
     Default pursuant to clause (4) or (5) of Section 5.1.

          (3)  The Trustee shall have no duty to monitor the Company's
     compliance with the covenants contained in this Article 10 other than as
     specifically set forth in this Section 10.7.

                                  ARTICLE 11
                           Redemption of Securities

     Section 11.1  Applicability of Article.

     Redemption of Securities of any series at the option of the Company as
permitted or required by the terms of such Securities shall be made in
accordance with the terms of such Securities and (except as otherwise provided
herein or pursuant hereto) this Article.

     Section 11.2  Election to Redeem; Notice to Trustee.

     The election of the Company to redeem any Securities shall be evidenced by
or pursuant to a Board Resolution. In case of any redemption at the election of
the Company of (a) less than all of the Securities of any series or (b) all of
the Securities of any series, with the same issue date, interest rate or
formula, Stated Maturity and other terms, the Company shall, at least 60 days
prior to the Redemption Date fixed by the Company (unless a shorter notice shall
be satisfactory to the Trustee), notify the Trustee of such Redemption Date and
of the principal amount of Securities of such series to be redeemed.

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     Section 11.3  Selection by Trustee of Securities to be Redeemed.

     If less than all of the Securities of any series with the same issue date,
interest rate or formula, Stated Maturity and other terms 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 of the principal amount of Registered Securities of such
series; provided, however, that no such partial redemption shall reduce the
portion of the principal amount of a Registered Security of such series not
redeemed to less than the minimum denomination for a Security of such series
established herein or pursuant hereto.

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

     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 of such Securities which has been or is to be redeemed.

     Unless otherwise specified in or pursuant to this Indenture or the
Securities of any series, if any Security selected for partial redemption is
converted into other securities of the Company or exchanged for securities of
another issuer in part before termination of the conversion or exchange right
with respect to the portion of the Security so selected, the converted portion
of such Security shall be deemed (so far as may be) to be the portion selected
for redemption. Securities which have been converted or exchanged during a
selection of Securities to be redeemed shall be treated by the Trustee as
Outstanding for the purpose of such selection.

     Section 11.4  Notice of Redemption.

     Notice of redemption shall be given in the manner provided in Section 1.6,
not less than 30 nor more than 60 days prior to the Redemption Date, unless a
shorter period is specified in the Securities to be redeemed, to the Holders of
Securities to be redeemed. Failure to give notice by mailing in the manner
herein provided to the Holder of any Registered Securities designated for
redemption as a whole or in part, or any defect in the notice to any such
Holder, shall not affect the validity of the proceedings for the redemption of
any other Securities or portion thereof.

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

     All notices of redemption shall state:

          (1)  the Redemption Date,

          (2)  the Redemption Price,

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

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

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

          (6)  the place or places where such Securities, together (in the case
     of Bearer Securities) with all Coupons appertaining thereto, if any,
     maturing after the Redemption Date, are to be surrendered for payment of
     the Redemption Price and any accrued interest and Additional Amounts
     pertaining thereto,

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

          (8)  that, unless otherwise specified in such notice, Bearer
     Securities of any series, if any, surrendered for redemption must be
     accompanied by all Coupons maturing subsequent to the date fixed for
     redemption or the amount of any such missing Coupon or Coupons will be
     deducted from the Redemption Price, unless security or indemnity
     satisfactory to the Company, the Trustee and any Paying Agent is furnished,

          (9)  if Bearer Securities of any series are to be redeemed and no
     Registered Securities of such series are to be redeemed, and if such Bearer
     Securities may be exchanged for Registered Securities not subject to
     redemption on the Redemption Date

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     pursuant to Section 3.5 or otherwise, the last date, as determined by the
     Company, on which such exchanges may be made,

          (10)  in the case of Securities of any series that are convertible
     into Common Stock of the Company or exchangeable for other securities, the
     conversion or exchange price or rate, the date or dates on which the right
     to convert or exchange the principal of the Securities of such series to be
     redeemed will commence or terminate and the place or places where such
     Securities may be surrendered for conversion or exchange, and

          (11)  the CUSIP number or the Euroclear or the Cedel reference numbers
     of such Securities, if any (or any other numbers used by a Depository to
     identify such Securities).

     A notice of redemption published as contemplated by Section 1.6 need not
identify particular Registered 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 11.5  Deposit of Redemption Price.

     On or prior to any Redemption Date, the Company shall deposit, with respect
to the Securities of any series called for redemption pursuant to Section 11.4,
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 10.3) an amount
of money in the applicable Currency sufficient to pay the Redemption Price of,
and (except if the Redemption Date shall be an Interest Payment Date, unless
otherwise specified pursuant to Section 3.1 or in the Securities of such series)
any accrued interest (including any Additional Interest) on and Additional
Amounts with respect thereto, all such Securities or portions thereof which are
to be redeemed on that date.

     Section 11.6  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 and the Coupons for such
interest appertaining to any Bearer Securities so to be redeemed, except to the
extent provided below, shall be void. Upon surrender of any such Security for
redemption in accordance with said notice, together with all Coupons, if any,
appertaining thereto maturing after the Redemption Date, such Security shall be
paid by the Company at the Redemption Price,

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together with any accrued interest and Additional Amounts to the Redemption
Date; provided, however, that, except as otherwise provided in or pursuant to
this Indenture or the Bearer Securities of such series, installments of interest
on Bearer Securities whose Stated Maturity is on or prior to the Redemption Date
shall be payable only upon presentation and surrender of Coupons for such
interest (at an Office or Agency located outside the United States except as
otherwise provided in Section 10.2), and provided, further, that, except as
otherwise specified in or pursuant to this Indenture or the Registered
Securities of such series, installments of interest on Registered Securities
whose Stated Maturity is on or prior to the Redemption Date shall be payable to
the Holders of such Securities, or one or more Predecessor Securities,
registered as such at the close of business on the Regular Record Dates therefor
according to their terms and the provisions of Section 3.7.

     If any Bearer Security surrendered for redemption shall not be accompanied
by all appurtenant Coupons maturing after the Redemption Date, such Security may
be paid after deducting from the Redemption Price an amount equal to the face
amount of all such missing Coupons, or the surrender of such missing Coupon or
Coupons may be waived by the Company and the Trustee if there be furnished to
them such security or indemnity as they may require to save each of them and any
Paying Agent harmless. If thereafter the Holder of such Security shall surrender
to the Trustee or any Paying Agent any such missing Coupon in respect of which a
deduction shall have been made from the Redemption Price, such Holder shall be
entitled to receive the amount so deducted; provided, however, that any interest
or Additional Amounts represented by Coupons shall be payable only upon
presentation and surrender of those Coupons at an Office or Agency for such
Security located outside of the United States except as otherwise provided in
Section 10.2.

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

     Section 11.7  Securities Redeemed in Part.

     Any Registered Security which is to be redeemed only in part shall be
surrendered at any Office or Agency for such Security (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 Registered Security or Securities of the
same series, containing identical terms and provisions, 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. If a Security in global form is so surrendered, the Company shall
execute, and the Trustee shall authenticate and deliver to the U.S. Depository
or

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<PAGE>

other Depository for such Security in global form as shall be specified in the
Company Order with respect thereto to the Trustee, without service charge, a new
Security in global form in a denomination equal to and in exchange for the
unredeemed portion of the principal of the Security in global form so
surrendered.

                                  ARTICLE 12

                                 Sinking Funds

     Section 12.1  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 permitted or
required in or pursuant to this Indenture or any Security of such series issued
pursuant to this Indenture.

     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 such series is herein referred to as an "optional sinking
fund payment". If provided for 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 12.2. 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 and this Indenture.

     Section 12.2  Satisfaction of Sinking Fund Payments with Securities.

     The Company may, in satisfaction of all or any part of any sinking fund
payment with respect to the Securities of any series to be made pursuant to the
terms of such Securities (1) deliver Outstanding Securities of such series
(other than any of such Securities previously called for redemption or any of
such Securities in respect of which cash shall have been released to the
Company), together in the case of any Bearer Securities of such series with all
unmatured Coupons appertaining thereto, and (2) apply as a credit Securities of
such series which have been redeemed either at the election of the Company
pursuant to the terms of such series of Securities or through the application of
permitted optional sinking fund payments pursuant to the terms of such
Securities, provided that such series of 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 fund
payment shall be reduced accordingly. If, as a result of the delivery or credit
of Securities of any series in lieu of cash payments pursuant to this Section
12.2, the principal amount of Securities of such series to be redeemed in order
to satisfy the remaining sinking fund payment shall be less than $100,000, the
Trustee need not call Securities of such

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series for redemption, except upon Company Request, and such cash payment shall
be held by the Trustee or a Paying Agent and applied to the next succeeding
sinking fund payment, provided, however, that the Trustee or such Paying Agent
shall at the request of the Company from time to time pay over and deliver to
the Company any cash payment so being held by the Trustee or such Paying Agent
upon delivery by the Company to the Trustee of Securities of that series
purchased by the Company having an unpaid principal amount equal to the cash
payment requested to be released to the Company.

     Section 12.3  Redemption of Securities for Sinking Fund.

     Not less than 75 days prior to each sinking fund payment date for any
series of Securities, the Company shall deliver to the Trustee an Officer's
Certificate specifying the amount of the next ensuing mandatory sinking fund
payment for that series pursuant to the terms of that series, the portion
thereof, if any, which is to be satisfied by payment of cash and the portion
thereof, if any, which is to be satisfied by delivering and crediting of
Securities of that series pursuant to Section 12.2, and the optional amount, if
any, to be added in cash to the next ensuing mandatory sinking fund payment, and
will also deliver to the Trustee any Securities to be so credited and not
theretofore delivered. If such Officer's Certificate shall specify an optional
amount to be added in cash to the next ensuing mandatory sinking fund payment,
the Company shall thereupon be obligated to pay the amount therein specified.
Not less than 60 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 11.3 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 11.4. Such notice having been duly given, the
redemption of such Securities shall be made upon the terms and in the manner
stated in Sections 11.6 and 11.7.

                                  ARTICLE 13

                      Repayment at the Option of Holders

     Section 13.1  Applicability of Article.

     Securities of any series which are repayable at the option of the Holders
thereof before their Stated Maturity shall be repaid in accordance with the
terms of the Securities of such series. The repayment of any principal amount of
Securities pursuant to such option of the Holder to require repayment of
Securities before their Stated Maturity, for purposes of Section 3.9, shall not
operate as a payment, redemption or satisfaction of the Indebtedness represented
by such Securities unless and until the Company, at its option, shall deliver or
surrender the same to the Trustee with a directive that such Securities be
cancelled. Notwithstanding anything to the contrary contained in this Section
13.1, in connection with any repayment of Securities, the

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<PAGE>

Company may arrange for the purchase of any Securities by an agreement with one
or more investment bankers or other purchasers to purchase such Securities by
paying to the Holders of such Securities on or before the close of business on
the repayment date an amount not less than the repayment price payable by the
Company on repayment of such Securities, and the obligation of the Company to
pay the repayment price of such Securities shall be satisfied and discharged to
the extent such payment is so paid by such purchasers.

                                  ARTICLE 14

                       Securities in Foreign Currencies

     Section 14.1  Applicability of Article.

     Whenever this Indenture provides for (i) any action by, or the
determination of any of the rights of, Holders of Securities of any series in
which not all of such Securities are denominated in the same Currency, or (ii)
any distribution to Holders of Securities, in the absence of any provision to
the contrary in the form of Security of any particular series or pursuant to
this Indenture or the Securities, any amount in respect of any Security
denominated in a Currency other than Dollars shall be treated for any such
action or distribution as that amount of Dollars that could be obtained for such
amount on such reasonable basis of exchange and as of the record date with
respect to Registered Securities of such series (if any) for such action,
determination of rights or distribution (or, if there shall be no applicable
record date, such other date reasonably proximate to the date of such action,
determination of rights or distribution) as the Company may specify in a written
notice to the Trustee.

                                  ARTICLE 15

                       Meetings of Holders of Securities

     Section 15.1  Purposes for Which Meetings May Be Called.

     A meeting of Holders of Securities of any 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 Act
provided by this Indenture to be made, given or taken by Holders of Securities
of such series.

     Section 15.2  Call, Notice and Place of Meetings.

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<PAGE>

          (1)  The Trustee may at any time call a meeting of Holders of
     Securities of any series for any purpose specified in Section 15.1, to be
     held at such time and at such place in the Borough of Manhattan, The City
     of New York, or, if Securities of such series have been issued in whole or
     in part as Bearer Securities, in London or in such place outside the United
     States 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 1.6, not less
     than 21 nor more than 180 days prior to the date fixed for the meeting.

          (2)  In case at any time the Company (by or pursuant to a Board
     Resolution) or the Holders of at least 10% in principal amount of the
     Outstanding Securities of any series shall have requested the Trustee to
     call a meeting of the Holders of Securities of such series for any purpose
     specified in Section 15.1, by written request setting forth in reasonable
     detail the action proposed to be taken at the meeting, and the Trustee
     shall not have mailed notice of or made the first publication of the notice
     of such meeting within 21 days after receipt of such request (whichever
     shall be required pursuant to Section 1.6) 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 the Borough of
     Manhattan, The City of New York, or, if Securities of such series are to be
     issued as Bearer Securities, in London for such meeting and may call such
     meeting for such purposes by giving notice thereof as provided in clause
     (1) of this Section.

     Section 15.3  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 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 15.4  Quorum; Action.

     The Persons entitled to vote a majority in principal amount of the
Outstanding Securities of a series shall constitute a quorum for any meeting of
Holders of Securities of such series. In the absence of a quorum within 30
minutes after 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

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by the chairman of the meeting prior to the adjournment of such meeting. In the
absence of a quorum at any reconvened meeting, such reconvened 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 reconvened meeting.
Notice of the reconvening of any adjourned meeting shall be given as provided in
Section 15.2(1), 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 the
percentage, as provided above, of the principal amount of the Outstanding
Securities of such series which shall constitute a quorum.

     Except as limited by the proviso to Section 9.2, any resolution presented
to a meeting or adjourned meeting duly reconvened at which a quorum is present
as aforesaid may be adopted only by the affirmative vote of the Holders of a
majority in principal amount of the Outstanding Securities of that series;
provided, however, that, except as limited by the proviso to Section 9.2, any
resolution with respect to any request, demand, authorization, direction,
notice, consent, waiver or other Act which this Indenture expressly provides may
be made, given or taken by the Holders of a specified percentage, which is less
than a majority, in 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 principal amount of the Outstanding Securities of such
series.

     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 and the Coupons
appertaining thereto, whether or not such Holders were present or represented at
the meeting.

     Section 15.5  Determination of Voting Rights; Conduct and Adjournment of
Meetings.

          (1)  Notwithstanding any other provisions of this Indenture, the
     Trustee may make such reasonable regulations as it may deem advisable for
     any meeting of Holders of Securities of such series in regard to proof of
     the holding of Securities of such series and of the appointment of proxies
     and in regard to the appointment and duties of inspectors of votes, the
     submission and examination of proxies, certificates and other evidence of
     the right to vote, and such other matters concerning the conduct of the
     meeting as it shall deem appropriate. Except as otherwise permitted or
     required by any such regulations, the holding of Securities shall be proved
     in the manner specified in Section 1.4 and the appointment of any proxy
     shall be proved in the manner specified in Section 1.4 or by having the
     signature of the person executing the proxy witnessed or guaranteed by any
     trust company, bank or banker authorized by Section 1.4 to certify to the
     holding of Bearer Securities. Such regulations may provide that written
     instruments appointing

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     proxies, regular on their face, may be presumed valid and genuine without
     the proof specified in Section 1.4 or other proof.

          (2)  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
     15.2(2), in which case the Company or the Holders of Securities of the
     series calling the meeting, as the case may be, shall in like manner
     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 principal amount of the Outstanding Securities of
     such series represented at the meeting.

          (3)  At any meeting, each Holder of a Security of such series or proxy
     shall be entitled to one vote for each $1,000 principal amount of
     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 proxy.

          (4)  Any meeting of Holders of Securities of any series duly called
     pursuant to Section 15.2 at which a quorum is present may be adjourned from
     time to time by Persons entitled to vote a majority in 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 15.6  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 triplicate of all votes cast at the meeting. A record, at least in
triplicate, 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 said 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 said notice was given as provided in Section 15.2 and, if
applicable, Section 15.4. 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

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at the meeting. Any record so signed and verified shall be conclusive evidence
of the matters therein stated.

                                  ARTICLE 16

                          Subordination Of Securities

     Section 16.1  Agreement to Subordinate.

     The Company covenants and agrees, and each Holder of Securities issued
hereunder and under any indenture supplemental hereto or pursuant to a Board
Resolution and Officer's Certificate ("Additional Provisions") by such Holder's
acceptance thereof likewise covenants and agrees, that all Securities shall be
issued subject to the provisions of this Article 16; and each Holder of a
Security, whether upon original issue or upon transfer or assignment thereof,
accepts and agrees to be bound by such provisions.

     The payment by the Company of the principal of, any premium and interest
(including any Additional Interest) on and any Additional Amounts with respect
to all Securities of each series issued hereunder and under any Additional
Provisions shall, to the extent and in the manner hereinafter set forth, be
subordinate in right of payment to the prior payment in full of all Company
Senior Indebtedness with respect to such series, whether outstanding at the date
of this Indenture or thereafter incurred.

     No provision of this Article 16 shall prevent the occurrence of any default
or Event of Default hereunder.

     Section 16.2  Default on Company Senior Indebtedness.

     In the event and during the continuation of any default by the Company in
the payment of principal, premium, interest or any other amount due on any
Company Senior Indebtedness with respect to the Securities of any series, or in
the event that the maturity of any Company Senior Indebtedness with respect to
the Securities of any series has been accelerated because of a default, then, in
either case, no payment shall be made by the Company with respect to the
principal (including redemption and sinking fund payments) of, any premium or
interest (including any Additional Interest) on, or any Additional Amounts with
respect to, the Securities of such series.

     In the event that, notwithstanding the foregoing, any payment shall be
received by the Trustee when such payment is prohibited by the preceding
paragraph of this Section 16.2, such payment shall be held in trust for the
benefit of, and shall be paid over or delivered to, the

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holders of such Company Senior Indebtedness or their respective representatives,
or to the trustee or trustees under any indenture pursuant to which any of such
Company Senior Indebtedness may have been issued, as their respective interests
may appear, but only to the extent that the holders of such Company Senior
Indebtedness (or their representative or representatives or a trustee) notify
the Trustee in writing within 90 days of such payment of the amounts then due
and owing on such Company Senior Indebtedness and only the amounts specified in
such notice to the Trustee shall be paid to the holders of such Company Senior
Indebtedness.

     Section 16.3  Liquidation; Dissolution; Bankruptcy.

     Upon any payment by the Company or distribution of assets of the Company of
any kind or character, whether in cash, property or securities, to creditors
upon any dissolution, winding-up, liquidation or reorganization of the Company,
whether voluntary or involuntary, or in bankruptcy, insolvency, receivership or
other proceedings, all amounts due upon all Company Senior Indebtedness with
respect to the Securities of any series shall first be paid in full, or payment
thereof provided for in money in accordance with its terms, before any payment
is made by the Company on account of the principal of, premium or interest
(including any Additional Interest) on, or Additional Amounts with respect to,
the Securities of such series; and upon any such dissolution, winding-up,
liquidation or reorganization, or in any such bankruptcy, insolvency,
receivership or other proceeding, any payment by the Company, or distribution of
assets of the Company of any kind or character, whether in cash, property or
securities, to which the Holders or the Trustee would be entitled to receive
from the Company, except for the provisions of this Article 16, shall be paid by
the Company or by any receiver, trustee in bankruptcy, liquidating trustee,
agent or other Person making such payment or distribution, or by the Holders or
by the Trustee under this Indenture if received by them or it, directly to the
holders of such Company Senior Indebtedness (pro rata to such holders on the
basis of the respective amounts of such Company Senior Indebtedness held by such
holders, as calculated by the Company) or their representative or
representatives, or to the trustee or trustees under any indenture pursuant to
which any instruments evidencing such Company Senior Indebtedness may have been
issued, as their respective interests may appear, to the extent necessary to pay
such Company Senior Indebtedness in full, in money or money's worth, after
giving effect to any concurrent payment or distribution to or for the holders of
such Company Senior Indebtedness, before any payment or distribution is made to
the Holders of the Securities of such series or to the Trustee.

     In the event that, notwithstanding the foregoing, any payment or
distribution of assets of the Company of any kind or character, whether in cash,
property or securities, prohibited by the foregoing shall be received by the
Trustee before all such Company Senior Indebtedness is paid in full, or
provision is made for such payment in money in accordance with its terms, such
payment or distribution shall be held in trust for the benefit of and shall be
paid over or delivered

                                       91
<PAGE>

to the holders of such Company Senior Indebtedness or their representative or
representatives, or to the trustee or trustees under any indenture pursuant to
which any instruments evidencing such Company Senior Indebtedness may have been
issued, as their respective interests may appear, as calculated by the Company,
for application to the payment of all such Company Senior Indebtedness remaining
unpaid to the extent necessary to pay such Company Senior Indebtedness in full
in money in accordance with its terms, after giving effect to any concurrent
payment or distribution to or for the benefit of the holders of such Company
Senior Indebtedness.

     For purposes of this Article 16, the words "cash, property or securities"
shall not be deemed to include shares of stock of the Company as reorganized or
readjusted, or securities of the Company or any other corporation provided for
by a plan of reorganization or readjustment, the payment of which is
subordinated at least to the extent provided in this Article 16 with respect to
the Securities of the relevant series to the payment of all Company Senior
Indebtedness with respect to the Securities of such series that may at the time
be outstanding, provided that (i) such Company Senior Indebtedness is assumed by
the new corporation, if any, resulting from any such reorganization or
readjustment, and (ii) the rights of the holders of such Company Senior
Indebtedness are not, without the consent of such holders, altered by such
reorganization or readjustment. The consolidation of the Company with, or the
merger of the Company into, another Person or the liquidation or dissolution of
the Company following the conveyance, transfer or lease of its property as an
entirety, or substantially as an entirety, to another Person upon the terms and
conditions provided for in Sections 8.1 and 8.2 of this Indenture shall not be
deemed a dissolution, winding-up, liquidation or reorganization for the purposes
of this Section 16.3 if such other Person shall, as a part of such
consolidation, merger, conveyance or transfer, comply with the conditions stated
in Sections 8.1 and 8.2 of this Indenture. Nothing in Section 16.2 or in this
Section 16.3 shall apply to claims of, or payments to, the Trustee under or
pursuant to Section 6.6 of this Indenture.

     Section 16.4  Subrogation.

     Subject to the payment in full of all Company Senior Indebtedness with
respect to the Securities of any series, the rights of the Holders of the
Securities of such series shall be subrogated to the rights of the holders of
such Company Senior Indebtedness to receive payments or distributions of cash,
property or securities of the Company applicable to such Company Senior
Indebtedness until the principal of, any premium and interest (including any
Additional Interest) on, and any Additional Amounts with respect to, the
Securities of such series shall be paid in full; and, for the purposes of such
subrogation, no payments or distributions to the holders of such Company Senior
Indebtedness of any cash, property or securities to which the Holders or the
Trustee would be entitled except for the provisions of this Article 16, and no
payment over pursuant to the provisions of this Article 16 to or for the benefit
of the holders of such Company Senior Indebtedness by Holders of the Securities
of such series or the Trustee,

                                       92
<PAGE>

shall, as between the Company, its creditors other than holders of such Company
Senior Indebtedness, and the Holders of the Securities of such series, be deemed
to be a payment by the Company to or on account of such Company Senior
Indebtedness. It is understood that the provisions of this Article 16 are and
are intended solely for the purposes of defining the relative rights of the
Holders of the Securities of each series, on the one hand, and the holders of
the Company Senior Indebtedness with respect to the Securities of such series on
the other hand.

     Nothing contained in this Article 16 or elsewhere in this Indenture, any
Additional Provisions or in the Securities of any series is intended to or shall
impair, as between the Company, its creditors other than the holders of Company
Senior Indebtedness with respect to the Securities of such series, and the
Holders of the Securities of such series, the obligation of the Company, which
is absolute and unconditional, to pay to the Holders of the Securities of such
series the principal of, any premium and interest (including any Additional
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 the
Holders of the Securities of such series and creditors of the Company, other
than the holders of such Company Senior Indebtedness, nor shall anything herein
or therein prevent the Trustee or the Holder of any Security of such series from
exercising all remedies otherwise permitted by applicable law upon default under
this Indenture, subject to the rights, if any, under this Article 16 of the
holders of such Company Senior Indebtedness in respect of cash, property or
securities of the Company, as the case may be, received upon the exercise of any
such remedy.

     Upon any payment or distribution of assets of the Company referred to in
this Article 16, the Trustee, subject to the provisions of Article 6 of this
Indenture, and the Holders shall be entitled to conclusively 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 receiver, trustee in bankruptcy, liquidation trustee, agent
or other Person making such payment or distribution, delivered to the Trustee or
to the Holders of the Securities of any series, for the purposes of ascertaining
the Persons entitled to participate in such distribution, the holders of Company
Senior Indebtedness with respect to the Securities of such series and other
indebtedness of the Company, as the case may be, the amount thereof or payable
thereon, the amount or amounts paid or distributed thereon and all other facts
pertinent thereto or to this Article 16.

     Section 16.5  Trustee to Effectuate Subordination.

     Each Holder of Securities by such Holder's acceptance thereof authorizes
and directs the Trustee on such Holder's behalf to take such action as may be
necessary or appropriate to effectuate the subordination provided in this
Article 16 and appoints the Trustee such Holder's attorney-in-fact for any and
all such purposes.

                                       93
<PAGE>

     Section 16.6  Notice by the Company.

     The Company shall give prompt written notice to a Responsible Officer of
the Trustee of any fact known to the Company that would prohibit the making of
any payment of monies to or by the Trustee in respect of the Securities of any
series pursuant to the provisions of this Article 16. Notwithstanding the
provisions of this Article 16 or any other provision of this Indenture or any
Additional Provisions, the Trustee shall not be charged with knowledge of the
existence of any facts that would prohibit the making of any payment of monies
to or by the Trustee in respect of the Securities of any series pursuant to the
provisions of this Article 16, unless and until a Responsible Officer of the
Trustee shall have received written notice thereof from the Company or a holder
or holders of Company Senior Indebtedness with respect to the Securities of such
series or from any trustee therefor; and before the receipt of any such written
notice, the Trustee, subject to the provisions of Article 6 of this Indenture,
shall be entitled in all respects to assume that no such facts exist; provided,
however, that if the Trustee shall not have received the notice provided for in
this Section 16.6 at least two Business Days prior to the date upon which by the
terms hereof any money may become payable for any purpose (including, without
limitation, the payment of the principal of, any premium or interest (including
any Additional Interest) on, or any Additional Amounts with respect to, any
Security of such series), then, anything herein contained to the contrary
notwithstanding, the Trustee shall have full power and authority to receive such
money and to apply the same to the purposes for which they were received, and
shall not be affected by any notice to the contrary that may be received by it
within two Business Days prior to such date.

     The Trustee, subject to the provisions of Article 6 of this Indenture,
shall be entitled to conclusively rely on the delivery to it of a written notice
by a Person representing himself to be a holder of Company Senior Indebtedness
with respect to the Securities of any series (or a trustee on behalf of such
holder), to establish that such notice has been given by a holder of such
Company Senior Indebtedness or a trustee on behalf of any such holder or
holders. In the event that the Trustee determines in good faith that further
evidence is required with respect to the right of any Person as a holder of such
Company Senior Indebtedness to participate in any payment or distribution
pursuant to this Article 16, the Trustee may request such Person to furnish
evidence to the reasonable satisfaction of the Trustee as to the amount of such
Company Senior Indebtedness held by such Person, the extent to which such Person
is entitled to participate in such payment or distribution and any other facts
pertinent to the rights of such Person under this Article 16, and, if such
evidence is not furnished, the Trustee may defer any payment to such Person
pending judicial determination as to the right of such Person to receive such
payment.

     Upon any payment or distribution of assets of the Company referred to in
this Article 16, the Trustee and the Holders shall be entitled to rely upon any
order or decree entered by any court of competent jurisdiction in which such
insolvency, bankruptcy, receivership, liquidation,

                                       94
<PAGE>

reorganization, dissolution, winding-up or similar case or proceeding is
pending, or a certificate of the trustee in bankruptcy, liquidating trustee,
custodian, receiver, assignee for the benefit of creditors, agent or other
Person making such payment or distribution, delivered to the Trustee or to the
Holders of the Securities of any series, for the purpose of ascertaining the
Persons entitled to participate in such payment or distribution, the holders of
Company Senior Indebtedness with respect to the Securities of such series 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 16.

     Section 16.7  Rights of the Trustee; Holders of Company Senior
Indebtedness.

     The Trustee in its individual capacity shall be entitled to all the rights
set forth in this Article 16 in respect of any Company Senior Indebtedness with
respect to the Securities of any series at any time held by it, to the same
extent as any other holder of such Company Senior Indebtedness, and nothing in
this Indenture or any Additional Provisions shall deprive the Trustee of any of
its rights as such holder.

     With respect to the holders of Company Senior Indebtedness with respect to
the Securities of any series, the Trustee undertakes to perform or to observe
only such of its covenants and obligations as are specifically set forth in this
Article 16, and no implied covenants or obligations with respect to the holders
of such Company Senior Indebtedness shall be read into this Indenture or any
Additional Provisions against the Trustee. The Trustee shall not be deemed to
owe any fiduciary duty to the holders of such Company Senior Indebtedness and,
subject to the provisions of Article 6 of this Indenture, the Trustee shall not
be liable to any holder of such Company Senior Indebtedness if it shall pay over
or deliver to Holders of the Securities of such series, the Company or any other
Person money or assets to which any holder of such Company Senior Indebtedness
shall be entitled by virtue of this Article 16 or otherwise.

     Nothing in this Article 16 shall apply to claims of, or payments to, the
Trustee under or pursuant to Section 6.6.

     Section 16.8  Subordination May Not Be Impaired

     No right of any present or future holder of any Company Senior Indebtedness
to enforce subordination as herein provided 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, provisions and covenants of this
Indenture, regardless of any knowledge thereof that any such holder may have or
otherwise be charged with.

                                       95
<PAGE>

     Without in any way limiting the generality of the foregoing paragraph, the
holders of Company Senior Indebtedness with respect to the Securities of any
series may, at any time and from time to time, without the consent of or notice
to the Trustee or the Holders of Securities of such series, without incurring
responsibility to such Holders and without impairing or releasing the
subordination provided in this Article 16 or the obligations hereunder of the
Holders of the Securities of such series to the holders of such Company Senior
Indebtedness, do any one or more of the following: (i) change the manner, place
or terms of payment or extend the time of payment of, or renew or alter, such
Company Senior Indebtedness, or otherwise amend or supplement in any manner such
Company Senior Indebtedness or any instrument evidencing the same or any
agreement under which such Company Senior Indebtedness is outstanding; (ii)
sell, exchange, release or otherwise deal with any property pledged, mortgaged
or otherwise securing such Company Senior Indebtedness; (iii) release any Person
liable in any manner for the collection of such Company Senior Indebtedness; and
(iv) exercise or refrain from exercising any rights against the Company and any
other Person.

                                   *   *   *

                                       96
<PAGE>

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

[SEAL]                                 ACE INA Holdings Inc.

Attest:
                                       By
                                       Name:
                                       Title:

[SEAL]                                 BANK ONE TRUST COMPANY, NA,
                                       as Trustee

Attest:
                                       By
                                       Name:
                                       Title:

                                       97<PAGE>

                                                                   Exhibit 10.39
================================================================================

                         SUPPLEMENTAL INDENTURE NO. 1

                         Dated as of December 6, 1999

                                      to

                                   INDENTURE

                         Dated as of November 30, 1999

                                    between

                            ACE INA HOLDINGS INC.,

                                   as Issuer

                                      and

                          BANK ONE TRUST COMPANY, NA,

                                  as Trustee
<PAGE>

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

          THIS SUPPLEMENTAL INDENTURE NO. 1 dated as of December 6, 1999 (this
"Supplemental Indenture") to Indenture dated November 30, 1999, is hereby
entered into by and between ACE INA HOLDINGS INC., a Delaware corporation (the
"Company") and BANK ONE TRUST COMPANY, NA, a national banking association
organized under the laws of the United States of America (the "Trustee").

                             W I T N E S S E T H:

          WHEREAS, the Company and Trustee executed and delivered an Indenture,
dated as of November 30, 1999 (as supplemented hereby, the "Indenture"), to
provide for the issuance from time to time of the Issuer's notes, bonds,
debentures or any other evidences of Indebtedness to be issued in one or more
series (the "Securities");

          WHEREAS, pursuant to a Board Resolution, the Company has authorized
the issuance of $300,000,000 of its Subordinated Notes due 2009 (the "Notes");
and

          WHEREAS, the Company desires to establish the terms and conditions of
the Notes in accordance with Section 3.1 of the Indenture.

                                   ARTICLE 1

                                     TERMS

          SECTION 101.  DEFINITIONS.  The terms defined in this Section 101
                        -----------
(except to the extent the application of such definitions is expressly limited
to certain instances, and except as otherwise expressly provided in this
Supplemental Indenture or the Indenture or unless the context otherwise
requires) for all purposes of this Supplemental Indenture shall have the
respective meanings specified in this Section 101.

          "Base Redemption Price" has the meaning set forth in Section 102(11)
of this Supplemental Indenture.

          "Consolidated" with reference to any term used herein, means that term
as applied to the accounts of a Person and its Subsidiaries, consolidated in
accordance with GAAP consistently applied.

          "Depositary" has the meaning set forth in Appendix A attached hereto.
                                                    ----------

          "DTC" has the meaning set forth in Section 102(4) of this Supplemental
Indenture.

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

          "GAAP" means generally accepted accounting principles in the United
States of America as in effect from time to time, including those set forth in
(i) the opinions and pronouncements of the Accounting Principles Board of the
American Institute of Certified Public

                                       1
<PAGE>

Accountants, (ii) statements and pronouncements of the Financial Accounting
Standards Board, (iii) such other statements by such other entity as approved by
a significant segment of the accounting profession and (iv) the rules and
regulations of the Commission governing the inclusion of financial statements
(including pro forma financial statements) in periodic reports required to be
filed pursuant to Section 13 of the Exchange Act, including opinions and
pronouncements in staff accounting bulletins and similar written statements from
the accounting staff of the Commission. All ratios and computations based on
GAAP contained in this Indenture shall be computed in conformity with GAAP.

          "Global Security" has the meaning set forth in Appendix A attached
                                                         ----------
hereto.

          "Reference Swap Transaction" means the transaction described in

Exhibit A attached hereto.
---------

          "Reference Swap Transaction Value" means, as of any day, (i) an amount
(which may be positive or negative) determined in good faith on such day by The
Chase Manhattan Bank to be the present mark-to-market value of the Reference
Swap Transaction, based on its mid-market quotation for transactions on
substantially the same terms as the Reference Swap Transaction, (ii) divided by
the aggregate principal amount of all Notes outstanding on such day, expressed
as a percentage. If the amount in clause (i) in the preceding sentence is (a) a
positive number, it is subtracted from the Base Redemption Price or (b) a
negative number, it is added to the Base Redemption Price.  Mark-to-market value
shall be determined from the perspective of the Fixed Rate Payer (as defined in
Exhibit A).
---------

          "Securities Act" has the meaning set forth in Appendix A attached
                                                        ----------
hereto.

          "Securities Register" and "Securities Registrar" have the meanings set
forth in Section 102(3) of this Supplemental Indenture.

          SECTION 102.  TERMS OF NOTES.  The following terms relating to the
                        --------------
Notes are hereby established:

          (1) The Notes shall constitute a series of Securities having the title
"11.20% Subordinated Notes due 2009."

          (2) The aggregate principal amount of the Notes that may be
authenticated and delivered under this Indenture (except for Notes authenticated
and delivered upon registration of transfer of, or in exchange for, or in lieu
of, other Notes of the series pursuant to Section 3.4, 3.5, 3.6, 9.5, 11.7 or
Appendix A, or pursuant to or as contemplated by the terms of the Notes) shall
----------
be $300,000,000.

          (3) With respect to the Notes, Section 3.5 of the Indenture shall be
deleted in its entirety and shall be replaced with the following:

          "Section 3.5 Registration, Transfer and Exchange.

          With respect to the Notes, the Company shall cause to be kept a
     register (each such register being herein sometimes referred to as the
     "Security Register") at an Office
<PAGE>

     or Agency (the "Security Registrar") in which, subject to such reasonable
     regulations as it may prescribe, the Company shall provide for the
     registration of the Notes and of transfers of the Notes. The Company shall
     have the right to remove and replace from time to time the Security
     Registrar; provided that no such removal or replacement shall be effective
     until a successor Security Registrar shall have been appointed by the
     Company and shall have accepted such appointment by the Company. If the
     Trustee shall not be or shall cease to be Security Registrar, the Trustee
     shall have the right to examine the Security Register at all reasonable
     times.

          The Notes shall be transferable only upon the surrender of a Note for
     registration of transfer and in compliance with Appendix A to Supplemental
                                                     ----------
     Indenture No. 1 to this Indenture.  When a Note is presented to the
     Security Registrar with a request to register a transfer, the Security
     Registrar shall register the transfer as requested if the requirements of
     Section 8-401(a)(1) of the Uniform Commercial Code are met.  When Notes are
     presented to the Security Registrar with a request to exchange them for an
     equal principal amount of Notes of other denominations, the Security
     Registrar shall make the exchange as requested if the same requirements are
     met.  To permit registration of transfers and exchanges, the Company shall
     execute and the Trustee shall authenticate Notes at the Security
     Registrar's request.  The Company may require payment of a sum sufficient
     to pay all taxes, assessments or other governmental charges in connection
     with any transfer or exchange pursuant to this Section 3.5.  The Company
     shall not be required to make and the Security Registrar need not register
     transfers or exchanges of Notes selected for redemption (except, in the
     case of Notes to be redeemed in part, the portion thereof not to be
     redeemed) or any Notes for a period of 15 days before a selection of Notes
     to be redeemed.

          Prior to the due presentation for registration of transfer of any
     Note, the Company, the Trustee, the Paying Agent, and the Security
     Registrar may deem and treat the Person in whose name a Note is registered
     as the absolute owner of such Note for the purpose of receiving payment of
     principal of and interest, if any, on such Note and for all other purposes
     whatsoever, whether or not such Note is overdue, and none of the Company,
     the Trustee, the Authenticating Agent, the Paying Agent, or the Security
     Registrar shall be affected by notice to the contrary.

          All Notes issued upon any transfer or exchange pursuant to the terms
     of this Indenture will evidence the same debt and will be entitled to the
     same benefits under this Indenture as the Notes surrendered upon such
     transfer or exchange."

          (4) The Notes will be issued initially as Global Securities and the
Depository will be The Depository Trust Company ("DTC").  Beneficial owners of
interests in any such Global Security may exchange such interests for Notes of
like tenor and of any authorized form and denomination in the manner specified
in Appendix A.
   ----------

          (5) Global Securities will be dated as of the date of original
issuance of the first Note issued.

          (6) The Notes will be issuable only as Registered Securities without
Coupons.
<PAGE>

          (7)  The entire outstanding principal of the Notes will mature on
December 6, 2009.

          (8)  The principal of, any premium and interest on or any Additional
Amounts with respect to the Notes shall be payable at the office or agency of
the Company maintained for such purposes in The City of New York, State of New
York from time to time, and the Company hereby appoints the Trustee, acting
through its office or agency in The City of New York designated from time to
time for such purpose, as its agent for the foregoing purposes; provided, that
payments of the Notes may be made, in the case of a Holder of at least
$5,000,000 aggregate principal amount of Notes, by wire transfer to a United
States Dollar account maintained by the payee with a bank in the United States
if such Holder elects payment by wire transfer by giving written notice to the
Trustee or Paying Agent to such effect designating such account no later than 30
days immediately preceding the relevant due date for payment (or such other date
as the Trustee may accept in its discretion); and provided further, that
(subject to Section 10.2 of the Indenture) the Company may at any time remove
the Trustee as its office or agency in The City of New York designated for the
foregoing purposes and may from time to time designate one or more other offices
or agencies for the foregoing purposes and may from time to time rescind such
designations.

          (9)  The rate at which the Notes shall bear interest shall be 11.20%
per annum; Additional Interest shall accrue at the rate borne by the Notes plus
1% per annum and interest on overdue principal and overdue Additional Amounts
shall accrue interest at the same rate; the date from which interest shall
accrue shall be December 6, 1999; the Interest Payment Dates for the Notes on
which interest will be payable in arrears shall be June 6 and December 6 in each
year, beginning June 6, 2000; the Regular Record Dates for the interest payable
on the Notes on any Interest Payment Date shall be the 15th calendar day
immediately preceding the applicable Interest Payment Date.

          (10) Payments of principal of or interest on the Notes shall not be
determined with reference to an index, formula or other method.

          (11) The Notes shall be redeemable at the option of the Company, at
any time and from time to time, in whole or in part, on not less than 30 nor
more than 60 days prior notice, at the following base redemption prices
(expressed as percentages of principal amount) (the "Base Redemption Price"),
plus accrued and unpaid interest (if any) to the Redemption Date (subject to the
right of holders of record on the relevant record date to receive interest due
on the relevant Interest Payment Date), plus the Reference Swap Transaction
Value allocable to such Notes (collectively, the "Redemption Price"), if
redeemed during the 12-month period commencing on December 6 of the years set
forth below:

                                                               Base
     Year                                                   Redemption
                                                               Price
     -----------------------------------------------------------------------
     1999                                                     108.76%
     2000                                                     108.14%
     2001                                                     107.51%
     2002                                                     106.84%
     2003                                                     106.10%
<PAGE>

     2004                                                     105.28%
     2005                                                     104.39%
     2006                                                     103.42%
     2007                                                     102.37%
     2008                                                     101.23%

          (12) The Notes are not subject to any sinking fund.

          (13) The Notes shall not be repayable at the option of the Holders
thereof before their Stated Maturity.

          (14) The Notes will not be convertible or exchangeable into other
securities of the Company or another issuer.

          (15) The currency of payment of the principal of, any premium or
interest on or any Additional Amounts with respect to the Notes shall be
Dollars.

          (16) The Notes shall be subordinated in right of payment to the prior
payment in full of all Company Senior Indebtedness as set forth in Article 16 of
the Indenture.

          (17) In addition to the covenants set forth in the Indenture, the
Notes shall have the additional covenants set forth in Sections 103 and 104 of
this Supplemental Indenture.

          (18) The Notes shall have no additional Events of Default in addition
to the Events of Default set forth in Article 5 of the Indenture other than the
amendment to Section 5.1(5) set forth in Section 106 of this Supplemental
Indenture.

          (19) Each of Section 4.2(2) relating to defeasance and Section 4.2(3)
relating to covenant defeasance in the Indenture shall be applicable to the
Notes.  Subject to Section 4.2(3), the Company's obligations under Sections 103,
104(a) and 104(b) of the Supplemental Indenture and under Section 10.7 of the
Indenture and the operation of Sections 5.1(4), 5.1(5) and 5.1(6) of the
Indenture will terminate.

          (20) No warrants shall be issued in connection with the Notes.

          (21) Bank One Trust Company, NA shall be the Trustee with respect to
the Notes.

          (22) The Trustee shall also be the Security Registrar, Paying Agent
and Authenticating Agent with respect to the Notes.

          SECTION 103.  PROHIBITION AGAINST DIVIDENDS, ETC.  The Company
                        ----------------------------------
covenants and agrees with each Holder that it will not, and will not permit any
of its Subsidiaries to, (a) declare or pay any dividends or distributions on, or
redeem, purchase, acquire or make a liquidation payment with respect to, any of
the outstanding Capital Stock of the Company, or (b) make any payment of
principal of, interest or premium, if any, on or repay, repurchase or redeem any
debt security of the Company that ranks junior in right of payment to the Notes
or make any guarantee payments with respect to any guarantee by the Company of
the debt securities of any
<PAGE>

Subsidiary of the Company if such guarantee ranks junior in right of payment to
the Notes (other than (i) dividends or distributions in Common Stock of the
Company, (ii) redemptions or purchases of any rights outstanding under a
shareholder rights plan of the Company or the declaration of a dividend of such
rights or the issuance of stock under such plans in the future and (iii)
purchases of Common Stock related to the issuance of Common Stock under any
benefit plans of the Company for its directors, officers or employees) if at
such time there shall have occurred any event of which the Company has actual
knowledge that either is, or with the giving of notice or the lapse of time or
both, would constitute an Event of Default hereunder.

          SECTION 104.  CERTAIN INFORMATION.  At any time while any Notes are
                        -------------------
Outstanding:

          (a) within 90 days after the end of each fiscal year, the Company
shall provide to the Trustee and Holders a Consolidated balance sheet of the
Company and its Subsidiaries as of the end of such fiscal year and the related
Consolidated statements of income, stockholders' equity and cash flow of the
Company and its Subsidiaries for such fiscal year, setting forth in each case in
comparative form the Consolidated figures for the previous fiscal year, all in
reasonable detail and accompanied by (i) a report thereon of independent
certified public accountants of recognized national standing selected by the
Company stating that such Consolidated financial statements fairly present the
Consolidated financial position of the Company and its Subsidiaries as of the
date indicated and their results of operations and cash flows for the periods
indicated in conformity with GAAP (except as otherwise stated therein) and that
the examination by such accountants in connection with such Consolidated
financial statements has been made in accordance with generally accepted
auditing standards and (ii) a management's discussion and analysis of financial
condition and results of operations substantially as would be required to be
included in an annual report on Form 10-K if the Company were subject to the
reporting requirements of Section 13 or 15(d) of the Exchange Act;

          (b) within 45 days after the end of each fiscal quarter (other than
the last fiscal quarter of any fiscal year) the Company shall provide to the
Trustee and Holders an unaudited Consolidated balance sheet of the Company and
its Subsidiaries as of the end of such quarter and the related unaudited
Consolidated statements of income, stockholders' equity and cash flow for such
quarter and the portion of the fiscal year ended at the end of such quarter,
setting forth in each case in comparative form the Consolidated figures for the
corresponding periods of the prior fiscal year, all in reasonable detail and
certified by the Company's chief financial officer as fairly presenting the
Consolidated financial condition of the Company and its Subsidiaries as of the
dates indicated, and their Consolidated results of operations and cash flows for
the periods indicated, in conformity with GAAP, subject to normal year-end
adjustments and the absence of footnotes; and

          (c) the Company shall furnish to the Holders and prospective
investors, upon their request, the information required to be delivered pursuant
to Rule 144A(d)(4) under the Securities Act.

          SECTION 105.  AMENDMENT TO SECTION 1.15.  With respect to the Notes,
                        -------------------------
Section 1.15 of the Indenture shall be amended by deleting the following
language: "except that if such next succeeding Business Day is in the next
succeeding calendar year, such
<PAGE>

payment may be made, and such Securities may be converted or exchanged, on the
immediately preceding Business Day".

          SECTION 106.  AMENDMENT TO SECTION 5.1(5).  With respect to the Notes,
                        ---------------------------
Section 5.1(5) of the Indenture shall be amended by deleting the following
language:

          "such default shall not be cured or".

          SECTION 107.  FORM OF NOTE.  The form of the Note is attached hereto
                        ------------
as Exhibit B.
   ---------

                                  ARTICLE II

                                 MISCELLANEOUS

          SECTION 201.  DEFINITIONS.  Capitalized terms used but not defined in
                        -----------
this Supplemental Indenture shall have the meanings ascribed thereto in the
Indenture.

          SECTION 202.  CONFIRMATION OF INDENTURE.  The Indenture, as heretofore
                        -------------------------
supplemented and amended by this Supplemental Indenture, is in all respects
ratified and confirmed, and the Indenture, this Supplemental Indenture and all
indentures supplemental thereto shall be read, taken and construed as one and
the same instrument.

          SECTION 203.  CONCERNING THE TRUSTEE.  The Trustee assumes no duties,
                        ----------------------
responsibilities or liabilities by reason of this Supplemental Indenture other
than as set forth in the Indenture and, in carrying out its responsibilities
hereunder, shall have all of the rights, protections and immunities which it
possesses under the Indenture.  The Trustee makes no representation as to the
validity or sufficiency of this Supplemental Indenture.

          SECTION 204.  GOVERNING LAW.  This Supplemental Indenture, the
                        -------------
Indenture and the Notes shall be governed by and construed in accordance with
the laws of the State of New York applicable to agreements made or instruments
entered into and, in each case, performed in said state.

          SECTION 205.  SEPARABILITY.  In case any provision in this
                        ------------
Supplemental Indenture 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 206.  COUNTERPARTS.  This Supplemental Indenture may be
                        ------------
executed in several counterparts, each of which shall be an original and all of
which shall constitute but one and the same document.

          SECTION 207.  EFFECT OF HEADINGS.  The Section headings herein are for
                        ------------------
convenience only and shall not effect as of the construction thereof.
<PAGE>

          IN WITNESS WHEREOF, the parties hereto have caused this Supplemental
Indenture No. 1 to be duly executed as of the day and year first above written.

                            ACE INA HOLDINGS INC.

                            By:

                               ____________________________________________
                               Name:
                               Title:

                            BANK ONE TRUST COMPANY, NA, as Trustee

                            By:

                               ____________________________________________
                               Name:
                               Title:
<PAGE>

================================================================================
                                                                      APPENDIX A

                       PROVISIONS RELATING TO SECURITIES
                       ---------------------------------

          1.  Definitions
              -----------

          1.1  Definitions
               -----------

          For the purposes of this Appendix A the following terms shall have the
meanings indicated below:

          "Applicable Procedures" means, with respect to any transfer or
transaction involving a Regulation S Global Security or beneficial interest
therein, the rules and procedures of the Depositary for such Global Security,
Euroclear and Cedel, in each case to the extent applicable to such transaction
and as in effect from time to time.

          "Cedel" means Cedel Bank, S.A., or any successor securities clearing
agency.

          "Definitive Security" means a certificated Security (bearing the
Restricted Securities Legend if the transfer of such Security is restricted by
applicable law) that does not include the Global Securities Legend.

          "Depositary" means The Depository Trust Company, its nominees and
their respective successors.

          "Distribution Compliance Period", with respect to any Securities,
means the period of 40 consecutive days beginning on and including the later of
(i) the day on which such Securities are first offered to persons other than
distributors (as defined in Regulation S under the Securities Act) in reliance
on Regulation S and (ii) the date on which such Securities are originally
issued.

          "Euroclear" means the Euroclear Clearance System or any successor
securities clearing agency.

          "Global Securities Legend" means the legend set forth under that
caption in Exhibit C to this Indenture.

          "Purchase Agreement" means the Purchase Agreement dated November 30,
1999, between the Company and Westdeutsche Landesbank Gironzentrale, New York
Branch, as the purchaser.

          "QIB" means a "qualified institutional buyer" as defined in Rule 144A.

          "Regulation S" means Regulation S under the Securities Act.

          "Regulation S Securities" means all Securities offered and sold
outside the United States in reliance on Regulation S.

                                       1
<PAGE>

          "Restricted Securities Legend" means the legend set forth in Section
2.3(e)(i) herein.

          "Rule 144A" means Rule 144A under the Securities Act.

          "Rule 144A Securities" means all Securities offered and sold to QIBs
in reliance on Rule 144A.

          "Securities Act" means the Securities Act of 1933, as amended.

          "Securities Custodian" means the custodian with respect to a Global
Security (as appointed by the Depositary) or any successor person thereto.

          "Transfer Restricted Securities" means Definitive Securities and any
other Securities that bear or are required to bear the Restricted Securities
Legend.

          1.2  Other Definitions
               -----------------

          Term:                                         Defined in Section:
          -----                                         ------------------

"Agent Members"....................................................  2.1(b)
"Global Security"..................................................  2.1(a)
"Regulation S Global Security".....................................  2.1(a)
"Rule 144A Global Security"........................................  2.1(a)

          2.  The Securities
              --------------

          2.1  Form and Dating
               ---------------

          The Securities issued on the date hereof will be (i) offered and sold
by the Company pursuant to the Purchase Agreement and (ii) resold, initially
only to (A) QIBs in reliance on Rule 144A and (B) Persons other than U.S.
Persons (as defined in Regulation S) in reliance on Regulation S.  Such
Securities may thereafter be transferred to, among others, QIBs and purchasers
in reliance on Regulation S.

          (a) Global Securities.  Rule 144A Securities shall be issued initially
              -----------------
in the form of one or more permanent global Securities in definitive, fully
registered form (collectively, the "Rule 144A Global Security") and Regulation S
Securities shall be issued initially in the form of one or more global
Securities (collectively, the "Regulation S Global Security"), in each case
without interest coupons and bearing the Global Securities Legend and Restricted
Securities Legend, which shall be deposited on behalf of the purchasers of the
Securities represented thereby with the Securities Custodian, and registered in
the name of the Depositary or a nominee of the Depositary, duly executed by the
Company and authenticated by the Trustee as provided in this Indenture.
Beneficial ownership interests in the Regulation S Global Security shall not be
exchangeable for interests in the Rule 144A Global Security or any other
Security without a Restricted Securities Legend until the expiration of the
Distribution Compliance Period.  The Rule 144A Global Security and the
Regulation S Global Security are each referred to herein as a "Global Security"
and are collectively referred to herein as "Global Securities."  The aggregate

                                       2
<PAGE>

principal amount of the Global Securities may from time to time be increased or
decreased by adjustments made on the records of the Trustee and the Depositary
or its nominee as hereinafter provided.

          (b) Book-Entry Provisions.  This Section 2.1(b) shall apply only to a
              ---------------------
Global Security deposited with or on behalf of the Depositary.

          The Company shall execute and the Trustee shall, in accordance with
this Section 2.1(b) and pursuant to an order of the Company, authenticate and
deliver initially one or more Global Securities that (a) shall be registered in
the name of the Depositary for such Global Security or Global Securities or the
nominee of such Depositary and (b) shall be delivered by the Trustee to such
Depositary or pursuant to such Depositary's instructions or held by the Trustee
as Securities Custodian.

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

          (c) Definitive Securities.  Except as provided in Section 2.3 or 2.4,
              ---------------------
owners of beneficial interests in Global Securities will not be entitled to
receive physical delivery of certificated Securities.

          2.2  Authentication.  The Trustee shall authenticate and make
               --------------
available for delivery upon a written order of the Company signed by two
Officers Securities for original issue on the date hereof in an aggregate
principal amount of $300,000,000.  Such order shall specify the amount of the
Securities to be authenticated and the date on which the original issue of
Securities is to be authenticated.

          2.3  Transfer and Exchange.  (a) Transfer and Exchange of Definitive
               ---------------------       -----------------------------------
Securities.  When Definitive Securities are presented to the Security Registrar
----------
with a request:

          (x) to register the transfer of such Definitive Securities; or

          (y) to exchange such Definitive Securities for an equal principal
     amount of Definitive Securities of other authorized denominations,

the Security Registrar shall register the transfer or make the exchange as
requested if its reasonable requirements for such transaction are met; provided,
                                                                       --------
however, that the Definitive Securities surrendered for transfer or exchange:
-------

                                       3
<PAGE>

          (i)  shall be duly endorsed or accompanied by a written instrument of
     transfer in form reasonably satisfactory to the Company and the Security
     Registrar, duly executed by the Holder thereof or his attorney duly
     authorized in writing; and

          (ii) are accompanied by the following additional information and
     documents, as applicable:

               (A) if such Definitive Securities are being delivered to the
          Security Registrar by a Holder for registration in the name of such
          Holder, without transfer, a certification from such Holder to that
          effect (in the form set forth on the reverse side of the Security); or

               (B) if such Definitive Securities are being transferred to the
          Company, a certification to that effect (in the form set forth on the
          reverse side of the Security); or

               (C) if such Definitive Securities are being transferred pursuant
          to an exemption from registration in accordance with Rule 144 under
          the Securities Act or in reliance upon another exemption from the
          registration requirements of the Securities Act, (i) a certification
          to that effect (in the form set forth on the reverse side of the
          Security) and (ii) if the Company so requests, an opinion of counsel
          or other evidence reasonably satisfactory to it as to the compliance
          with the restrictions set forth in the legend set forth in Section
          2.3(e)(i).

          (b) Restrictions on Transfer of a Definitive Security for a Beneficial
              --------------------------- --------------------------------------
Interest in a Global Security.  A Definitive Security may not be exchanged for a
------------- ---------------
beneficial interest in a Global Security except upon satisfaction of the
requirements set forth below.  Upon receipt by the Trustee of a Definitive
Security, duly endorsed or accompanied by a written instrument of transfer in
form reasonably satisfactory to the Company and the Security Registrar, together
with:

          (i)  certification (in the form set forth on the reverse side of the
     Security) that such Definitive Security is being transferred (A) to a QIB
     in accordance with Rule 144A, or (B) outside the United States in an
     offshore transaction within the meaning of Regulation S and in compliance
     with Rule 904 under the Securities Act; and

          (ii) written instructions directing the Trustee to make, or to direct
     the Securities Custodian to make, an adjustment on its books and records
     with respect to such Global Security to reflect an increase in the
     aggregate principal amount of the Securities represented by the Global
     Security, such instructions to contain information regarding the Depositary
     account to be credited with such increase,

then the Trustee shall cancel such Definitive Security and cause, or direct the
Securities Custodian to cause, in accordance with the standing instructions and
procedures existing between the Depositary and the Securities Custodian, the
aggregate principal amount of Securities represented by the Global Security to
be increased by the aggregate principal amount of the Definitive Security to be
exchanged and shall credit or cause to be credited to the account of the Person
specified in such instructions a beneficial interest in the Global Security
equal to the

                                       4
<PAGE>

principal amount of the Definitive Security so canceled. If no Global Securities
are then outstanding and the Global Security has not been previously exchanged
for certificated securities pursuant to Section 2.4, the Company shall issue and
the Trustee shall authenticate, upon written order of the Company in the form of
an Officers' Certificate, a new Global Security in the appropriate principal
amount.

          (c) Transfer and Exchange of Global Securities.  (i) The transfer and
              ------------------------------------------
exchange of Global Securities or beneficial interests therein shall be effected
through the Depositary, in accordance with this Indenture (including applicable
restrictions on transfer set forth herein, if any) and the procedures of the
Depositary therefor. A transferor of a beneficial interest in a Global Security
shall deliver a written order given in accordance with the Depositary's
procedures containing information regarding the participant account of the
Depositary to be credited with a beneficial interest in such Global Security or
another Global Security and such account shall be credited in accordance with
such order with a beneficial interest in the applicable Global Security and the
account of the Person making the transfer shall be debited by an amount equal to
the beneficial interest in the Global Security being transferred. Transfers by
an owner of a beneficial interest in the Rule 144A Global Security to a
transferee who takes delivery of such interest through the Regulation S Global
Security, whether before or after the expiration of the Distribution Compliance
Period, shall be made only upon receipt by the Trustee of a certification from
the transferor to the effect that such transfer is being made in accordance with
Regulation S or (if available) Rule 144 under the Securities Act and that, if
such transfer is being made prior to the expiration of the Distribution
Compliance Period, the interest transferred shall be held immediately thereafter
through Euroclear or Cedel.

          (ii)  If the proposed transfer is a transfer of a beneficial interest
     in one Global Security to a beneficial interest in another Global Security,
     the Security Registrar shall reflect on its books and records the date and
     an increase in the principal amount of the Global Security to which such
     interest is being transferred in an amount equal to the principal amount of
     the interest to be so transferred, and the Security Registrar shall reflect
     on its books and records the date and a corresponding decrease in the
     principal amount of Global Security from which such interest is being
     transferred.

          (iii) Notwithstanding any other provisions of this Appendix (other
     than the provisions set forth in Section 2.4), a Global Security may not be
     transferred as a whole except by the Depositary to a nominee of the
     Depositary or by a nominee of the Depositary to the Depositary or another
     nominee of the Depositary or by the Depositary or any such nominee to a
     successor Depositary or a nominee of such successor Depositary.

          (iv)  In the event that a Global Security is exchanged for Definitive
     Securities pursuant to Section 2.4, such Securities may be exchanged only
     in accordance with such procedures as are substantially consistent with the
     provisions of this Section 2.3 (including the certification requirements
     set forth on the reverse of the Securities intended to ensure that such
     transfers comply with Rule 144A, Regulation S or such other applicable
     exemption from registration under the Securities Act, as the case may be)
     and such other procedures as may from time to time be adopted by the
     Company.

                                       5
<PAGE>

          (d) Restrictions on Transfer of Regulation S Global Security.  (i)
              --------------------------------------------------------
Prior to the expiration of the Distribution Compliance Period, interests in the
Regulation S Global Security may only be held through Euroclear or Cedel.
During the Distribution Compliance Period, beneficial ownership interests in the
Regulation S Global Security may only be sold, pledged or transferred through
Euroclear or Cedel in accordance with the Applicable Procedures and only (A) to
the Company, (B) so long as such security is eligible for resale pursuant to
Rule 144A, to a person whom the selling holder reasonably believes is a QIB that
purchases for its own account or for the account of a QIB to whom notice is
given that the resale, pledge or transfer is being made in reliance on Rule
144A, (C) in an offshore transaction in accordance with Regulation S, (D)
pursuant to an exemption from registration under the Securities Act provided by
Rule 144 (if applicable) under the Securities Act, or (E) pursuant to an
effective registration statement under the Securities Act, in each case in
accordance with any applicable securities laws of any state of the United
States.  Prior to the expiration of the Distribution Compliance Period,
transfers by an owner of a beneficial interest in the Regulation S Global
Security to a transferee who takes delivery of such interest through the Rule
144A Global Security shall be made only in accordance with Applicable Procedures
and upon receipt by the Trustee of a written certification from the transferor
of the beneficial interest in the form provided on the reverse of the Security
to the effect that such transfer is being made to a person whom the transferor
reasonably believes is a QIB within the meaning of Rule 144A in a transaction
meeting the requirements of Rule 144A.  Such written certification shall no
longer be required after the expiration of the Distribution Compliance Period.

          (ii) Upon the expiration of the Distribution Compliance Period,
     beneficial ownership interests in the Regulation S Global Security shall be
     transferable in accordance with applicable law and the other terms of this
     Indenture.

          (e)  Legend.
               ------

          (i)  Except as permitted by the following paragraphs (ii) or (iii),
     each Security certificate evidencing the Global Securities and the
     Definitive Securities (and all Securities issued in exchange therefor or in
     substitution thereof) shall bear a legend in substantially the following
     form (each defined term in the legend being defined as such for purposes of
     the legend only):

     "THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
     AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OR
     OTHER JURISDICTION.  NEITHER THIS SECURITY NOR ANY INTEREST OR
     PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED,
     PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH
     REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO,
     SUCH REGISTRATION.

          THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES TO OFFER,
     SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE "RESALE
     RESTRICTION TERMINATION DATE") WHICH IS TWO YEARS AFTER THE LATER OF

                                       6
<PAGE>

     THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE COMPANY OR
     ANY AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS SECURITY (OR ANY
     PREDECESSOR OF SUCH SECURITY), ONLY (A) TO THE COMPANY, (B) PURSUANT TO A
     REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE
     SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE
     PURSUANT TO RULE 144A UNDER THE SECURITIES ACT ("RULE 144A"), TO A PERSON
     IT REASONABLY BELIEVES IS A "QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN
     RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A
     QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS
     BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT
     OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER
     THE SECURITIES ACT, OR (E) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM
     THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE
     COMPANY'S AND THE TRUSTEE'S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER
     PURSUANT TO CLAUSES (D) OR (E) TO REQUIRE THE DELIVERY OF AN OPINION OF
     COUNSEL (IN THE CASE OF CLAUSE (E) ONLY), CERTIFICATION AND/OR OTHER
     INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON
     THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.

Each Definitive Security shall bear the following additional legend:

          "IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE
          SECURITY REGISTRAR AND TRUSTEE SUCH CERTIFICATES AND OTHER INFORMATION
          AS SUCH TRUSTEE MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER
          COMPLIES WITH THE FOREGOING RESTRICTIONS."

          (ii)  Upon any sale or transfer of a Transfer Restricted Security that
     is a Definitive Security, the Security Registrar shall permit the Holder
     thereof to exchange such Transfer Restricted Security for a Definitive
     Security that does not bear the legends set forth above and rescind any
     restriction on the transfer of such Transfer Restricted Security if the
     Holder certifies in writing to the Security Registrar that its request for
     such exchange was made in reliance on Rule 144 (such certification to be in
     the form set forth on the reverse of the Security).

          (iii) Upon the lapsing of the two-year period under Rule 144(k) of a
     Transfer Restricted Security that is a Definitive Security, the Security
     Registrar shall permit the Holder thereof to exchange such Transfer
     Restricted Security for a Definitive Security that does not bear the
     legends set forth above.

                                       7
<PAGE>

          (iii)  Upon a sale or transfer after the expiration of the
     Distribution Compliance Period of any Security acquired pursuant to
     Regulation S, all requirements that such Security bear the Restricted
     Securities Legend shall cease to apply and the requirements requiring any
     such Security be issued in global form shall continue to apply.

          (f)    Cancellation or Adjustment of Global Security.  At such time as
                 ---------------------------------------------
all beneficial interests in a Global Security have either been exchanged for
Definitive Securities, transferred, redeemed, repurchased or canceled, such
Global Security shall be returned by the Depositary to the Trustee for
cancellation or retained and canceled by the Trustee.  At any time prior to such
cancellation, if any beneficial interest in a Global Security is exchanged for
Definitive Securities, transferred in exchange for an interest in another Global
Security, redeemed, repurchased or canceled, the principal amount of Securities
represented by such Global Security shall be reduced and an adjustment shall be
made on the books and records of the Trustee (if it is then the Securities
Custodian for such Global Security) with respect to such Global Security, by the
Trustee or the Securities Custodian, to reflect such reduction.

          (g)    Obligations with Respect to Transfers and Exchanges of
                 ------------------------------------------------------
                 Securities.
                 ----------

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

          (ii)   No service charge shall be made for any registration of
     transfer or exchange, but the Company may require payment of a sum
     sufficient to cover any transfer tax, assessments, or similar governmental
     charge payable in connection therewith (other than any such transfer taxes,
     assessments or similar governmental charge payable upon exchanges pursuant
     to Sections 3.4, 9.5 or 11.7 of this Indenture not involving any transfer).

          (iii)  Prior to the due presentation for registration of transfer of
     any Security, the Company, the Trustee, the Authenticating Agent, the
     Paying Agent or the Security Registrar may deem and treat the person in
     whose name a Security is registered as the absolute owner of such Security
     for the purpose of receiving payment of principal of and interest on such
     Security and for all other purposes whatsoever, whether or not such
     Security is overdue, and none of the Company, the Trustee, the
     Authenticating Agent, the Paying Agent or the Security Registrar shall be
     affected by notice to the contrary.

          (iv)   All Securities issued upon any transfer or exchange pursuant to
     the terms of this Indenture shall evidence the same debt and shall be
     entitled to the same benefits under this Indenture as the Securities
     surrendered upon such transfer or exchange.

          (h)    No Obligation of the Trustee.
                 ----------------------------

          (i)    The Trustee shall have no responsibility or obligation to any
     beneficial owner of a Global Security, a member of, or a participant in the
     Depositary or any other Person with respect to the accuracy of the records
     of the Depositary or its nominee or of any participant or member thereof,
     with respect to any ownership interest in the Securities or with respect to
     the delivery to any participant, member, beneficial owner or

                                       8
<PAGE>

     other Person (other than the Depositary) of any notice (including any
     notice of redemption or repurchase) or the payment of any amount, under or
     with respect to such Securities. All notices and communications to be given
     to the Holders and all payments to be made to Holders under the Securities
     shall be given or made only to the registered Holders (which shall be the
     Depositary or its nominee in the case of a Global Security). The rights of
     beneficial owners in any Global Security shall be exercised only through
     the Depositary subject to the applicable rules and procedures of the
     Depositary. The Trustee may rely and shall be fully protected in relying
     upon information furnished by the Depositary with respect to its members,
     participants and any beneficial owners.

          (ii) The Trustee shall have no obligation or duty to monitor,
     determine or inquire as to compliance with any restrictions on transfer
     imposed under this Indenture or under applicable law with respect to any
     transfer of any interest in any Security (including any transfers between
     or among Depositary participants, members or beneficial owners in any
     Global Security) other than to require delivery of such certificates and
     other documentation or evidence as are expressly required by, and to do so
     if and when expressly required by, the terms of this Indenture, and to
     examine the same to determine substantial compliance as to form with the
     express requirements hereof.

          2.4  Definitive Securities
               ---------------------

          (a)       A Global Security deposited with the Depositary or with the
Trustee as Securities Custodian pursuant to Section 2.1 shall be transferred to
the beneficial owners thereof in the form of Definitive Securities in an
aggregate principal amount equal to the principal amount of such Global
Security, in exchange for such Global Security, only if such transfer complies
with Section 2.3 and (i) the Depositary notifies the Company that it is
unwilling or unable to continue as a Depositary for such Global Security or if
at any time the Depositary ceases to be a "clearing agency" registered under the
Exchange Act, and a successor depositary is not appointed by the Company within
90 days of such notice, or (ii) an Event of Default has occurred and is
continuing or (iii) the Company, in its sole discretion, notifies the Trustee in
writing that it elects to cause the issuance of certificated Securities under
this Indenture.

          (b)       Any Global Security that is transferable to the beneficial
owners thereof pursuant to this Section 2.4 shall be surrendered by the
Depositary to the Trustee, to be so transferred, in whole or from time to time
in part, without charge, and the Trustee shall authenticate and deliver, upon
such transfer of each portion of such Global Security, an equal aggregate
principal amount of Definitive Securities of authorized denominations. Any
portion of a Global Security transferred pursuant to this Section shall be
executed, authenticated and delivered only in denominations of $1,000 and any
integral multiple thereof and registered in such names as the Depositary shall
direct. Any certificated Security in the form of a Definitive Security delivered
in exchange for an interest in the Global Security shall, except as otherwise
provided by Section 2.3(e), bear the Restricted Securities Legend.

          (c)       Subject to the provisions of Section 2.4(b), the registered
Holder of a Global Security may grant proxies and otherwise authorize any
Person, including Agent

                                       9
<PAGE>

Members and Persons that may hold interests through Agent Members, to take any
action which a Holder is entitled to take under this Indenture or the
Securities.

          (d) In the event of the occurrence of any of the events specified in
Section 2.4(a)(i), (ii) or (iii), the Company will promptly make available to
the Trustee a reasonable supply of Definitive Securities in fully registered
form without interest coupons.

                                      10
<PAGE>

                                                                       EXHIBIT C

                      [FORM OF FACE OF INITIAL SECURITY]

                          [Global Securities Legend]

          UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), NEW YORK, NEW
YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR
PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

          TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN
WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR'S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE
LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE
INDENTURE REFERRED TO ON THE REVERSE HEREOF.

                        [Restricted Securities Legend]

          "THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OR
OTHER JURISDICTION.  NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION
HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR
OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH
TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION.

          THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES
     TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE
     DATE (THE "RESALE RESTRICTION TERMINATION DATE") WHICH IS TWO
     YEARS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE
     LAST DATE ON WHICH THE COMPANY OR ANY AFFILIATE OF THE COMPANY
     WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH
     SECURITY), ONLY (A) TO THE COMPANY, (B) PURSUANT TO A
     REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE
     SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE
     FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT ("RULE
     144A"), TO A PERSON IT REASONABLY

                            Appendix A-1
<PAGE>

     BELIEVES IS A "QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE
     144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A
     QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE
     TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO
     OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE
     MEANING OF REGULATION S UNDER THE SECURITIES ACT, OR (E) PURSUANT
     TO ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
     REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY'S AND
     THE TRUSTEE'S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER
     PURSUANT TO CLAUSES (D) OR (E) TO REQUIRE THE DELIVERY OF AN
     OPINION OF COUNSEL (IN THE CASE OF CLAUSE (E) ONLY),
     CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF
     THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER
     AFTER THE RESALE RESTRICTION TERMINATION DATE.

Each definitive Security shall bear the following additional legend:

          "IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO
          THE SECURITY REGISTRAR AND TRUSTEE SUCH CERTIFICATES AND
          OTHER INFORMATION AS SUCH TRUSTEE MAY REASONABLY REQUIRE TO
          CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING
          RESTRICTIONS."

                            Appendix A-1
<PAGE>

                                                                       EXHIBIT A

                     REFERENCE SWAP TRANSACTION

           [Reference swap documentation to be attached.]

                             Exhibit A-1
<PAGE>

                                                                       EXHIBIT B

                             FORM OF FACE OF NOTE

                                                                No.  $__________

                          SUBORDINATED NOTE DUE 2009

                                                                 CUSIP No. _____

          ACE INA Holdings Inc., a Delaware corporation (hereinafter called the
"Company", which term includes any successor under the Indenture referred to
below), for value received, promises to pay to ___________ or registered
assigns, the principal sum of _______________ Dollars [listed on the Schedule of
Increases or Decreases in Global Security attached hereto]/1/ on December 6,
2009, and to pay interest on the principal amount of this Note semiannually on
June 6 and December 6 of each year (each, an "Interest Payment Date"),
commencing June 6, 2000, and at the Stated Maturity, at the rate of 11.20% per
annum, until the principal hereof is paid or duly made available for payment.
Interest on the Notes shall accrue from the most recent date to which interest
has been paid or, if no interest has been paid, from the date hereof.  Interest
shall be computed on the basis of a 360-day year of twelve 30-day months.  The
Company shall pay interest on overdue principal and overdue Additional Amounts
at the rate borne by the Notes plus 1% per annum, and it shall pay interest on
overdue installments of interest ("Additional Interest") at the same rate to the
extent lawful.

          The interest on and any Additional Amounts with respect to the Notes
payable and punctually paid or duly provided for on any Interest Payment Date
(other than Defaulted Interest) will, as provided in the Indenture referred to
below, be paid to the Person in whose name this Note (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date
for such interest, which shall be the 15th calendar day immediately preceding
the applicable Interest Payment Date (each, a "Regular Record Date").

          Any such interest which is payable, but is not punctually paid or duly
provided for, on any Interest Payment Date shall forthwith cease to be payable
to the registered Holder hereof on the relevant Regular Record Date by virtue of
having been such holder, and may be paid, at the election of the Company, (i) to
the Person in whose name this Note (or one or more Predecessor Securities) is
registered at the close of business on a Special Record Date for the Payment of
such Defaulted Interest to be fixed by the Company, notice whereof shall be
given to

___________________

/1/  Use the Schedule of Increases and Decreases language if Security is in
Global Form.
<PAGE>

the Holder of this Note by the Trustee not less than 10 days prior to such
Special Record Date or (ii) in any other lawful manner elected by the Company
and deemed practicable by the Trustee.

          Holders must surrender Notes to a Paying Agent to collect principal
payments.  The Company shall pay principal, premium, interest and Additional
Amounts in Dollars.  Payments in respect of the Notes represented by a Global
Security (including principal, premium, interest and Additional Amounts, if any)
shall be made by wire transfer of immediately available funds to the accounts
specified by The Depository Trust Company.  The Company will make all payments
of interest in respect of a certificated Note by mailing a check to the
registered address of each Holder thereof; provided, however, that payments on
                                           --------  -------
the Notes may also be made, in the case of a Holder of at least $5,000,000
aggregate principal amount of Notes, by wire transfer to a United States Dollar
account maintained by the payee with a bank in the United States if such Holder
elects payment by wire transfer by giving written notice to the Trustee or the
Paying Agent to such effect designating such account no later than 30 days
immediately preceding the relevant due date for payment (or such other date as
the Trustee may accept in its discretion).

          Additional provisions of this Note are set forth on the reverse of
this Note, which provisions shall for all purposes have the same effect as if
set forth at this place.

                                      B-3
<PAGE>

     IN WITNESS WHEREOF, the parties have caused this instrument to be duly
executed.

                              ACE INA HOLDINGS INC.,

                              By:__________________________________
                              Name:
                              Title:

                              By:__________________________________
                              Name:
                              Title:

Dated:

TRUSTEE'S CERTIFICATE OF
     AUTHENTICATION

BANK ONE TRUST COMPANY, NA

     as Trustee, certifies that
     this is one of the Notes
     of the series designated
     therein referred to in
     the within-mentioned
     Indenture.

By:___________________________
   Authorized Signatory

                                      B-4
<PAGE>

                         FORM OF REVERSE SIDE OF NOTE

                          SUBORDINATED NOTE DUE 2009

1.  Indenture
    ---------

          This Note is one of a duly authorized issue of Securities of the
Company (herein called the Notes") issued under an Indenture dated as of
November 30, 1999 among the Company and Bank One Trust Company, NA (herein
called the "Trustee", which term includes any successor trustee under the
Indenture), as supplemented by the Supplemental Indenture No. 1 dated December
6, 1999 among the Company and the Trustee (together, the "Indenture"). The terms
of the Notes include those stated in the Indenture. Terms defined in the
Indenture and not defined herein have the meanings ascribed thereto in the
Indenture. The Notes are subject to all terms and provisions of the Indenture,
and Holders are referred to the Indenture for a statement of such terms and
provisions.

          The Notes are unsecured subordinated obligations of the Company
limited to $300,000,000 aggregate principal amount at any one time outstanding.
The Indenture imposes certain limitations on the ability of the Company to
consolidate or merge with or into any other Person or convey, transfer or lease
all or substantially all of the property of the Company.

2.   Authenticating Agent, Paying Agent and Security Registrar
     ---------------------------------------------------------

          Initially, Bank One Trust Company, NA (herein called the "Trustee",
which term includes any successor trustee under the Indenture), will act as
Authenticating Agent, Paying Agent and Security Registrar.

3.   Optional Redemption
     -------------------

          The Notes shall be redeemable at the option of the Company, at any
time and from time to time, in whole or in part, at the following base
redemption prices (expressed as percentages of principal amount) (the "Base
Redemption Price"), plus accrued and unpaid interest (if any) to the redemption
date (subject to the right of holders of record on the relevant record date to
receive interest due on the relevant interest payment date), plus the Reference
Swap Transaction Value allocable to such Notes (collectively, the "Redemption
Price"), if redeemed during the 12-month period commencing on December 6 of the
years set forth below:

                                                          Base
       Year                                            Redemption
                                                          Price
    --------------------------------------------------------------------
     1999                                                108.76%
     2000                                                108.14%
     2001                                                107.51%

                                      B-5
<PAGE>

     2002                                                 106.84%
     2003                                                 106.10%
     2004                                                 105.28%
     2005                                                 104.39%
     2006                                                 103.42%
     2007                                                 102.37%
     2008                                                 101.23%

4.   Sinking Fund
     ------------

          The Notes are not subject to any sinking fund.

5.   Notice of Redemption
     --------------------

          Notice of redemption will be mailed by first-class mail at least 30
days but not more than 60 days before the redemption date to each Holder to be
redeemed at his or her registered address.  Notes in denominations larger than
$1,000 may be redeemed in part but only in whole multiples of $1,000.  If money
sufficient to pay the Redemption Price of, any accrued interest on and
Additional Amounts with respect to all Notes (or portions thereof) to be
redeemed on the redemption date is deposited with the Trustee or Paying Agent on
or before the redemption date and certain other conditions are satisfied, on and
after such date interest ceases to accrue on such Notes (or such portions
thereof) called for redemption.

6.   Subordination
     -------------

          The Notes are subordinated to Company Senior Indebtedness, as defined
in the Indenture.  To the extent provided in the Indenture, Company Senior
Indebtedness must be paid before the Notes may be paid.  The Company agrees, and
each Holder by accepting a Note agrees, to the subordination provisions
contained in the Indenture and authorizes the Trustee to give it effect and
appoints the Trustee as attorney-in-fact for such purpose

7.   Denominations; Transfer; Exchange
     ---------------------------------

          The Notes are Registered Securities without coupons in denominations
of $1,000 and whole multiples of $1,000.  A Holder may transfer or exchange
Notes in accordance with the Indenture.  Upon any transfer or exchange, the
Registrar and the Trustee may require a Holder, among other things, to furnish
appropriate endorsements or transfer documents and to pay any taxes required by
law or permitted by the Indenture.  The Registrar need not register the transfer
of or exchange any Notes selected for redemption (except, in the case of a Note
to be redeemed in part, the portion of the Note not to be redeemed) or to
transfer or exchange any Notes for a period of 15 days prior to a selection of
Notes to be redeemed.

8.   Persons Deemed Owners
     ---------------------

          The registered Holder of this Note may be treated as the owner of it
for all purposes.

                                      B-6
<PAGE>

9.    Unclaimed Money
      ---------------

          If money for the payment of principal or interest remains unclaimed
for two years, the Trustee or Paying Agent shall pay the money back to the
Company at its written request unless an abandoned property law designates
another Person.  After any such payment, Holders entitled to the money must look
only to the Company and not to the Trustee for payment.

10.   Discharge and Defeasance
      ------------------------

          Subject to certain conditions, the Company at any time may terminate
all its obligations under the Notes and the Indenture if the Company deposits
with the Trustee money or Government Obligations for the payment of principal,
premium (if any), interest and Additional Amounts (if any) on the Notes to
redemption or maturity, as the case may be.

11.   Amendment, Waiver
      -----------------

          Subject to certain exceptions set forth in the Indenture, (i) the
Indenture or the Notes may be amended without prior notice to any Holder but
with the written consent of the Holders of at least a majority in aggregate
principal amount of the outstanding Notes and (ii) any default or noncompliance
with any provision may be waived with the written consent of the Holders of at
least a majority in principal amount of the outstanding Notes.  Subject to
certain exceptions set forth in the Indenture, without the consent of any
Holders, the Company and the Trustee may amend the Indenture or the Notes (i)
evidence the succession of another Person to the Company, (ii) to add covenants
or to surrender any right or power conferred on the Company, (iii) to provide
for the acceptance of appointment by a successor Trustee, (iv) to cure any
ambiguity, defect or inconsistency, (v) to add additional Events of Default,
(vi) to supplement provisions to permit or facilitate the defeasance and
discharge of the Notes in a manner that is not adverse to the interest of the
Holders, (vii) to secure the Notes, (viii) to make provisions for conversion or
exchange rights of the Holders, or (ix) to make any change that does not
adversely affect the rights of any Holder.

12.   Defaults and Remedies
      ---------------------

          If an Event of Default occurs (other than an Event of Default relating
to certain events of bankruptcy, insolvency or reorganization of the Company)
and is continuing, the Trustee or the Holders of at least 25% in principal
amount of the outstanding Notes may declare the principal of and accrued but
unpaid interest on all the Notes to be due and payable.  If an Event of Default
relating to certain events of bankruptcy, insolvency or reorganization of the
Company occurs, the principal of and interest on all the Notes shall become
immediately due and payable without any declaration or other act on the part of
the Trustee or any Holders.  Under certain circumstances, the Holders of a
majority in principal amount of the outstanding Notes may rescind any such
acceleration with respect to the Notes and its consequences.

          If an Event of Default occurs and is continuing, the Trustee shall be
under no obligation to exercise any of the rights or powers under the Indenture
at the request or direction of any of the Holders unless such Holders have
offered to the Trustee reasonable indemnity or

                                      B-7
<PAGE>

security against any loss, liability or expense. Except to enforce the right to
receive payment of principal, premium (if any), interest or Additional Amounts
(if any) when due, no Holder may pursue any remedy with respect to the Indenture
or the Notes unless (i) such Holder has previously given the Trustee notice that
an Event of Default is continuing, (ii) Holders of at least 25% in principal
amount of the outstanding Notes have requested the Trustee in writing to pursue
the remedy, (iii) such Holders have offered the Trustee such indemnity as is
reasonably satisfactory to it against any costs, expenses and liabilities, (iv)
the Trustee has not complied with such request within 60 days after the receipt
of the notice, request and offer of indemnity and (v) the Holders of a majority
in principal amount of the outstanding Notes have not given the Trustee a
direction inconsistent with such request within such 60-day period. Subject to
certain restrictions, the Holders of a majority in principal amount of the
outstanding Notes are given the right to direct the time, method and place of
conducting any proceeding for any remedy available to the Trustee or of
exercising any trust or power conferred on the Trustee. The Trustee, however,
may refuse to follow any direction that conflicts with law or the Indenture or
that the Trustee determines is unduly prejudicial to the rights of any other
Holder or that would involve the Trustee in personal liability. In addition, the
Trustee may take any other action deemed proper by the Trustee which is not
inconsistent with such direction. Prior to taking any action under the
Indenture, the Trustee shall be entitled to such security or indemnity as is
reasonably satisfactory to it against any costs, expenses and liabilities caused
by taking or not taking such action.

13.  Trustee, Authenticating Agent, Paying Agent and Security Registrar Dealings
     ---------------------------------------------------------------------------
with the Company
----------------

          The Trustee, any Authenticating Agent, any Paying Agent, any Security
Registrar or any other Person that may be an agent of the Trustee of the
Company, in its individual or any other capacity, may become the owner or
pledgee of Notes and 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 an agent of the Company.

14.  No Recourse Against Others
     --------------------------

          Any incorporator, shareholder, officer or director, as such, of the
Company shall not have any liability for any obligation, covenant or agreement
of the Company under the Notes or the Indenture or for any claim based thereon
or otherwise in respect thereof.  By accepting a Note, each Holder waives and
releases all such liability.  The waiver and release are part of the
consideration for the issue of the Notes.

15.  Authentication
     --------------

          This Note shall not be valid until an authorized signatory of the
Trustee (or an Authenticating Agent) manually signs the certificate of
authentication on the other side of this Note.

16.  Abbreviations
     -------------

                                      B-8
<PAGE>

          Customary abbreviations may be used in the name of a Holder or an
assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the
entireties), JT TEN (=joint tenants with rights of survivorship and not as
tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors
Act).

17.    Governing Law  THIS NOTE AND THE INDENTURE SHALL BE GOVERNED BY AND
       -------------
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO
AGREEMENTS MADE OR INSTRUMENTS ENTERED INTO AND, IN EACH CASE, PERFORMED IN SAID
STATE.

          The Company will furnish to any Holder upon written request and
without charge to the Holder a copy of the Indenture which has in it the text of
this Note.

                                      B-9
<PAGE>

                                ASSIGNMENT FORM

To assign this Note, fill in the form below:

I or we assign and transfer this Note to

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

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

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

__________________________________________________________________

Date: _________________ Your Signature:  _________________________

__________________________________________________________________
Sign exactly as your name appears on the other side of this Note.

                                     B-10
<PAGE>

         CERTIFICATE TO BE DELIVERED UPON EXCHANGE OR REGISTRATION OF
                        TRANSFER RESTRICTED SECURITIES

This certificate relates to $__________ principal amount of Notes held in (check
applicable space) ____ book-entry or _____ definitive form by the undersigned.

The undersigned (check one box below):

[_]  has requested the Trustee by written order to deliver in exchange for its
     beneficial interest in the Global Security held by the Depositary a Note or
     Notes in definitive, registered form of authorized denominations and an
     aggregate principal amount equal to its beneficial interest in such Global
     Security (or the portion thereof indicated above);

[_]  has requested the Trustee by written order to exchange or register the
     transfer of a Note or Notes.

In connection with any transfer of any of the Notes evidenced by this
certificate occurring prior to the expiration of the period referred to in Rule
144(k) under the Securities Act, the undersigned confirms that such Notes are
being transferred in accordance with its terms:

CHECK ONE BOX BELOW

           (1)   [_]  to the Company; or

           (2)   [_]  pursuant to an effective registration statement under the
                      Securities Act of 1933; or

           (3)   [_]  inside the United States to a "qualified institutional
                      buyer" (as defined in Rule 144A under the Securities Act
                      of 1933) that purchases for its own account or for the
                      account of a qualified institutional buyer to whom notice
                      is given that such transfer is being made in reliance on
                      Rule 144A, in each case pursuant to and in compliance with
                      Rule 144A under the Securities Act of 1933; or

           (4)   [_]  outside the United States in an offshore transaction
                      within the meaning of Regulation S under the Securities
                      Act in compliance with Rule 904 under the Securities Act
                      of 1933; or

           (5)   [_]  pursuant to another available exemption from registration
                      provided by Rule 144 under the Securities Act of 1933.

                                     B-11
<PAGE>

      Unless one of the boxes is checked, the Trustee will refuse to
      register any of the Notes evidenced by this certificate in the
      name of any Person other than the registered holder thereof;
      provided, however, that if box (4) or (5) is checked, the
      Trustee may require, prior to registering any such transfer of
      the Notes, such legal opinions (in the case of box (5) only),
      certifications and other information as the Company has
      reasonably requested to confirm that such transfer is being made
      pursuant to an exemption from, or in a transaction not subject
      to, the registration requirements of the Securities Act of 1933.

                                   _____________________________________
                                        Your Signature

Signature Guarantee:

Date:________________________      _____________________________________
Signature must be guaranteed            Signature of Signature Guarantee
by a participant in a recognized
signature guaranty medallion
program or other signature
guarantor acceptable to the
Trustee

             TO BE COMPLETED BY PURCHASER IF (3) ABOVE IS CHECKED.

          The undersigned represents and warrants that it is purchasing this
Note for its own account or an account with respect to which it exercises sole
investment discretion and that it and any such account is a "qualified
institutional buyer" within the meaning of Rule 144A under the Securities Act of
1933, and is aware that the sale to it is being made in reliance on Rule 144A
and acknowledges that it has received such information regarding the Company as
the undersigned has requested pursuant to Rule 144A or has determined not to
request such information and that it is aware that the transferor is relying
upon the undersigned's foregoing representations in order to claim the exemption
from registration provided by Rule 144A.

Date:_____________________                   _____________________________
                                               NOTICE:  To be executed by
                                                        an executive

                                     B-12
<PAGE>

                     [TO BE ATTACHED TO GLOBAL SECURITIES]

             SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY

          The initial principal amount of this Global Security is $______.  The
following increases or decreases in this Global Security have been made:

<TABLE>
<S>               <C>                  <C>                  <C>                    <C>
                  Amount of decrease   Amount of increase   Principal amount       Signature of
                  in Principal         in Principal         of this Global         authorized
                  Amount of this       Amount of this       Security following     signatory of
                  Global Security      Global Security      such decrease or       Trustee
Date of Exchange                                            increase
</TABLE>

                                     B-13

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