Document:

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                                                                    EXHIBIT 10.9

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                               TRIAD HOLDINGS, LLC

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                       LIMITED LIABILITY COMPANY AGREEMENT

                           Dated as of April 29, 2005

THE INTERESTS REPRESENTED BY THIS LIMITED LIABILITY COMPANY AGREEMENT HAVE NOT
BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED OR
UNDER ANY OTHER APPLICABLE SECURITIES LAWS. SUCH INTERESTS MAY NOT BE SOLD,
ASSIGNED, PLEDGED OR OTHERWISE DISPOSED OF AT ANY TIME WITHOUT EFFECTIVE
REGISTRATION UNDER SUCH ACT AND LAWS OR EXEMPTION THEREFROM, AND COMPLIANCE WITH
THE OTHER SUBSTANTIAL RESTRICTIONS ON TRANSFERABILITY SET FORTH HEREIN.

THE INTERESTS REPRESENTED BY THIS LIMITED LIABILITY COMPANY AGREEMENT ARE
SUBJECT TO RESTRICTIONS ON TRANSFER SPECIFIED IN THIS LIMITED LIABILITY COMPANY
AGREEMENT, AS AMENDED OR MODIFIED FROM TIME TO TIME, AMONG THE ISSUER (THE
"LLC") AND CERTAIN INVESTORS, AND THE LLC RESERVES THE RIGHT TO REFUSE THE
TRANSFER OF SUCH INTERESTS UNTIL SUCH CONDITIONS HAVE BEEN FULFILLED WITH
RESPECT TO ANY TRANSFER. A COPY OF SUCH CONDITIONS SHALL BE FURNISHED BY THE LLC
TO THE HOLDER HEREOF UPON WRITTEN REQUEST AND WITHOUT CHARGE.

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                                TABLE OF CONTENTS

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ARTICLE I CERTAIN DEFINITIONS.............................................................      1

ARTICLE II ORGANIZATIONAL MATTERS.........................................................     10

2.1      Formation........................................................................     10
2.2      The Certificate, Etc.............................................................     11
2.3      Name.............................................................................     11
2.4      Purpose..........................................................................     11
2.5      Powers of the LLC................................................................     11
2.6      Foreign Qualification............................................................     12
2.7      Principal Office; Registered Office..............................................     12
2.8      Term.............................................................................     13
2.9      No State-Law Partnership.........................................................     13
2.10     No UBTI; Effectively Connected Income............................................     13
2.11     Certification of Units...........................................................     13

ARTICLE III UNITS; CAPITAL ACCOUNTS.......................................................     13

3.1      Unitholders......................................................................     13
3.2      Unitholder Meetings..............................................................     15
3.3      Action of Unitholders by Written Consent or Telephone Conference.................     17
3.4      Issuance of Additional Units and Interests, Preemptive Rights....................     18
3.5      Capital Accounts.................................................................     19
3.6      Negative Capital Accounts........................................................     20
3.7      No Withdrawal....................................................................     20
3.8      Loans From Unitholders...........................................................     20

ARTICLE IV DISTRIBUTIONS; REDEMPTIONS AND ALLOCATIONS.....................................     21

4.1      Distributions....................................................................     21
4.2      Redemption.......................................................................     22
4.3      Allocations Generally............................................................     22
4.4      Special Allocations..............................................................     22
4.5      Tax Allocations..................................................................     24
4.6      Indemnification and Reimbursement for Payments on Behalf of a Unitholder.........     24
4.7      Transfer of Capital Accounts.....................................................     24

ARTICLE V BOARD OF MANAGERS; OFFICERS.....................................................     25

5.1      Management by the Board of Managers..............................................     25
5.2      Composition and Election of the Board of Managers................................     26
5.3      Board Meetings and Actions by Written Consent....................................     29
5.4      Committees; Delegation of Authority and Duties...................................     30
5.5      Officers.........................................................................     31

ARTICLE VI GENERAL RIGHTS AND OBLIGATIONS OF UNITHOLDERS..................................     33

6.1      Limitation of Liability..........................................................     33
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6.2      Lack of Authority................................................................     33
6.3      No Right of Partition............................................................     33
6.4      Unitholders Right to Act.........................................................     33
6.5      Conflicts of Interest............................................................     33
6.6      Transactions Between the LLC and the Unitholders.................................     35
6.7      Approval Rights..................................................................     35
6.8      Other Covenants..................................................................     38
6.9      Nonsolicitation..................................................................     39

ARTICLE VII EXCULPATION AND INDEMNIFICATION...............................................     40

7.1      Exculpation......................................................................     40
7.2      Right to Indemnification.........................................................     40
7.3      Advance Payment..................................................................     41
7.4      Indemnification of Employees and Agents..........................................     41
7.5      Appearance as a Witness..........................................................     41
7.6      Nonexclusivity of Rights.........................................................     41
7.7      Insurance........................................................................     41
7.8      Savings Clause...................................................................     42

ARTICLE VIII BOOKS, RECORDS, ACCOUNTING AND REPORTS.......................................     42

8.1      Records and Accounting...........................................................     42
8.2      Fiscal Year......................................................................     42
8.3      Tax Information..................................................................     42
8.4      Transmission of Communications...................................................     42
8.5      LLC Funds........................................................................     42
8.6      Information Rights...............................................................     43
8.7      Confidentiality..................................................................     44

ARTICLE IX TAXES..........................................................................     44

9.1      Tax Returns......................................................................     44
9.2      Tax Elections....................................................................     45
9.3      Tax Matters Partner..............................................................     45

ARTICLE X TRANSFER OF UNITS...............................................................     45

10.1     Transfers by Unitholders.........................................................     45
10.2     Right of First Offer.............................................................     46
10.3     Tag-Along Rights.................................................................     48
10.4     Sale of the Company..............................................................     48
10.5     Buy/Sell Arrangement.............................................................     49
10.6     Change in Business Form..........................................................     51
10.7     Legends..........................................................................     51
10.8     Effect of Assignment.............................................................     52
10.9     Restriction on Transfer..........................................................     52
10.10    Transfer Fees and Expenses.......................................................     53
10.11    Void Transfers...................................................................     53
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ARTICLE XI WITHDRAWAL AND RESIGNATION OF UNITHOLDERS......................................     53

11.1     Withdrawal and Resignation of Unitholders........................................     53

ARTICLE XII DISSOLUTION AND LIQUIDATION...................................................     53

12.1     Dissolution......................................................................     53
12.2     Liquidation and Termination......................................................     54
12.3     Cancellation of Certificate......................................................     54
12.4     Reasonable Time for Winding Up...................................................     54
12.5     Return of Capital................................................................     55
12.6     Reserves Against Distributions...................................................     55

ARTICLE XIII VALUATION....................................................................     55

13.1     Determination....................................................................     55
13.2     Fair Market Value................................................................     55

ARTICLE XIV GENERAL PROVISIONS............................................................     56

14.1     Amendments.......................................................................     56
14.2     Investor Approval................................................................     56
14.3     Title to LLC Assets..............................................................     56
14.4     Remedies.........................................................................     56
14.5     Successors and Assigns...........................................................     57
14.6     Severability.....................................................................     57
14.7     Opt-in to Article 8 of the Uniform Commercial Code...............................     57
14.8     Notice to Unitholder of Provisions...............................................     57
14.9     Counterparts.....................................................................     57
14.10    Consent to Jurisdiction..........................................................     57
14.11    Descriptive Headings; Interpretation.............................................     57
14.12    Applicable Law...................................................................     58
14.13    Mutual Waiver of Jury Trial......................................................     58
14.14    Addresses and Notices............................................................     58
14.15    Creditors........................................................................     59
14.16    Waiver...........................................................................     59
14.17    Further Action...................................................................     59
14.18    Offset...........................................................................     59
14.19    Entire Agreement.................................................................     59
14.20    Delivery by Facsimile............................................................     59
14.21    Survival.........................................................................     60
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                               TRIAD HOLDINGS, LLC

                       LIMITED LIABILITY COMPANY AGREEMENT

            THIS LIMITED LIABILITY COMPANY AGREEMENT, dated as of April 29,
2005, is entered into by and among Triad Holdings, LLC (the "LLC") and the
Unitholders.

            NOW, THEREFORE, in consideration of the mutual covenants contained
herein and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto, intending to be legally
bound, hereby agree as follows:

                                   ARTICLE I

                               CERTAIN DEFINITIONS

      Capitalized terms used but not otherwise defined herein shall have the
following meanings:

      "Acquisition Agreement" means the Stock Purchase Agreement, dated as of
December 23, 2004, by and among Fairlane Credit LLC, a Delaware limited
liability company, Ford Motor Credit Company, a Delaware corporation, the
Company and Purchaser, pursuant to which the Purchaser will acquire all of the
outstanding stock of Triad Financial Corporation, as amended or modified from
time to time in accordance with the terms thereof.

      "Acquisition Closing" means the closing of the transactions contemplated
by the Acquisition Agreement.

      "Additional Securities" shall have the meaning set forth in Section 3.4.

      "Adjusted Capital Account Deficit" means with respect to any Capital
Account as of the end of any Taxable Year, the amount by which the balance in
such Capital Account is less than zero. For this purpose, such Person's Capital
Account balance shall be

                  (i) reduced for any items described in Treasury Regulation
Section 1.704-1(b)(2)(ii)(d)(4), (5), and (6), and

                  (ii) increased for any amount such Person is obligated to
contribute or is treated as being obligated to contribute to the LLC pursuant to
Treasury Regulation Section 1.704-1(b)(2)(ii)(c) (relating to partner
liabilities to a partnership) or 1.704-2(g)(1) and 1.704-2(i) (relating to
Minimum Gain).

      "Affiliate" of any particular Person means (i) any other Person
controlling, controlled by, or under common control with such particular Person,
where "control" means the possession,

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directly or indirectly, of the power to direct the management and policies of a
Person whether through the ownership of voting securities, by contract, or
otherwise, and (ii) if such Person is a partnership, any partner thereof.

      "Agreement" means this Limited Liability Company Agreement, as amended or
modified from time to time in accordance with the terms hereof.

      "Approved Sale" has the meaning set forth in Section 10.4(a).

      "Authorization Date" has the meaning set forth in Section 10.2(a).

      "Board" means the Board of Managers established pursuant to Section 5.2.

      "Book Value" means, with respect to any LLC property, the LLC's adjusted
basis for federal income tax purposes, adjusted from time to time to reflect the
adjustments required or permitted by Treasury Regulation Section
1.704-1(b)(2)(iv)(d)-(g); provided that the Book Value of any asset contributed
to the LLC shall be equal to the Fair Market Value of the contributed asset on
the date of contribution.

      "Buy/Sell Offer Notice" has the meaning set forth in Section 10.5(b).

      "Capital Account" means the capital account maintained for a Unitholder
pursuant to Section 3.5.

      "Capital Contributions" means any cash, cash equivalents, promissory
obligations, or the Fair Market Value of other property that a Unitholder
contributes or is deemed to have contributed to the LLC with respect to any Unit
pursuant to Sections 3.1 or 3.4.

      "Cause" has the meaning ascribed to such term in the Management Agreement.

      "Certificate" means the LLC's Certificate of Formation as filed with the
Secretary of State of Delaware.

      "Class A Preferred Unit" means a Unit representing a fractional part of
the interest of a Unitholder in Profits, Losses and Distributions and having the
rights and obligations specified with respect to the Class A Preferred Units in
this Agreement.

      "Class A Unpaid Yield" of any Class A Preferred Unit means, as of any
date, an amount equal to the excess, if any, of (a) the aggregate Class A Yield
accrued on such Class A Preferred Unit for all periods prior to such date
(including partial periods), over (b) the aggregate amount of prior
Distributions made by the LLC that constitute payment of Class A Yield on such
Class A Preferred Unit.

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      "Class A Unreturned Capital" of any Class A Preferred Unit means, as of
any date, the aggregate Capital Contributions made or deemed to be made in
exchange for such Class A Preferred Unit reduced by all Distributions made by
the LLC that constitute a return of Class A Unreturned Capital under Section
4.1(a)(ii).

      "Class A Yield" means, with respect to each Class A Preferred Unit, the
amount accruing on such Class A Preferred Unit on a daily basis, at the rate of
6% per annum, compounded on the last day of each calendar year, on (a) the Class
A Unreturned Capital of such Class A Preferred Unit plus (b) as the case may be,
the Class A Unpaid Yield thereon for all prior annual periods. In calculating
the amount of any Distribution to be made during a period, the portion of the
Class A Yield with respect to such Class A Preferred Unit for the portion of the
annual period elapsing before such Distribution is made shall be taken into
account in determining the amount of such Distribution.

      "Code" means the United States Internal Revenue Code of 1986 and any
successor statute, as amended from time to time.

      "Common Unit" means a Unit representing a fractional part of the interest
of a Unitholder in Profits, Losses and Distributions and having the rights and
obligations specified with respect to the Common Units in this Agreement.

      "Company" means Triad Holdings Inc., a Delaware corporation.

      "Confidential Information" has the meaning set forth in Section 8.7.

      "Delaware Act" means the Delaware Limited Liability Company Act, 6 Del. L.
Section. 18-101, et seq., as it may be amended from time to time, and any
successor to the Delaware Act.

      "Distribution" means each distribution made by the LLC to a Unitholder,
whether in cash, property or securities of the LLC and whether by liquidating
distribution, redemption, repurchase, or otherwise; provided that any
recapitalization or exchange or conversion of securities of the LLC, redemption
of securities of the LLC pursuant to the Management Agreement and any
subdivision (by Unit split or otherwise) or any combination (by reverse Unit
split or otherwise) of any outstanding Units shall not be deemed a Distribution.

      "electronic transmission" means any form of communication not directly
involving the physical transmission of paper that creates a record that may be
retained, retrieved and reviewed by a recipient thereof and that may be directly
reproduced in paper form by such a recipient through an automated process.

      "Equity Securities" means (i) Units or other equity interests in the LLC
or a corporate successor (including other classes or groups thereof having such
relative rights, powers, and duties as may from time to time be established by
the Board, including rights, powers, and/or

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duties senior to existing classes and groups of Units and other equity interests
in the LLC), (ii) obligations, evidences of indebtedness, or other securities or
interests convertible or exchangeable into Units or other equity interests in
the LLC or a corporate successor, and (iii) warrants, options, or other rights
to purchase or otherwise acquire Units or other equity interests in the LLC or a
corporate successor.

      "Executive Agreement" means any Executive Agreement entered into from time
to time among the LLC, the Company (or any other Subsidiaries of the LLC) and
the Company's chief executive officer, as the same may be amended from time to
time pursuant to the terms thereof.

      "Family Group" means a Unitholder's spouse and descendants (whether
natural or adopted), and any trust, family limited partnership, limited
liability company or other entity wholly owned, directly or indirectly, by such
Unitholder or such Unitholder's spouse and/or descendants that is and remains
solely for the benefit of such Unitholder and/or such Unitholder's spouse and/or
descendants and any retirement plan for such Unitholder.

      "Fair Market Value" means, with respect to any asset or equity interest,
its fair market value determined according to Sections 13.1 and 13.2.

      "Fiscal Quarter" means each calendar quarter ending March 31, June 30,
September 30, and December 31.

      "Fiscal Year" means the LLC's annual accounting period established
pursuant to Section 8.2.

      "Ford Transferee" means (i) the spouse or descendants of Mr. Gerald J.
Ford, (ii) a trust, the primary beneficiaries of which are one or more Persons
named in clause (i) of this definition, (iii) any corporation in which each
class of stock is at least ninety percent (90%) owned by one or more Persons
described in clause (i) or (ii) of this definition or Gerald J. Ford, (iv) a
partnership in which each class of partnership interests is at least ninety
percent (90%) owned by one or more Persons described in clause (i), (ii) or
(iii) of this definition or Gerald J. Ford, (v) a limited liability company in
which each class of membership interests is at least ninety percent (90%) owned
by one or more Persons described in clause (i), (ii) or (iii) of this definition
or Gerald J. Ford, or (vi) any of Gerald J. Ford, J. Randy Staff, Carl B. Webb
or Donald J. Edwards or any members of their respective Family Groups.

      "Goldman" means GS Capital Partners 2000, L.P., a Delaware limited
partnership, GS Capital Partners 2000 Employee Fund, L.P., a Delaware limited
partnership, GS Capital Partners 2000 Offshore, L.P., a Cayman Islands exempted
limited partnership, Goldman Sachs Direct Investment Fund 2000, L.P., a Delaware
limited partnership, GS Capital Partners 2000 GmbH & Co. Beteilgungs KG, a
German limited partnership, and MTGLQ Investors, L.P., a Delaware limited
partnership.

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      "Goldman Common Units" has the meaning set forth in Section 5.2(a)(i).

      "Goldman Managers" has the meaning set forth in Section 5.2(a)(i).

      "Governmental Entity" means the United States of America or any other
nation, any state or other political subdivision thereof, or any entity
exercising executive, legislative, judicial, regulatory or administrative
functions of government or any agency or department or subdivision of any
governmental authority, including the United States federal government or any
state or local government.

      "GTCR" means (i) GTCR LLC, and (ii) any investment fund managed by GTCR
LLC or GTCR Golder Rauner II, L.L.C. that purchases Units pursuant to the Unit
Purchase Agreement.

      "GTCR Common Units" has the meaning set forth in Section 5.2(a)(ii).

      "GTCR LLC" means GTCR Golder Rauner, L.L.C., a Delaware limited liability
company.

      "GTCR Managers" has the meaning set forth in Section 5.2(a)(ii).

      "HFI Term Loan" means the note issued by Triad Financial Corporation to
Ford Motor Credit Company on the Initial Closing Date in the initial aggregate
principal amount of approximately $114.1 million and the HFI Note and Security
Agreement between Triad Financial Corporation and Ford Motor Credit Company
dated as of the Initial Closing Date referenced in such note, each as amended or
modified from time to time in accordance with the terms thereof.

      "HGF" means Hunter's Glen/Ford Ltd., a Texas limited partnership.

      "HGF Buy Option" has the meaning set forth in Section 10.5(c).

      "HGF Common Units" has the meaning set forth in Section 5.2(a)(iii).

      "HGF Managers" has the meaning set forth in Section 5.2(a)(iii).

      "HGF Sell Option" has the meaning set forth in Section 10.5(c).

      "High Yield Debt" means the $150 million aggregate principal amount of
11.125% Senior Notes due 2013 originally issued under the indenture dated as of
the Initial Closing Date, among the Purchaser, as issuer, and JPMorgan Chase
Bank, N.A., as trustee, as amended or modified from time to time in accordance
with the terms thereof.

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      "HSR Act" has the meaning set forth in Section 6.8(e).

      "Indebtedness" means at a particular time, without duplication, (i) any
indebtedness for borrowed money or issued in substitution for or exchange of
indebtedness for borrowed money, (ii) any indebtedness evidenced by any note,
bond, debenture or other debt security, (iii) any indebtedness for the deferred
purchase price of property or services with respect to which a Person is liable,
contingently or otherwise, as obligor or otherwise (other than trade payables
and other current liabilities incurred in the ordinary course of business), and
(iv) any commitment by which a Person assures a creditor against loss (including
contingent reimbursement obligations with respect to letters of credit).

      "Initial Closing Date" means April 29, 2005.

      "Investments" as applied to any Person means (i) any direct or indirect
purchase or other acquisition by such Person of any notes, obligations,
instruments, stock, securities or ownership interest (including partnership
interests and joint venture interests) of any other Person and (ii) any capital
contribution by such Person to any other Person.

      "Investor Members" means Goldman, GTCR, HGF and their respective
Affiliates, collectively.

      "Liens" means any mortgage, pledge, security interest, encumbrance, lien,
or charge of any kind (including, without limitation, any conditional sale or
other title retention agreement or lease in the nature thereof), any sale of
receivables with recourse against the LLC, any Subsidiary or any Affiliate
thereof, any filing or agreement to file a financing statement as debtor under
the Uniform Commercial Code or any similar statute other than to reflect
ownership by a third party of property leased to the LLC, any Subsidiary or any
Affiliate under a lease which is not in the nature of a conditional sale or
title retention agreement, or any subordination arrangement in favor of another
Person (other than any subordination arising in the ordinary course of
business).

      "LLC" means Triad Holdings, LLC, a Delaware limited liability company.

      "Losses" means items of LLC loss and deduction determined according to
Section 3.5(b).

      "Management Agreement" means the Management Agreement, dated as of the
date hereof, by and among the LLC, the Company, Triad Financial Corporation and
HGF, as the same may be amended from time to time pursuant to the terms thereof.

      "Manager" means a current manager on the Board, who, for purposes of the
Delaware Act, will be deemed a "manager" (as defined in the Delaware Act) but
will be subject to the rights, obligations, limitations and duties set forth in
this Agreement.

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      "Minimum Gain" means the partnership minimum gain determined pursuant to
Treasury Regulation Section 1.704-2(d).

      "Non-HGF Investors" has the meaning set forth in Section 10.5(b).

      "Offer Notice" has the meaning set forth in Section 10.2(a).

      "Officers" means each person designated as an officer of the LLC to whom
authority and duties have been delegated pursuant to Section 5.5, subject to any
resolution of the Board appointing such person as an officer or relating to such
appointment.

      "Permitted Transferee" means (i) with respect to any Unitholder who is a
natural person, a member of such Unitholder's Family Group, (ii) with respect to
any Unitholder which is an entity, any of such Unitholder's Affiliates, and
(iii) with respect to HGF only, a Ford Transferee.

      "Person" means an individual, a partnership, a corporation, a limited
liability company, an association, a joint stock company, a trust, a joint
venture, an unincorporated organization, any other business entity, or a
Governmental Entity.

      "Proceeding" has the meaning set forth in Section 7.2.

      "Profits" means items of LLC income and gain determined according to
Section 3.5(b).

      "Public Offering" means any sale of the common equity securities of the
LLC (or a successor thereto) pursuant to an effective registration statement
under the Securities Act filed with the Securities and Exchange Commission;
provided that the following shall not be considered a Public Offering: (i) any
issuance of common equity securities as consideration for a merger or
acquisition, and (ii) any issuance of common equity securities or rights to
acquire common equity securities to employees of the LLC or its Subsidiaries as
part of an incentive or compensation plan.

      "Public Sale" means any sale of Equity Securities (i) to the public
pursuant to an offering registered under the Securities Act or (ii) to the
public through a broker, dealer or market maker pursuant to the provisions of
Rule 144 (or any similar provision then in effect) adopted under the Securities
Act (other than Rule 144(k) prior to a Public Offering).

      "Purchaser" means Triad Acquisition Corp., a Delaware corporation and
wholly owned subsidiary of the Company.

      "Qualified IPO" means an underwritten initial Public Offering of the
common stock of a corporate successor to the LLC or a Subsidiary of the LLC
(including, without limitation, the Company) with gross proceeds of at least
$50.0 million in a firm commitment underwriting.

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      "Regulatory Allocations" has the meaning set forth in Section 4.4(e).

      "Required Interest" means a majority of the Common Units.

      "Residual Facilities" means, collectively, (i) the Master Residual Loan
Agreement between Triad Financial Residual Special Purpose LLC, Goldman Sachs
Mortgage Company and JP Morgan Chase Bank, N.A. dated as of the Initial Closing
Date and (ii) the Master Residual Loan Agreement between Triad Financial
Residual Special Purpose LLC and Citigroup Global Markets Realty Corp. and JP
Morgan Chase Bank, N.A. dated as of the Initial Closing Date, each as amended or
modified from time to time in accordance with the terms thereof.

      "Restricted Securities" means (i) the Securities issued pursuant to the
Unit Purchase Agreement and (ii) any securities issued with respect to the
securities referred to in clause (i) above by way of a unit dividend or unit
split or in connection with a combination of units, recapitalization, merger,
consolidation or other reorganization. As to any particular Restricted
Securities, such securities shall cease to be Restricted Securities when they
have (a) been effectively registered under the Securities Act and disposed of in
accordance with the registration statement covering them, (b) become eligible
for sale pursuant to Rule 144(k) (or any similar provision then in force) under
the Securities Act or (c) been otherwise transferred and new certificates for
them not bearing the Securities Act legend set forth in Section 10.7(b) have
been delivered by the LLC in accordance with Section 6.8(c)(ii). Whenever any
particular securities cease to be Restricted Securities, the holder thereof
shall be entitled to receive from the LLC, without expense, new securities of
like tenor not bearing a Securities Act legend of the character set forth in
Section 10.7(b).

      "Sale of the Company" means any transaction or series of transactions
pursuant to which any Person or group of related Persons (other than any of the
Investor Members) in the aggregate acquire(s) (i) equity securities of the LLC
or the Company possessing the voting power (other than voting rights accruing
only in the event of a default or breach) to elect a majority of the LLC's board
of managers or a majority of the Company's board of directors (whether by
merger, liquidation, consolidation, reorganization, combination, sale or
transfer of equity securities, securityholder or voting agreement, proxy, power
of attorney or otherwise) or (ii) all or substantially all of the LLC's or the
Company's assets determined on a consolidated basis, but excluding sales of
motor vehicle installment sales contracts and installment loans in the ordinary
course of the Company's business; provided that a Public Offering shall not
constitute a Sale of the Company.

      "Securities" means notes, stocks, bonds, debentures, evidences of
indebtedness, certificates of interest or participation in any profit-sharing
agreement, partnership interests, beneficial interests in trusts,
collateral-trust certificates, pre-organization certificates or subscriptions,
transferable shares, investment contracts, voting-trust certificates,
certificates of deposit for securities, certificates of equity interests,
notional principal contracts and certificates of interest or participation in,
temporary or interim certificates for, receipts for or warrants or rights or
options to subscribe to or purchase or sell any of the foregoing, and any other
items commonly referred to as securities.

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      "Securities Act" means the Securities Act of 1933, as amended, and
applicable rules and regulations thereunder, and any successor to such statute,
rules, or regulations. Any reference herein to a specific section, rule, or
regulation of the Securities Act shall be deemed to include any corresponding
provisions of future law.

      "Selling Unitholder" has the meaning set forth in Section 10.2(a).

      "Stockholders Agreement" means the Stockholders Agreement, dated as of
April 29, 2005, by and among the LLC and certain other Persons, as amended or
modified from time to time in accordance with the terms thereof.

      "Subsidiary" means, with respect to any Person, any corporation, limited
liability company, partnership, association, or business entity of which (i) if
a corporation, a majority of the total voting power of shares of stock entitled
(without regard to the occurrence of any contingency) to vote in the election of
directors, managers, or trustees thereof is at the time owned or controlled,
directly or indirectly, by that Person or one or more of the other Subsidiaries
of that Person or a combination thereof, or (ii) if a limited liability company,
partnership, association, or other business entity (other than a corporation), a
majority of partnership or other similar ownership interest thereof is at the
time owned or controlled, directly or indirectly, by that Person or one or more
Subsidiaries of that Person or a combination thereof. For purposes hereof, a
Person or Persons shall be deemed to have a majority ownership interest in a
limited liability company, partnership, association, or other business entity
(other than a corporation) if such Person or Persons shall be allocated a
majority of limited liability company, partnership, association, or other
business entity gains or losses or shall be or control any managing director or
general partner of such limited liability company, partnership, association, or
other business entity. For purposes hereof, references to a "Subsidiary" of any
Person shall be given effect only at such times that such Person has one or more
Subsidiaries, and, unless otherwise indicated, the term "Subsidiary" refers to a
Subsidiary of the LLC.

      "Tag-Along Notice" has the meaning set forth in Section 10.3(a).

      "Tag-Along Unitholders" has the meaning set forth in Section 10.3(a).

      "Tax Distribution" has the meaning set forth in Section 4.1(b).

      "Tax Matters Partner" has the meaning set forth in Section 9.3.

      "Taxable Year" means the LLC's Fiscal Year unless the Board determines
otherwise in compliance with applicable laws.

      "Transaction Documents" means this Agreement, and all other agreements,
instruments, certificates, and other documents to be entered into or delivered
by any Unitholder in connection with the transactions contemplated to be
consummated pursuant to this Agreement, the Unit

                                     - 9 -
<PAGE>

Purchase Agreement, the Acquisition Agreement, and any side agreements related
to the foregoing.

      "Transfer" means any sale, transfer, assignment, pledge, mortgage,
exchange, hypothecation, grant of a security interest or other direct or
indirect disposition or encumbrance of an interest (including, without
limitation, by operation of law) or the acts thereof, but explicitly excluding
conversions or exchanges of one class of Unit to or for another class of Unit.
The terms "Transferee," "Transferred," and other forms of the word "Transfer"
shall have correlative meanings.

      "Transferring Unitholders" has the meaning set forth in Section 10.3(a).

      "Treasury Regulations" means the income tax regulations promulgated under
the Code and in effect from time to time.

      "Triggering Event" has the meaning set forth in Section 10.5(a).

      "Units" means Class A Preferred Units and Common Units.

      "Unitholder" means any owner of one or more Units as reflected on the
LLC's books and records.

      "Unit Purchase Agreement" means that certain Unit Purchase Agreement,
dated as of April 29, 2005 among the Investor Members and the LLC.

      "Warehouse Facilities" means, collectively, (i) the Warehouse Lending
Agreement among Triad Financial Corporation, as originator and servicer, Triad
Financial Warehouse Special Purpose LLC, as borrower, and Goldman Sachs Mortgage
Company, as lender, dated as of the Initial Closing Date and (ii) the Warehouse
Lending Agreement among Triad Financial Corporation, as originator and servicer,
Triad Financial Warehouse Special Purpose LLC, as borrower, and Citigroup Global
Markets Realty Corp., as lender, dated as of the Initial Closing Date, each as
amended or modified from time to time in accordance with the terms thereof.

                                   ARTICLE II

                             ORGANIZATIONAL MATTERS

            2.1 Formation. The LLC has been organized as a Delaware limited
liability company by the filing with the Secretary of State of the State of
Delaware of the Certificate under and pursuant to the Delaware Act and shall be
continued in accordance with this Agreement.

                                     - 10 -
<PAGE>

            2.2 The Certificate, Etc. The Certificate was filed with the
Secretary of State of the State of Delaware on December 21, 2004. The
Unitholders hereby agree to execute, file and record all such other certificates
and documents, including amendments to the Certificate, and to do such other
acts as may be appropriate to comply with all requirements for the formation,
continuation and operation of a limited liability company, the ownership of
property, and the conduct of business under the laws of the State of Delaware
and any other jurisdiction in which the LLC may own property or conduct
business.

            2.3 Name. The name of the LLC shall be "Triad Holdings, LLC." The
Board in its sole discretion may change the name of the LLC at any time and from
time to time. Notification of any such change shall be given to all Unitholders.
The LLC's business may be conducted under its name and/or any other name or
names deemed advisable by the Board.

            2.4 Purpose. The purpose and business of the LLC shall be to engage
in any lawful act or activity which may be conducted by a limited liability
company formed pursuant to the Delaware Act and engaging in all activities
necessary or incidental to the foregoing. Notwithstanding anything herein to the
contrary, nothing set forth herein shall be construed as authorizing the LLC to
possess any purpose or power, or to do any act or thing, forbidden by law to a
limited liability company organized under the laws of the State of Delaware.

            2.5 Powers of the LLC. Subject to the provisions of this Agreement
and the agreements contemplated hereby, the LLC shall have the power and
authority to take any and all actions necessary, appropriate, proper, advisable,
convenient or incidental to or for the furtherance of the purposes set forth in
Section 2.4, including the power:

            (a) to conduct its business, carry on its operations and have and
exercise the powers granted to a limited liability company by the Delaware Act
in any state, territory, district or possession of the United States, or in any
foreign country that may be necessary, convenient or incidental to the
accomplishment of the purpose of the LLC;

            (b) to acquire by purchase, lease, contribution of property or
otherwise, own, hold, operate, maintain, finance, refinance, improve, lease,
sell, convey, mortgage, transfer, demolish or dispose of any real or personal
property that may be necessary, convenient or incidental to the accomplishment
of the purpose of the LLC;

            (c) to enter into, perform and carry out contracts of any kind,
including contracts with any Unitholder or any Affiliate thereof, or any agent
of the LLC necessary to, in connection with, convenient to or incidental to the
accomplishment of the purpose of the LLC;

            (d) to purchase, take, receive, subscribe for or otherwise acquire,
own, hold, vote, use, employ, sell, mortgage, lend, pledge, or otherwise dispose
of, and otherwise use and deal in and with, shares or other interests in or
obligations of domestic or foreign corporations, associations, general or
limited partnerships (including the power to be admitted as a partner thereof
and to exercise the rights and perform the duties created thereby), trusts,
limited liability companies (including the power to be admitted as a Unitholder
or appointed as a manager thereof and to exercise the rights and perform the
duties created thereby) or individuals or direct

                                     - 11 -
<PAGE>

or indirect obligations of the United States or of any government, state,
territory, governmental district or municipality or of any instrumentality of
any of them;

            (e) to lend money for any proper purpose, to invest and reinvest its
funds and to take and hold real and personal property for the payment of funds
so loaned or invested;

            (f) to sue and be sued, complain and defend, and participate in
administrative or other proceedings in its name;

            (g) to appoint employees and agents of the LLC and define their
duties and fix their compensation;

            (h) to indemnify any Person in accordance with the Delaware Act and
to obtain any and all types of insurance;

            (i) to cease its activities and cancel its Certificate;

            (j) to negotiate, enter into, renegotiate, extend, renew, terminate,
modify, amend, waive, execute, acknowledge or take any other action with respect
to any lease, contract or security agreement in respect of any assets of the
LLC;

            (k) to borrow money and issue evidences of indebtedness and guaranty
indebtedness (whether of the LLC or any of its Subsidiaries), and to secure the
same by a mortgage, pledge or other lien on the assets of the LLC;

            (l) to pay, collect, compromise, litigate, arbitrate or otherwise
adjust or settle any and all other claims or demands of or against the LLC or to
hold such proceeds against the payment of contingent liabilities; and

            (m) to make, execute, acknowledge and file any and all documents or
instruments necessary, convenient or incidental to the accomplishment of the
purpose of the LLC.

            2.6 Foreign Qualification. Prior to the LLC's conducting business in
any jurisdiction other than Delaware, the Board shall cause the LLC to comply,
to the extent procedures are available and those matters are reasonably within
the control of the Board, with all requirements necessary to qualify the LLC as
a foreign limited liability company in that jurisdiction. At the request of the
Board or any Officer, each Unitholder shall execute, acknowledge, swear to and
deliver all certificates and other instruments conforming with this Agreement
that are necessary or appropriate to qualify, continue and terminate the LLC as
a foreign limited liability company in all such jurisdictions in which the LLC
may conduct business.

            2.7 Principal Office; Registered Office. The principal office of the
LLC shall be located at 200 Crescent Court, Suite 1350, Dallas, Texas 75201, or
at such other place as the Board may from time to time designate, and all
business and activities of the LLC shall be deemed to have occurred at its
principal office. The LLC may maintain offices at such other

                                     - 12 -
<PAGE>

place or places as the Board deems advisable. Notification of any such change
shall be given to all Unitholders. The registered office of the LLC required by
the Delaware Act to be maintained in the State of Delaware shall be the office
of the initial registered agent named in the Certificate or such other office
(which need not be a place of business of the LLC) as the Board may designate
from time to time in the manner provided by law. The registered agent of the LLC
in the State of Delaware shall be the initial registered agent named in the
Certificate or such other Person or Persons as the Board may designate from time
to time in the manner provided by law.

            2.8 Term. The term of the LLC commenced upon the filing of the
Certificate in accordance with the Delaware Act and shall continue in existence
until termination and dissolution thereof in accordance with the provisions of
Article XIII.

            2.9 No State-Law Partnership. The Unitholders intend that the LLC
not be a partnership (including, without limitation, a limited partnership) or
joint venture, and that no Unitholder be a partner or joint venturer of any
other Unitholder by virtue of this Agreement (except for tax purposes as set
forth in the next succeeding sentence of this Section 2.9), and neither this
Agreement nor any other document entered into by the LLC or any Unitholder
relating to the subject matter hereof shall be construed to suggest otherwise.
The Unitholders currently intend that the LLC shall be treated as a partnership
for federal and, if applicable, state or local income tax purposes, and that
each Unitholder and the LLC shall file all tax returns and shall otherwise take
all tax and financial reporting positions in a manner consistent with such
treatment.

            2.10 No UBTI; Effectively Connected Income. The LLC shall not engage
in any transaction which is reasonably likely to cause the Investor Members or
any of their respective limited partners which are exempt from income taxation
under Section 501(a) of the Code to recognize unrelated business taxable income
as defined in Section 512 and Section 514 of the Code. The LLC will use
reasonable best efforts not to engage in, or invest in any Person that is
treated as a flow-through entity for U.S. federal income tax purposes that
engages in, (a) any "commercial activity" as defined in Section 892(a)(2)(i) of
the Code or (b) transactions which will cause the LLC to incur income that is
effectively connected with a "trade or business within the United States" as
defined in Section 864(b) of the Code.

            2.11 Certification of Units. The LLC may in its discretion issue
certificates to the Unitholders representing the Units held by each Unitholder.

                                  ARTICLE III

                             UNITS; CAPITAL ACCOUNTS

            3.1 Unitholders.

            (a) General. Each Person named on Schedule A attached hereto has
made Capital Contributions to the LLC as set forth on Schedule A in exchange for
the Units specified thereon, and each Unitholder's initial Capital Account
established pursuant to such Capital Contributions is set forth on Schedule A.
Any reference in this Agreement to Schedule A shall

                                     - 13 -
<PAGE>

be deemed to be a reference to Schedule A as amended and in effect from time to
time. The LLC and each Unitholder shall file all tax returns, including any
schedules thereto, in a manner consistent with such initial Capital Accounts.
Each Person listed on Schedule A upon (i) his, her or its execution of this
Agreement or a counterpart thereto and (ii) receipt (or deemed receipt) by the
LLC of such Person's Capital Contribution as set forth on Schedule A, is hereby
admitted to the LLC as a Unitholder of the LLC. Each Unitholder's interest in
the LLC, including such Unitholder's interest in Profits, Losses and
Distributions of the LLC and the right to vote on certain matters as provided in
this Agreement, shall be represented by the Units owned by such Unitholder. The
ownership of Units shall entitle each Unitholder to allocations of Profits and
Losses and other items and distributions of cash and other property as set forth
in Article IV hereof. The Board may in its discretion issue certificates to the
Unitholders representing the Units held by each Unitholder.

            (b) Representations and Warranties of Unitholders. Each Unitholder
hereby represents and warrants to the LLC and acknowledges that: (i) such
Unitholder has knowledge and experience in financial and business matters and is
capable of evaluating the merits and risks of an investment in the LLC and
making an informed investment decision with respect thereto; (ii) such
Unitholder has reviewed and evaluated all information necessary to assess the
merits and risks of his, her or its investment in the LLC and has had answered
to such Unitholder's satisfaction any and all questions regarding such
information; (iii) such Unitholder is able to bear the economic and financial
risk of an investment in the LLC for an indefinite period of time; (iv) such
Unitholder is acquiring interests in the LLC for investment only and not with a
view to, or for resale in connection with, any distribution to the public or
public offering thereof; (v) the interests in the LLC have not been registered
under the securities laws of any jurisdiction and cannot be disposed of unless
they are subsequently registered and/or qualified under applicable securities
laws and the provisions of this Agreement have been complied with; (vi) to the
extent applicable, the execution, delivery and performance of this Agreement
have been duly authorized by such Unitholder and do not require such Unitholder
to obtain any consent or approval that has not been obtained and do not
contravene or result in a default under any provision of any law or regulation
applicable to such Unitholder or other governing documents or any agreement or
instrument to which such Unitholder is a party or by which such Unitholder is
bound; (vii) the determination of such Unitholder to purchase interests in the
LLC has been made by such Unitholder independent of any other Unitholder and
independent of any statements or opinions as to the advisability of such
purchase, which may have been made or given by any other Unitholder or by any
agent or employee of any other Unitholder; (viii) the interests in the LLC were
not offered to such Unitholder by means of general solicitation or general
advertising; and (ix) this Agreement is valid, binding and enforceable against
such Unitholder in accordance with its terms.

            (c) No Liability of Unitholders.

                  (i) No Liability. Except as otherwise required by applicable
law and as expressly set forth in this Agreement, no Unitholder shall have any
personal liability whatsoever in such Unitholder's capacity as a Unitholder,
whether to the LLC, to any of the other Unitholders, to the creditors of the LLC
or to any other third party, for the debts, liabilities, commitments or any
other obligations of the LLC or for any losses of the LLC. Each Unitholder

                                     - 14 -
<PAGE>

shall be liable only to make such Unitholder's Capital Contribution to the LLC
and the other payments provided expressly herein.

                  (ii) Distribution. In accordance with the Delaware Act and the
laws of the State of Delaware, a Unitholder of a limited liability company may,
under certain circumstances, be required to return amounts previously
distributed to such Unitholder. It is the intent of the Unitholders that no
distribution to any Unitholder pursuant to Article IV hereof shall be deemed a
return of money or other property paid or distributed in violation of the
Delaware Act. The payment of any such money or distribution of any such property
to a Unitholder shall be deemed to be a compromise within the meaning of the
Delaware Act, and the Unitholder receiving any such money or property shall not
be required to return to any Person any such money or property. However, if any
court of competent jurisdiction holds that, notwithstanding the provisions of
this Agreement, any Unitholder is obligated to make any such payment, such
obligation shall be the obligation of such Unitholder and not of any other
Unitholder.

            3.2 Unitholder Meetings.

            (a) Voting of Unitholders. A quorum shall be present at a meeting of
Unitholders if the Unitholders holding the Required Interest are represented at
the meeting in person or by proxy. With respect to any matter, other than a
matter for which the affirmative vote of the holders of a specified portion of
all Unitholders entitled to vote is required by the Delaware Act or by this
Agreement, the affirmative vote of the Unitholders holding the Required Interest
at a meeting of Unitholders at which a quorum is present shall be the act of the
Unitholders.

            (b) Place. All meetings of the Unitholders shall be held at the
principal place of business of the LLC or at such other place within or without
the State of Delaware as shall be specified or fixed in the notices or waivers
of notice thereof; provided that any or all Unitholders may participate in any
such meeting by means of conference telephone or similar communications
equipment pursuant to Section 3.3(d).

            (c) Adjournment. Notwithstanding the other provisions of the
Certificate or this Agreement, the chairman of the meeting or the Unitholders
holding the Required Interest shall have the power to adjourn such meeting from
time to time, without any notice other than announcement at the meeting of the
time and place of the holding of the adjourned meeting. If such meeting is
adjourned by the Unitholders, such time and place shall be determined by a vote
of the Unitholders holding the Required Interest. Upon the resumption of such
adjourned meeting, any business may be transacted that might have been
transacted at the meeting as originally called.

            (d) Annual Meeting. An annual meeting of the Unitholders, for the
transaction of such business as may properly come before the meeting, shall be
held at such place, within or without the State of Delaware, on such date and at
such time as the Board shall fix and set forth in the notice of the meeting,
which date shall be within 18 months subsequent to the date of organization of
the LLC or the last annual meeting of Unitholders, whichever most recently
occurred.

                                     - 15 -
<PAGE>

            (e) Special Meetings. Special meetings of the Unitholders for any
proper purpose or purposes may be called at any time by the Board or the
Unitholders holding the Required Interest. If not otherwise stated in or fixed
in accordance with the remaining provisions hereof, the record date for
determining Unitholders entitled to call a special meeting is the date any
Unitholder first signs the notice of that meeting. Only business within the
purpose or purposes described in the notice (or waiver thereof) required by this
Agreement may be conducted at a special meeting of the Unitholders.

            (f) Notice. A written or printed notice stating the place, day and
hour of the meeting and, in the case of a special meeting, the purpose or
purposes for which the meeting is called, shall be delivered not less than one
or more than 30 days before the date of the meeting, either personally or by
mail, facsimile or electronic transmission, by or at the direction of the Board
or the Unitholders calling the meeting to each Unitholder. If mailed, any such
notice shall be deemed to be delivered two business days after it is deposited
in the United States mail, addressed to the Unitholder at its address provided
for in the LLC's books and records, or to such other address or to the attention
of such other person as the recipient party has specified by prior written
notice to the sending party.

            (g) Record Date. The date on which notice of a meeting of
Unitholders is mailed or the date on which the resolution of the Board declaring
a distribution is adopted, as the case may be, shall be the record date for the
determination of the Unitholders entitled to notice of or to vote at such
meeting (including any adjournment thereof) or the Unitholders entitled to
receive such distribution.

            (h) Required Interest. Except as otherwise expressly provided for in
this Agreement, all matters to be voted on pursuant to this Agreement shall
require the vote of Unitholders holding the Required Interest, which vote shall
only be valid and binding if a notice of the meeting at which such vote is taken
is given to all Unitholders in accordance with Section 3.2(f).

            (i) Proxies. A Unitholder may vote either in person or by proxy
executed in writing by the Unitholder. Any such proxy may be granted in writing,
by means of electronic transmission or as otherwise permitted by applicable law.
A consent transmitted by electronic transmission by a Unitholder or by a person
or persons authorized to act for a Unitholder shall be deemed to be written and
signed for purposes of this Agreement. A photographic, photostatic, facsimile or
similar reproduction of a writing executed by the Unitholder shall be treated as
an execution in writing for purposes of this Section 3.2(i). Proxies for use at
any meeting of Unitholders or in connection with the taking of any action by
written consent pursuant to Section 3.3 shall be filed with the Secretary of the
LLC, before or at the time of the meeting or execution of the written consent as
the case may be. All proxies shall be received and taken charge of and all
ballots shall be received and canvassed by the Secretary of the LLC, who shall
decide all questions concerning the qualification of voters, the validity of the
proxies and the acceptance or rejection of votes, unless an inspector or
inspectors shall have been appointed by the chairman of the meeting, in which
event such inspector or inspectors shall decide all such questions. No proxy
shall be valid after 11 months from the date of its execution unless otherwise
provided in the proxy. A proxy shall be revocable unless the proxy form
conspicuously states that the proxy

                                     - 16 -
<PAGE>

is irrevocable and the proxy is coupled with an interest. Should a proxy
designate two or more Persons to act as proxies, unless that instrument shall
provide to the contrary, a majority of such Persons present at any meeting at
which their powers thereunder are to be exercised shall have and may exercise
all the powers of voting or giving consents thereby conferred, or if only one be
present, then such powers may be exercised by that one; or, if an even number
attend and a majority do not agree on any particular issue, the LLC shall not be
required to recognize such proxy with respect to such issue if such proxy does
not specify how the Units that are the subject of such proxy are to be voted
with respect to such issue.

            (j) Conduct of Unitholder Meetings. All meetings of the Unitholders
shall be presided over by the chairman of the meeting, who shall be one of the
Chairman or Vice Chairman (or a representative thereof). The chairman of any
meeting of Unitholders shall determine the order of business and the procedure
at the meeting, including such regulation of the manner of voting and the
conduct of discussion as seem to him in order.

            (k) Voting Rights. The holders of the Common Units shall be entitled
to notice of all Unitholder meetings in accordance with this Agreement, and
except as otherwise required by law, the holders of the Common Units shall be
entitled to vote on all matters submitted to the Unitholders for a vote with
each Common Unit entitled to one vote. Except as otherwise required by this
Agreement or by law, the holders of Class A Preferred Units shall not be
entitled to a vote on matters submitted to the Unitholders for a vote.

            3.3 Action of Unitholders by Written Consent or Telephone
Conference.

            (a) Written Consent in Lieu of Meeting. Any action required or
permitted to be taken at any annual or special meeting of Unitholders may be
taken without a meeting, without prior notice and without a vote, if a consent
or consents in writing, setting forth the action so taken, shall be signed by
the Unitholder or Unitholders holding not less than the minimum percentages of
Units that would be necessary to take such action at a meeting at which all
Unitholders entitled to vote on the action were present and voted. Every written
consent shall bear the date of signature of each Unitholder who signs the
consent. No written consent shall be effective to take the action that is the
subject to the consent unless, within 60 days after the date of the earliest
dated consent delivered to the LLC in the manner required by this Section
3.3(a), a consent or consents signed by the Unitholder or Unitholders holding
not less than the minimum Units that would be necessary to take the action that
is the subject of the consent are delivered to the LLC by delivery to its
registered office, its principal place of business or the chief executive
officer. Delivery shall be by hand or certified or registered mail, return
receipt requested. Delivery to the LLC's principal place of business shall be
addressed to the chief executive officer. An electronic transmission by a
Unitholder, or a photographic, photostatic, facsimile or similar reproduction of
a writing signed by a Unitholder, shall be regarded as signed by the Unitholder
for purposes of this Section 3.3(a). Prompt notice of the taking of any action
by Unitholders without a meeting by less than unanimous written consent shall be
given to those Unitholders who did not consent in writing to the action.

            (b) Record Date for Written Consent in Lieu of Meeting. The record
date for determining Unitholders entitled to consent to action in writing
without a meeting shall be the

                                     - 17 -
<PAGE>

first date on which a signed written consent setting forth the action taken or
proposed to be taken is delivered to the LLC by delivery to its registered
office, its principal place of business, or the chief executive officer.
Delivery shall be by hand or by certified or registered mail, return receipt
requested. Delivery to the LLC's principal place of business shall be addressed
to the chief executive officer.

            (c) Filings. If any action by Unitholders is taken by written
consent, any certificate or documents filed with the Secretary of State of
Delaware as a result of the taking of the action shall state, in lieu of any
statement required by the Delaware Act concerning any vote of Unitholders, that
written consent has been given in accordance with the provisions of the Delaware
Act and that any written notice required by the Delaware Act has been given.

            (d) Telephone Conference. Unitholders may participate in and hold a
meeting by means of conference telephone or similar communications equipment by
means of which all Persons participating in the meeting can hear each other, and
participation in such meeting shall constitute attendance and presence in person
at such meeting, except where a Person participates in the meeting for the
express purpose of objecting to the transaction of any business on the ground
that the meeting is not lawfully called or convened.

            3.4 Issuance of Additional Units and Interests, Preemptive Rights.

            (a) Additional Securities. Subject to compliance with the provisions
of this Agreement, the Board shall have the right to cause the LLC to issue or
sell to any Person (including Unitholders and Affiliates) any of the following
(which for purposes of this Agreement shall be "Additional Securities"): (i)
additional Units or other interests in the LLC (including other classes or
series thereof having different rights), (ii) obligations, evidences of
indebtedness, or other securities or interests convertible or exchangeable into
Units or other interests in the LLC, and (iii) warrants, options, or other
rights to purchase or otherwise acquire Units or other interests in the LLC.
Subject to the provisions of this Agreement, the Board shall determine the terms
and conditions governing the issuance of such Additional Securities, including
the number and designation of such Additional Securities, the preference (with
respect to distributions, liquidations, or otherwise) over any other Units and
any required contributions in connection therewith. Any Person who acquires
Units will be admitted to the LLC as a Unitholder pursuant to the terms of this
Agreement. If any Person acquires additional Units or other interests in the
LLC, Schedule A shall be amended to reflect such issuance or transfer, as the
case may be.

            (b) Preemptive Rights.

                  (i) If the LLC authorizes the issuance or sale of any Units or
other Equity Securities (other than as a dividend or distribution on the
outstanding Units or an issuance upon consummation of a Sale of the Company or a
Public Offering), the LLC shall first offer to sell to each holder of Units who
is an "accredited investor" as defined in Rule 501(e) under the Securities Act,
a portion of such securities equal to the quotient determined by dividing (1)
the number of Common Units held by such holder by (2) the number of Common Units
then issued and outstanding. Each holder of Units shall be entitled to purchase
such Units or Equity

                                     - 18 -
<PAGE>

Securities at the most favorable price and on the most favorable terms as such
units or securities are to be offered to any other Persons; provided that if all
Persons entitled to purchase or receive such Units or Equity Securities are
required to also purchase other Securities of the LLC, the holders of Units
exercising their rights pursuant to this paragraph shall also be required to
purchase the same strip of Securities (on the same terms and conditions) that
such other Persons are required to purchase. The purchase price for all
Securities offered to the holders of the Units shall be payable in cash (or such
other consideration as was proposed by the LLC initially).

                  (ii) In order to exercise its purchase rights hereunder, a
holder of Units must within 15 days after receipt of written notice from the LLC
describing in reasonable detail the Securities being offered, the purchase price
thereof, the payment terms and such holder's ratable share deliver a written
notice to the LLC describing its election as to (A) whether and to what extent
such holder desires to purchase its ratable share and (B) if such holder elects
to purchase its full ratable share, whether and to what extent such holder
desires to purchase an additional amount of the securities being offered if all
of the securities offered to the Unitholders are not fully subscribed.

                  (iii) Upon the expiration of the offering period described
above, the LLC shall be entitled to sell such Securities which the holders of
Common Units have not elected to purchase during the 90 days following such
expiration on terms and conditions no more favorable to the purchasers thereof
than those offered to such holders. Any such Securities offered or sold by the
LLC after such 90-day period must be reoffered to the holders of Common Units
pursuant to the terms of this Section 3.4(b).

                  (iv) The rights of the holders of Common Units under this
Section 3.4(b) shall terminate immediately prior to the consummation of a Sale
of the Company or a Qualified IPO.

            3.5 Capital Accounts.

            (a) The LLC shall maintain a separate Capital Account for each
Unitholder according to the rules of Treasury Regulation Section
1.704-1(b)(2)(iv). For this purpose, the LLC may (in the discretion of the
Board), upon the occurrence of the events specified in Treasury Regulation
Section 1.704-1(b)(2)(iv)(f), increase or decrease the Capital Accounts in
accordance with the rules of such regulation and Treasury Regulation Section
1.704-1(b)(2)(iv)(g) to reflect a revaluation of LLC property. Without limiting
the foregoing, each Unitholder's Capital Account shall be adjusted:

                  (i) by adding any additional Capital Contributions made by
such Unitholder in consideration for the issuance of Units;

                  (ii) by deducting any amounts paid to such Unitholder in
connection with the redemption or other repurchase by the LLC of Units;

                  (iii) by adding any Profits allocated in favor of such
Unitholder and subtracting any Losses allocated in favor of such Unitholder; and

                                     - 19 -
<PAGE>

                  (iv) by deducting any distributions paid in cash or other
assets to such Unitholder by the LLC.

            (b) For purposes of computing the amount of any item of LLC income,
gain, loss, or deduction to be allocated pursuant to Article IV and to be
reflected in the Capital Accounts, the determination, recognition, and
classification of any such item shall be the same as its determination,
recognition, and classification for federal income tax purposes (including any
method of depreciation, cost recovery, or amortization used for this purpose);
provided that:

                  (i) The computation of all items of income, gain, loss, and
deduction shall include those items described in Code Section 705(a)(l)(B) or
Code Section 705(a)(2)(B) and Treasury Regulation Section 1.704-1(b)(2)(iv)(i),
without regard to the fact that such items are not includable in gross income or
are not deductible for federal income tax purposes.

                  (ii) If the Book Value of any LLC property is adjusted
pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(e) or (f), the amount
of such adjustment shall be taken into account as gain or loss from the
disposition of such property.

                  (iii) Items of income, gain, loss, or deduction attributable
to the disposition of LLC property having a Book Value that differs from its
adjusted basis for tax purposes shall be computed by reference to the Book Value
of such property.

                  (iv) Items of depreciation, amortization, and other cost
recovery deductions with respect to LLC property having a Book Value that
differs from its adjusted basis for tax purposes shall be computed by reference
to the property's Book Value in accordance with Treasury Regulation Section
1.704-1(b)(2)(iv)(g).

                  (v) To the extent an adjustment to the adjusted tax basis of
any LLC asset pursuant to Code Sections 732(d), 734(b) or 743(b) is required,
pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m), to be taken into
account in determining Capital Accounts, the amount of such adjustment to the
Capital Accounts shall be treated as an item of gain (if the adjustment
increases the basis of the asset) or loss (if the adjustment decreases such
basis).

            3.6 Negative Capital Accounts. No Unitholder shall be required to
pay to any other Unitholder or the LLC any deficit or negative balance which may
exist from time to time in such Unitholder's Capital Account (including upon and
after dissolution of the LLC).

            3.7 No Withdrawal. No Person shall be entitled to withdraw any part
of such Person's Capital Contributions or Capital Account or to receive any
Distribution from the LLC, except as expressly provided herein or in the other
agreements referred to herein.

            3.8 Loans From Unitholders. Loans by Unitholders to the LLC shall
not be considered Capital Contributions. If any Unitholder shall loan funds to
the LLC, the making of such loans shall not result in any increase in the amount
of the Capital Account of such Unitholder. The amount of any such loans shall be
a debt of the LLC to such Unitholder and

                                     - 20 -
<PAGE>

shall be payable or collectible in accordance with the terms and conditions upon
which such loans are made.

                                   ARTICLE IV

                           DISTRIBUTIONS; REDEMPTIONS
                                 AND ALLOCATIONS

            4.1 Distributions.

            (a) Distributions Generally. Except as otherwise set forth in this
Section 4.1, and subject to the provisions of Section 6.7 of this Agreement and
Section 18-607 of the Delaware Act, the Board may in its sole discretion make
Distributions at any time or from time to time. All Distributions shall be made
only in the following order and priority:

                  (i) First, to the Unitholders holding Class A Preferred Units,
an amount equal to the aggregate Class A Unpaid Yield (in the proportion that
each Unitholder's share of Class A Unpaid Yield bears to the aggregate Class A
Unpaid Yield) until each such Unitholder has received Distributions in respect
of such Unitholder's Class A Preferred Units in an amount equal to the aggregate
Class A Unpaid Yield on such Unitholder's outstanding Class A Preferred Units as
of the time of such Distribution, and no Distribution or any portion thereof may
be made pursuant to Sections 4.1(a)(ii) or (iii) below until the entire amount
of the Class A Unpaid Yield on the outstanding Class A Preferred Units as of the
time of such Distribution has been paid in full; provided that no Distribution
shall be made pursuant to this Section 4.1(a)(i) to the extent such
Distribution, when combined with all previous Distributions made pursuant to
this Section 4.1(a)(i), would exceed the aggregate amount of net Profits of the
LLC since the date of issuance of such Class A Preferred Units.

                  (ii) Second, to the Unitholders holding Class A Preferred
Units, an amount equal to the aggregate Class A Unreturned Capital with respect
to such Units (in the proportion that each Unitholder's share of Class A
Unreturned Capital with respect to such Class A Preferred Units bears to the
aggregate amount of Class A Unreturned Capital with respect to all Class A
Preferred Units) until each such Unitholder has received Distributions in
respect of such Unitholder's Class A Preferred Units in an amount equal to the
aggregate Class A Unreturned Capital with respect to such Unitholder's Class A
Preferred Units as of the time of such Distribution, and no Distribution or any
portion thereof may be made pursuant to Section 4.1(a)(iii) below until the
entire amount of Class A Unreturned Capital with respect to the outstanding
Class A Preferred Units as of the time of such Distribution has been paid in
full.

                  (iii) Third, all remaining amounts shall be distributed to the
Unitholders holding Common Units, pro-rata according to such holders' ownership
of Common Units immediately prior to such Distribution.

            (b) Tax Distributions. Notwithstanding any other provision herein to
the contrary, so long as the LLC is treated as a partnership for federal and
state income tax purposes, the LLC shall use its best efforts to distribute
within 15 days after the end of each Fiscal Quarter

                                     - 21 -
<PAGE>

of the LLC, to the extent that funds are legally available therefor and would
not impair the liquidity of the LLC with respect to working capital, capital
expenditures, debt service, reserves, or otherwise and would not be prohibited
under any credit facility to which the LLC or any Subsidiary is a party, an
amount of cash (a "Tax Distribution") which in the good faith judgment of the
Board equals the excess, if any, of (i) the product of (x) the amount of taxable
income allocable to the Unitholders in respect of the period beginning on the
date hereof and ending at the close of such Fiscal Quarter, multiplied by (y)
the combined maximum federal, state, and local income tax rate to be applied
with respect to such taxable income (calculated by using the highest maximum
combined marginal federal, state, and local income tax rates to which any
Unitholder may be subject and taking into account the deductibility of state
income tax for federal income tax purposes) for such period (making an
appropriate adjustment for any rate changes that take place during such period)
over (ii) all prior distributions made pursuant to this subsection (b) and
subsection (a) above. All Tax Distributions shall be treated as an advance of
Distributions for purposes of Section 4.1(a).

            (c) Persons Receiving Distributions. Each Distribution shall be made
to the Persons shown on the LLC's books and records as Unitholders as of the
date of such Distribution; provided, however, that any transferor and transferee
of Units may mutually agree as to which of them should receive payment of any
Distribution under Section 4.1.

            4.2 Redemption. At any time on or after the tenth anniversary of the
date of the Acquisition Closing, any Unitholder may request redemption of all of
their Class A Preferred Units by delivering written notice of such request to
the LLC. Within five days after receipt of such request, the LLC shall give
written notice of such request to all other holders of Class A Preferred Units,
and such other holders may request redemption of their Class A Preferred Units
by delivering written notice to the LLC within ten days after receipt of the
LLC's notice. The LLC shall be required to redeem all Class A Preferred Units
with respect to which such redemption requests have been made at a price per
Class A Preferred Unit equal to the sum of the Class A Unpaid Yield plus the
Class A Unreturned Capital with respect to such Unit within 20 days after
receipt of the initial redemption request.

            4.3 Allocations Generally. Except as otherwise provided in Section
4.4, Profits and Losses for any Fiscal Year shall be allocated among the
Unitholders in such a manner that, as of the end of such Fiscal Year, the sum of
(i) the Capital Account of each Unitholder, (ii) such Unitholder's share of
Minimum Gain (as determined according to Treasury Regulation Section
1.704-2(g)), and (iii) such Unitholder's partner nonrecourse debt minimum gain
(as defined in Treasury Regulation Section 1.704-2(i)(3)) shall be equal to the
respective net amounts that would be distributed to them, determined as if the
LLC were to (i) liquidate the assets of the LLC for an amount equal to their
Book Value, and (ii) distribute the proceeds of liquidation pursuant to Section
12.2.

            4.4 Special Allocations.

            (a) Losses attributable to partner nonrecourse debt (as defined in
Treasury Regulation Section 1.704-2(b)(4)) shall be allocated in the manner
required by Treasury Regulation Section 1.704-2(i). If there is a net decrease
during a Fiscal Year in partner

                                     - 22 -
<PAGE>

nonrecourse debt minimum gain (as defined in Treasury Regulation Section
1.704-2(i)(3)), Profits for such Fiscal year (and, if necessary, for subsequent
Fiscal Years) shall be allocated to the Unitholders in the amounts and of such
character as determined according to, and subject to the exceptions contained
in, Treasury Regulation Section 1.704-2(i)(4). This Section 4.4(a) is intended
to be a minimum gain chargeback provision that complies with the requirements of
Treasury Regulation Section 1.704-2(i)(4) and shall be interpreted in a manner
consistent therewith.

            (b) Nonrecourse deductions (as determined according to Treasury
Regulation Section 1.704-2(b)(1)) for any Taxable Year shall be allocated to
each Unitholder ratably among such Unitholders based upon the number of
outstanding Units held by each such Unitholder immediately prior to such
allocation. If there is a net decrease in Minimum Gain during any Fiscal Year,
each Unitholder shall be allocated Profits for such Fiscal Year (and, if
necessary, for subsequent Fiscal Years) in the amounts and of such character as
determined according to, and subject to the exceptions contained in, Treasury
Regulation Section 1.704-2(f). This Section 4.4(b) is intended to be a minimum
gain chargeback provision that complies with the requirements of Treasury
Regulation Section 1.704-2(f), and shall be interpreted in a manner consistent
therewith.

            (c) If any Unitholder that unexpectedly receives an adjustment,
allocation, or distribution described in Treasury Regulation Section
1.704-1(b)(2)(ii)(d)(4), (5) and (6) has an Adjusted Capital Account Deficit as
of the end of any Taxable Year, computed after the application of Sections
4.4(a) and 4.4(b) but before the application of any other provision of this
Article IV, then Profits for such Taxable Year shall be allocated to such
Unitholder in proportion to, and to the extent of, such Adjusted Capital Account
Deficit. This Section 4.4(c) is intended to be a qualified income offset
provision as described in Treasury Regulation Section 1.704-1(b)(2)(ii)(d) and
shall be interpreted in a manner consistent therewith.

            (d) Profits and Losses shall be allocated in a manner consistent
with the manner that the adjustments to the Capital Accounts are required to be
made pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(j), (k), and (m).

            (e) The allocations set forth in Sections 4.4(a)-(d) (the
"Regulatory Allocations") are intended to comply with certain requirements of
Sections 1.704-1(b) and 1.704-2 of the Treasury Regulations. The Regulatory
Allocations may not be consistent with the manner in which the Unitholders
intend to allocate Profit and Loss of the LLC or make LLC distributions.
Accordingly, notwithstanding the other provisions of this Article IV, but
subject to the Regulatory Allocations, income, gain, deduction, and loss shall
be reallocated among the Unitholders so as to eliminate the effect of the
Regulatory Allocations and thereby cause the respective Capital Accounts of the
Unitholders to be in the amounts (or as close thereto as possible) they would
have been if Profit and Loss (and such other items of income, gain, deduction,
and loss) had been allocated without reference to the Regulatory Allocations. In
general, the Unitholders anticipate that this will be accomplished by specially
allocating other Profit and Loss (and such other items of income, gain,
deduction, and loss) among the Unitholders so that the net amount of the
Regulatory Allocations and such special allocations to each such Unitholder is
zero.

                                     - 23 -
<PAGE>

            4.5 Tax Allocations.

            (a) Except as provided in Sections 4.5(b), (c) and (d), the income,
gains, losses, deductions, and credits of the LLC will be allocated, for
federal, state, and local income tax purposes, among the Unitholders in
accordance with the allocation of such income, gains, losses, deductions, and
credits among the Unitholders for computing their Capital Accounts; except that,
if any such allocation is not permitted by the Code or other applicable law,
then the LLC's subsequent income, gains, losses, deductions, and credits will be
allocated among the Unitholders so as to reflect as nearly as possible the
allocation set forth herein in computing their Capital Accounts.

            (b) Items of LLC taxable income, gain, loss, and deduction with
respect to any property contributed to the capital of the LLC shall be allocated
among the Unitholders in accordance with Code Section 704(c) so as to take
account of any variation between the adjusted basis of such property to the LLC
for federal income tax purposes and its Book Value.

            (c) If the Book Value of any LLC asset is adjusted pursuant to the
requirements of Treasury Regulation Section 1.704-1(b)(2)(iv)(e) or (f)
subsequent allocations of items of taxable income, gain, loss, and deduction
with respect to such asset shall take account of any variation between the
adjusted basis of such asset for federal income tax purposes and its Book Value
in the same manner as under Code Section 704(c).

            (d) Allocations of tax credits, tax credit recapture, and any items
related thereto shall be allocated to the Unitholders according to their
interests in such items as determined by the Board taking into account the
principles of Treasury Regulation Section 1.704-1(b)(4)(ii).

            (e) Allocations pursuant to this Section 4.5 are solely for purposes
of federal, state, and local taxes and shall not affect, or in any way be taken
into account in computing, any Unitholder's Capital Account or Unit of Profits,
Losses, Distributions, or other LLC items pursuant to any provision of this
Agreement.

            4.6 Indemnification and Reimbursement for Payments on Behalf of a
Unitholder. If the LLC is required by law to make any payment that is
specifically attributable to a Unitholder or a Unitholder's status as such
(including federal withholding taxes, state personal property taxes, and state
unincorporated business taxes), then such Unitholder shall indemnify the LLC in
full for the entire amount paid (including interest, penalties and related
expenses). The LLC may pursue and enforce all rights and remedies it may have
against each Unitholder under this Section 4.6, including instituting a lawsuit
to collect such indemnification and contribution with interest calculated at a
rate equal to 10% per annum, compounded as of the last day of each year (but not
in excess of the highest rate per annum permitted by law).

            4.7 Transfer of Capital Accounts. If a Unitholder transfers an
interest in the LLC to a new or existing Unitholder, the transferee Unitholder
shall succeed to that portion of the transferor's Capital Account that is
attributable to the transferred interest. Any reference in this Agreement to a
Capital Contribution of, or Distribution to, a Unitholder that has succeeded

                                     - 24 -
<PAGE>

any other Unitholder shall include any Capital Contributions or Distributions
previously made by or to the former Unitholder on account of the interest of
such former Unitholder transferred to such Unitholder.

                                   ARTICLE V

                           BOARD OF MANAGERS; OFFICERS

            5.1 Management by the Board of Managers.

            (a) No Management by Unitholders. The Unitholders shall not manage
and control the business and affairs of the LLC, except for situations in which
the approval of Unitholders is required by this Agreement or by non-waivable
provisions of applicable law.

            (b) Authority of Board of Managers.

                  (i) Except for situations in which the approval of the
Unitholders is otherwise required (including pursuant to Section 6.7), (x) the
powers of the LLC shall be exercised by or under the authority of, and the
business and affairs of the LLC shall be managed under the direction of, the
Board and (y) the Board may make all decisions and take all actions for the LLC
not otherwise provided for in this Agreement, including the following:

                        (A) entering into, making and performing contracts,
agreements and other undertakings binding the LLC that may be necessary,
appropriate or advisable in furtherance of the purposes of the LLC and making
all decisions and waivers thereunder;

                        (B) maintaining the assets of the LLC in good order;

                        (C) collecting sums due the LLC;

                        (D) opening and maintaining bank and investment accounts
and arrangements, drawing checks and other orders for the payment of money and
designating individuals with authority to sign or give instructions with respect
to those accounts and arrangements;

                        (E) to the extent that funds of the LLC are available
therefor, paying debts and obligations of the LLC;

                        (F) acquiring, utilizing for LLC purposes and disposing
of any asset of the LLC;

                        (G) hiring and employing executives, Officers,
supervisors and other personnel;

                        (H) selecting, removing and changing the authority and
responsibility of lawyers, accountants and other advisers and consultants;

                                     - 25 -
<PAGE>

                        (I) entering into guaranties on behalf of the LLC's
Subsidiaries;

                        (J) obtaining insurance for the LLC;

                        (K) determining distributions of cash and other property
of the LLC as provided in Article IV;

                        (L) establishing reserves for commitments and
obligations (contingent or otherwise) of the LLC; and

                        (M) establishing a seal for the LLC.

In any event, the LLC shall not, without specific Board approval pursuant to
clause (A) of Section 5.1(b)(ii), enter into, or permit any Subsidiary to enter
into, any agreement or arrangement that provide for payments to or from the
Company or any Subsidiary in excess of $35,000,000 (other than securitization
transactions in the ordinary course of business).

                  (ii) The Board may act (A) by resolutions adopted at a meeting
and by written consents pursuant to Section 5.3, (B) by delegating power and
authority to committees pursuant to Section 5.4, and (C) by delegating power and
authority to any Officer pursuant to Section 5.5(a).

                  (iii) Each Unitholder acknowledges and agrees that no Manager
shall, as a result of being a Manager (as such), be bound to devote all of his
business time to the affairs of the LLC, and that he and his Affiliates do and
will continue to engage for their own account and for the accounts of others in
other business ventures.

            (c) Officers. The management of the business and affairs of the LLC
by the Officers and the exercising of their powers shall be conducted under the
supervision of and subject to the approval of the Board.

            5.2 Composition and Election of the Board of Managers.

            (a) Number and Designation. The number of Managers on the Board
shall be initially established at ten (10), and thereafter adjusted to conform
with the aggregate number of Managers available for designation in accordance
with this Section 5.2(a) below. The Board shall be comprised of the following
persons:

                  (i) three (3) representatives designated by Goldman, who
initially shall be Peter C. Aberg, Lance N. West and Stuart A. Katz, so long as
Goldman and its Affiliates continue to hold at least 50% of the Common Units
purchased by Goldman and its Affiliates under the Unit Purchase Agreement (the
"Goldman Common Units"), and thereafter, two (2) representatives designated by
Goldman so long as Goldman and its Affiliates continue to hold at least 25% of
the Goldman Common Units, and thereafter, one (1) representative designated by
Goldman so long as Goldman and its Affiliates hold at least one (1) Goldman
Common Unit (collectively, the "Goldman Managers"); provided that so long as GS
Capital Partners 2000, L.P.

                                     - 26 -
<PAGE>

continues to hold at least one (1) Goldman Common Unit, at least one Goldman
Manager shall be designated exclusively by GS Capital Partners 2000, L.P.;
provided further that if Goldman and its Affiliates continue to hold at least
50% of the Goldman Common Units and GTCR and its Affiliates no longer hold any
GTCR Common Units, then Goldman shall have the right to designate one (1)
additional representative (for a total of four (4) representatives) so long as
Goldman and its Affiliates continue to hold at least 50% of the Goldman Common
Units;

                  (ii) three (3) representatives designated by GTCR (provided
that at least one such representative shall be designated by GTCR Fund VIII, and
at least one by GTCR Fund VIII/B), which representatives initially shall be
Philip A. Canfield, David A. Donnini and David I. Trujillo, so long as GTCR and
its Affiliates continue to hold at least 50% of the Common Units purchased by
GTCR and its Affiliates under the Unit Purchase Agreement (the "GTCR Common
Units"), and thereafter, two (2) representatives designated by GTCR (provided
that at least one such representative shall be designated by GTCR Fund VIII, and
at least one by GTCR Fund VIII/B) so long as GTCR and its Affiliates continue to
hold at least 25% of the GTCR Common Units, and thereafter, one (1)
representative designated by GTCR so long as GTCR and its Affiliates hold at
least one (1) GTCR Common Unit (collectively, the "GTCR Managers"); provided
that if GTCR and its Affiliates continue to hold at least 50% of the GTCR Common
Units and Goldman and its Affiliates no longer hold any Goldman Common Units,
then GTCR shall have the right to designate one (1) additional representative
(for a total of four (4) representatives) so long as GTCR and its Affiliates
continue to hold at least 50% of the GTCR Common Units;

                  (iii) three (3) representatives designated by HGF, who
initially shall be Donald J. Edwards, J. Randy Staff and Carl B. Webb, so long
as HGF and its Affiliates continue to hold at least 50% of the Common Units
purchased by HGF and its Affiliates under the Unit Purchase Agreement (the "HGF
Common Units"), and thereafter, two (2) representatives designated by HGF so
long as HGF and its Affiliates continue to hold at least 25% of the HGF Common
Units, and thereafter, one (1) representative designated by HGF so long as HGF
and its Affiliates hold at least one (1) HGF Common Unit (collectively, the "HGF
Managers"); and

                  (iv) the LLC's chief executive officer, who shall initially be
Gerald J. Ford.

If any of Investor Member becomes ineligible to designate a representative to
fill a Manager position pursuant to the terms of Sections 5.2(a)(i) through
(iii) above, such Manager position shall remain vacant and such Investor Member
shall promptly identify its designee(s) who, as a result, will be automatically
removed from the Board.

            (b) Term. Members of the Board shall serve from their designation in
accordance with the terms hereof until their resignation, death or removal in
accordance with the terms hereof. Members of the Board need not be Unitholders
and need not be residents of the State of Delaware. A person shall become a
member of the Board effective upon receipt by the LLC at its principal place of
business of a written notice addressed to the Board (or at such later time or
upon the happening of some other event specified in such notice) of such
person's designation from the person or persons entitled to designate such
manager pursuant to Section

                                     - 27 -
<PAGE>

5.2(a) above. A member of the Board may resign as such by delivering his, her or
its written resignation to the LLC at the LLC's principal office addressed to
the Board. Such resignation shall be effective upon receipt unless it is
specified to be effective at some other time or upon the happening of some other
event.

            (c) Removal. The removal from the Board or any of its committees
(with or without cause) of any Goldman Manager, GTCR Manager or HGF Manager
shall become effective upon (and only upon) the written request of the
respective Investor Member entitled to designate such Manager to serve on such
Board or committee.

            (d) Vacancies. In the event that any designee under Section 5.2(a)
for any reason ceases to serve as a member of the Board (other than as the
result of a Investor Member becoming ineligible to designate one or more
representatives to the Board pursuant to the terms of Section 5.2(a)), (i) the
resulting vacancy on the Board shall be filled by a Person designated by the
respective Investor Member originally entitled to designate such Manager
pursuant to Section 5.2(a) above (provided that, if any party fails to designate
a person to fill a vacancy on the Board pursuant to the terms of this Section
5.2, such vacant managership shall remain vacant until such managership is
filled pursuant to this Section 5.2(d)), and (ii) such designee shall be removed
promptly after such time from each committee of the Board.

            (e) Reimbursement. The LLC shall pay all reimbursable out-of-pocket
costs and expenses incurred by each member of the Board incurred in the course
of their service hereunder, including in connection with attending regular and
special meetings of the Board, any board of managers or board of directors of
each of the LLC's Subsidiaries and/or any of their respective committees.

            (f) Compensation of Managers. Except as approved by the Required
Interest and subject to the Management Agreement, Managers shall receive no
compensation for serving in such capacity.

            (g) Reliance by Third Parties. Any Person dealing with the LLC,
other than a Unitholder, may rely on the authority of the Board (or any Officer
authorized by the Board) in taking any action in the name of the LLC without
inquiry into the provisions of this Agreement or compliance herewith, regardless
of whether that action actually is taken in accordance with the provisions of
this Agreement. Every agreement, instrument or document executed by the Board
(or any Officer authorized by the Board) in the name of the LLC with respect to
any business or property of the LLC shall be conclusive evidence in favor of any
Person relying thereon or claiming thereunder that (i) at the time of the
execution or delivery thereof, this Agreement was in full force and effect, (ii)
such agreement, instrument or document was duly executed according to this
Agreement and is binding upon the LLC and (iii) the Board or such Officer was
duly authorized and empowered to execute and deliver such agreement, instrument
or document for and on behalf of the LLC.

                                     - 28 -
<PAGE>

            5.3 Board Meetings and Actions by Written Consent.

            (a) Quorum; Voting. A majority of the total number of Managers then
serving on the Board (i.e., excluding any vacancies on the Board) must be
present (including pursuant to Section 5.3(h)) in order to constitute a quorum
for the transaction of business of the Board, and except as otherwise provided
in this Agreement, the act of a majority of the total number of Managers then
serving on the Board (i.e., excluding any vacancies on the Board) at a meeting
of the Board at which a quorum is present shall be the act of the Board. A
Manager who is present at a meeting of the Board at which action on any matter
is taken shall be presumed to have assented to the action unless his dissent
shall be entered in the minutes of the meeting or unless he shall file his
written dissent to such action with the person acting as secretary of the
meeting before the adjournment thereof or shall deliver such dissent to the LLC
immediately after the adjournment of the meeting. Such right to dissent shall
not apply to a Manager who voted in favor of such action.

            (b) Place; Attendance. Meetings of the Board may be held at such
place or places as shall be determined from time to time by resolution of the
Board. At all meetings of the Board, business shall be transacted in such order
as shall from time to time be determined by resolution of the Board. Attendance
of a Manager at a meeting shall constitute a waiver of notice of such meeting,
except where a Manager attends a meeting for the express purpose of objecting to
the transaction of any business on the ground that the meeting is not lawfully
called or convened.

            (c) Meeting In Connection With Unitholder Meeting. In connection
with any meeting of Unitholders, the Managers may, if a quorum is present, hold
a meeting for the transaction of business immediately after and at the same
place as such meeting of the Unitholders. Notice of such meeting at such time
and place shall not be required.

            (d) Time, Place and Notice. Regular meetings of the Board shall be
held at such times and places as shall be designated from time to time by
resolution of the Board. Notice of such meetings shall not be required.

            (e) Special Meetings. Special meetings of the Board may be called by
any Manager on at least 24 hours' notice to each other Manager. Such notice need
not state the purpose or purposes of, nor the business to be transacted at, such
meeting, except as may otherwise be required by law or provided for in this
Agreement.

            (f) Chairman and Vice Chairman. The Board shall designate one of the
Managers to serve as Chairman and a different Manager to serve as Vice Chairman.
The Chairman shall preside at all meetings of the Board. If the Chairman is
absent at any meeting of the Board, the Vice Chairman shall preside over such
Board meeting. If the Chairman and Vice Chairman are absent, the Managers
present shall designate a member to serve as interim chairman for that meeting.
Neither the Chairman nor Vice Chairman, except in their capacity as an Officer,
shall have the authority or power to act for or on behalf of the LLC, to do any
act that would be binding on the LLC or to make any expenditure or incur any
obligation on behalf of the LLC or authorize any of the foregoing.

                                      -29-
<PAGE>

            (g) Board Meetings. There shall be meetings of the Board from time
to time as requested by holders of the Required Interest.

            (h) Action by Unanimous Written Consent or Telephone Conference. Any
action permitted or required by the Delaware Act, the Certificate or this
Agreement to be taken at a meeting of the Board or any committee designated by
the Board may be taken without a meeting if a consent in writing, setting forth
the action to be taken, is signed by all of the Managers. Such consent shall
have the same force and effect as a vote at a meeting and may be stated as such
in any document or instrument filed with the Secretary of State of Delaware, and
the execution of such consent shall constitute attendance or presence in person
at a meeting of the Board or any such committee, as the case may be. A consent
transmitted by electronic transmission by a Member shall be deemed to be written
and signed for purposes of this Agreement. Subject to the requirements of the
Delaware Act, the Certificate or this Agreement for notice of meetings, unless
otherwise restricted by the Certificate, the Managers or members of any
committee designated by the Board may participate in and hold a meeting of the
Board or any committee, as the case may be, by means of a conference telephone
or similar communications equipment by means of which all persons participating
in the meeting can hear each other, and participation in such meeting shall
constitute attendance and presence in person at such meeting, except where a
person participates in the meeting for the express purpose of objecting to the
transaction of any business on the ground that the meeting is not lawfully
called or convened.

            5.4 Committees; Delegation of Authority and Duties.

            (a) Committees; Generally. The Board may, from time to time,
designate one or more committees. Each Investor Member that is entitled to
designate at least one (1) Manager to the Board pursuant to Section 5.2(a) shall
be entitled to designate at least one (1) of its designated Managers to each of
the Board's material committees. Any such committee, to the extent provided in
the enabling resolution or in the Certificate or this Agreement, shall have and
may exercise all of the authority of the Board. At every meeting of any such
committee, the presence of a majority of all the members thereof shall
constitute a quorum, and the affirmative vote of a majority of the members
present shall be necessary for the adoption of any resolution. The Board may
dissolve any committee at any time, unless otherwise provided in the Certificate
or this Agreement.

            (b) Audit Committee. The Board may establish an audit committee to
select the LLC's independent accountants and to review the annual audit of the
LLC's financial statements conducted by such accountants.

            (c) Delegation; Generally. The Board may, from time to time,
delegate to one or more Persons (including any Manager or Officer) such
authority and duties as the Board may deem advisable in addition to those powers
and duties set forth in Section 5.1(b) hereof. The Board also may assign titles
(including chairman, chief executive officer, president, vice president,
secretary, assistant secretary, treasurer and assistant treasurer) to any
Manager, Unitholder or other individual and may delegate to such Manager,
Unitholder or other individual certain authority and duties. Any number of
titles may be held by the same Manager, Unitholder

                                      -30-
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or other individual. Any delegation pursuant to this Section 5.4(c) may be
revoked at any time by the Board.

            (d) Third-party Reliance. Any Person dealing with the LLC, other
than a Unitholder, may rely on the authority of any Officer in taking any action
in the name of the LLC without inquiry into the provisions of this Agreement or
compliance herewith, regardless of whether that action actually is taken in
accordance with the provisions of this Agreement.

            5.5 Officers.

            (a) Designation and Appointment. The Board may (but need not), from
time to time, designate and appoint one or more persons as an Officer of the
LLC. No Officer need be a resident of the State of Delaware, a Unitholder or a
Manager. Any Officers so designated shall have such authority and perform such
duties as the Board may, from time to time, delegate to them. The Board may
assign titles to particular Officers. Unless the Board otherwise decides, if the
title is one commonly used for officers of a business corporation formed, the
assignment of such title shall constitute the delegation to such Officer of the
authority and duties that are normally associated with that office, subject to
(i) any specific delegation of authority and duties made to such Officer by the
Board pursuant to the third sentence of this Section 5.5(a) or (ii) any
delegation of authority and duties made to one or more Officers pursuant to the
terms of Section 5.4(c) and 5.5(c). Each Officer shall hold office until such
Officer's successor shall be duly designated and shall qualify or until such
Officer's death or until such Officer shall resign or shall have been removed in
the manner hereinafter provided. Any number of offices may be held by the same
individual. The salaries or other compensation, if any, of the Officers and
agents of the LLC shall be fixed from time to time by the Board.

            (b) Resignation. Any Officer (subject to any contract rights
available to the LLC, if applicable) may resign as such at any time. Such
resignation shall be made in writing and shall take effect at the time specified
therein, or if no time be specified, at the time of its receipt by the Board.
The acceptance of a resignation shall not be necessary to make it effective,
unless expressly so provided in the resignation. Any Officer may be removed as
such, either with or without cause, by the Board in its discretion at any time;
provided, however, that such removal shall be without prejudice to the contract
rights, if any, of the individual so removed. Designation of an Officer shall
not of itself create contract rights. Any vacancy occurring in any office of the
LLC may be filled by the Board.

            (c) Duties of Officers; Generally. The following Officers, to the
extent such Officers have been appointed by the Board, shall have the following
duties:

                  (i) Chief Executive Officer. The initial chief executive
officer of the LLC shall be Gerald J. Ford. Subject to the powers of the Board,
the chief executive officer of the LLC shall be in the general and active charge
of the entire business and affairs of the LLC, and shall be its chief
policy-making Officer. The president, chief financial officer and each other
senior officer of the LLC shall report directly to the chief executive officer.
The chief executive officer shall see that all orders and resolutions of the
Board are carried into effect. The LLC's chief executive officer's
responsibilities will also include setting corporate strategy, overseeing

                                      -31-
<PAGE>

the performance of the Company's chief executive officer, naming senior
executives of the Company (other than the chief executive officer and chief
financial officer of the Company who shall be named and approved by the full
Board), and recommending to the Board compensation of such executives. The chief
executive officer shall have such other powers and perform such other duties as
may be prescribed by the Board.

                  (ii) President. The president shall, subject to the powers of
the Board and the chief executive officer, be the chief administrative officer
of the LLC and shall have general charge of the business, affairs and property
of the LLC, and control over its Officers (other than the chief executive
officer), agents and employees. The president shall see that all orders and
resolutions of the Board and the chief executive officer are carried into
effect. He or she shall be responsible for the employment of employees, agents
and Officers (other than the chief executive officer) as may be required for the
conduct of the business and the attainment of the objectives of the LLC. He or
she shall have authority to suspend or to remove any employee, agent or Officer
(other than the chief executive officer) of the LLC and, in the case of the
suspension for cause of any such Officer, to recommend to the Board what further
action should be taken. In the absence of the president, his or duties shall be
performed and his or her authority may be exercised by the chief executive
officer. In the absence of the president and the chief executive officer, the
duties of the president shall be performed and his or her authority may be
exercised by such Officer as may have been designated as the most senior officer
of the LLC. The president shall have such other powers and perform such other
duties as may be prescribed by the chief executive officer or the Board.

                  (iii) Chief Financial Officer. The chief financial officer
shall keep and maintain, or cause to be kept and maintained, adequate and
correct books and records of accounts of the properties and business
transactions of the LLC, including accounts of its assets, liabilities,
receipts, disbursements, gains, losses, capital and Units. The chief financial
officer shall have the custody of the funds and securities of the LLC, and shall
keep full and accurate accounts of receipts and disbursements in books belonging
to the LLC, and shall deposit all moneys and other valuable effects in the name
and to the credit of the LLC in such depositories as may be designated by the
Board. The chief financial officer shall have such other powers and perform such
other duties as may be prescribed by the chief executive officer or the Board.

                  (iv) Vice President(s). The vice president(s) shall perform
such duties and have such other powers as the chief executive officer, the
president, the chief operating officer or the Board may from time to time
prescribe, and may have such further denominations as "Executive Vice
President," "Senior Vice President," "Assistant Vice President," and the like.

                  (v) Secretary.

                        (A) The secretary shall attend all meetings of the Board
and shall record all the proceedings of the meetings in a book to be kept for
that purpose, and shall perform like duties for the standing committees of the
Board when required.

                        (B) The secretary shall keep all documents as may be
required under the Delaware Act or this Agreement. The secretary shall perform
such other duties and

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have such other authority as may be prescribed elsewhere in this Agreement or
from time to time by the Board. The secretary shall have the general duties,
powers and responsibilities of a secretary of a corporation.

                        (C) If the Board chooses to appoint an assistant
secretary or assistant secretaries, the assistant secretaries, in the order of
their seniority, in the absence, disability or inability to act of the
secretary, shall perform the duties and exercise the powers of the secretary,
and shall perform such other duties as the Board may from time to time
prescribe.

                                   ARTICLE VI

                  GENERAL RIGHTS AND OBLIGATIONS OF UNITHOLDERS

            6.1 Limitation of Liability. Except as otherwise provided by
applicable law, the debts, obligations, and liabilities of the LLC, whether
arising in contract, tort, or otherwise, shall be solely the debts, obligations,
and liabilities of the LLC, and no Unitholder shall be obligated personally for
any such debt, obligation, or liability of the LLC solely by reason of being a
Unitholder of the LLC; provided that a Unitholder shall be required to return to
the LLC any Distribution made to it in clear and manifest accounting or similar
error. The immediately preceding sentence shall constitute a compromise to which
all Unitholders have consented within the meaning of the Delaware Act.
Notwithstanding anything contained herein to the contrary, the failure of the
LLC to observe any formalities or requirements relating to the exercise of its
powers or management of its business and affairs under this Agreement or the
Delaware Act shall not be grounds for imposing personal liability on the
Unitholders for liabilities of the LLC.

            6.2 Lack of Authority. No Unitholder in his, her, or its capacity as
such (other than the members of the Board acting as the Board or an authorized
Officer of the LLC) has the authority or power to act for or on behalf of the
LLC in any manner, to do any act that would be (or could be construed as)
binding on the LLC or to make any expenditures on behalf of the LLC, and the
Unitholders hereby consent to the exercise by the Board of the powers conferred
on it by law and this Agreement.

            6.3 No Right of Partition. No Unitholder shall have the right to
seek or obtain partition by court decree or operation of law of any LLC
property, or the right to own or use particular or individual assets of the LLC.

            6.4 Unitholders Right to Act. For situations which the approval of
any Unitholders or class thereof (rather than the approval of the Board on
behalf of the Unitholders) is required, the Unitholders shall act through
meetings and written consents as described in Sections 3.2 and 3.3.

            6.5 Conflicts of Interest.

            (a) A Unitholder, a Manager, their respective Affiliates and each of
their respective stockholders, directors, officers, controlling persons,
partners and employees and each Officer and employee of the LLC at any time and
from time to time, may engage in and possess

                                      -33-
<PAGE>

interests in other business ventures of any and every type and description,
independently or with others, including ones in competition with the LLC and its
subsidiaries, with no obligation to offer to the LLC and its subsidiaries or any
Investor the right to participate therein, except as any such Person may have
otherwise agreed with the LLC or any of its Subsidiaries in writing. Without
limiting the generality of the foregoing, each such person may (i) engage in,
and shall have no duty to refrain from engaging in, separate businesses or
activities from the LLC or any Subsidiary of the LLC, including businesses or
activities that are the same or similar to, or compete directly or indirectly
with, those of the LLC or any Subsidiary of the LLC and (ii) do business with
any potential or actual customer or supplier of the LLC or any Subsidiary of the
LLC.

            (b) To the fullest extent permitted by applicable law, none of the
Unitholders, the Managers or any of their respective Affiliates shall have any
obligation to present any business opportunity to the LLC or any Subsidiary of
the LLC, even if the opportunity is one that the LLC or any Subsidiary of the
LLC might reasonably be deemed to have pursued or had the ability or desire to
pursue if granted the opportunity to do so and no such person shall be liable to
the LLC, any Subsidiary of the LLC or any Unitholder for breach of any fiduciary
or other duty, as a Unitholder, Manager or otherwise, by reason of the fact that
such person pursues or acquires such business opportunity, directs such business
opportunity to another person or fails to present such business opportunity, or
information regarding such business opportunity, to the LLC or any Subsidiary of
the LLC unless, in the case of any such Manager, such business opportunity is
expressly offered to such Manager in writing solely as a Manager of the LLC.
Nothing in this Agreement will impede the LLC's ability to enter into
contractual arrangements with any Unitholder or any Manager, which arrangements
restrict such Unitholder or Manager from engaging in activities otherwise
allowed by this Section 6.5.

            (c) Each Unitholder (for itself and on behalf of the LLC) hereby, to
the fullest extent permitted by applicable law but subject to Sections 6.5(d):

                  (i) confirms that each Manager has no duty to the LLC or any
Subsidiary of the LLC other than the limited obligation set forth in Section
6.5(b) and those imposed by applicable law;

                  (ii) confirms that each Manager has no duty to any Unitholder
individually as a result of this Agreement (it being understood that this
provision does not limit any duty such person may have to a Unitholder as a
director, officer or employee of the Unitholder);

                  (iii) confirms that each Unitholder has no duty to any other
Unitholder or to the LLC or any Subsidiary of the LLC as a result of this
Agreement other than the specific covenants and agreements set forth in this
Agreement;

                  (iv) acknowledges and agrees that (A) in the event of any
conflict of interest between the LLC, the Company and the Unitholders, any
Affiliate of the Unitholders or any Manager that may from time to time arise,
each such person may act in its best interest (provided that, in the case of a
conflict of interest between a Manager and the LLC, the existence

                                      -34-
<PAGE>

of such conflict is disclosed to the Board) and (B) no such person shall be
obligated (1) to reveal to the LLC or any Subsidiary of the LLC confidential
information belonging to or relating to the business of such person or (2) to
recommend or take any action in its capacity as such Unitholder or Manager, as
the case may be, that prefers the interest of the LLC or any Subsidiary of the
LLC over the interest of such person; and

                  (v) waives any claim or cause of action against any other
Unitholder, any Manager and any officer, employee, agent or Affiliate of any
such Unitholder or Manager that may from time to time arise in respect of a
breach by any such person of any duty or obligation disclaimed under Sections
6.5(c)(i) through (iv).

            (d) Each Unitholder agrees that the waivers, acknowledgments and
agreements set forth in subsection (c) above shall not apply to any alleged
claim or cause of action against a Manager, Unitholder or any Unitholder's
Affiliates or any of their respective stockholders, directors, officers,
controlling persons, partners or employees based upon the breach or
non-performance by such person of this Agreement or other agreement to which the
LLC or the Company and any such other Unitholder, any of its Affiliates or any
Manager designated by such other Unitholder is a party. (e) The provisions of
this Section 6.5, to the extent that they restrict the duties and liabilities of
a Unitholder or Manager otherwise existing at law or in equity, are agreed by
the Unitholders to replace such other duties and liabilities of such person.

            6.6 Transactions Between the LLC and the Unitholders.
Notwithstanding that it may constitute a conflict of interest, the Unitholders
or their Affiliates may engage in any transaction (including the purchase, sale,
lease or exchange of any property or rendering of any service or the
establishment of any salary, other compensation or other terms of employment)
with the LLC so long as (i) such transaction is approved by a majority of the
Board after full disclosure of the terms of such transaction, excluding the
members of the Board designated by such Unitholder or its Affiliates (the
"Conflict Parties") and (ii) if Unitholder approval is required with respect to
such transaction, such transaction is approved by the holders of a majority of
the Units or other interests of the LLC other than those held by the Conflict
Parties.

            6.7 Approval Rights. Notwithstanding the provisions of Article V,
the LLC shall not, without the prior written consent of the holders of the
Required Interest:

            (a) directly or indirectly declare or pay any dividends or make any
distributions upon any of its equity securities, other than Tax Distributions
and distributions of unpaid yield or unreturned capital on the Class A Preferred
Units pursuant to Sections 4.1(a)(i) and 4.1(a)(ii) this Agreement;

            (b) enter into, or permit any Subsidiary to enter into, any joint
venture or similar transaction;

                                      -35-
<PAGE>

            (c) enter into, or permit any Subsidiary to enter into, any
agreement or arrangement that materially limits or otherwise restricts the LLC
or any Subsidiary from engaging or competing in any material line of business or
in any material geographic area;

            (d) enter into, or permit any Subsidiary to enter into, any
transaction with any of its or any Subsidiary's officers, directors, members,
employees or Affiliates or any individual related by blood, marriage or adoption
to any such Person or any entity in which any such Person or individual owns a
beneficial interest, except for normal employment arrangements and benefit
programs on reasonable terms (it being understood and agreed that loans or
advances to employees (other than travel advances and de minimus advances) shall
not constitute normal employment arrangements or benefit programs) and except as
otherwise expressly contemplated by this Agreement, the Executive Agreements and
the Management Agreement;

            (e) directly or indirectly redeem, purchase or otherwise acquire, or
permit any Subsidiary to redeem, purchase or otherwise acquire, any equity
securities of the LLC or any Subsidiary (including, without limitation,
warrants, options and other rights to acquire such equity securities), other
than the redemptions of Class A Preferred Units pursuant to Section 4.2 of this
Agreement;

            (f) except as expressly contemplated by this Agreement, the
Executive Agreements or the Management Agreement, authorize, issue, sell or
enter into any agreement providing for the issuance (contingent or otherwise),
or permit any Subsidiary to authorize, issue, sell or enter into any agreement
providing for the issuance (contingent or otherwise) of, (i) any notes or debt
securities containing equity features (including, without limitation, any notes
or debt securities convertible into or exchangeable for equity securities,
issued in connection with the issuance of equity securities or containing profit
participation features) or (ii) any class, series, shares or units of equity
securities (or any securities convertible into or exchangeable for any equity
securities) of the LLC or any Subsidiary or rights, warrants or options to
acquire or any security convertible into any equity securities of the LLC or any
Subsidiary, other than the issuance of equity securities by a Subsidiary to the
LLC or another Subsidiary;

            (g) create, incur, assume, refinance or suffer to exist, or permit
any Subsidiary to create, incur, assume, refinance or suffer to exist, third
party Indebtedness exceeding an aggregate principal amount of $50,000,000
outstanding at any time on a consolidated basis (whether by way of authorizing,
issuing or entering into any agreement providing for the issuance (contingent or
otherwise) of, any notes or debt securities or entering into any contract or
agreement regarding third party debt financing or otherwise), except for
Indebtedness secured by receivables or financial assets (including, without
limitation, Indebtedness incurred pursuant to the Warehouse Facilities, the
Residual Facilities, the HFI Term Loan and the High Yield Debt); provided that
entry into any agreement for the refinancing of more than $200,000,000 of such
Indebtedness secured by receivables or financial assets shall require the prior
written consent of the holders of the Required Interest;

            (h) merge or consolidate with any Person or permit any Subsidiary to
merge or consolidate with any Person (other than a wholly-owned Subsidiary);

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<PAGE>

            (i) sell, lease or otherwise dispose of, or permit any Subsidiary to
sell, lease or otherwise dispose of, more than 10% of the consolidated assets of
the LLC and its Subsidiaries (computed on the basis of book value, determined in
accordance with United States generally accepted accounting principles
consistently applied, or fair market value, determined by the Board in its
reasonable good faith judgment) in any transaction or series of related
transactions (other than sales of inventory in the ordinary course of business);

            (j) except as contemplated by this Agreement in connection with a
Public Offering, voluntarily initiate a liquidation, dissolution or winding up
of the LLC or any Subsidiary, or a recapitalization or reorganization of the LLC
or any Subsidiary in any form of transaction (including, without limitation, any
reorganization into a corporation or a partnership), or permit the commencement
of a proceeding for bankruptcy, insolvency, receivership or similar action with
respect to the LLC or any Subsidiary;

            (k) except as contemplated by this Agreement in connection with a
Public Offering, change the corporate or organizational structure of the LLC or
any Subsidiary;

            (l) acquire or dispose of, or permit any Subsidiary to acquire or
dispose of, any interest in any business (whether by a purchase of assets,
purchase of securities, merger or otherwise) involving aggregate consideration
(including, without limitation, the assumption of liabilities) exceeding
$35,000,000;

            (m) acquire, or permit any Subsidiary to acquire, portfolios of
securities (including auto loan portfolios) for aggregate consideration of more
than $100,000,000 in any transaction or series of related transactions;

            (n) enter into the ownership, active management or operation of any
business other than the ownership of the securities of its Subsidiaries or
permit any Subsidiary to enter into the ownership, active management or
operation of any business other than a business in the automobile loan industry;

            (o) become subject to, or permit any Subsidiary to become subject
to, any agreement or instrument that by its terms would (under any
circumstances) restrict (A) the right of any Subsidiary to make loans or
advances or pay dividends to, transfer property to, or repay any Indebtedness
owed to, the LLC or any Subsidiary or (B) the LLC's right to perform the
provisions of this Agreement, the Certificate, or the other Transaction
Documents;

            (p) amend, alter or repeal, or permit any Subsidiary to amend, alter
or repeal, by merger, consolidation, combination, reclassification or otherwise,
the Certificate or the certificate of incorporation or bylaws any Subsidiary;

            (q) except as expressly contemplated by this Agreement, make any
amendment to the Certificate or the LLC Agreement that would increase the number
of authorized Units or adversely affect or otherwise impair the rights or the
relative preferences and priorities of the holders of the Units under this
Agreement, the Certificate, or the other Transaction Documents;

                                      -37-
<PAGE>

            (r) terminate the employment of, appoint or hire, or enter into,
amend or modify any Executive Agreement or any employment agreement or
arrangement with, the chief executive officer of the LLC, other than a
termination of employment and/or modification to such agreement or arrangement
that does not materially change the severance or other terms of such agreement
or arrangement;

            (s) make, or permit any Subsidiary to make, any election to change
the classification of the LLC or any of its Subsidiary for Federal income tax
purposes;

            (t) provide any waiver by, or consent of, the LLC under or pursuant
to the Stockholders Agreement;

            (u) settle or compromise, or permit any Subsidiary to settle or
compromise, any pending or threatened suit, action or claim of the LLC or any
Subsidiary in excess of $5,000,000;

            (v) appoint or remove, or permit any Subsidiary to appoint or
remove, the independent auditor of the LLC or any Subsidiary;

            (w) approve the annual budget (and significant variances from the
budget) of the LLC and its Subsidiaries;

            (x) make, or permit any Subsidiary to make, any capital expenditures
(including, without limitation, payments with respect to capitalized leases, as
determined in accordance with generally accepted accounting principles
consistently applied) exceeding an amount that is $1,000,000 greater than the
amount set forth in the then current annual budget approved pursuant to
paragraph (w) above in the aggregate on a consolidated basis during any
twelve-month period; or

            (y) make, or permit any Subsidiary to make, any material changes in
the accounting policies of the LLC or any Subsidiary.

Without limiting the generality of the foregoing, prior to the Acquisition
Closing, the LLC shall not permit the Purchaser to amend, modify or waive any
condition under the Acquisition Agreement without the unanimous consent of the
Investor Members.

            6.8 Other Covenants.

            (a) Public Disclosures. The LLC shall not, nor shall it permit any
Subsidiary to, disclose any Unitholder's name or identity as an investor in the
LLC in any press release or other public announcement or in any document or
material filed with any governmental entity, without the prior written consent
of such Unitholder, unless such disclosure is required by applicable law or
governmental regulations or by order of a court of competent jurisdiction, in
which case prior to making such disclosure the LLC shall give written notice to
such Unitholder describing in reasonable detail the proposed content of such
disclosure and shall permit such Unitholder to review and comment upon the form
and substance of such disclosure.

                                      -38-
<PAGE>

            (b) Hart-Scott-Rodino Compliance. In connection with any transaction
in which the LLC is involved that is required to be reported under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended from time to
time (the "HSR Act"), the LLC shall prepare and file all documents with the
Federal Trade Commission and the United States Department of Justice which may
be required to comply with the HSR Act, and shall promptly furnish all materials
thereafter requested by any of the regulatory agencies having jurisdiction over
such filings, in connection with such transaction. The LLC shall take all
reasonable actions and shall file and use reasonable best efforts to have
declared effective or approved all documents and notifications with any
governmental or regulatory bodies, as may be necessary or may reasonably be
requested under federal antitrust laws for the consummation of such transaction.
Notwithstanding the foregoing, if any Unitholder, rather than the LLC, is
required to make a filing under the HSR Act in connection with such a
transaction, the LLC will provide to such Unitholder all necessary information
for such filing, will facilitate such filing and will pay all fees and expenses
associated with such filing.

            (c) Transfer of Restricted Securities.

                  (i) In addition to the transfer restrictions contained in
Article X of this Agreement, Restricted Securities are transferable only
pursuant to (A) Public Offerings, (B) Rule 144 of the Securities and Exchange
Commission (or any similar rule or rules then in force) if such rule or rules
are available and (C) subject to the conditions specified in clause (ii) below,
any other legally available means of transfer.

                  (ii) In connection with the transfer of any Restricted
Securities (other than a transfer described in Section 6.8(c)(i)(A)), the holder
thereof shall deliver written notice to the LLC describing in reasonable detail
the transfer or proposed transfer, together (except in the case of a transfer
described in Section 6.8(c)(i)(B)) with an opinion of counsel that (to the LLC's
reasonable satisfaction) is knowledgeable in securities law matters to the
effect that such transfer of Restricted Securities may be effected without
registration of such Restricted Securities under the Securities Act. In
addition, if the holder of the Restricted Securities delivers to the LLC an
opinion of such counsel that no subsequent transfer of such Restricted
Securities shall require registration under the Securities Act, the LLC shall
promptly upon such contemplated transfer deliver to the prospective transferor
new certificates for such Restricted Securities that do not bear the Securities
Act legend set forth in Section 10.7(b). If the LLC is not required to deliver
new certificates for such Restricted Securities not bearing such legend, the
holder thereof shall not transfer the same until the prospective transferee has
confirmed to the LLC in writing its agreement to be bound by the conditions
contained in this Section 6.8(c) and Section 10.7(b).

                  (iii) Upon the request of an Investor Member, the LLC shall
promptly supply to such Investor Member or its prospective transferees all
information regarding the LLC required to be delivered in connection with a
transfer pursuant to Rule 144A of the Securities and Exchange Commission.

            6.9 Nonsolicitation. So long as a Unitholder holds any Units, such
Unitholder shall not solicit, or direct any other person to solicit, any
employee of the LLC or any Subsidiary of the LLC to leave the employ of the LLC
or such Subsidiary; provided, however, that the

                                      -39-
<PAGE>

following shall not be deemed to cause a breach of this restriction: (i)
generalized advertisement of employment opportunities including in trade or
industry publications or generalized employee searches by a headhunter/search
firm (in either case not focused specifically on the employees of the LLC or any
Subsidiary of the LLC), (ii) soliciting or hiring any former employee of the LLC
or any Subsidiary of the LLC who has been terminated by the LLC or any
Subsidiary of the LLC prior to commencement of employment discussions between
such Unitholder and such former employee, or (iii) soliciting or hiring any such
person who contacts a Unitholder on his or her own initiative without any direct
or indirect solicitation from the Unitholder. The Unitholders acknowledge that
breach of the provisions of this Section 6.9 may cause irreparable injury to the
LLC for which monetary damages are inadequate, difficult to compute, or both.
Accordingly, the Unitholders agree that the provisions of this Section 6.9 may
be enforced by injunctive relief for specific performance.

                                  ARTICLE VII

                         EXCULPATION AND INDEMNIFICATION

            7.1 Exculpation. No Officer, other employee of the LLC or Manager
shall be liable to any other Officer, other employee of the LLC, Manager, the
LLC or to any Unitholder for any loss suffered by the LLC unless such loss is
caused by such Person's bad faith, gross negligence or willful misconduct. The
Officers, other employees of the LLC and Managers shall not be liable for errors
in judgment or for any acts or omissions that do not constitute bad faith, gross
negligence or willful misconduct. Any Officer, other employee of the LLC or
Manager may consult with counsel and accountants in respect of LLC affairs, and
provided such Person acts in good faith reliance upon the advice or opinion of
such counsel or accountants, such Person shall not be liable for any loss
suffered by the LLC in reliance thereon.

            7.2 Right to Indemnification. Subject to the limitations and
conditions as provided in this Article VII, each Person who was or is made a
party or is threatened to be made a party to or is involved in any threatened,
pending or completed action, suit or proceeding, whether civil, criminal,
administrative, arbitrative (hereinafter a "Proceeding"), or any appeal in such
a Proceeding or any inquiry or investigation that could lead to such a
Proceeding, by reason of the fact that he or she, or a Person of whom he or she
is the legal representative, is or was a Unitholder, Manager, Officer or other
employee of the LLC, or while a Unitholder, Manager, Officer or employee of the
LLC is or was serving at the request of the LLC as a manager, director, officer,
partner, venturer, proprietor, trustee, employee, agent or similar functionary
of another foreign or domestic limited liability company, corporation,
partnership, joint venture, sole proprietorship, trust, employee benefit plan or
other enterprise shall be indemnified by the LLC to the fullest extent permitted
by the Delaware Act, as the same exist or may hereafter be amended (but, in the
case of any such amendment, only to the extent that such amendment permits the
LLC to provide broader indemnification rights than said law permitted the LLC to
provide prior to such amendment) against judgments, penalties (including excise
and similar taxes and punitive damages), fines, settlements and reasonable
expenses (including attorneys' fees) actually incurred by such Person in
connection with such Proceeding, and indemnification under this Article VII
shall continue as to a Person who has ceased to serve in the capacity which

                                      -40-
<PAGE>

initially entitled such Person to indemnity hereunder. The rights granted
pursuant to this Article VII shall be deemed contract rights, and no amendment,
modification or repeal of this Article VII shall have the effect of limiting or
denying any such rights with respect to actions taken or Proceedings arising
prior to any amendment, modification or repeal. It is expressly acknowledged
that the indemnification provided in this Article VII could involve
indemnification for negligence or under theories of strict liability.

            7.3 Advance Payment. Reasonable expenses incurred by a Person of the
type entitled to be indemnified under Section 7.2 who was, is or is threatened
to be made a named defendant or respondent in a Proceeding shall be paid by the
LLC in advance of the final disposition of the Proceeding upon receipt of an
undertaking by or on behalf of such Person to repay such amount if it shall
ultimately be determined by a court of competent jurisdiction in a final and
non-appealable judgment that he or she is not entitled to be indemnified by the
LLC.

            7.4 Indemnification of Employees and Agents. The LLC, by adoption of
a resolution of the Board, may indemnify and advance expenses to an agent of the
LLC to the same extent and subject to the same conditions under which it may
indemnify and advance expenses to Persons who are not or were not Managers,
Officers or employees of the LLC but who are or were serving at the request of
the LLC as a manager, director, officer, partner, venturer, proprietor, trustee,
employee, agent or similar functionary of another foreign or domestic limited
liability company, corporation, partnership, joint venture, sole proprietorship,
trust, employee benefit plan or other enterprise against any liability asserted
against him and incurred by him in such a capacity or arising out of his status
as such a Person to the same extent that it may indemnify and advance expenses
to Managers, Officers and employees of the LLC under this Article VII.

            7.5 Appearance as a Witness. Notwithstanding any other provision of
this Article VII, the LLC shall pay or reimburse reasonable out-of-pocket
expenses incurred by a Manager, Officer or employee of the LLC in connection
with his appearance as a witness or other participation in a Proceeding at a
time when he is not a named defendant or respondent in the Proceeding.

            7.6 Nonexclusivity of Rights. The right to indemnification and the
advancement and payment of expenses conferred in this Article VII shall not be
exclusive of any other right which a Manager, Officer, employee or other Person
indemnified pursuant to Section 7.2 may have or hereafter acquire under any law
(common or statutory), provision of the Certificate or this Agreement,
agreement, vote of Unitholders or disinterested Managers or otherwise.

            7.7 Insurance. The LLC shall purchase and maintain insurance, at its
expense, to protect itself and any Person who is or was serving as a Manager,
Officer, employee or agent of the LLC or is or was serving at the request of the
LLC as a manager, director, officer, partner, venturer, proprietor, trustee,
employee, agent or similar functionary of another foreign or domestic limited
ability company, corporation, partnership, joint venture, sole proprietorship,
trust, employee benefit plan or other enterprise against any expense, liability
or loss, whether or

                                      -41-
<PAGE>

not the LLC would have the power to indemnify such Person against such expense,
liability or loss under this Article VII.

            7.8 Savings Clause. If this Article VII or any portion hereof shall
be invalidated on any ground by any court of competent jurisdiction, then the
LLC shall nevertheless indemnify and hold harmless each Manager, Officer,
employee or any other Person indemnified pursuant to this Article VII as to
costs, charges and expenses (including attorneys' fees), judgments, fines and
amounts paid in settlement with respect to any action, suit or proceeding,
whether civil, criminal, administrative or investigative to the full extent
permitted by any applicable portion of this Article VII that shall not have been
invalidated and to the fullest extent permitted by applicable law.

                                  ARTICLE VIII

                     BOOKS, RECORDS, ACCOUNTING AND REPORTS

            8.1 Records and Accounting. The LLC shall keep, or cause to be kept,
appropriate books and records with respect to the LLC's business, including all
books and records necessary to provide any information, lists, and copies of
documents required to be provided pursuant to Section 8.3 or pursuant to
applicable laws. All matters concerning (i) the determination of the relative
amount of allocations and distributions among the Unitholders pursuant to
Articles III and IV and (ii) accounting procedures and determinations, and other
determinations not specifically and expressly provided for by the terms of this
Agreement, shall be determined by the Board, whose determination shall be final
and conclusive as to all of the Unitholders absent manifest clerical error.

            8.2 Fiscal Year. The fiscal year (the "Fiscal Year") of the LLC
shall constitute the 12-month period ending on December 31 of each calendar
year, or such other annual accounting period as may be established by the Board.

            8.3 Tax Information. The LLC shall use reasonable best efforts to
deliver or cause to be delivered, within 75 days after the end of each Fiscal
Year, to each Person who was a Unitholder at any time during such Fiscal Year
all information necessary for the preparation of such Person's United States
federal and state income tax returns.

            8.4 Transmission of Communications. Each Person that owns or
controls Units on behalf of, or for the benefit of, another Person or Persons
shall be responsible for conveying any report, notice, or other communication
received from the Board to such other Person or Persons.

            8.5 LLC Funds. The Board and Officers may not commingle the LLC's
funds with the funds of any Unitholder or Managers.

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<PAGE>

            8.6 Information Rights.

            (a) Financial Statements and Other Information. The LLC shall
deliver to each Investor Member (so long as such Investor Member holds any
Units):

                  (i) as soon as available but in any event within 45 days after
the end of each monthly accounting period in each fiscal year, unaudited
consolidated statements of income and cash flows of the LLC and its Subsidiaries
for such monthly period and for the period from the beginning of the fiscal year
to the end of such month, and consolidated balance sheets of the LLC and its
Subsidiaries as of the end of such monthly period, all prepared in accordance
with United States generally accepted accounting principles, consistently
applied, subject to the absence of footnote disclosures and to normal year-end
adjustments;

                  (ii) as soon as available but in any event within 45 days
after the end of each quarterly accounting period in each fiscal year, unaudited
consolidated statements of income and cash flows of the LLC and its Subsidiaries
for such quarterly period and for the period from the beginning of the fiscal
year to the end of such quarter, and consolidated balance sheets of the LLC and
its Subsidiaries as of the end of such quarterly period, all prepared in
accordance with United States generally accepted accounting principles,
consistently applied, subject to the absence of footnote disclosures and to
normal year-end adjustments, together with a management discussion and analysis
of financial conditions and results of operations in a form reasonably
satisfactory to the Investor Members (an "MD&A") ;

                  (iii) within 90 days after the end of each fiscal year,
consolidating and consolidated statements of income and cash flows of the LLC
and its Subsidiaries for such fiscal year, and consolidating and consolidated
balance sheets of the LLC and its Subsidiaries as of the end of such fiscal
year, setting forth in each case comparisons to the annual budget and to the
preceding fiscal year, all prepared in accordance with United States generally
accepted accounting principles, consistently applied, together with an MD&A, and
accompanied by (a) with respect to the consolidated portions of such statements
(except with respect to budget data), an opinion containing no exceptions or
qualifications (except for qualifications regarding specified contingent
liabilities) of an independent accounting firm of recognized national standing
acceptable to the holders of the Required Interest, and (b) a copy of such
accounting firm's annual management letter to the Board;

                  (iv) promptly upon receipt thereof, any additional reports,
management letters or other detailed information concerning significant aspects
of the LLC's operations or financial affairs given to the LLC by its independent
accountants (and not otherwise contained in other materials provided hereunder);

                  (v) with reasonable promptness, such other information and
financial data concerning the LLC and its Subsidiaries as any Person entitled to
receive information under this Section 8.6 may reasonably request and which the
LLC can provide without undue burden, including, without limitation, all
securitization reporting, remittance reports and other similar reports of the
LLC.

                                      -43-
<PAGE>

      Each of the financial statements referred to in subsections (i) and (iii)
shall be true and correct in all material respects as of the dates and for the
periods stated therein, subject in the case of the unaudited financial
statements to changes resulting from normal year-end audit adjustments (none of
which would, alone or in the aggregate, be materially adverse to the financial
condition, operating results, assets, operations or business prospects of the
LLC and its Subsidiaries taken as a whole).

            (b) Inspection of Property. The LLC shall permit any representatives
designated by any Investor Member (so long as such Investor Member holds any
Units), upon reasonable notice and during normal business hours and such other
times as any such holder may reasonably request, to (a) visit and inspect any of
the properties of the LLC and its Subsidiaries, (b) examine the corporate and
financial records of the LLC and its Subsidiaries and make copies thereof or
extracts therefrom and (c) discuss the affairs, finances and accounts of any
such entities with the directors, officers, key employees and independent
accountants of the LLC and its Subsidiaries; provided that the LLC shall have
the right to have its chief financial officer present at any meetings with the
LLC's independent accountants.

            8.7 Confidentiality. The Unitholders acknowledge that, from time to
time, they may receive information from or concerning the other Unitholders, the
LLC and its Subsidiaries in the nature of trade secrets or that otherwise is
confidential, the release of which is reasonably expected to damage the LLC and
its Subsidiaries or Persons with which it does business ("Confidential
Information"). In addition to any other obligations of any Unitholder pursuant
to any agreement between the LLC and such Unitholder or otherwise, each
Unitholder agrees that it shall hold in strict confidence any Confidential
Information that it receives and may not disclose it to any Person other than
another Unitholder, a member of the Board or an Officer, except for disclosures
(i) compelled by law (but the Unitholder must notify the other Unitholders
promptly of any request for that information, before disclosing it, if legal and
practicable), (ii) to advisers, agents or representatives of the Unitholder or
Persons to whom that Unitholder's Units may be Transferred as permitted by this
Agreement, but only if the recipients have been notified of, and have agreed to
be bound by, the provisions of this Section 8.7, or (iii) of information that
the Unitholder also has received from a source independent of the LLC that the
Unitholder reasonably believes obtained that information without breach of any
obligation of confidentiality. The Unitholders acknowledge that breach of the
provisions of this Section 8.7 may cause irreparable injury to the LLC for which
monetary damages are inadequate, difficult to compute, or both. Accordingly, the
Unitholders agree that the provisions of this Section 8.7 may be enforced by
injunctive relief for specific performance. Each Unitholder also agrees to cause
the Managers designated by such Unitholder to treat any Confidential Information
in the same manner as required of the Unitholder in this Section 8.7.

                                   ARTICLE IX

                                      TAXES

            9.1 Tax Returns. The LLC shall prepare and file all necessary
federal and state income tax returns, including making the elections described
in Section 9.2. The LLC shall

                                      -44-
<PAGE>

provide to each Unitholder within 75 days after the end of each Taxable Year,
any applicable Form K-1 for such Taxable Year, and such other information as may
be necessary for the preparation of each such Unitholder's federal and state
income tax returns. Each Unitholder shall furnish to the LLC all pertinent
information in its possession relating to LLC operations that is necessary to
enable the LLC's income tax returns to be prepared and filed.

            9.2 Tax Elections. The LLC shall make any election the LLC may deem
appropriate and in the best interests of the Unitholders.

            9.3 Tax Matters Partner. HGF (or, to the extent allowed under
applicable law, an Affiliate so designated by HGF) shall be the "tax matters
partner" of the LLC pursuant to Section 6231(a)(7) of the Code (the "Tax Matters
Partner"). The Tax Matters Partner shall be authorized and required to represent
the LLC (at the LLC's expense) in connection with all examinations of the LLC's
affairs by tax authorities, including resulting administrative and judicial
proceedings, and to expend LLC funds for professional services and other
expenses reasonably incurred in connection therewith. Each Unitholder agrees to
cooperate with the LLC and to do or refrain from doing any or all things
reasonably requested by the LLC with respect to the conduct of such proceedings.
The Tax Matters Partner shall inform each other Unitholder of all significant
matters that may come to its attention in its capacity as Tax Matters Partner by
giving notice thereof on or before the fifth business day after becoming aware
thereof and, within that time, shall forward to each other Unitholder copies of
all significant written communications he may receive in that capacity. The Tax
Matters Partner may not take any action contemplated by Sections 6222 through
6232 of the Code without the consent of the Board, but this sentence does not
authorize the Tax Matters Partner (or any Manager) to take any action left to
the determination of an individual Unitholder under Sections 6222 through 6232
of the Code.

                                   ARTICLE X

                                TRANSFER OF UNITS

                  10.1 Transfers by Unitholders.

            (a) No Unitholder shall Transfer any interest in any Units except in
compliance with this Article X.

            (b) Notwithstanding any other provision of this Agreement, prior to
the first anniversary of the Acquisition Closing, no Unitholder shall Transfer,
or enter into any agreement to Transfer, any interest in any Units other than to
a Control Affiliate (as defined in the Acquisition Agreement) in compliance with
the other provisions of this Agreement.

            (c) Each transferee of Units or other interest in the LLC shall, as
a condition precedent to such Transfer, execute a counterpart to this Agreement
pursuant to which such transferee shall agree to be bound by the provisions of
this Agreement. Each transferee of Units or other interest in the LLC (other
than a transferee in a Public Offering) shall, upon executing a counterpart to
this Agreement, have all of the economic rights and privileges of the
transferor, but shall not, notwithstanding anything herein to the contrary
except the proviso in this

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<PAGE>

Section 10.1(c), be entitled to any voting rights or rights to designate members
of the Board, without the prior consent of the holders of at least two-thirds
(2/3) of the Common Units held by the Investor Members other than the
transferor; provided that voting rights and rights to designate members of the
Board shall transfer automatically to (i) a transferee of Units pursuant to the
exercise of first offer rights set forth in Section 10.2 if such transferee is
an existing Unitholder with existing voting rights or rights to designate
members of the Board, respectively and (ii) a Permitted Transferee.

            (d) The restrictions on the Transfer of Units or other interests in
the LLC set forth in this Section 10.1 shall continue with respect to each Unit
or other interest in any Unit until the date on which such Unit or other
interest has been transferred in a Public Sale or pursuant to a Sale of the
Company that meets the conditions for Transfer set forth in this Article X.

            (e) The LLC may not recognize for any purpose any purported Transfer
of all or part of a Unit until the other applicable provisions of this Article X
have been satisfied and the LLC has received (other than in the case of
transfers described in Sections 6.8(c)(i)(A) and (B) above) a favorable opinion
of legal counsel reasonably acceptable to the Board to the effect that either
(i) the Transfer of the Unit or part thereof subject to the Transfer or
admission has been registered under the Securities Act and any applicable state
securities laws or (ii) the Transfer or admission is exempt from registration
under those laws. The Board, however, may waive any or all of the requirements
of this Section 10.1(e).

            (f) The LLC may not recognize for any purpose any purported Transfer
of all or part of a Unit until the other applicable provisions of this Article X
have been satisfied and the LLC has received (other than in the case of
transfers described in Sections 6.8(c)(i)(A) and (B) above) a favorable opinion
of legal counsel reasonably acceptable to the Board to the effect that the
Transfer will not cause the LLC to be treated as a "publicly traded
partnership," as defined in Code Section 7704, taxable as a corporation. The
Board, however, may waive any or all of the requirements of this Section
10.1(f).

            (g) If a Unitholder Transfers its Units or other interests in the
LLC to a Permitted Transferee, then for so long as such Permitted Transferee
holds such Units or other interests in the LLC, such Permitted Transferee must
continue to be a Permitted Transferee (as defined in this Agreement) of the
initial holder of such Units or other interests in the LLC issued by the LLC.
For example, if Unitholder A transfers its Units to Unitholder B as a Permitted
Transferee of Unitholder A, then Unitholder B must continue to be a Permitted
Transferee of Unitholder A for so long as Unitholder B owns such Units. If
Unitholder B transfers its Units to Unitholder C as a Permitted Transferee of
Unitholder B, then Unitholder C must continue to be a Permitted Transferee of
Unitholder A for so long as Unitholder C owns such Units.

            10.2 Right of First Offer.

            (a) Prior to making any Transfer of Units or other interests in the
LLC (other than a Transfer in connection with a Public Offering, a Public Sale
of the type referred to in clause (i) of the definition thereof or a Sale of the
Company), any Unitholder desiring to make

                                      -46-
<PAGE>

such Transfer (the "Selling Unitholder") will give written notice (the "Offer
Notice") to the LLC and the other Unitholders (the "Other Unitholders"). The
Offer Notice will disclose in reasonable detail the number of Units or other
interests in the LLC to be offered for sale and the terms and conditions of the
proposed sale. Such Selling Unitholder will not consummate any Transfer until 45
days after the Offer Notice has been given to the Other Unitholders, unless the
parties to the Transfer have been finally determined pursuant to this Section
10.2 prior to the expiration of such 45-day period. (The date of the first to
occur of such events is referred to herein as the "Authorization Date".) The
Offer Notice shall constitute a binding offer to sell the Units or other
interests in the LLC on such terms and conditions contained therein.

            (b) The Other Unitholders may elect to purchase all (but not less
than all) of the Units or other interests to be sold upon the same terms and
conditions as those set forth in the Offer Notice by giving written notice of
such election to such Selling Unitholder within 25 days after the Offer Notice
has been given to the Other Unitholders. If more than one Unitholder elects to
purchase the Units or other interests to be transferred, the Units or other
interests in the LLC to be sold shall be allocated among the electing Other
Unitholders pro rata according to the number of Common Units that are owned by
each electing Other Unitholder on a fully diluted basis. If one or more of the
Other Unitholders have elected to purchase Units or other interests in the LLC
from the Selling Unitholder, the transfer of such Units or other interests shall
be consummated as soon as practicable after delivery of the election notices to
the Selling Unitholder, but in any event within 15 days after the Authorization
Date. If one or more of the Other Unitholders do not elect to purchase all of
the Units or other interests specified in the Offer Notice, the Selling
Unitholder may transfer the Units or other interests specified in the Offer
Notice at a price and on terms no more favorable to the transferee(s) thereof
than specified in the Offer Notice during the 90-day period immediately
following the Authorization Date. Any Units or other interests not Transferred
within such 90-day period will be subject to the provisions of this Section 10.2
upon subsequent Transfer.

            (c) The restrictions of this Section 10.2 will not apply with
respect to Transfers to Permitted Transferees.

            (d) Notwithstanding anything herein to the contrary, except pursuant
to clause (c) above, in no event shall any Transfer of Units pursuant to this
Section 10.2 be made for any consideration other than cash payable upon
consummation of such Transfer.

            (e) The restrictions set forth in this Section 10.2 shall continue
with respect to each Unit or other interest in the LLC until the earlier of (i)
the date on which such Units or other interests have been transferred in a
Public Sale, (ii) the consummation of an Approved Sale, (iii) the consummation
of a Qualified IPO, and (iv) the date on which such Units or other interests
have been transferred pursuant to this Section 10.2 (other than pursuant to
Section 10.2(c) and other than a transfer to a Unitholder purchasing from a
Selling Unitholder pursuant to Section 10.2(b)).

                                      -47-
<PAGE>

            10.3 Tag-Along Rights.

            (a) At least 30 days prior to any Transfer of any Units or other
interests in the LLC (other than to a Permitted Transferee) by one or more of
the Unitholders (each, a "Transferring Unitholder"), such Transferring
Unitholders shall deliver a written notice (the "Tag-Along Notice") to the LLC
and the other Unitholders (the "Tag-Along Unitholders") specifying in reasonable
detail the identity of the prospective transferee(s) and the terms and
conditions of the Transfer (which notice may be included in and given at the
same time as the Offer Notice under Section 10.2(a)). The Tag-Along Unitholders
may elect to participate in the contemplated Transfer by delivering written
notice to each of the Transferring Unitholders within 30 days after delivery of
the Tag-Along Notice. The Transferring Unitholder and such Tag-Along Unitholders
will be entitled to sell in the contemplated Transfer, at the same price and on
the same terms, a number of such class of Units proposed to be transferred equal
to the product of (A) the quotient determined by dividing the number of units of
such class of Units owned by such Person by the aggregate number of outstanding
units of such class of Units owned by the Transferring Unitholder and each such
Tag-Along Unitholder participating in such sale and (B) the number of such class
of Units to be sold in the contemplated Transfer.

            (b) The Transferring Unitholder will use reasonable commercially
reasonable efforts to obtain the agreement of the prospective transferee(s) to
the participation of the Tag-Along Unitholders in any contemplated Transfer, and
the Transferring Unitholder will not transfer any of its Units to the
prospective transferee(s) unless (A) the prospective transferee(s) agrees to
allow the participation of the Tag-Along Unitholders or (B) the Transferring
Unitholder agree to purchase the number of such class of Units from the
Tag-Along Unitholders that the Tag-Along Unitholders would have been entitled to
sell pursuant to this Section 10.3(b) for the consideration per unit to be paid
to the Transferring Unitholder by the prospective transferee(s).

            (c) Notwithstanding the foregoing, the participants, amounts and
types of securities sold in any transfer hereunder will be adjusted to take
account of the rights of any holders of Triad Holdings Inc. securities pursuant
to Section 4(c) of the Stockholders Agreement of even date herewith between
Triad Holdings Inc. and certain of its stockholders.

            (d) The provisions of this Section 10.3 will terminate upon the
first to occur of (i) the consummation of a Sale of the Company and (ii) the
consummation of a Qualified IPO.

            10.4 Sale of the Company.

            (a) If the Board and the holders of the Required Interest approve a
Sale of the Company (an "Approved Sale"), each holder of Units shall vote for,
consent to and raise no objections against such Approved Sale. If the Approved
Sale is structured as a (i) merger or consolidation, each holder of Units shall
waive any dissenters' rights, appraisal rights or similar rights in connection
with such merger or consolidation or (ii) sale of Units, each holder of Units
shall agree to sell all of his, her or its Units or rights to acquire Units on
the terms and conditions approved by the Board and the holders of the Required
Interest. Each holder of Units shall take all necessary or desirable actions in
connection with the consummation of the Approved Sale as requested by the LLC.

                                      -48-
<PAGE>

            (b) The obligations of the holders of Units with respect to an
Approved Sale are subject to the terms of Section 10.4(e) below.

            (c) If either the LLC or the holders of any class of Units enter
into a negotiation or transaction for which Rule 506 (or any similar rule then
in effect) promulgated by the Securities and Exchange Commission may be
available with respect to such negotiation or transaction (including a merger,
consolidation or other reorganization), the holders of Units will, at the
request of the LLC, appoint a purchaser representative (as such term is defined
in Rule 501) reasonably acceptable to the LLC. If any holder of Units appoints a
purchaser representative designated by the LLC, the LLC will pay the fees of
such purchaser representative, but if any holder of Units declines to appoint
the purchaser representative designated by the LLC such holder will appoint
another purchaser representative, and such holder will be responsible for the
fees of the purchaser representative so appointed.

            (d) Holders of Units will bear their pro rata share (based upon the
Common Units held) of the costs of any sale of such Units pursuant to an
Approved Sale to the extent such costs are incurred for the benefit of all
holders of Units and are not otherwise paid by the LLC or the acquiring party.
For purposes of this Section 10.4(d), costs incurred in exercising reasonable
efforts to take all actions in connection with the consummation of an Approved
Sale in accordance with Section 10.4(a) shall be deemed to be for the benefit of
all holders of Units. Costs incurred by holders of Units on their own behalf
will not be considered costs of the transaction hereunder. Each holder of Units
transferring Units pursuant to an Approved Sale shall be obligated, severally,
not jointly, to join on a pro rata basis (based on the number of Common Units to
be sold) in any indemnification or other obligations that are part of the terms
and conditions of the Approved Sale (other than any such obligations that relate
specifically to a particular holder, such as indemnification with respect to
representations and warranties given by a holder regarding such holder's title
to and ownership of Units) (the "LLC Indemnity Obligations"). Notwithstanding
the foregoing, no holder shall be obligated in connection with any Approved Sale
to agree to indemnify or hold harmless the transferees with respect to LLC
Indemnity Obligations in an amount in excess of the net proceeds paid to such
holder in connection with the Approved Sale.

            (e) In the event of an Approved Sale, each Unitholder shall receive
in exchange for the Units held by such Unitholder the same portion of the
aggregate consideration from such sale or exchange that such Unitholder would
have received if such aggregate consideration had been distributed by the LLC
pursuant to the terms of Section 4.1. Each holder of Units shall take all
necessary or desirable actions in connection with the distribution of the
aggregate consideration from such sale or exchange as requested by the LLC.

            10.5 Buy/Sell Arrangement.

            (a) Triggering Event. If (a) without the prior written consent of
HGF, the Board or the Investor Members (i) cause the LLC or the Company to
terminate the Management Agreement, (ii) fail to pay any amount owed to HGF
under the Management Agreement in full as and when due thereunder, (iii) remove
Mr. Gerald J. Ford as Chief Executive Officer of the LLC or as Executive
Chairman of the Company, or (iv) eliminate or materially reduce HGF's or

                                      -49-
<PAGE>

Mr. Ford's responsibilities with respect to the LLC or the Company, except, with
respect to each of the subparagraphs (i), (iii) and (iv) above, as a result of a
termination by the LLC for Cause, and (b) such action or actions are not cured
by the Board or the Investor Members within 30 days after receipt of notice
thereof by the Board and the Investor Managers (after expiration of the cure
period without cure, a "Triggering Event"), then HGF shall have the right to
make a fully financed offer to purchase all of the Units and other interests in
the LLC from Goldman, GTCR and their respective Affiliates at a price specified
by HGF.

            (b) Exercise of Buy/Sell Right. Within 180 days after the occurrence
of a Triggering Event, HGF may deliver a notice (a "Buy/Sell Offer Notice") to
Goldman and GTCR offering to purchase all of the Units and other interests in
the LLC held by Goldman, GTCR and their respective Affiliates (collectively, the
"Non-HGF Investors") at price specified in the Buy/Sell Offer Notice payable in
cash or immediately available funds, which offer may be subject to customary
terms and conditions, but shall not be subject to any financing contingency. The
Buy/Sell Offer Notice shall constitute a binding offer to sell the Units and
other interests in the LLC on such terms and conditions contained therein.

            (c) Non-HGF Investors' Response and Closing. Within 90 days after
receipt of the Buy/Sell Offer Notice (the "Response Period"), each of the
Non-HGF Investors shall notify HGF and the other Non-HGF Investor as to whether
such Non-HGF Investor either (i) accepts such offer and agrees to sell to HGF
all of its Units and other interests in the LLC on the terms and conditions set
forth in the Buy/Sell Offer Notice (the "HGF Buy Option") or (ii) elects to
purchase the Units and other interests of the LLC held by HGF and its Affiliates
at the same price per Unit and on the same other customary terms and conditions
set forth in the Buy/Sell Offer Notice, and such purchase shall not be subject
to any financing contingency (the "HGF Sell Option"); provided that if any
Non-HGF Investor fails to respond within the Response Period, such Non-HGF
Investor shall be deemed to have elected the HGF Buy Option.

                  (i) If both of the Non-HGF Investors elect the HGF Sell
Option, HGF shall be required to sell its Units and other interests in the LLC
to the Non-HGF Investors in the percentages, at the price and on the same other
customary terms and conditions set forth in the Buy/Sell Offer Notice, and such
sale and corresponding purchase by the Non-HGF Investors shall not be subject to
any financing contingency. The closing of the transactions under the HGF Sell
Option shall take place no later than 60 days after the expiration of the
Response Period.

                  (ii) If both of the Non-HGF Investors elect the HGF Buy
Option, HGF shall be required to purchase all Units and other interests in the
LLC held by the Non-HGF Investors at the price and on the same other customary
terms and conditions set forth in the Buy/Sell Offer Notice, and such purchase
and corresponding sale by the Non-HGF Investors shall not be subject to any
financing contingency. The closing of the transactions under the HGF Buy Option
shall take place no later than 60 days after the expiration of the Response
Period.

                  (iii) If one Non-HGF Investor elects the HGF Sell Option and
the other Non-HGF Investor elects the HGF Buy Option, then the Non-HGF Investor
electing the HGF Sell Option shall, within 14 days after the expiration of the
Response Period, make a second election to either (A) purchase all of the Units
and other interests in the LLC held by HGF and

                                      -50-
<PAGE>

the other Non-HGF Investor at the price and on the same other customary terms
and conditions set forth in the Buy/Sell Offer Notice, in which case each of HGF
and the other Non-HGF Investor shall be required to sell its Units and other
interests in the LLC to such Non-HGF Investor electing to purchase such Units at
the price and on the same other customary terms and conditions set forth in the
Buy/Sell Offer Notice, and such sale and corresponding purchase by such Non-HGF
Investor shall not be subject to any financing contingency, or (B) change its
election to the HGF Buy Option, in which case Section 10.5(c)(ii) shall apply.
The closing of the transactions under this Section 10.5(c)(iii) shall take place
no later than 74 days after the expiration of the Response Period.

            10.6 Change in Business Form. Each Unitholder hereby irrevocably
delegates and cedes to the Board the sole authority and power to, in its sole
discretion, (i) convert the Company into a corporation (by merger or otherwise)
or another form of business entity at any time, in which event the terms and
conditions contained herein (including the terms and conditions relating to the
Units and Capital Accounts) shall be, as closely as possible, adopted by the new
entity or (ii) notwithstanding anything else in this Agreement to the contrary,
make an election to have the Company be treated as a corporation for federal
income tax purposes and, if applicable, state income or franchise tax purposes,
rather than as a partnership (each, a "Conversion"). Without limiting the
generality of the foregoing, it is anticipated that a Conversion would occur
prior to, or in connection with, an initial Public Offering. In connection with
any Conversion, the Board may cause a recapitalization, reorganization,
incorporation and/or exchange of the Units into securities which, to the extent
possible, reflect and are consistent with the Units and Capital Accounts as in
effect immediately prior to such transaction. No Unitholder shall have the right
or power to veto, vote for or against, amend, modify or delay any such
Conversion. Further, each Unitholder shall execute and deliver any documents and
instruments and perform any additional acts that may be necessary or
appropriate, as determined by the Board, to effectuate and perform any such
Conversion.

            10.7 Legends.

            (a) Each certificate evidencing Units and each certificate issued in
exchange for or upon the transfer of any Units (if such securities remain Units
as defined herein after such transfer) shall be stamped or otherwise imprinted
with legends in substantially the following form:

      "THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A LIMITED
      LIABILITY COMPANY AGREEMENT DATED AS OF APRIL 29, 2005 AMONG THE ISSUER OF
      SUCH SECURITIES (THE "COMPANY") AND CERTAIN OF THE COMPANY'S
      SECURITYHOLDERS. A COPY OF SUCH LIMITED LIABILITY COMPANY AGREEMENT WILL
      BE FURNISHED WITHOUT CHARGE BY THE COMPANY TO THE HOLDER HEREOF UPON
      WRITTEN REQUEST."

            (b) Each certificate evidencing Restricted Securities and each
certificate issued in exchange for or upon the transfer of any Restricted
Securities (if such securities remain

                                      -51-
<PAGE>

Restricted Securities as defined herein after such transfer) shall be stamped or
otherwise imprinted with legends in substantially the following form:

      "THE SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ORIGINALLY ISSUED ON
      __________, 2005 AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
      1933, AS AMENDED. THE TRANSFER OF THE SECURITIES REPRESENTED BY THIS
      CERTIFICATE IS SUBJECT TO THE CONDITIONS SPECIFIED IN THE LIMITED
      LIABILITY COMPANY AGREEMENT, DATED AS OF APRIL 29, 2005 BY AND AMONG THE
      ISSUER (THE "COMPANY") AND CERTAIN INVESTORS, AND THE COMPANY RESERVES THE
      RIGHT TO REFUSE THE TRANSFER OF SUCH SECURITIES UNTIL SUCH CONDITIONS HAVE
      BEEN FULFILLED WITH RESPECT TO SUCH TRANSFER. A COPY OF SUCH CONDITIONS
      SHALL BE FURNISHED BY THE COMPANY TO THE HOLDER HEREOF UPON WRITTEN
      REQUEST AND WITHOUT CHARGE."

The legend set forth in this Section 10.7(b) shall be removed from the
certificates evidencing any securities which cease to be Restricted Securities.

            10.8 Effect of Assignment.

            (a) Any Unitholder who assigns any Units or other interest in the
LLC shall cease to be a Unitholder of the LLC with respect to such Units or
other interest and shall no longer have any rights or privileges of a Unitholder
with respect to such Units or other interest.

            (b) Any Person who acquires in any manner whatsoever any Units or
other interest in the LLC, irrespective of whether such Person has accepted and
adopted in writing the terms and provisions of this Agreement, shall be deemed
by the acceptance of the benefits of the acquisition thereof to have agreed to
be subject to and bound by all of the terms and conditions of this Agreement
that any predecessor in such Units or other interest in the LLC of such Person
was subject to or by which such predecessor was bound, except that the rights of
the Investor Members to designate directors pursuant to Section 5.2(a) and any
other rights expressly vested solely in the initial Investor Members shall not
be assignable without the written consent of the holders of a majority of the
Common Units held by the non-assigning Unitholders.

            10.9 Restriction on Transfer. In order to permit the LLC to qualify
for the benefit of a "safe harbor" under Code Section 7704, notwithstanding
anything to the contrary in this Agreement, no Transfer of any Unit or economic
interest shall be permitted or recognized by the LLC or the Board (within the
meaning of Treasury Regulation Section 1.7704-1(d)) if and to the extent that
such Transfer would cause the LLC to have more than 100 partners (within the
meaning of Treasury Regulation Section 1.7704-1(h), including the look-through
rule in Treasury Regulation Section 1.7704-1(h)(3)).

                                      -52-
<PAGE>

            10.10 Transfer Fees and Expenses. The transferor and transferee of
any Units or other interest in the LLC shall be jointly and severally obligated
to reimburse the LLC for all reasonable expenses (including attorneys' fees and
expenses) of any Transfer or proposed Transfer, whether or not consummated.

            10.11 Void Transfers. Any Transfer by any Unitholder of any Units or
other interest in the LLC in contravention of this Agreement (including, without
limitation, the failure of the transferee to execute a counterpart in accordance
with Section 10.1(c)) or which would cause the LLC to not be treated as a
partnership for U.S. federal income tax purposes shall be void and ineffectual
and shall not bind or be recognized by the LLC or any other party. No purported
assignee shall have any right to any profits, losses or distributions of the
LLC.

                                   ARTICLE XI

                    WITHDRAWAL AND RESIGNATION OF UNITHOLDERS

            11.1 Withdrawal and Resignation of Unitholders. No Unitholder shall
have the power or right to withdraw or otherwise resign or be expelled from the
LLC prior to the dissolution and winding up of the LLC pursuant to Article XII,
except simultaneous with the Transfer of all of a Unitholder's Units in a
Transfer permitted by this Agreement and, if such Transfer is to a person or
entity that is not a Unitholder, the admission of such person or entity as a
Unitholder pursuant to Section 10.1. Notwithstanding that payment on account of
a withdrawal may be made after the effective time of such withdrawal, any
completely withdrawing Unitholder will not be considered a Unitholder for any
purpose after the effective time of such complete withdrawal, and, in the case
of a partial withdrawal, such Unitholder's Capital Account (and corresponding
voting and other rights) shall be reduced for all other purposes hereunder upon
the effective time of such partial withdrawal.

                                  ARTICLE XII

                           DISSOLUTION AND LIQUIDATION

            12.1 Dissolution. The LLC shall not be dissolved by the admission of
additional Unitholders or the Transfer of Units, or by the death, retirement,
resignation, expulsion, bankruptcy or dissolution of a Unitholder or the
occurrence of any other event that terminates the continued membership of a
Unitholder in the LLC. Subject to the rights of the Unitholders contained
herein, the LLC shall dissolve, and its affairs shall be wound up upon the first
to occur of the following:

            (a) at any time by the Board with the prior written consent of
holders of the Required Interest;

            (b) the entry of a decree of judicial dissolution of the LLC under
Section 35-5 of the Delaware Act or an administrative dissolution under Section
18-802 of the Delaware Act; or

                                      -53-
<PAGE>

            (c) after the consummation of a Qualified IPO, upon the election of
any Investor Member.

            Except as otherwise set forth in this Article XII, the LLC is
intended to have perpetual existence.

            12.2 Liquidation and Termination. On dissolution of the LLC, the
Board shall act as liquidator or may appoint one or more representatives or
Unitholders as liquidator. The liquidators shall proceed diligently to wind up
the affairs of the LLC, sell all or any portion of the LLC assets for cash or
cash equivalents as they deem appropriate, and make final distributions as
provided herein and in the Delaware Act. The costs of liquidation shall be borne
as an LLC expense. Until final distribution, the liquidators shall continue to
operate the LLC properties with all of the power and authority of the Board. The
liquidators shall pay, satisfy, or discharge from LLC funds all of the debts,
liabilities, and obligations of the LLC (including all expenses incurred in
liquidation) or otherwise make adequate provision for payment and discharge
thereof (including the establishment of a cash fund for contingent liabilities
in such amount and for such term as the liquidators may reasonably determine)
and shall promptly distribute the remaining assets to the holders of Units in
accordance with Section 4.1(a). Any non-cash assets will first be written up or
down to their Fair Market Value, thus creating Profit or Loss (if any), which
shall be allocated in accordance with Sections 4.3 and 4.4. In making such
distributions, the liquidators shall allocate each type of asset (i.e., cash,
cash equivalents, securities, etc.) among the Unitholders ratably based upon the
aggregate amounts to be distributed with respect to the Units held by each such
holder. Any such distributions in kind shall be subject to (x) such conditions
relating to the disposition and management of such assets as the liquidators
deem reasonable and equitable and (y) the terms and conditions of any agreement
governing such assets (or the operation thereof or the holders thereof) at such
time.

The distribution of cash and/or property to a Unitholder in accordance with the
provisions of this Section 12.2 constitutes a complete return to the Unitholder
of its Capital Contributions and a complete distribution to the Unitholder of
its interest in the LLC and all the LLC's property and constitutes a compromise
to which all Unitholders have consented within the meaning of the Delaware Act.
To the extent that a Unitholder returns funds to the LLC, it has no claim
against any other Unitholder for those funds.

            12.3 Cancellation of Certificate. On completion of the distribution
of LLC assets as provided herein, the LLC shall be terminated (and the LLC shall
not be terminated prior to such time), and the Board (or such other Person or
Persons as the Delaware Act may require or permit) shall file a certificate of
cancellation with the Secretary of State of Delaware, cancel any other filings
made pursuant to this Agreement that are or should be canceled, and take such
other actions as may be necessary to terminate the LLC. The LLC shall be deemed
to continue in existence for all purposes of this Agreement until it is
terminated pursuant to this Section 12.3.

            12.4 Reasonable Time for Winding Up. A reasonable time shall be
allowed for the orderly winding up of the business and affairs of the LLC and
the liquidation of its assets pursuant to Section 12.2 in order to minimize any
losses otherwise attendant upon such winding up.

                                      -54-
<PAGE>

            12.5 Return of Capital. The liquidators shall not be personally
liable for the return of Capital Contributions or any portion thereof to the
Unitholders (it being understood that any such return shall be made solely from
LLC assets).

            12.6 Reserves Against Distributions. The Board shall have the right
to withhold from Distributions payable to any Unitholder under this Agreement
amounts sufficient to pay and discharge any reasonably anticipated contingent
liabilities of the LLC. Any amounts remaining after payment and discharge of any
such contingent liabilities of the LLC will be paid to the Unitholders from whom
the Distributions were withheld.

                                  ARTICLE XIII

                                    VALUATION

            13.1 Determination. Subject to Section 13.2, the Fair Market Value
of the assets of the LLC or of a Unit will be determined by the Board (or, if
pursuant to Section 12.2, the liquidators) in its good faith judgment in such
manner as its deems reasonable and using all factors, information and data
deemed to be pertinent.

            13.2 Fair Market Value. "Fair Market Value" of (i) a specific LLC
asset will mean the amount which the LLC would receive in an all-cash sale of
such asset (free and clear of all Liens and after payment of all liabilities
secured only by such asset) in an arms-length transaction with an unaffiliated
third party consummated on the day immediately preceding the date on which the
event occurred which necessitated the determination of the Fair Market Value
(and after giving effect to any transfer taxes payable in connection with such
sale); and (ii) the LLC will mean the amount which the LLC would receive in an
all-cash sale of all of its assets and businesses as a going concern (free and
clear of all Liens and after payment of indebtedness for borrowed money) in an
arms-length transaction with an unaffiliated third party consummated on the day
immediately preceding the date on which the event occurred which necessitated
the determination of the Fair Market Value (assuming that all of the proceeds
from such sale were paid directly to the LLC other than an amount of such
proceeds necessary to pay transfer taxes payable in connection with such sale,
which amount will not be received or deemed received by the LLC). After a
determination of the Fair Market Value of the LLC is made as provided above, the
Fair Market Value of a Unit will be determined by making a calculation
reflecting the cash distributions which would be made to the Unitholders in
accordance with this Agreement in respect of such Unit if the LLC were deemed to
have received such Fair Market Value in cash and then distributed the same to
the Unitholders in accordance with the terms of this Agreement incident to the
liquidation of the LLC after payment to all of the LLC's creditors from such
cash receipts other than payments to creditors who hold evidence of indebtedness
for borrowed money, the payment of which is already reflected in the calculation
of the Fair Market Value of the LLC and assuming that all of the convertible
debt and other convertible securities were repaid or converted (whichever yields
more cash to the holders of such convertible securities) and all options to
acquire Units (whether or not currently exercisable) that have an exercise price
below the Fair Market Value of such Units were exercised and the exercise price
therefor paid. Except as otherwise provided herein or in any agreement, document
or instrument contemplated

                                      -55-
<PAGE>

hereby, any amount to be paid under this Agreement by reference to the Fair
Market Value shall be paid in full in cash, and any Unit being transferred in
exchange therefor will be transferred free and clear of all Liens.

                                   ARTICLE XIV

                               GENERAL PROVISIONS

            14.1 Amendments. This Agreement may be amended from time to time by
a written instrument by the holders of the Required Interest; provided that no
amendment or modification pursuant to this Section 14.1 that would adversely
affect any class of Units in a manner different than other Units shall be
effective against the holders of such class of Units without the prior written
consent of holders of at least a majority of Units of such class so adversely
affected thereby; provided further that no amendment or modification pursuant to
this Section 14.1 that would affect the rights of a Unitholder or group of
Unitholders specifically granted such rights by name shall be modified without
that Unitholder's (or a majority of that group of Unitholders') consent;
provided further that no amendment shall be made to Sections 4.6, 6.1, 6.3,
Article VII or this Section 14.1 without the consent of all of the Unitholders.

            14.2 Investor Approval. Whenever this Agreement calls for or refers
to the consent or approval of any matter by an Investor Member, such consent or
approval shall be deemed given by the Investor Member if each of such Investor
Member's designees on the Board has, in his capacity as a Manager of the LLC,
given his consent or approval with respect to such matter at a duly convened
meeting of the Board or pursuant to an effective written consent of the Board,
unless, with respect to any given matter, such Investor Member notifies the LLC
in writing that the consent or approval at the Board level by such Investor
Member's designees on the Board does not constitute the consent or approval by
such Investor Member itself.

            14.3 Title to LLC Assets. LLC assets shall be deemed to be owned by
the LLC as an entity, and no Unitholder, individually or collectively, shall
have any ownership interest in such LLC assets or any portion thereof. Legal
title to any or all LLC assets may be held in the name of the LLC or one or more
nominees, as the Board may determine. The Board hereby declares and warrants
that any LLC assets for which legal title is held in its name or the name of any
nominee shall be held in trust by the Board or such nominee for the use and
benefit of the LLC in accordance with the provisions of this Agreement. All LLC
assets shall be recorded as the property of the LLC on its books and records,
irrespective of the name in which legal title to such LLC assets is held.

            14.4 Remedies. Each Unitholder and the LLC shall have all rights and
remedies set forth in this Agreement and all rights and remedies which such
Person has been granted at any time under any other agreement or contract and
all of the rights which such Person has under any law. Any Person having any
rights under any provision of this Agreement or any other agreements
contemplated hereby shall be entitled to enforce such rights specifically
(without posting a bond or other security), to recover damages by reason of any
breach of any provision of this Agreement and to exercise all other rights
granted by law.

                                      -56-
<PAGE>

            14.5 Successors and Assigns. All covenants and agreements contained
in this Agreement shall bind and inure to the benefit of the parties hereto and
their respective heirs, executors, administrators, successors, legal
representatives, and permitted assigns, whether so expressed or not.

            14.6 Severability. Whenever possible, each provision of this
Agreement will be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement is held to be invalid,
illegal, or unenforceable in any respect under any applicable law or rule in any
jurisdiction, such invalidity, illegality, or unenforceability will not affect
any other provision or the effectiveness or validity of any provision in any
other jurisdiction, and this Agreement will be reformed, construed, and enforced
in such jurisdiction as if such invalid, illegal, or unenforceable provision had
never been contained herein.

            14.7 Opt-in to Article 8 of the Uniform Commercial Code. The
Unitholders hereby agree that the Units shall be securities governed by Article
8 of the Uniform Commercial Code of the State of Delaware (and the Uniform
Commercial Code of any other applicable jurisdiction).

            14.8 Notice to Unitholder of Provisions. By executing this
Agreement, each Unitholder acknowledges that it has actual notice of (a) all of
the provisions hereof (including the restrictions on the transfer set forth
herein), and (b) all of the provisions of the Certificate.

            14.9 Counterparts. This Agreement may be executed in multiple
counterparts with the same effect as if all signing parties had signed the same
document. All counterparts shall be construed together and constitute the same
instrument.

            14.10 Consent to Jurisdiction. Each Unitholder irrevocably submits
to the nonexclusive jurisdiction of the United States District Court for the
State of Delaware and the state courts of the State of Delaware for the purposes
of any suit, action or other proceeding arising out of this Agreement or any
transaction contemplated hereby. Each Unitholder further agrees that service of
any process, summons, notice or document by United States certified or
registered mail to such Unitholder's respective address set forth in the LLC's
books and records or such other address or to the attention of such other person
as the recipient party has specified by prior written notice to the sending
party shall be effective service of process in any action, suit or proceeding in
Delaware with respect to any matters to which it has submitted to jurisdiction
as set forth above in the immediately preceding sentence. Each Unitholder
irrevocably and unconditionally waives any objection to the laying of venue of
any action, suit or proceeding arising out of this Agreement or the transactions
contemplated hereby in the United States District Court for the State of
Delaware or the state courts of the State of Delaware and hereby irrevocably and
unconditionally waives and agrees not to plead or claim in any such court that
any such action, suit or proceeding brought in such court has been brought in an
inconvenient forum.

            14.11 Descriptive Headings; Interpretation. The descriptive headings
of this Agreement are inserted for convenience only and do not constitute a
substantive part of this Agreement. Whenever required by the context, any
pronoun used in this Agreement shall

                                      -57-
<PAGE>

include the corresponding masculine, feminine, or neuter forms, and the singular
form of nouns, pronouns, and verbs shall include the plural and vice versa. The
use of the word "including" in this Agreement shall be by way of example rather
than by limitation. Reference to any agreement, document, or instrument means
such agreement, document, or instrument as amended or otherwise modified from
time to time in accordance with the terms thereof, and, if applicable, hereof.
Without limiting the generality of the immediately preceding sentence, no
amendment or other modification to any agreement, document, or instrument that
requires the consent of any Person pursuant to the terms of this Agreement or
any other agreement will be given effect hereunder unless such Person has
consented in writing to such amendment or modification. Wherever required by the
context, references to a Fiscal Year shall refer to a portion thereof. The use
of the words "or," "either," and "any" shall not be exclusive. The parties
hereto have participated jointly in the negotiation and drafting of this
Agreement. In the event an ambiguity or question of intent or interpretation
arises, this Agreement shall be construed as if drafted jointly by the parties
hereto, and no presumption or burden of proof shall arise favoring or
disfavoring any party by virtue of the authorship of any of the provisions of
this Agreement. Wherever a conflict exists between this Agreement and any other
agreement, this Agreement shall control but solely to the extent of such
conflict.

            14.12 Applicable Law. This Agreement shall be governed by, and
construed in accordance with, the laws of the State of Delaware, without giving
effect to any choice of law or conflict of law rules or provisions (whether of
the State of Delaware or any other jurisdiction) that would cause the
application of the laws of any jurisdiction other than the State of Delaware.
Any dispute relating hereto shall be heard in the state or federal courts of
Delaware, and the parties agree to jurisdiction and venue therein.

            14.13 Mutual Waiver of Jury Trial. Because disputes arising in
connection with complex transactions are most quickly and economically resolved
by an experienced and expert person and the parties wish applicable state and
federal laws to apply (rather than arbitration rules), the parties desire that
their disputes be resolved by a judge applying such applicable laws. Therefore,
to achieve the best combination of the benefits of the judicial system and of
arbitration, each party to this agreement (including the LLC) hereby waives all
rights to trial by jury in any action, suit, or proceeding brought to resolve
any dispute between or among any of the parties hereto, whether arising in
contract, tort, or otherwise, arising out of, connected with, related or
incidental to this agreement, the transactions contemplated hereby and/or the
relationships established among the parties hereunder.

            14.14 Addresses and Notices. All notices, demands, or other
communications to be given or delivered under or by reason of the provisions of
this Agreement shall be in writing and shall be deemed to have been given or
made when (a) delivered personally to the recipient, (b) telecopied to the
recipient (with hard copy sent to the recipient by reputable overnight courier
service (charges prepaid) that same day) if telecopied before 5:00 p.m. Chicago,
Illinois time on a business day, and otherwise on the next business day, or (c)
one business day after being sent to the recipient by reputable overnight
courier service (charges prepaid). Such notices, demands, and other
communications shall be sent to the address for such recipient set forth in the
LLC's books and records, or to such other address or to the attention of such
other person as the recipient party has specified by prior written notice to the
sending party. Any notice to the Board

                                      -58-
<PAGE>

or the LLC shall be deemed given if received by the Board at the principal
office of the LLC designated pursuant to Section 2.5.

            14.15 Creditors. None of the provisions of this Agreement shall be
for the benefit of or enforceable by any creditors of the LLC or any of its
Affiliates, and no creditor who makes a loan to the LLC or any of its Affiliates
may have or acquire (except pursuant to the terms of a separate agreement
executed by the LLC in favor of such creditor) at any time as a result of making
the loan any direct or indirect interest in LLC Profits, Losses, Distributions,
capital, or property other than as a secured creditor.

            14.16 Waiver. No failure by any party to insist upon the strict
performance of any covenant, duty, agreement, or condition of this Agreement or
to exercise any right or remedy consequent upon a breach thereof shall
constitute a waiver of any such breach or any other covenant, duty, agreement,
or condition. Notwithstanding the other provisions of this Agreement, Section
18-305(a) of the Delaware Act shall not apply to the LLC and no Unitholder shall
have any rights thereunder.

            14.17 Further Action. The parties shall execute and deliver all
documents, provide all information, and take or refrain from taking such actions
as may be necessary or appropriate to achieve the purposes of this Agreement.

            14.18 Offset. Whenever the LLC is to pay any sum to any Unitholder
or any Affiliate or related person thereof, any amounts that such Unitholder or
such Affiliate or related person owes to the LLC may be deducted from that sum
before payment.

            14.19 Entire Agreement. This Agreement, those documents expressly
referred to herein, the other documents of even date herewith, and the other
Transaction Documents embody the complete agreement and understanding among the
parties and supersede and preempt any prior understandings, agreements, or
representations by or among the parties, written or oral, which may have related
to the subject matter hereof in any way.

            14.20 Delivery by Facsimile. This Agreement, the agreements referred
to herein, and each other agreement or instrument entered into in connection
herewith or therewith or contemplated hereby or thereby, and any amendments
hereto or thereto, to the extent signed and delivered by means of a facsimile
machine, shall be treated in all manner and respects as an original agreement or
instrument and shall be considered to have the same binding legal effect as if
it were the original signed version thereof delivered in person. At the request
of any party hereto or to any such agreement or instrument, each other party
hereto or thereto shall reexecute original forms thereof and deliver them to all
other parties. No party hereto or to any such agreement or instrument shall
raise the use of a facsimile machine to deliver a signature or the fact that any
signature or agreement or instrument was transmitted or communicated through the
use of a facsimile machine as a defense to the formation or enforceability of a
contract and each such party forever waives any such defense.

                                      -59-
<PAGE>

            14.21 Survival. Sections 4.6, 6.1, 7.1 and 7.2 shall survive and
continue in full force in accordance with its terms notwithstanding any
termination of this Agreement or the dissolution of the LLC.

                                    * * * * *

                                      -60-
<PAGE>

            IN WITNESS WHEREOF, THE UNDERSIGNED HAVE EXECUTED OR CAUSED TO BE
EXECUTED ON THEIR BEHALF THIS LIMITED LIABILITY COMPANY AGREEMENT AS OF THE DATE
FIRST WRITTEN ABOVE.

                               TRIAD HOLDINGS, LLC

                               By: /s/ Gerald J. Ford
                                   --------------------------------------
                               Name:Gerald J. Ford
                               Its: Chief Executive Officer and Executive
                                    Chairman

                               GS CAPITAL PARTNERS 2000, L.P.

                               By: GS Advisors 2000, L.L.C.
                               Its:General Partner

                               By: /s/ Stuart A. Katz
                                   -------------------------------
                               Name:Stuart A. Katz
                               Its: Vice President

                               GS CAPITAL PARTNERS 2000 EMPLOYEE FUND, L.P.

                               By: GS Employee Funds 2000 GP, L.L.C.
                               Its:General Partner

                               By: /s/ Stuart A. Katz
                                   --------------------
                               Name:Stuart A. Katz
                               Its: Vice President

                               GS CAPITAL PARTNERS 2000 OFFSHORE, L.P.

                               By: GS Advisors 2000, L.L.C.
                               Its:General Partner

                               By: /s/ Stuart A. Katz
                                   -------------------
                               Name:Stuart A. Katz
                               Its: Vice President
<PAGE>

                               GOLDMAN SACHS DIRECT INVESTMENT FUND 2000, L.P.

                               By: GS Employee Funds 2000 GP, L.L.C.
                               Its:General Partner

                               By: /s/ Stuart A. Katz
                                   ------------------
                               Name:Stuart A. Katz
                               Its: Vice President

                               GS CAPITAL PARTNERS 2000 GmbH & CO. BETEILGUNGS
                               KG

                               By: Goldman Sachs Management GP GmbH
                               Its:General Partner

                               By: /s/ Stuart A. Katz
                                   -------------------
                               Name:Stuart A. Katz
                               Its: Vice President

                               MTGLQ INVESTORS, L.P.

                               By: MLQ L.L.C.
                               Its:General Partner

                               By: /s/ Peter C. Aberg
                                   ------------------
                               Name:Peter C. Aberg
                               Its: Vice President

                               GTCR FUND VIII, L.P.

                               By: GTCR Partners VIII, L.P.
                               Its: General Partner

                               By: GTCR Golder Rauner II, L.L.C.
                               Its:General Partner

                               By: /s/ David A. Donnini
                                   -----------------------
                                   Name: David A. Donnini
                                   Its:  Principal

  Signature Page to Limited Liability Company Agreement of Triad Holdings, LLC

<PAGE>

                               GTCR Fund VIII/B, L.P.

                               By: GTCR Partners VIII, L.P.
                               Its:General Partner

                               By: GTCR Golder Rauner II, L.L.C.
                               Its:General Partner

                               By: /s/ David A. Donnini
                                   -----------------------
                                   Name: David A. Donnini
                                   Its: Principal

                               GTCR CO-INVEST II, L.P.

                               By: GTCR Golder Rauner II, L.L.C.
                               Its: General Partner

                               By: /s/ David A. Donnini
                                   -----------------------
                                   Name: David A. Donnini
                                   Its: Principal

                               HUNTER'S GLEN/FORD LTD.

                               By: /s/ Gary Shultz
                                   -------------------------------
                               Name: Ford Diamond Corporation, GP
                                     of Hunter's/Glen Ford, Ltd.
                                     Gary Shultz - Vice President

  Signature Page to Limited Liability Company Agreement of Triad Holdings, LLC

<PAGE>

                               /s/ Gerald J. Ford
                               -------------------
                               Gerald J. Ford

                               /s/ J. Randy Staff
                               -------------------
                               J. Randy Staff

                               /s/ Carl B. Webb
                               -------------------
                               Carl B. Webb

                               /s/ Donald J. Edwards
                               ---------------------
                               Donald J. Edwards

  Signature Page to Limited Liability Company Agreement of Triad Holdings, LLC<PAGE>

                                                                    EXHIBIT 4.02

                                    FORM OF

                                SENIOR INDENTURE

                                     between

                                AMERUS GROUP CO.

                                       and

                    THE BANK OF NEW YORK TRUST COMPANY, N.A.
                                   as Trustee

                               Dated as of , 2005

                          Providing for the Issuance of
                        Senior Debt Securities in Series

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                          PAGE
<S>                                                                                                       <C>
ARTICLE I Definitions and Other Provisions of General Application
Section 1.01.     Definitions...........................................................................    1
Section 1.02.     Compliance Certificate and Opinions...................................................   10
Section 1.03.     Forms of Documents Delivered to Trustee...............................................   10
Section 1.04.     Acts of Holders.......................................................................   11
Section 1.05.     Notices, Etc., to Trustee and Company.................................................   13
Section 1.06.     Notice to Holders; Waiver.............................................................   14
Section 1.07.     Headings and Table of Contents........................................................   15
Section 1.08.     Successors and Assigns................................................................   15
Section 1.09.     Separability..........................................................................   15
Section 1.10.     Benefits of Indenture.................................................................   15
Section 1.11.     Governing Law.........................................................................   15
Section 1.12.     Legal Holidays........................................................................   15
ARTICLE II Security Forms
Section 2.01.     Forms Generally.......................................................................   16
Section 2.02.     Form of Trustee's Certificate of Authentication.......................................   16
Section 2.03.     Securities in Global Form.............................................................   17
Section 2.04.     Form of Legend for Securities in Global Form..........................................   17
ARTICLE III The Securities
Section 3.01.     Amount Unlimited; Issuable in Series..................................................   18
Section 3.02.     Denominations.........................................................................   22
Section 3.03.     Execution, Authentication, Delivery and Dating........................................   22
Section 3.04.     Temporary Securities..................................................................   25
Section 3.05.     Registration, Transfer and Exchange...................................................   25
Section 3.06.     Replacement Securities................................................................   29
Section 3.07.     Payment of Interest; Interest Rights Preserved........................................   30
Section 3.08.     Persons Deemed Owners.................................................................   32
Section 3.09.     Cancellation..........................................................................   33
Section 3.10.     Computation of Interest...............................................................   33
Section 3.11.     CUSIP Numbers.........................................................................   33
</TABLE>

<PAGE>

<TABLE>
<S>                                                                                                        <C>
Section 3.12.     Currency and Manner of Payment in Respect of Securities...............................   33
Section 3.13.     Appointment and Resignation of Exchange Rate Agent....................................   37
ARTICLE IV Satisfaction, Discharge and Defeasance
Section 4.01.     Termination of Company's Obligations Under the Indenture..............................   38
Section 4.02.     Application of Trust Funds............................................................   39
Section 4.03.     Applicability of Defeasance Provisions; Company's Option to Effect Defeasance or
                  Covenant Defeasance...................................................................   39
Section 4.04.     Defeasance and Discharge..............................................................   40
Section 4.05.     Covenant Defeasance...................................................................   40
Section 4.06.     Conditions to Defeasance or Covenant Defeasance.......................................   41
Section 4.07.     Deposited Money and Government Obligations to Be Held in Trust........................   43
Section 4.08.     Repayment to Company..................................................................   43
Section 4.09.     Indemnity for Government Obligations..................................................   43
Section 4.10.     Reinstatement.........................................................................   44
ARTICLE V Defaults and Remedies
Section 5.01.     Events of Default.....................................................................   44
Section 5.02.     Acceleration; Rescission and Annulment................................................   46
Section 5.03.     Collection of Indebtedness and Suits for Enforcement by Trustee.......................   47
Section 5.04.     Trustee May File Proofs of Claim......................................................   47
Section 5.05.     Trustee May Enforce Claims Without Possession of Securities...........................   48
Section 5.06.     Delay or Omission Not Waiver..........................................................   48
Section 5.07.     Waiver of Past Defaults...............................................................   48
Section 5.08.     Control by Majority...................................................................   48
Section 5.09.     Limitation on Suits by Holders........................................................   49
Section 5.10.     Rights of Holders to Receive Payment..................................................   49
Section 5.11.     Application of Money Collected........................................................   50
Section 5.12.     Restoration of Rights and Remedies....................................................   50
Section 5.13.     Rights and Remedies Cumulative........................................................   50
Section 5.14.     Waiver of Usury, Stay or Extension Laws...............................................   51
Section 5.15.     Undertaking for Costs.................................................................   51
Section 5.16.     Judgment Currency.....................................................................   51
ARTICLE VI The Trustee
Section 6.01.     Certain Duties and Responsibilities of the Trustee....................................   52
</TABLE>

                                       ii
<PAGE>

<TABLE>
<S>                                                                                                        <C>
Section 6.02.     Rights of Trustee.....................................................................   52
Section 6.03.     Trustee May Hold Securities...........................................................   53
Section 6.04.     Money Held in Trust...................................................................   54
Section 6.05.     Trustee's Disclaimer..................................................................   54
Section 6.06.     Notice of Defaults....................................................................   54
Section 6.07.     Reports by Trustee to Holders.........................................................   54
Section 6.08.     Securityholder Lists..................................................................   55
Section 6.09.     Compensation and Indemnity............................................................   55
Section 6.10.     Replacement of Trustee................................................................   56
Section 6.11.     Acceptance of Appointment by Successor................................................   57
Section 6.12.     Eligibility; Disqualification.........................................................   58
Section 6.13.     Merger, Conversion, Consolidation or Succession to Business...........................   58
Section 6.14.     Appointment of Authenticating Agent...................................................   59
ARTICLE VII Consolidation, Merger or Sale by the Company
Section 7.01.     Consolidation, Merger or Sale of Assets Permitted.....................................   60
ARTICLE VIII Supplemental Indentures
Section 8.01.     Supplemental Indentures Without Consent of Holders....................................   61
Section 8.02.     Supplemental Indentures with Consent of Holders.......................................   63
Section 8.03.     Compliance with Trust Indenture Act...................................................   64
Section 8.04.     Execution of Supplemental Indentures..................................................   64
Section 8.05.     Effect of Supplemental Indentures.....................................................   64
Section 8.06.     Reference in Securities to Supplemental Indentures....................................   64
ARTICLE IX Covenants
Section 9.01.     Payment of Principal, Premium, if any, and  Interest..................................   65
Section 9.02.     Maintenance of Office or Agency.......................................................   65
Section 9.03.     Money for Securities Payments to be Held in Trust; Unclaimed Money....................   66
Section 9.04.     Corporate Existence...................................................................   67
Section 9.05.     Reports by the Company................................................................   67
Section 9.06.     Annual Review Certificate; Notice of Defaults or Events of Default....................   68
Section 9.07.     Books of Record and Account...........................................................   68
Section 9.08.     Statement by Officers as to Default...................................................   69
ARTICLE X Redemption
</TABLE>

                                       iii
<PAGE>

<TABLE>
<S>                                                                                                        <C>
Section 10.01.    Applicability of Article..............................................................   69
Section 10.02.    Election to Redeem Notice to Trustee..................................................   69
Section 10.03.    Selection of Securities to be Redeemed................................................   69
Section 10.04.    Notice of Redemption..................................................................   70
Section 10.05.    Deposit of Redemption Price...........................................................   71
Section 10.06.    Securities Payable on Redemption Date.................................................   71
Section 10.07.    Securities Redeemed in Part...........................................................   72
ARTICLE XI Sinking Funds
Section 11.01.    Applicability of Article..............................................................   72
Section 11.02.    Satisfaction of Sinking Fund Payments with Securities.................................   73
Section 11.03.    Redemption of Securities for Sinking Fund.............................................   73
</TABLE>

                                       iv
<PAGE>

            INDENTURE, dated as of , 2005 from AMERUS GROUP CO., an Iowa
corporation (the "Company"), to THE BANK OF NEW YORK TRUST COMPANY, N.A., a
national banking association, (the "Trustee").

                                    RECITALS

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

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

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

                                    ARTICLE I

                        DEFINITIONS AND OTHER PROVISIONS
                             OF GENERAL APPLICATION

            Section 1.01. DEFINITIONS. (a) For all purposes of this Indenture,
except as otherwise expressly provided or unless the context otherwise requires:

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

                  (2) all other terms used herein which are defined in the 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 GAAP (as hereinafter defined); and

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

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

<PAGE>

            "Agent" means any Paying Agent or Registrar.

            "Authenticating Agent" means any authenticating agent appointed by
the Trustee pursuant to Section 6.14.

            "Authorized Newspaper" means a newspaper of general circulation, in
the official language of the country of publication or in the English language,
customarily published on each Business Day whether or not published on
Saturdays, Sundays or holidays. Whenever successive publications in an
Authorized Newspaper are required hereunder they may be made (unless otherwise
expressly provided herein) on the same or different days of the week and in the
same or different Authorized Newspapers.

            "Bearer Security" means any Security issued hereunder which is
payable to bearer.

            "Board" or "Board of Directors" means the Board of Directors of the
Company or any duly authorized committee of the Board of Directors of the
Company.

            "Board Resolution" means a copy of a resolution of the Board of
Directors, 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 the certificate, and delivered to the Trustee.

            "Business Day", when used with respect to any Place of Payment or
any other particular location referred to in this Indenture or in the
Securities, means, unless otherwise specified with respect to any Securities
pursuant to Section 3.01, each Monday, Tuesday, Wednesday, Thursday and Friday
which is not a day on which banking institutions in that Place of Payment or
particular location are authorized or obligated by law or executive order to
close.

            "Commission" means the Securities and Exchange Commission, as from
time to time constituted, created under the Securities Exchange Act of 1934, or,
if at any time after 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.

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

            "Company Order" and "Company Request" mean, respectively, a written
order or request signed in the name of the Company by two Officers, one of whom
must be the Chairman of the Board, the President, the Chief Financial Officer,
the Treasurer, the Assistant Treasurer, the Controller or a Vice President of
the Company.

            "Conversion Event" means the cessation of use of (i) a Foreign
Currency both by the issuer of such currency and for the settlement of
transactions by a central bank or other public institutions of or within the
international banking community, (ii) the

                                       2
<PAGE>

ECU both within the European Monetary System and for the settlement of
transactions by public institutions of or within the European Communities or
(iii) any currency unit other than the ECU for the purposes for which it was
established.

            "Corporate Trust Office" means the office of the Trustee in which at
any particular time its corporate trust business shall be principally
administered, which office at the date hereof is located at 1209 Orange Street,
Wilmington, DE 19801.

            "Currency Unit" or "currency unit" for all purposes of this
Indenture shall mean any composite currency.

            "Debt" means indebtedness for money borrowed.

            "Default" means any event which is, or after notice or passage of
time, or both, would be, an Event of Default.

            "Depository" when used with respect to the Securities of or within
any series issuable or issued in whole or in part in global form, means the
Person designated as Depository by the Company pursuant to Section 3.01 until a
successor Depository shall have become such pursuant to the applicable
provisions of this Indenture, and thereafter shall mean or include each Person
which is then a Depository hereunder, and if at any time there is more than one
such Person, shall be a collective reference to such Persons.

            "Dollar" means the currency of the United States as at the time of
payment is legal tender for the payment of public and private debts.

            "ECU" means the European Currency Unit as defined and revised from
time to time by the Council of the European Communities.

            "European Communities" means the European Economic Community, the
European Coal and Steel Community and the European Atomic Energy Community.

            "European Monetary System" means the European Monetary System
established by the Resolution of December 5, 1978 of the Council of the European
Communities.

            "Exchange Rate Agent", when used with respect to Securities of or
within any series, means, unless otherwise specified with respect to any
Securities pursuant to Section 3.01, a bank designated pursuant to Section 3.01
or Section 3.13 (which may include any such bank acting as Trustee hereunder).

            "Exchange Rate Officer's Certificate" means a certificate setting
forth (i) the applicable Market Exchange Rate or the applicable bid quotation
and (ii) the Dollar or Foreign Currency amounts of principal (and premium, if
any) and interest, if any (on an aggregate basis and on the basis of a Security
having the lowest denomination principal amount in the relevant currency or
currency unit), payable with respect to a Security of any series on the basis of
such Market Exchange Rate or the applicable bid quotation,

                                       3
<PAGE>

signed by the Chief Financial Officer, the Treasurer, the Controller, any Vice
President or the Assistant Treasurer of the Company.

            "Foreign Currency" means any currency issued by the government of
one or more countries other than the United States or by any recognized
confederation or association of such governments.

            "GAAP" means United States generally accepted accounting principles,
in effect as of the date of this Indenture, as set forth in the statements and
pronouncements of the Financial Accounting Standards Board or in such other
statements by such other entity as is approved by a significant segment of the
accounting profession.

            "Government Obligations" means securities which are (i) direct
obligations of the United States or, if specified as contemplated by Section
3.01, the government which issued the currency in which the Securities of a
particular series are payable, for the payment of which its full faith and
credit is pledged or (ii) obligations of a Person controlled or supervised by
and acting as an agency or instrumentality of the United States or, if specified
as contemplated by Section 3.01, such government which issued the foreign
currency in which the Securities of such series are payable, the payment of
which is unconditionally guaranteed as a full faith and credit obligation by the
United States or such other government, which, in either case, are not callable
or redeemable at the option of the issuer thereof, and shall also include a
depository receipt issued by a bank or trust company as custodian with respect
to any such Government Obligation or a specific payment of interest on or
principal of any such Government Obligation held by such custodian for the
account of the holder of a depository receipt; provided that (except as required
by law) such custodian is not authorized to make any deduction from the amount
payable to the holder of such depository receipt from any amount received by the
custodian in respect of the Government Obligation evidenced by such depository
receipt.

            "Holder" means, with respect to a Bearer Security, a bearer thereof
or of a coupon appertaining thereto and, with respect to a Registered Security,
a person in whose name a Security is registered on the Register.

            "Indenture" means this Indenture as originally executed or as
amended or supplemented from time to time and shall include the forms and terms
of particular series of Securities established as contemplated 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", when used with respect to an Original Issue Discount
Security which by its terms bears interest only after Maturity, means interest
payable after Maturity.

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

                                       4
<PAGE>

            "Market Exchange Rate" means, unless otherwise specified with
respect to any Securities pursuant to Section 3.01, (i) for any conversion
involving a currency unit on the one hand and Dollars or any Foreign Currency on
the other, the exchange rate between the relevant currency unit and Dollars or
such Foreign Currency calculated by the method specified pursuant to Section
3.01 for the Securities of the relevant series, (ii) for any conversion of
Dollars into any Foreign Currency, the noon buying rate for such Foreign
Currency for cable transfers quoted in New York City as certified for customs
purposes by the Federal Reserve Bank of New York and (iii) for any conversion of
one Foreign Currency into Dollars or another Foreign Currency, the spot rate at
noon local time in the relevant market at which, in accordance with normal
banking procedures, the Dollars or Foreign Currency into which conversion is
being made could be purchased with the Foreign Currency from which conversion is
being made from major banks located in New York City, London or any other
principal market for Dollars or such purchased Foreign Currency, in each case
determined by the Exchange Rate Agent. Unless otherwise specified with respect
to any Securities pursuant to Section 3.01, in the event of the unavailability
of any of the exchange rates provided for in the foregoing clauses (i), (ii) and
(iii), the Exchange Rate Agent shall use, in its sole discretion and without
liability on its part, such quotation of the Federal Reserve Bank of New York as
of the most recent available date, or quotations from one or more major banks in
New York City, London or other principal market for such currency or currency
unit in question (which may include any such bank acting as Trustee under this
Indenture), or such other quotations as the Exchange Rate Agent shall deem
appropriate. If there is more than one market for dealing in any currency or
currency unit by reason of foreign exchange regulations or otherwise, the market
to be used in respect of such currency or currency unit shall be that upon which
a nonresident issuer of securities designated in such currency or currency unit
would purchase such currency or currency unit in order to make payments in
respect of such securities.

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

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

            "Officers' Certificate", when used with respect to the Company,
means a certificate signed by two Officers, one of whom must be the Chairman of
the Board, the President, the Chief Financial Officer, the Treasurer, the
Assistant Treasurer, the Controller or a Vice President of the Company.

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

                                       5
<PAGE>

            "Original Issue Discount Security" means any Security which provides
for an amount less than the stated principal amount thereof to be due and
payable upon declaration of acceleration of the Maturity thereof pursuant to
Section 5.02.

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

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

         (ii)  Securities, or portions thereof, for whose payment or redemption
money in the necessary amount and in the required currency or Currency Unit has
been theretofore deposited with the Trustee or any Paying Agent (other than the
Company) in trust or set aside and segregated in trust (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
provisions therefor satisfactory to the Trustee have been made;

         (iii) Securities, except to the extent provided in Sections 4.04, with
respect to which the Company has effected defeasance as provided in Article IV;
and

         (iv)  Securities which have been paid pursuant to Section 3.06 or in
exchange for or in lieu of which other Securities have been authenticated and
delivered pursuant to this Indenture, other than any such Securities in respect
which there shall have been presented to a Responsible Officer of the Trustee
proof satisfactory to it that such Securities are held by a bona fide purchaser
in whose hands such Securities are valid obligations of the Company; provided,
however, that in determining whether the Holders of the requisite principal
amount of the Outstanding Securities have given any request, demand,
authorization, direction, notice, consent or waiver hereunder, or whether
sufficient funds are available for redemption or for any other purpose and for
the purpose of making the calculations required by Section 313 of the Trust
Indenture Act, (W) the principal amount of any Original Issue Discount
Securities that may be counted in making such determination or calculation and
that shall be deemed to be outstanding for such purpose shall be equal to the
amount of principal thereof that would be (or shall have been declared to be)
due and payable, at the time of such Determination, upon a declaration of
acceleration of the maturity thereof pursuant to Section 5.02, (X) the principal
amount of any Security denominated in a Foreign Currency that may be counted in
making such determination or calculation and that shall be deemed Outstanding
for such purpose shall be equal to the Dollar equivalent, determined as of the
date such Security is originally issued by the Company as set forth in an
Exchange Rate Officer's Certificate delivered to the Trustee, of the principal
amount (or, in the case of an Original Issue Discount Security, the Dollar
equivalent as of such date of original issuance of the amount determined as
provided in clause (W) above) of such Security, (Y) the principal amount of any
Indexed Security that may be counted in making such determination or calculation
and that shall be deemed Outstanding for such purpose shall be equal to the

                                       6
<PAGE>

principal face amount of such Indexed Security at original issuance, unless
otherwise provided with respect to such security pursuant to Section 3.01, and
(Z) Securities owned by the Company or any other obligor upon the Securities or
any Affiliate of the Company or of such other obligor shall be disregarded and
deemed not to be Outstanding, except that, in determining whether the Trustee
shall be protected in making such calculation or in relying upon any such
request, demand, authorization, direction, notice, consent or waiver, only
Securities which the Trustee actually knows to be so owned shall be so
disregarded. Securities so owned which have been pledged in good faith may be
regarded as Outstanding if the pledge establishes to the satisfaction of the
Trustee the pledgee's right so to act with respect to such Securities and that
the pledgee is not the Company or any other obligor upon the Securities or any
Affiliate of the Company or of such other obligor.

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

            "Periodic Offering" means an offering of Securities of a series from
time to time the specific terms of which Securities, including, without
limitation, the rate or rates of interest or formula for determining the rate or
rates of interest thereon, if any, the Maturity thereof and the redemption
provisions, if any, with respect thereto, are to the determined by the Company
upon the issuance of such Securities.

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

            "Place of Payment", when used with respect to the Securities of or
within any series, means the place or places where the principal of, premium, if
any, and interest and any other payments on such Securities are payable as
specified as contemplated by Sections 3.01.

            "Predecessor Security" of any particular Security means every
previous Security evidencing all or a portion of the same debt as that evidenced
by such particular Security and, for the purposes of this definition, any
Security authenticated and delivered under Section 3.06 in exchange for or in
lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to
evidence the same debt as the mutilated, destroyed, lost or stolen Security.

            "Principal Amount", when used with respect to any Security, means
the amount of principal, if any, payable in respect thereof at Maturity;
provided, however, that when used with respect to an Indexed Security in any
context other than the making of payments at Maturity, "principal amount" means
the principal face amount of such Indexed Security at original issuance.

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

                                       7
<PAGE>

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

            "Registered Security" means any Security issued hereunder and
registered as to principal and interest in the Register.

            "Regular Record Date" for the interest payable on any Interest
Payment Date on the Securities of or within any series means the date specified
for that purpose as contemplated by Section 3.01.

            "Responsible Officer", when used with respect to the Trustee, shall
mean the chairman or any vice chairman of the board of directors, the chairman
or any vice-chairman of the executive committee of the board of directors, the
chairman of the trust committee, the president, any senior vice president, any
vice president, any assistant vice president, the secretary, the treasurer, any
assistant treasurer, the cashier, any assistant cashier, any senior trust
officer, any trust officer, the controller, any assistant controller, or any
officer of the Trustee customarily performing functions similar to those
performed by the persons who at the time shall be such officers, respectively,
or to whom any corporate trust matter is referred because of his knowledge of
and familiarity with a particular subject and who shall have direct
responsibility for the administration of this Indenture.

            "Security" or "Securities" has the meaning stated in the first
recital of this Indenture and more particularly means a Security or Securities
of the Company issued, authenticated and delivered under this Indenture.

            "Special Record Date" for the payment of any Defaulted Interest
means a date fixed by the Trustee pursuant to Section 3.07.

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

            "Subsidiary" means, with respect to any Person, (i) a corporation
more than 50% of the combined voting power of the outstanding Voting Stock of
which is owned, directly or indirectly, by such Person or by one or more other
Subsidiaries of such Person or by such Person and one or more Subsidiaries
thereof, (ii) any other Person (other than a corporation) in which such Person,
or one or more other Subsidiaries of such Person or such Person and one or more
other Subsidiaries thereof, directly or indirectly, has at least a majority
ownership and power to direct the policies, management and affairs thereof, or
(iii) any other Person which is otherwise controlled by such Person or by one or
more other Subsidiaries of such Person or by such Person and one or more other
Subsidiaries of such Person.

                                       8
<PAGE>

            "Total Assets" means, at any date, the total assets appearing on the
most recently prepared consolidated balance sheet of the Company and its
consolidated Subsidiaries as of the end of a fiscal quarter of the Company,
prepared in accordance with GAAP.

            "Trust Indenture Act" means the Trust Indenture Act of 1939 as in
effect on the date of this Indenture, except as provided in Section 8.03.

            "Trustee" means the party named as such in the first paragraph of
this Indenture until a successor Trustee replaces it pursuant to the applicable
provisions of this Indenture, and thereafter means such successor Trustee and
if, at any time, there is more than one Trustee, "Trustee" as used with respect
to the Securities of any series shall mean the Trustee with respect to the
Securities of that series.

            "United States" means, unless otherwise specified with respect to
the Securities of any series as contemplated by Section 3.01, the United States
of America (including the States and the District of Columbia), its territories,
its possessions and other areas subject to its jurisdiction.

            "U.S. Person" means, unless otherwise specified with respect to the
Securities of any series as contemplated by Section 3.01, a citizen, national or
resident of the United States, a corporation, partnership or other entity
created or organized in or under the laws of the United States or any political
subdivision thereof, or an estate or trust, the income of which is subject to
United States federal income taxation regardless of its source.

            "Voting Stock" of any Person means capital stock of such Person
which ordinarily has voting power for the election of directors (or persons
performing similar functions) of such Person, whether at all times or only so
long as no senior class of securities has such voting power by reason of any
contingency.

            (b) The following terms shall have the meanings specified in the
Sections referred to opposite such term below:

<TABLE>
<CAPTION>
        TERM               Section
<S>                        <C>
"Act"                      1.04(a)
"Additional Amount"        3.01(17)
"Bankruptcy Law"           5.01
"Component Currency        3.12(h)
"Conversion Date"          3.12(d)
"Custodian"                5.01
"Defaulted Interest"       3.07(b)
"Election Date"            3.12(h)
"Event of Default"         5.01
"Judgment Date"            5.16
"Notice of Default"        5.01(3)
"Register"                 3.05
</TABLE>

                                       9
<PAGE>

<TABLE>
<CAPTION>
        TERM               Section
<S>                        <C>
"Registrar"                3.05
"Substitute Date"          5.16
"Valuation Date"           3.12(c)
</TABLE>

            SECTION 1.02. COMPLIANCE CERTIFICATE AND OPINIONS. Upon any
application or request by the Company to the Trustee to take an action under any
provision of this Indenture, the Company shall furnish to the Trustee an
Officers' Certificate stating that all conditions precedent, if any, provided
for in this Indenture relating to the proposed action have been complied with
and an Opinion of Counsel stating that in the opinion of such counsel all such
conditions precedent, if any, have been complied with, except that in the case
of any such application or request as to which the furnishing of such documents
is specifically required by any provision of this indenture relating to such
particular application or request, no additional certificate or opinion need be
furnished.

            Every certificate or opinion with respect to compliance with a
condition or covenant provided for in this Indenture (other than pursuant to
Sections 2.03 and 9.06) shall include:

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

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

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

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

            SECTION 1.03. FORMS OF DOCUMENTS DELIVERED TO TRUSTEE. In any case
where several matters are required to be certified by, or covered by an opinion
of, any specified Person, it is not necessary that all such matters be certified
by, or covered by the opinion of, only one such Person, or that they be so
certified or covered by only one document, but one such Person may certify or
give an opinion with respect to some matters and one or more other such Persons
as to other matters, and any such Person may certify or give an opinion as to
such matters in one or several documents.

            Any certificate or opinion of an Officer of the Company may be
based, insofar as it relates to legal matters, upon a certificate or opinion of,
or representations by, counsel, unless such Officer knows, or in the exercise of
reasonable care should know,

                                       10
<PAGE>

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

            Any certificate, statement or opinion of an Officer of the Company
or of counsel may be based, insofar as it relates to accounting matters, upon a
certificate or opinion of or representations by an accountant or firm of
accountants in the employ of the Company, unless such Officer or counsel, as the
case may be, knows, or in the exercise of reasonable care should know, that the
certificate or opinion or representations with respect to the accounting matters
upon which his certificate, statement or opinion is based are erroneous.

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

            Section 1.04. ACTS OF HOLDERS. (a) Any request, demand,
authorization, direction, notice, consent, waiver or other action provided by
this Indenture to be given or taken by Holders may be embodied in and evidenced
by one or more instruments of substantially similar tenor signed by such Holders
in person or by agent duly appointed in writing; and, except as herein otherwise
expressly provided, such action shall become effective when such instrument or
instruments are delivered to the Trustee and, where it is hereby expressly
required, to the Company. Such instrument or instruments (and the action
embodied therein and evidenced thereby) are herein sometimes referred to as the
"Act" of the Holders signing such instrument or instruments. Proof of execution
of any such instrument or of a writing appointing any such Agent shall be
sufficient for any purpose of this Indenture and conclusive in favor of the
Trustee and the Company, if made in the manner provided in this Section.

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

            (c) The ownership of Bearer Securities may be proved by the
production of such Bearer Securities or by a certificate executed by any trust
company, bank, banker or other depository, wherever situated if such certificate

                                       11
<PAGE>

shall be deemed by the Trustee to be satisfactory, showing that at the date
therein mentioned such Person had on deposit with such depository, 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 such certificate or affidavit bearing a later date
issued in respect of the same Bearer Security is produced, (ii) such Bearer
Security is produced to the Trustee by some other Person, (iii) such Bearer
Security is surrendered in exchange for a Registered Security or (iv) such
Bearer Security is no longer Outstanding. The ownership of Bearer Securities may
also be proved in any other manner which the Trustee deems sufficient; and the
Trustee may in any instance require further proof with respect to any of the
matters referred to in this Section.

            (d) The ownership of Registered Securities shall be proved by the
Register.

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

            (f) If the Company shall solicit from the Holders of any series any
request, demand, authorization, direction, notice, consent, waiver or other Act,
the Company may, at its option, by or pursuant to a Board Resolution, fix in
advance a record date for the determination of Holders of such series entitled
to give such request, demand, authorization, direction, notice, consent, waiver
or other Act, but the Company shall have no obligation to do so, provided that
the Company may not set a record date for, and the provisions of this paragraph
shall not apply with respect to, the giving or making of any notice,
declaration, request or direction referred to in the next paragraph. If such a
record date is fixed, such request, demand, authorization, direction, notice,
consent, waiver or other Act may be given before or after such record date, but
only the Holders of record at the close of business on such record date shall be
deemed to be Holders for the purposes of determining whether Holders of the
requisite proportion of Outstanding Securities have authorized or agreed or
consented to such request, demand, authorization, direction, notice, consent,
waiver or other Act, and for that purpose the Outstanding Securities shall be
computed as of such record date; provided that no such authorization, agreement
or consent by the Holders on such record date shall be deemed effective unless
it shall become effective pursuant to the provisions of this Indenture not later
than six months after the record date.

            (g) The Trustee may set any day as a record date for the purpose of
determining the Holders of any series entitled to join in the giving or making
of (i) any Notice of Default, (ii) any declaration of acceleration referred to
in Section

                                       12
<PAGE>

5.02, (iii) any direction referred to in Section 5.08 or (iv) any request to
institute proceedings referred to in Section 5.09(2), and (v) any waiver of past
defaults pursuant to Section 5.07, in each case with respect to Securities of
such series. If such a record date is fixed pursuant to this paragraph, the
relevant action may be taken or given before or after such record date, but only
the Holders of record at the close of business on such record date shall be
deemed to be holders of a series for the purpose of determining whether Holders
of the requisite proportion of Outstanding Securities of such series have
authorized or agreed or consented to such action, and for that purpose the
Outstanding Securities of such series shall be computed as of such record date;
provided that no such action by Holders on such record date 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. Nothing in this
paragraph shall be construed to prevent the Trustee from setting a new record
date for any action for which a record date has previously been set pursuant to
this paragraph (whereupon the record date previously set shall automatically and
with no action by any Person be canceled and of no effect), and nothing in this
paragraph shall be construed to render ineffective any action taken by Holders
of the requisite principal amount of Outstanding Securities of the relevant
series on the date such action is taken. Promptly after any record date is set
pursuant to this paragraph, the Trustee, at the Company's expense, shall cause
notice of such record date and the proposed action by Holders to be given to the
Company in writing and to each Holder of Securities of the relevant series in
the manner set forth in Section 1.06.

            SECTION 1.05. NOTICES, ETC., TO TRUSTEE AND COMPANY. Any request,
demand, authorization, direction, notice, consent, waiver or Act of Holders or
other document provided or permitted by this Indenture to be made upon, given or
furnished to, or filed with,

            (a) the Trustee by any Holder or by the Company shall be sufficient
for every purpose hereunder (unless otherwise herein expressly provided) in
writing and mailed, first-class postage prepaid, to the Trustee at 2 N. LaSalle
Street, Suite 1020 Chicago, IL 60602, Attention:______ or

            (b) the Company by the Trustee or by any Holder shall be sufficient
for every purpose hereunder (unless otherwise herein expressly provided) in
writing and mailed, first-class postage prepaid, to the Company addressed to it
at AmerUs Group Co., 699 Walnut Street, Des Moines, Iowa 50309, Attention:
General Counsel or at any other address previously furnished in writing to the
Trustee by the Company.

                                       13
<PAGE>

            SECTION 1.06. NOTICE TO HOLDERS; WAIVER. Where this Indenture
provides for notice to Holders of an event (i) if any of the Securities affected
by such event are Registered Securities, such notice to the Holders thereof
shall be sufficiently given unless otherwise herein expressly provided) if in
writing and mailed first-class postage prepaid to each such Holder affected by
such event, at his address as it appears in the Register within the time
prescribed for the giving of such notice and, (ii) if any of the Securities
affected by such event are Bearer Securities, notice to the Holders thereof
shall be sufficiently given (unless otherwise herein or in the terms of such
Bearer Securities expressly provided) if published once in an Authorized
Newspaper in New York, New York, and in such other city or cities, if any, as
may be specified as contemplated by Section 3.01.

            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. In any case where notice is given to Holders of Bearer
Securities by publication, neither the failure to publish such notice, nor any
defect in any notice so published, shall affect the sufficiency of such notice
with respect to other Holders of Bearer Securities or the sufficiency of any
notice with respect to any Holders of Registered Securities given as provided
herein. Any notice mailed to a Holder in the manner herein prescribed shall be
conclusively deemed to have been received by such Holder, whether or not such
Holder actually receives such notice.

            If by reason of the suspension of regular mail service or by reason
of any other cause it shall be impracticable to give such notice as provided
above, then such notification as shall be made with the approval of the Trustee
shall constitute a sufficient notification for every purpose hereunder with
respect to a Holder of Registered Securities. If it is impossible or, in the
opinion of the Trustee, impracticable to give any notice by publication in the
manner herein required, then such publication in lieu thereof as shall be made
with the approval of the Trustee shall constitute a sufficient publication of
such notice with respect to a Holder of Bearer Securities.

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

            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 equivalent of such notice.
Waivers of notice by Holders shall be filed with the Trustee, but such filing
shall not be a condition precedent to the validity of any action taken in
reliance upon such waiver.

                                       14
<PAGE>

            SECTION 1.07. 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 1.08. 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 1.09. SEPARABILITY. In case any provision of this Indenture
or the Securities shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be
affected or impaired thereby.

            SECTION 1.10. BENEFITS OF INDENTURE. Nothing in this Indenture or in
the Securities, expressed or implied, shall give to any Person, other than the
parties hereto and their successors hereunder and the Holders, any benefit or
any legal or equitable right, remedy or claim under this Indenture.

            SECTION 1.11. GOVERNING LAW. This Indenture, the Securities and any
coupons appertaining thereto shall be governed by and construed in accordance
with the laws of the State of New York without regard to principles of conflicts
of laws. This Indenture is subject to the Trust Indenture Act and if any
provision hereof limits, qualifies or conflicts with any provision of the Trust
Indenture Act, which is required under such Act to be a part of and govern this
Indenture, the latter provision shall control. If any provision of this
Indenture modifies or excludes any provision of the Trust Indenture Act which
may be so modified or excluded the latter provision shall be deemed to apply to
this Indenture as so modified or to be excluded, as the case may be. Whether or
not this Indenture is required to be qualified under the Trust Indenture Act,
the provisions of the Trust Indenture Act required to be included in an
indenture in order for such indenture to be so qualified shall be deemed to be
included in this Indenture with the same effect as if such provisions were set
forth herein and any provisions hereof which may not be included in an indenture
which is so qualified shall be deemed to be deleted or modified to the extent
such provisions would be required to be deleted or modified in an indenture so
qualified.

            SECTION 1.12. LEGAL HOLIDAYS. In any case where any Interest Payment
Date, Redemption Date, sinking fund payment date, Stated Maturity or Maturity of
any Security shall not be a Business Day at any Place of Payment, then
(notwithstanding any other provision of this Indenture or of any Security or
coupon other than a provision in the Securities of an series which specifically
states that such provision shall apply in lieu of this Section) payment of
principal, premium, if any, or interest need not be made at such Place of
Payment on such date, but may be made on the next succeeding Business Day at
such Place of Payment with the same force and effect as if made on such date;
provided that to the extent such payment is made on such next succeeding
Business Day, no interest shall accrue on the amount so payable for the period
from and after such Interest Payment Date, Redemption Date, sinking fund payment
date, Stated Maturity or Maturity, as the case may be.

                                       15
<PAGE>

                                   ARTICLE II

                                 SECURITY FORMS

            SECTION 2.01. FORMS GENERALLY. The Securities of each series and the
coupons, if any, to be attached thereto shall be in substantially such form as
shall be established by or pursuant to a Board Resolution or in one or more
indentures supplemental hereto, in each case with such appropriate insertions,
omissions, substitutions and other variations as are required or permitted by
this Indenture and may have such letters, numbers or other marks of
identification and such legends or endorsements placed thereon as may be
required to comply with the rules of any securities exchange or Depository
therefor or as may, consistently herewith, be determined by the officers
executing such Securities and coupons, if any, as evidenced by their execution
of the Securities and coupons, if any. If temporary Securities of any series are
issued as permitted by Section 3.04, the form thereof also shall be established
as provided in the preceding sentence. If the forms of Securities and coupons,
if any, of any series are established by, or by action taken pursuant to, a
Board Resolution, a copy of the Board Resolution together with an appropriate
record of any such action taken pursuant thereto, including a copy of the
approved form of Securities or coupons, if any, shall be certified by the
Secretary or an Assistant Secretary of the Company and delivered to the Trustee
at or prior to the delivery of the Company Order contemplated by Section 3.03
for the authentication and delivery of such Securities.

            Unless otherwise specified as contemplated by Section 3.01, Bearer
Securities shall have interest coupons attached.

            The definitive Securities and coupons, if any, shall be printed,
lithographed or engraved on steel engraved boarders or may be produced in any
other manner, all as determined by the officers executing such Securities and
coupons, if any, as evidenced by their execution of such Securities and coupons,
if any.

            SECTION 2.02. FORM OF TRUSTEE'S CERTIFICATE OF AUTHENTICATION. The
Trustee's certificate of authentication shall be in substantially the following
form:

                                       16
<PAGE>

            This is one of the Securities of the series described in the
within-mentioned Indenture.

                                     THE BANK OF NEW YORK TRUST COMPANY, N.A.,
                                     as Trustee

                                     By: ________________________________
                                            Authorized Signatory

                                     Dated: _____________________________

            SECTION 2.03. SECURITIES IN GLOBAL FORM. If Securities of or within
a series are issuable in whole or in part in global form, any such Security of
such series may provide that it shall represent the aggregate or specified
amount of Outstanding Securities of such series from time to time endorsed
thereon and may also provide that the aggregate amount of Outstanding Securities
of such series represented thereby may from time to time be reduced or increased
to reflect exchanges. Any endorsement of a 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 to the Trustee pursuant to Section 3.03 or 3.04.
Subject to the provisions of Section 3.03 and, if applicable, Section 3.04, the
Trustee shall deliver and redeliver any Security in permanent global form in the
manner and upon instructions given by the Person or Persons specified therein or
in the applicable Company Order. Any instructions by the Company with respect to
endorsement or delivery or redelivery of a Security in global form shall be in
writing but need not comply with Section 1.02 hereof and need not be accompanied
by an Opinion of Counsel.

            The provisions of the last paragraph of Section 3.03 shall apply to
any Security in global form if such Security was never issued and sold by the
Company and the Company delivers to the Trustee the Security in global form
together with written instructions (which need not comply with Section 1.02 and
need not be accompanied by an Opinion of Counsel) with regard to the reduction
in the principal amount of Securities represented thereby, together with the
written statement contemplated by the last paragraph of Section 3.03.

            Notwithstanding the provisions of Section 2.01 and 3.07, unless
otherwise specified as contemplated by Section 3.01, payment of principal of,
premium, if any, and interest on any Security in permanent global form shall be
made to the Person or Persons specified therein.

            SECTION 2.04. FORM OF LEGEND FOR SECURITIES IN GLOBAL FORM. Any
Registered Security in global form authenticated and delivered hereunder shall
bear a legend in substantially the following form with such changes as may be
required by the Depository:

                                       17
<PAGE>

            THIS SECURITY IS IN GLOBAL FORM WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A
NOMINEE OF A DEPOSITORY. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART
FOR SECURITIES IN CERTIFICATED FORM IN THE LIMITED CIRCUMSTANCES DESCRIBED IN
THE INDENTURE, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE
DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO
THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY
SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR
DEPOSITORY.

                                   ARTICLE III

                                 THE SECURITIES

            SECTION 3.01. AMOUNT UNLIMITED; ISSUABLE IN SERIES. (a) The
aggregate principal amount of Securities which may be authenticated and
delivered under this Indenture is unlimited. The Securities may be issued from
time to time in one or more series.

            (b) The following matters shall be established with respect to each
series of Securities issued hereunder (i) by a Board Resolution, (ii) by action
taken pursuant to a Board Resolution and (subject to Section 3.03) set forth, or
determined in the manner provided, in an Officers' Certificate or (iii) in one
or more indentures supplemental hereto:

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

                  (2) any limit upon the aggregate principal amount of the
Securities of the series which may be authenticated and delivered under this
Indenture (which limit shall not pertain to Securities authenticated and
delivered upon registration of transfer of, or in exchange for, or in lieu of,
other securities of the series pursuant to Section 3.04, 3.05, 3.06, 8.06, or
10.07);

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

                  (4) the rate or rates at which the Securities of the series
shall bear interest, if any, or the method of calculating such rate or rates of
interest, the date or dates from which such interest shall accrue or the method
by which such date or dates shall be determined, the Interest Payment Dates on
which any such interest shall be payable and, with respect to Registered
Securities, the Regular Record Date, if any, for the interest payable on any
Registered Security on any Interest Payment Date;

                                       18
<PAGE>

                  (5) the place or places where the principal of, premium, if
any, and interest, if any, on Securities of the series shall be payable;

                  (6) the period or periods within which, the price or prices at
which, the currency or currencies (including currency unit or units) in which,
and the other terms and conditions upon which, Securities of the series may be
redeemed, in whole or in part, at the option of the Company and, if other than
as provided in Section 10.03, the manner in which the particular Securities of
such series (if less than all Securities of such series are to be redeemed) are
to be selected for redemption;

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

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

                  (9) if other than Dollars, the currency or currencies
(including currency unit or units) in which the principal of, premium, if any,
and interest, if any, on the Securities of the series shall be payable, or in
which the Securities of the series shall be denominated, and the particular
provisions applicable thereto in accordance with, in addition to, or in lieu of
the provisions of Section 3.12;

                  (10) if the payments of principal of, premium, if any, or
interest, if any, on the Securities of the series are to be made, at the
election of the Company or a Holder, in a currency or currencies (including
currency unit or units) other than that in which such Securities are denominated
or designated to be payable, the currency or currencies (including currency unit
or units) in which such payments are to be made, the terms and conditions of
such payments and the manner in which the exchange rate with respect to such
payments shall be determined, and the particular provisions applicable thereto
in accordance with, in addition to, or in lieu of the provisions of Section
3.12;

                  (11) if the amount of payments of principal of, premium, if
any, and interest, if any, on the Securities of the series shall be determined
with reference to an index, formula or other method (which index, formula or
method may be based, without limitation, on a currency or currencies (including
currency unit or units) other than that in which the Securities of the series
are denominated or designated to be payable), the index, formula or other method
by which such amounts shall be determined;

                  (12) if other than the principal amount thereof, the portion
of the principal amount of such Securities of the series which shall be payable
upon declaration

                                       19
<PAGE>

of acceleration thereof pursuant to Section 5.02 or the method by which such
portion shall be determined;

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

                  (14) if other than as provided in Section 3.07, the Person to
whom any interest on any Registered Security of the series shall be payable and
the manner in which, or the Person to whom, any interest on any Bearer
Securities of the series shall be payable;

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

                  (16) any deletions from, modifications of or additions to the
Events of Default set forth in Section 5.01 or covenants of the Company set
forth in Article IX pertaining to the Securities of the series;

                  (17) under what circumstances, if any, the Company will pay
additional amounts on the Securities of that series held by a Person who is not
a U.S. Person in respect of taxes or similar charges withheld or deducted
("Additional Amounts") and, if so, whether the Company will have the option to
redeem such Securities rather than pay such additional amounts (and the terms of
any such option);

                  (18) whether Securities of the series shall be issuable as
Registered Securities or Bearer Securities (with or without interest coupons),
or both, and any restrictions applicable to the offering, sale or delivery of
Bearer Securities and, if other than as provided in Section 3.05, the terms upon
which Bearer Securities of a series may be exchanged for Registered Securities
of the same series and vice versa;

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

                  (20) the forms of the Securities and coupons, if any, of the
series;

                  (21) the applicability, if any, to the Securities of or within
the series of Sections 4.04 and 4.05, or such other means of defeasance or
covenant defeasance as may be specified for the Securities and coupons, if any,
of such series, and, if the Securities are payable in a currency other than
Dollars, whether, for the purpose of such defeasance or covenant defeasance the
term "Government Obligations" shall include

                                       20
<PAGE>

obligations referred to in the definition of such term which are not obligations
of the United States or an agency or instrumentality of the United States;

                  (22) if other than the Trustee, the identity of the Registrar
and any Paying Agent;

                  (23) the designation of the initial Exchange Rate Agent, if
any;

                  (24) if the Securities of the series shall be issued in whole
or in part in global form (i) the Depository for such global Securities, (ii)
the form of any legend in addition to or in lieu of that in Section 2.04 which
shall be borne by such global Security, (iii) whether beneficial owners of
interests in any Securities of the series in global form may exchange such
interests for certificated Securities of such series and of like tenor of any
authorized form and nomination, and (iv) if other than as provided in Section
3.05, the circumstances under which any such exchange may occur;

                  (25) any other terms of the series (which terms shall not be
inconsistent with the provisions of this Indenture) including any terms which
may be required by or advisable under United States laws or regulations or
advisable (as determined by the Company) in connection with the marketing of
Securities of the series; and

                  (26) the terms and conditions of any right or obligation on
the part of the Company, or any option on the part of the Holders, to convert or
exchange Securities of such series into cash or any other securities or property
of the Company or any other Person, and the additions or changes, if any, to
this Indenture with respect to the Securities of such series to permit or
facilitate such conversion or exchange

            (c)   11 Securities of any one series and coupons, if any,
appertaining to any Bearer Securities of such series shall be substantially
identical except, in the case of Registered Securities, as to denomination and
except as may otherwise be provided (i) by a Board Resolution, (ii) by action
taken pursuant to a Board Resolution and (subject to Section 3.03) set forth or
determined in the manner provided, in the related Officers' Certificate or (iii)
in an indenture supplemental hereto. All Securities of any one series need not
be issued at the same time and, unless otherwise provided, a series may be
reopened, without the consent of the Holders, for issuances of additional
Securities of such series.

            (d) If any of the terms of the Securities of any series are
established by action taken pursuant to a Board Resolution, a copy of such Board
Resolution shall be certified by the Corporate Secretary or an Assistant
Secretary of the Company and delivered to the Trustee at or prior to the
delivery of the Officers' Certificate setting forth, or providing the manner for
determining, the terms of the Securities of such series, and an appropriate
record of any action taken pursuant thereto in connection with the issuance of
any Securities of such series shall be delivered to the Trustee prior to the
authentication and delivery thereof.

                                       21
<PAGE>

            SECTION 3.02. DENOMINATIONS. Unless otherwise provided as
contemplated by Section 3.01, any Registered Securities of a series shall be
issuable in denominations of $1,000 and any integral multiple thereof and any
Bearer Securities of a series shall be issuable in the denomination of $5,000
and any integral multiples thereof.

            SECTION 3.03. EXECUTION, AUTHENTICATION, DELIVERY AND DATING.
Securities shall be executed on behalf of the Company by two Officers. The
Company's seal shall be reproduced on the Securities. The signatures of any of
these officers on the Securities may be manual or facsimile. The coupons, if
any, of Bearer Securities shall bear the facsimile signature of two Officers.

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

            At any time and from time to time, the Company may deliver
Securities, together with any coupons appertaining thereto, of any series
executed by the Company to the Trustee for authentication, together with a
Company Order for the authentication and delivery of such Securities, and the
Trustee in accordance with the Company Order shall authenticate and deliver such
Securities; provided, however, that in the case of Securities offered in a
Periodic Offering, the Trustee shall authenticate and deliver such Securities
from time to time in accordance with such other procedures (including without
limitation, the receipt by the Trustee of oral or electronic instructions from
the Company or its duly authorized agents, promptly confirmed in writing)
acceptable to the Trustee as may be specified by or pursuant to a Company Order
delivered to the Trustee prior to the time of the first authentication of
Securities of such series.

            If the form or terms of the Securities of a series have been
established by or pursuant to one or more Board Resolutions as permitted by
Sections 2.01 and 3.0l, in authenticating such Securities and accepting the
additional responsibilities under this Indenture in relation to such Securities,
the Trustee shall be entitled to receive, and (subject to Section 315(a) through
(d) of the Trust Indenture Act) shall be fully protected in relying upon, an
Opinion of Counsel stating,

                  (1) if the forms of such Securities and any coupons have been
established by or pursuant to a Board Resolution as permitted by Section 2.01,
that such forms have been established in conformity with the provisions of this
Indenture;

                  (2) if the terms of such Securities and any coupons have been
established by or pursuant to a Board Resolution as permitted by Section 3.01,
that such terms have been, or in the case of Securities of a series offered in a
Periodic Offering, will be, established in conformity with the provisions of
this Indenture, subject in the case of Securities offered in a Periodic
Offering, to any conditions specified in such Opinion of Counsel; and

                                       22
<PAGE>

                  (3) that such Securities together with any coupons
appertaining thereto, when authenticated and delivered by the trustee and issued
by the Company in the manner and subject to any conditions specified in such
Opinion of Counsel, will constitute valid and legally binding obligations of the
Company, enforceable in accordance with their terms, subject to bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium and other similar
laws of general applicability relating to or affecting the enforcement of
creditors' rights and to general equity principles and except further as
enforcement thereof may be limited by (A) requirements that a claim with respect
to any Securities denominated other than in Dollars (or a Foreign Currency or
currency unit judgment in respect of such claim) be converted into Dollars at a
rate of exchange prevailing on a date determined pursuant to applicable law or
(B) governmental authority to limit, delay or prohibit the making of payments in
Foreign Currencies or currency units or payments outside the United States.

            Notwithstanding that such form or terms have been so established,
the Trustee shall have the right to decline to authenticate such Securities if,
in the written opinion of counsel to the Trustee (which counsel may be an
employee of the Trustee) reasonably acceptable to the Company, the issue of such
Securities pursuant to this Indenture will adversely affect the Trustee's own
rights, duties or immunities under this Indenture or otherwise in a manner which
is not reasonably acceptable to the Trustee. Notwithstanding the generality of
the foregoing, the Trustee will not be required to authenticate Securities
denominated in a Foreign Currency if the Trustee reasonably believes that it
would be unable to perform its duties with respect to such Securities.

            Notwithstanding the provisions of Section 3.01 and of the two
preceding paragraphs, if all of the Securities of any series are not to be
issued at one time, it shall not be necessary to deliver the Officers'
Certificate otherwise required pursuant to Section 3.01 or the Company Order and
Opinion of Counsel otherwise required pursuant to the two preceding paragraphs
in connection with the authentication of each Security of such series if such
documents, with appropriate modifications to cover such future issuances, are
delivered at or prior to the authentication upon original issuance of the first
Security of such series to be issued.

            With respect to Securities of a series offered in a Periodic
Offering, the Trustee may rely, as to the authorization by the Company of any of
such securities, the form and terms thereof and the legality, validity, binding
effect and enforceability thereof, upon the Opinion of Counsel and the other
documents delivered pursuant to Sections 2.01 and 3.01 and this Section, as
applicable, in connection with the first authentication of Securities of such
series.

            If the Company shall establish pursuant to Section 3.01 that the
Securities of a series are to be issued in whole or in part in global form, then
the Company shall execute and the Trustee shall, in accordance with this Section
and the Company Order with respect to such series, authenticate and deliver one
or more Securities of such series in global form that (i) shall represent and
shall be denominated in an amount equal to the aggregate principal amount of the
Outstanding Securities of such series to be represented by such Security or
Securities in global form, (ii) shall be registered, if a Registered

                                       23
<PAGE>

Security, in the name of the Depository for such Security or Securities in
global form or the nominee of such Depository, (iii) shall be delivered by the
Trustee to such Depository or pursuant to such Depository's instruction and (iv)
shall bear the legends set forth in Section 2.04 and the terms of the Board
Resolution or supplemental indenture relating to such series.

            Each Depository designated pursuant to Section 3.01 for a Registered
Security in global form must, at the time of its designation and at all times
while it serves as Depository, be a clearing agency registered under the
Securities Exchange Act of 1934, as amended, and any other applicable statute or
regulation. The Trustee shall have no responsibility to determine if the
Depository is so registered. Each Depository shall enter into an agreement with
the Trustee and the Company governing the respective duties and rights of such
Depository, the Company and the Trustee with regard to Securities issued in
global form.

            Each Registered Security shall be dated the date of its
authentication and each Bearer Security shall be dated as of the date specified
as contemplated by Section 3.01.

            No Security or coupon appertaining thereto shall be entitled to any
benefits under this Indenture or be valid or obligatory for any purpose until
the certificate of authentication substantially in the form provided herein is
executed by the manual signature of one of the authorized signatories of the
Trustee or an Authenticating Agent and no coupon shall be valid until the
Security to which it appertains has been so authenticated. Such signature upon
any Security shall be conclusive evidence, and the only evidence, that such
Security has been duly authenticated and delivered under this Indenture and is
entitled to the benefits of this Indenture. Except as permitted by Section 3.06
or 3.07, the Trustee shall not authenticate and deliver any Bearer Security
unless all appurtenant coupons for interest then matured have been detached and
canceled.

            Notwithstanding the foregoing, if any Security shall have been
authenticated and delivered hereunder but never issued and sold by the Company,
and the Company shall deliver such Security to the Trustee for cancellation as
provided in Section 3.09 together with a written statement (which need not
comply with Section 1.02 and need not be accompanied by an Opinion of Counsel)
stating that such Security has never been issued and sold by the Company, for
all purposes of this Indenture such Security shall be deemed never to have been
authenticated and delivered hereunder and shall not be entitled to the benefits
of this Indenture.

                                       24
<PAGE>

            SECTION 3.04. TEMPORARY SECURITIES. Pending the preparation of
definitive Securities of any series, the Company may execute and, upon Company
Order, the Trustee shall authenticate and deliver temporary Securities of such
series which are printed, lithographed, typewritten, mimeographed or otherwise
produced, in any authorized denomination, substantially of the tenor and form,
with or without coupons, of the definitive Securities in lieu of which they are
issued and with such appropriate insertions, omissions, substitutions and other
variations as the officers executing such Securities may determine, as
conclusively evidenced by their execution of such Securities and coupons, if
any. In the case of Securities of any series, such temporary Securities may be
in global form, representing all or a portion of the Outstanding Securities of
such series.

            Except in the case of temporary Securities in global form, each of
which shall be exchanged in accordance with the provisions thereof, if temporary
Securities of any series are issued, the Company will cause definitive
Securities of such series to be prepared without unreasonable delay. After
preparation of definitive Securities of such series, the temporary Securities of
such series shall be exchangeable for definitive Securities of such series upon
surrender of the temporary Securities of such series at the office or agency of
the Company pursuant to Section 9.02 in a Place of Payment for such series,
without charge to the Holder. Upon surrender for cancellation of any one or more
temporary Securities of any series (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 the same series of authorized denominations and of like
tenor; provided, however, that no definitive Bearer Security, except as may be
provided pursuant to Section 3.01, shall be delivered in exchange for a
temporary Registered Security; and provided further that no definitive Bearer
Security shall be delivered in exchange for a temporary Bearer Security unless
the Trustee shall have received from the person entitled to receive the
definitive Bearer Security a certificate substantially in the form approved in
or pursuant to the Board Resolutions relating thereto and such delivery shall
occur only outside the United States. 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 except as otherwise
specified as contemplated by Section 3.01.

            SECTION 3.05. REGISTRATION, TRANSFER AND EXCHANGE. The Company shall
cause to be kept at the Corporate Trust Office of the Trustee or in any office
or agency to be maintained by the Company in accordance with Section 9.02 in a
Place of Payment a register (the "Register") in which, subject to such
reasonable regulations as it may prescribe, the Company shall provide for the
registration of Registered Securities and the registration of transfers of
Registered Securities. The Register shall be in written form or any other form
capable of being converted into written form within a reasonable time. The
Trustee is hereby appointed "Registrar" for the purpose of registering
Registered Securities and transfers of Registered Securities as herein provided.

            Upon surrender for registration of transfer of any Registered
Security of any series at the office or agency maintained pursuant to Section
9.02 in a Place of Payment for that series, the Company shall execute and the
Trustee shall authenticate and

                                       25
<PAGE>

deliver, in the name of the designated transferee or transferees, one or more
new Registered Securities of the same series, of any authorized denominations
and of a like aggregate principal amount containing identical terms and
provisions.

            Bearer Securities or any coupons appertaining thereto shall be
transferable by delivery.

            At the option of the Holder, Registered Securities of any series
(except a Registered Security in global form) may be exchanged for other
Registered Securities of the same series, of any authorized denominations and of
a like aggregate principal amount containing identical terms and provisions,
upon surrender of the Registered Securities to be exchanged at such office or
agency. 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. Unless otherwise specified as contemplated by Section 3.01, Bearer
Securities may not be issued in exchange for Registered Securities.

            Unless otherwise specified as contemplated by Section 3.01, at the
option of the Holder, Bearer Securities of such series may be exchanged for
Registered Securities (if the Securities of such series are issuable in
registered form) or Bearer Securities (if Bearer Securities of such series are
issuable in more than one denomination and such exchanges are permitted by such
series) of the same series, of any authorized denominations and of like tenor
and aggregate principal amount, upon surrender of the Bearer Securities to be
exchanged at any such office or agency, 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 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 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 9.02, interest represented by
coupons shall be payable only upon presentation and surrender of those coupons
at an office or agency located outside the United States.

            Notwithstanding the foregoing, in case any Bearer Security of any
series is surrendered at any such office or agency in exchange for a Registered
Security of the same series 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 relevant 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 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

                                       26
<PAGE>

the Bearer Security), and interest or Defaulted Interest, as the case may be,
will not be payable on such Interest Payment Date or proposed date for payment,
as the case may be, in respect of the Registered Security issued in exchange for
such Bearer Security, but will be payable only to the Holder of such coupon,
when due in accordance with the provisions of this Indenture.

            Each Security issued in global form authenticated under this
Indenture shall be registered in the name of the Depository designated for such
series or a nominee thereof and delivered to such Depository or a nominee
thereof or custodian therefor, and each such Security issued in global form
shall constitute a single Security for all purposes of this Indenture.

            Notwithstanding any other provision of this Section, unless and
until it is exchanged in whole or in part for Securities in certificated form in
the circumstances described below, a Security in global form representing all or
a portion of the Securities of a series may not be transferred except as a whole
by the Depository for such series to a nominee of such Depository or by a
nominee of such Depository to such Depository or another nominee of such
Depository or by such Depository or any such nominee to a successor Depository
for such series or a nominee of such successor Depository.

            If at any time the Depository for the Securities of a series
notifies the Company that it is unwilling or unable to continue as Depository
for the Securities of such series or defaults in the performance of its duties
as Depository or if at any time the Depository for the Securities of such series
shall no longer be eligible under Section 3.03, the Company shall appoint a
successor Depository with respect to the Securities of such series. If a
successor Depository for the Securities of such series is not appointed by the
Company within 90 days after the Company receives such notice or becomes aware
of such ineligibility, the Company selection pursuant to Section 3.01(b)(24)
shall no longer be effective with respect to the Securities of such series and
the Company shall execute, and the Trustee, upon receipt of a Company Order for
the authentication and delivery of certificated Securities of such series of
like tenor, shall authenticate and deliver Securities of such series of like
tenor in certificated form, in authorized denominations and in an aggregate
principal amount equal to the principal amount of the Security or Securities of
such series of like tenor in global form in exchange for such Security or
Securities in global form.

            The Company may at any time in its sole discretion determine that
Securities issued in global form shall no longer be represented by such a
Security or Securities in global form. In such event the Company shall execute,
and the Trustee, upon receipt of a Company Order for the authentication and
delivery of certificated Securities of such series of like tenor, shall
authenticate and deliver, Securities of such series of like tenor in
certificated form, in authorized denominations and in an aggregate principal
amount equal to the principal amount of the Security or Securities of such
series of like tenor in global form in exchange for such Security or Securities
in global form.

            If specified by the Company pursuant to Section 3.01 with respect to
a series of Securities, the Depository for such series may surrender a Security
in global

                                       27
<PAGE>

form of such series in exchange in whole or in part for Securities of such
series in certificated form on such terms as are acceptable to the Company and
such Depository. Thereupon, the Company shall execute, and the Trustee shall
authenticate and deliver, without service charge,

         (i)   to each Person specified by such Depository a new certificated
Security or Securities of the same series of like tenor, of any authorized
denomination as requested by such Person in aggregate principal amount equal to
and in exchange for such Person's beneficial interest in the Security in global
form; and

         (ii)  to such Depository a new Security in global form of like tenor in
a denomination equal to the difference, if any, between the principal amount of
the surrendered Security in global form and the aggregate principal amount of
certificated Securities delivered to Holders thereof.

            Upon the exchange of a Security in global form for Securities in
certificated form, such Security in global form shall be canceled by the
Trustee. Unless expressly provided with respect to the Securities of any series
that such Security may be exchanged for Bearer Securities, Securities in
certificated form issued in exchange for a Security in global form pursuant to
this Section shall be registered in such names and in such authorized
denominations as the Depository for such Security in global form, pursuant to
instructions from its direct or indirect participants or otherwise, shall
instruct the Trustee. The Trustee shall deliver such Securities to the Persons
in whose names such Securities are so registered.

            Whenever any Securities are surrendered for exchange, the Company
shall execute, and the Trustee shall authenticate and deliver, the Securities
which the Holder making the exchange is entitled to receive.

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

            Every Registered Security presented or surrendered for registration
of transfer or for exchange shall (if so required by the Company, the Registrar
or the Trustee) be duly endorsed, or be accompanied by a written instrument of
transfer in form satisfactory to the Company, the Registrar and the Trustee 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
for any exchange of Securities, but the Company may require payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection with any registration or transfer or exchange of Securities, other
than exchanges pursuant to Section 3.04, 8.06 or 10.07 not involving any
transfer.

            If the Securities of any series (or of any series and specified
tenor) are to be redeemed in part, the Company shall not be required (i) to
issue, register the transfer

                                       28
<PAGE>

of, or exchange any Securities of that series for a period beginning at the
opening of business 15 days before the day of the mailing of a notice of
redemption of any such Securities selected for redemption under Section 10.03
and ending at the close of business on the day of such mailing; (ii) to register
the transfer of or exchange any Registered Security so selected for redemption,
in whole or in part, except the unredeemed portion of any Security being
redeemed in part; or (iii) to exchange any Bearer Security so selected for
redemption, except that such a Bearer Security may be exchanged for a Registered
Security of that series and like tenor; provided that such Registered Security
shall be simultaneously surrendered for redemption.

            The foregoing provisions relating to registration, transfer and
exchange may be modified, supplemented or superseded with respect to any series
of Securities by a Board Resolution or in one or more indentures supplemental
hereto.

            SECTION 3.06. REPLACEMENT SECURITIES. If a mutilated Security or a
Security with a mutilated coupon appertaining to it is surrendered to the
Trustee, together with, in proper cases, such security or indemnity as may be
required by the Company or the Trustee to save each of them harmless, the
Company shall execute and the Trustee shall authenticate and deliver a
replacement Registered Security, if such surrendered Security was a Registered
Security, or a replacement Bearer Security with coupons corresponding to the
coupons appertaining to the surrendered Security, if such surrendered Security
was a Bearer Security, of the same series and date of maturity, if the Trustee's
requirements are met, containing identical terms and of like tenor and of like
principal amount.

            If there shall be delivered to the Company and the Trustee (i)
evidence to their satisfaction of the destruction, loss or theft of any Security
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 the Trustee
shall authenticate and deliver in lieu of any such 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 replacement Registered Security, if such Holder's Claim appertains to a
Registered Security, or a replacement Bearer Security with coupons corresponding
to the coupons appertaining to the destroyed, lost or stolen Bearer Security or
the Bearer Security to which such lost, destroyed or stolen coupon appertains,
if such Holder's claim appertains to a Bearer Security, of the same series and
principal amount, containing identical terms and provisions and bearing a number
not contemporaneously outstanding with coupons corresponding to the coupons, if
any, appertaining to the destroyed, lost or stolen Security.

            In case any such 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 or coupon, pay such Security
or coupon; provided, however, that payment of principal of and any premium or
interest on Bearer Securities shall, except as otherwise provided in Section
9.02, be payable only at an office or agency located outside the United States
and, unless otherwise specified as contemplated

                                       29
<PAGE>

by Section 3.01, any interest on Bearer Securities shall be payable only upon
presentation and surrender of the coupons appertaining thereto.

            Upon the issuance of any new Security under this Section, the
Company may require that 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, its agents and
counsel) connected therewith.

            Every new Security of any series with its coupons, if any, issued
pursuant to this Section 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 an original additional contractual obligation of
the Company, whether or not the destroyed, lost or stolen Security and its
coupon, if any, 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 that
series and their coupons, if any, duly issued hereunder.

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

            SECTION 3.07. PAYMENT OF INTEREST; INTEREST RIGHTS PRESERVED. (a)
Unless otherwise provided as contemplated by Section 3.01 with respect to any
series of Securities, interest, if any, on any Registered Security which is
payable, and is punctually paid or duly provided for, on any Interest Payment
Date shall be paid to the Person in whose name that Security (or one or more
Predecessor Securities) is registered at the close of business on the Regular
Record Date.

            Unless otherwise provided as contemplated by Section 3.01 with
respect to any series of Securities, (i) interest, if any, on Bearer Securities
shall be paid only against presentation and surrender of the coupons for such
interest installments as are evidenced thereby as they mature and (ii) original
issue discount, if any, on Bearer Securities shall be paid only against
presentation and surrender of such Securities; in either case at the office of a
Paying Agent located outside the United States, unless the Company shall have
otherwise instructed the Trustee in writing, provided that any such instruction
for payment in the United States does not cause any Bearer Security to be
treated as a "registration-required obligation" under United States laws and
regulations. The interest, if any, on any temporary Bearer Security shall be
paid, as to any installment of interest evidenced by a coupon attached thereto
only upon presentation and surrender of such coupon and, as to other
installments of interest, only upon presentation of such Security for notation
thereon of the payment of such interest. If at the time a payment of principal
of or interest, if any, on a Bearer Security or coupon shall become due, the
payment of the full amount so payable at the office or offices of all the Paying
Agents outside the United States is illegal or effectively precluded because of
the imposition of exchange controls or other similar restrictions on the payment
of such amount in Dollars, then the Company may instruct the Trustee in writing
to make such payments at a Paying Agent located in the United States, provided
that provision for such payment in the

                                       30
<PAGE>

United States would not cause such Bearer Security to be treated as a
"registration-required obligation" under United States laws and regulations.

            (b) Unless otherwise provided as contemplated by Section 3.01 with
respect to any series of Securities, any interest on Registered Securities of
any series which is payable, but is not punctually paid or duly provided for, on
any Interest Payment Date for such Registered Securities (herein called
"Defaulted Interest") shall forthwith cease to be payable to the Holders on the
relevant Regular Record Date by virtue of their having been such Holders, and
such Defaulted Interest may be paid by the Company, at its election in each
case, as provided in clause (1) or (2) below:

                  (1) The Company may elect to make payment of such Defaulted
Interest to the Persons in whose names such Registered Securities (or their
respective Predecessor Securities) are registered at the close of business on a
Special Record Date for the payment of such Defaulted Interest, which shall be
fixed in the following manner. The equal to the aggregate amount proposed to be
paid in respect of such Defaulted Interest or shall make arrangements
satisfactory to the Trustee for such deposit prior to the date of the proposed
payment, such money when deposited to be held in trust for the benefit of the
Persons entitled to such Defaulted Interest as in this clause (1) provided.
Thereupon the Trustee shall fix a Special Record Date for the payment of such
Defaulted Interest which shall be not more than 15 days and not less than 10
days prior to the date of the proposed payment and not less than 10 days after
the receipt by the Trustee of the notice of the proposed payment. The Trustee
shall promptly notify the Company of such Special Record Date and, in the name
and at the expense of the Company, shall cause notice of the proposed payment of
such Defaulted Interest and the Special Record Date therefor to be mailed,
first-class postage prepaid, to each Holder of such Registered Securities at his
address as it appears in the Register, not less than 10 days prior to such
Special Record Date. Notice of the proposed payment of such Defaulted Interest
and the Special Record Date therefor having been so mailed, such Defaulted
Interest shall be paid to the Persons in whose names such Registered Securities
(or their respective Predecessor Securities) are registered at the close of
business on such Special Record Date and shall no longer be payable pursuant to
the following clause (2). In case a Bearer Security of any series is surrendered
at the office or agency in a Place of Payment for such series in exchange for a
Registered Security of such series after the close of business at such office or
agency on the related proposed date for payment of Defaulted Interest, such
Bearer Security shall be surrendered without the coupon relating to such
proposed date of payment in respect of the Registered Security issued in
exchange for such Bearer Security, but will be payable only to the Holder of
such coupon when due in accordance with the provisions of this Indenture.

                  (2) The Company may make payment of such Defaulted Interest to
the Persons in whose names such Registered Securities (or their respective
Predecessor Securities) are registered at the close of business on a specified
date in any other lawful manner not inconsistent with the requirements of any
securities exchange on which such Registered Securities may be listed, and upon
such notice as may be required by such exchange, if, after notice given by the
Company to the Trustee of the proposed

                                       31
<PAGE>

payment pursuant to this clause (2), such manner of payment shall be deemed
practicable by the Trustee.

                  (c) Subject to the foregoing provisions of this Section and
Section 3.05, each Security delivered under this Indenture upon registration of
transfer of or in exchange for or in lieu of any other Security shall carry the
rights to interest accrued and unpaid, and to accrue, which were carried by such
other Security.

            SECTION 3.08. PERSONS DEEMED OWNERS. Prior to due presentment of any
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 as the owner of such Registered Security for
the purpose of receiving payment of principal of, premium, if any, and (subject
to Sections 3.05 and 3.07) interest on and Additional Amounts with respect to
such Registered Security and for all other purposes whatsoever, whether or not
such Registered Security be overdue, and neither the Company, the Trustee nor
any agent of the Company or the Trustee shall be affected by notice to the
contrary.

            The Company, the Trustee and any agent of the Company or the Trustee
may treat the bearer of any Bearer Security and the bearer of any coupon as the
absolute owner of such Bearer Security or coupon for the purpose of receiving
payment thereof or on account thereof and for all other purposes whatsoever,
whether or not such Bearer Security or coupon be overdue, and neither the
Company, the Trustee nor any agent of the Company or the Trustee shall be
affected by notice to the contrary.

            None of the Company, the Trustee or any agent of the Company or the
Trustee shall have any responsibility or liability for any aspect of the records
relating to or payments made on account of beneficial ownership interests of a
Security in global form, or for maintaining, supervising or reviewing any
records relating to such beneficial ownership interests. Notwithstanding the
foregoing, with respect to any Security in global form, nothing herein shall
prevent the Company or the Trustee, or any agent of the Company or the Trustee,
from giving effect to any written certification, proxy or other authorization
furnished by any Depository (or its nominee) as a Holder, with respect to such
Security in global form or impair, as between such Depository and owners of
beneficial interests in such Security in global form, the operation of customary
practices governing the exercise of the rights of such Depository (or its
nominee) as Holder of such Security in global form.

                                       32
<PAGE>

            SECTION 3.09. CANCELLATION. The Company at any time may deliver
Securities and coupons to the Trustee for cancellation. The Registrar and any
Paying Agent shall forward to the Trustee any Securities and coupons surrendered
to them for replacement, for registration of transfer, or for exchange or
payment. The Trustee shall cancel all Securities and coupons surrendered for
replacement, for registration of transfer, or for exchange, payment, redemption
or cancellation. All canceled Securities shall be disposed of by the Trustee and
upon written request therefor, the Trustee shall deliver to the Company a
certificate of disposal. The Company may not issue new Securities to replace
Securities that it has paid or delivered to the Trustee for cancellation.

            SECTION 3.10. COMPUTATION OF INTEREST. Except as otherwise specified
as contemplated by Section 3.01, interest on the Securities of each series shall
be computed on the basis of a 360-day year of twelve 30-day months.

            SECTION 3.11. CUSIP NUMBERS. The Company in issuing the Securities
may use "CUSIP" numbers (if then generally in use), and, in such case, the
Trustee shall use "CUSIP" numbers in notices of redemption as a convenience to
Holders; provided that any such notice may state that no representation is made
as to the correctness of such numbers either as printed on the Securities or as
contained in any notice of a redemption and that reliance may be placed only on
the other identification numbers printed on the Securities, and any such
redemption shall not be affected by any defect in or omission of such numbers.
The Company shall promptly notify the Trustee of any change in the CUSIP
Numbers.

            SECTION 3.12. CURRENCY AND MANNER OF PAYMENT IN RESPECT OF
SECURITIES. (a) Unless otherwise specified with respect to any Securities
pursuant to Section 3.01, with respect to Registered Securities of any series
not permitting the election provided for in paragraph (b) below or the Holders
of which have not made the election provided for in paragraph (b) below, and
with respect to Bearer Securities of any series, except as provided in paragraph
(d) below, payment of the principal of, premium, if any, and interest, if any,
on any Registered or Bearer Security of such series will be made in the currency
or currencies or currency unit or units in which such Registered Security or
Bearer Security, as the case may be, is payable. The provisions of this Section
3.12 may be modified or superseded pursuant to Section 3.01 with respect to any
Securities.

            (b) It may be provided pursuant to Section 3.01, with respect to
Registered Securities of any series, that Holders shall have the option, subject
to paragraphs (d) and (e) below, to receive payments of principal of, premium,
if any, or interest, if any, on such Registered Securities in any of the
currencies or currency units which may be designated for such election by
delivering to the Trustee (or the applicable Paying Agent) a written election
with signature guarantees and in the applicable form established pursuant to
Section 3.01, not later than the close of business on the Election Date
immediately preceding the applicable payment date. If a Holder so elects to
receive such payments in any such currency or currency unit, such election will
remain in effect for such Holder or any transferee of such Holder until changed
by such Holder or such transferee

                                       33
<PAGE>

by written notice to the Trustee (or any applicable Paying Agent) for such
series of Registered Securities (but any such change must be made not later than
the close of business on the Election Date immediately preceding the next
payment date to be effective for the payment to be made on such payment date,
and no such change of election may be made with respect to payments to be made
on any Registered Security of such series with respect to which an Event of
Default has occurred or with respect to which the Company has deposited funds
pursuant to Article IV or with respect to which a notice of redemption has been
given by or on behalf of the Company pursuant to Article X). Any Holder of any
such Registered Security who shall not have delivered any such Election to the
Trustee (or any applicable Paying Agent) not later than the close of business on
the applicable Election Date will be paid the amount due on the applicable
payment date in the relevant currency or currency unit as provided in Section
3.12(a). The Trustee (or the applicable Paying Agent) shall notify the Exchange
Rate Agent as soon as practicable after the Election Date of the aggregate
principal amount of Registered Securities for which Holders have made such
written election.

            (c) If the election referred to in paragraph (b) above has been
provided for with respect to any Registered Securities of a series pursuant to
Section 3.01, then, unless otherwise specified pursuant to Section 3.01 with
respect to any such Registered Securities, not later than the fourth Business
Day after the Election Date for each payment date for such Registered
Securities, the Exchange Rate Agent will deliver to the Company a written notice
specifying, in the currency or currencies or currency unit or units in which
Registered Securities of such series are payable, the respective aggregate
amounts of principal of, premium, if any, and interest, if any, on such
Registered Securities to be paid on such payment date, and specifying the
amounts in such currency or currencies or currency unit or units so payable in
respect of such Registered Securities as to which the Holders of Registered
Securities denominated in any currency or currencies or currency unit or units
shall have elected to be paid in another currency or currency unit as provided
in paragraph (b) above. If the election referred to in paragraph (b) above has
been provided for with respect to any Registered Securities of a series pursuant
to Section 3.01, and if at least one Holder has made such election, then, unless
otherwise specified pursuant to Section 3.01, on the second Business Day
immediately preceding such payment date the Company will deliver to the Trustee
(or the applicable Paying Agent) an Exchange Rate Officers' Certificate in
respect of the Dollar, Foreign Currency or Currencies, ECU or other currency
unit payments to be made on such payment date. Unless otherwise specified
pursuant to Section 3.01, the Dollar, Foreign Currency or Currencies, ECU or
other currency unit amount receivable by Holders of Registered Securities who
have elected payment in a currency or currency unit as provided in paragraph (b)
above shall be determined by the Company on the basis of the applicable Market
Exchange Rate in effect on the second Business Day (the "Valuation Date")
immediately preceding each payment date, and such determination shall be
conclusive and binding for all purposes, absent manifest error.

                                       34
<PAGE>

            (d) If a Conversion Event occurs with respect to a Foreign Currency,
ECU or any other currency unit in which any of the Securities are denominated or
payable otherwise than pursuant to an election provided for pursuant to
paragraph (b) above, then, with respect to each date for the payment of
principal of, premium, if any, and interest, if any, on the applicable
Securities denominated or payable in such Foreign Currency, ECU or such other
currency unit occurring after the last date on which such Foreign Currency, ECU
or such other currency unit was used (the "Conversion Date"), the Dollar shall
be the currency of payment for use on each such payment date (but such Foreign
Currency, ECU or such other currency unit that was previously the currency of
payment shall, at the Company's election, resume being the currency of payment
on the first such payment date preceded by 15 Business Days during which the
circumstances which gave rise to the Dollar becoming such currency no longer
prevail). Unless otherwise specified pursuant to Section 3.01, the Dollar amount
to be paid by the Company to the Trustee or any applicable Paying Agent and by
the Trustee or any applicable Paying Agent to the Holders of such Securities
with respect to such payment date shall be, in the case of a Foreign Currency
other than a currency unit, the Dollar Equivalent of the Foreign Currency or in
the case of a Foreign Currency that is a currency unit, the Dollar Equivalent of
the Currency limit, in each case as determined by the Exchange Rate Agent in the
manner provided in paragraph (f) or (g) below.

            (e) Unless otherwise specified pursuant to Section 3.01, if the
Holder of a Registered Security denominated in any currency or currency unit
shall have elected to be paid in another currency or currency unit or in other
currencies as provided in paragraph (b) above, and (i) a Conversion Event occurs
with respect to any such elected currency or currency unit, such Holder shall
receive payment in the currency or currency unit in which payment would have
been made in the absence of such election and (ii) if a Conversion Event occurs
with respect to the currency or currency unit in which payment would have been
made in the absence of such election, such Holder shall receive payment in
Dollars as provided in paragraph (d) of this Section 3.12 (but, subject to any
contravening valid election pursuant to paragraph (b) above, the elected payment
currency or currency unit, in the case of the circumstances described in clause
(i) above, or the payment currency or currency unit in the absence of such
election, in the case of the circumstances described in clause (ii) above,
shall, at the Company's election, resume being the currency or currency unit of
payment with respect to Holders who have so elected, but only with respect to
payments on payment dates preceded by 15 Business Days during which the
circumstances which gave rise to such currency or currency unit, in the case of
the circumstances described in clause (i) above, or the Dollar, in the case of
the circumstances described in clause (ii) above, as applicable, becoming the
currency or currency unit of payment, no longer prevail).

            (f) The "Dollar Equivalent of the Foreign Currency" shall be
determined by the Exchange Rate Agent and shall be obtained for each subsequent
payment date by the Exchange Rate Agent by converting the specified

                                       35
<PAGE>

Foreign Currency into Dollars at the Market Exchange Rate on the Conversion
Date.

            (g) The "Dollar Equivalent of the Currency Unit" shall be determined
by the Exchange Rate Agent and, subject to the provisions of paragraph (h)
below, shall be the sum of each amount obtained by converting the specified
amount of each Component Currency (as each such term is defined in paragraph (h)
below) into Dollars at the Market Exchange Rate for such Component Currency on
the Valuation Date with respect to each payment.

            (h) For purposes of this Section 3.12 the following terms shall have
the following meanings:

            A "Component Currency" shall mean any currency which, on the
Conversion Date, was a component currency of the relevant currency unit,
including, but not limited to, ECU.

            "Election Date" shall mean the Regular Record Date for the
applicable series of Registered Securities as specified pursuant to Section 3.01
by which the written election referred to in Section 3.12(b) may be made.

            A "Specified Amount" of a Component Currency shall mean the number
of units of such Component Currency or fractions thereof which such Component
Currency represented in the relevant currency unit, including, but not limited
to, ECU, on the Conversion Date. If after the Conversion Date the official unit
of any Component Currency is altered by way of combination or subdivision, the
Specified Amount of such Component Currency shall be divided or multiplied in
the same proportion. If after the Conversion Date two or more Component
Currencies are consolidated into a single currency, the respective Specified
Amounts of such Component Currencies shall be replaced by an amount in such
single currency equal to the sum of the respective specified Amounts of such
consolidated Component Currencies expressed in such single currency, and such
amount shall thereafter be a Specified Amount and such single currency shall
thereafter be a Component Currency. If after the Conversion Date any Component
Currency shall be divided into two or more currencies, the Specified Amount of
such Component Currency shall be replaced by specified amounts of such two or
more currencies, the sum of which, at the Market Exchange Rate of such two or
more currencies on the date of such replacement, shall be equal to the Specified
Amount of such former Component Currency and such amounts shall thereafter be
Specified Amounts and such currencies shall thereafter be Component Currencies.
If, after the Conversion Date of the relevant currency unit, including, but not
limited to, ECU, a Conversion Event (other than any event referred to above in
this definition of "Specified Amount") occurs with respect to any Component
Currency of such currency unit and is continuing on the applicable Valuation
Date, the Specified Amount of such Component Currency shall, for purposes of
calculating the Dollar Equivalent of the Currency Unit, be converted into
Dollars at the Market Exchange Rate in effect on the Conversion Date of such
Component Currency.

                                       36
<PAGE>

            All decisions and determinations of the Exchange Rate Agent
regarding the Dollar Equivalent of the Foreign Currency, the Dollar Equivalent
of the Currency Unit, the Market Exchange Rate and changes in the Specified
Amounts as specified above shall be in its sole discretion and shall, in the
absence of manifest error, be conclusive for all purposes and irrevocably
binding upon the Company, the Trustee (and any applicable Paying Agent) and all
Holders of Securities denominated or payable in the relevant currency,
currencies or currency units. The Exchange Rate Agent shall promptly give
written notice to the Company and the Trustee of any such decision or
determination.

            In the event that the Company determines in good faith that a
Conversion Event has occurred with respect to a Foreign Currency, the Company
will promptly give written notice thereof to the Trustee of the appropriate
series of Securities (or any applicable Paying Agent) and to the Exchange Rate
Agent (and the Trustee (or such Paying Agent) will promptly thereafter give
notice in the manner provided in Section 1.06 to the affected Holders)
specifying the Conversion Date. In the event the Company so determines that a
Conversion Event has occurred with respect to ECU or any other currency unit in
which Securities are denominated or payable, the Company will promptly give
written notice thereof to the Trustee (or any applicable Paying Agent) and to
the Exchange Rate Agent (and the Trustee (or such Paying Agent) will promptly
thereafter give notice in the manner provided in Section 1.06 to the affected
Holders) specifying the Conversion Date and the Specified Amount of each
Component Currency on the Conversion Date. In the event the Company determines
in good faith that any subsequent change in any Component Currency as set forth
in the definition of Specified Amount above has occurred, the Company will
similarly give written notice to the Trustee (or any applicable Paying Agent)
and to the Exchange Rate Agent.

            The Trustee of the appropriate series of Securities shall be fully
justified and protected in relying and acting upon information received by it
from the Company and the Exchange Rate Agent and shall not otherwise have any
duty or obligation to determine the accuracy or validity of such information
independent of the Company or the Exchange Rate Agent.

            SECTION 3.13. APPOINTMENT AND RESIGNATION OF EXCHANGE RATE AGENT.
(a) Unless otherwise specified pursuant to Section 3.01, if and so long as the
Securities of any series (i) are denominated in a currency other than Dollars or
(ii) may be payable in a currency other than Dollars, 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. The Company will cause the Exchange Rate Agent to
make the necessary foreign exchange determinations at the time and in the manner
specified pursuant to Section 3.12 for the purpose of determining the applicable
rate of exchange and, if applicable, for the purpose of converting the issued
currency or currencies or currency unit or units into the applicable payment
currency or currency unit for the payment of principal, premium, if any, and
interest, if any, pursuant to Section 3.12.

            (b) No resignation of the Exchange Rate Agent and no appointment of
a successor Exchange Rate Agent pursuant to this Section shall

                                       37
<PAGE>

become effective until the acceptance of appointment by the successor Exchange
Rate Agent as evidenced by a written instrument delivered to the Company and the
Trustee of the appropriate series of Securities accepting such appointment
executed by the successor Exchange Rate Agent.

            (c) If the Exchange Rate Agent shall resign, be removed or become
incapable of acting, or if a vacancy shall occur in the office of the Exchange
Rate Agency 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 Exchange Rate Agent or Exchange Rate Agents with respect to the
Securities of that or those series (it being understood that any such successor
Exchange Rate Agent may be appointed with respect to the Securities of one or
more or all of such series and that, unless otherwise specified pursuant to
Section 3.01 at any time there shall only be one Exchange Rate Agent with
respect to the Securities of any particular series that are originally issued by
the Company on the same date and that are initially denominated and/or payable
in the same currency or currencies or currency unit or units).

                                   ARTICLE IV

                     SATISFACTION, DISCHARGE AND DEFEASANCE

            SECTION 4.01. TERMINATION OF COMPANY'S OBLIGATIONS UNDER THE
INDENTURE. This Indenture shall upon a Company Request cease to be of further
effect with respect to Securities of or within any series and any coupons
appertaining thereto (except as to any surviving rights of registration of
transfer or exchange of such Securities and replacement of such Securities which
may have been lost, stolen or mutilated as herein expressly provided for) and
the Trustee, at the expense of the Company, shall execute proper instruments
acknowledging satisfaction and discharge of this Indenture with respect to such
Securities and any coupons appertaining thereto when (1) either

            (A) all such Securities previously authenticated and delivered and
all coupons appertaining thereto (other than (i) such coupons appertaining to
Bearer Securities surrendered in exchange for Registered Securities and maturing
after such exchange, surrender of which is not required or has been waived as
provided in Section 3.05, (ii) such Securities and coupons which have been
destroyed, lost or stolen and which have been replaced or paid, as provided in
Section 3.06, (iii) such coupons appertaining to Bearer Securities called for
redemption and maturing after the relevant Redemption Date, surrender of which
has been waived as provided in Section 10.06 and (iv) such Securities and
coupons for whose payment money has theretofore been deposited in trust or
segregated and held in trust by the Company and thereafter repaid to the Company
or discharged from such trust as provided in Section 9.03) 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

                                       38
<PAGE>

(i) have become due and payable, or (ii) will become due and payable at their
Stated Maturity within one year, or (iii) if redeemable at the option of the
Company, are to be called for redemption within one year under arrangements
satisfactory to the Trustee for the giving of notice of redemption by the
Trustee in the name, and at the expense, of the Company, and the Company, in the
case of (i), (ii) or (iii) above, has irrevocably deposited or caused to be
deposited with the Trustee as trust funds in trust for the purpose an amount in
the currency or currencies or currency unit or units in which the Securities of
such series are payable, sufficient to pay and discharge the entire indebtedness
on such Securities and such coupons not theretofore delivered to the Trustee for
cancellation, for principal, premium, if any, and interest, and any Additional
Amounts payable as specified pursuant to Section 3.01(b)(17) with respect
thereto, to the date of such deposit (in the case of Securities which have
become due and payable) or to the Stated Maturity or Redemption Date, as the
case may be;

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

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

            Notwithstanding the satisfaction and discharge of this Indenture,
the obligation of the Company to the Trustee and any predecessor Trustee under
Section 6.09, the obligations of the Company to any Authenticating Agent under
Section 6.14 and, if money shall have been deposited with the Trustee pursuant
to subclause (B) of clause (1) of this Section, the obligations of the Trustee
under Section 4.02 and the last paragraph of Section 9.03 shall survive such
satisfaction and discharge.

            SECTION 4.02. APPLICATION OF TRUST FUNDS. Subject to the provisions
of the last paragraph of Section 9.03, all money deposited with the Trustee
pursuant to Section 4.01 shall be held in trust and applied by it, in accordance
with the provisions of the Securities, the coupons and this Indenture, to the
payment, either directly or through any Paying Agent (including the Company
acting as its own Paying Agent) as the Trustee may determine, to the persons
entitled thereto, of the principal, premium, if any, and any interest for whose
payment such money has been deposited with or received by the Trustee, but such
money need not be segregated from other funds except to the extent required by
law.

            SECTION 4.03. APPLICABILITY OF DEFEASANCE PROVISIONS; COMPANY'S
OPTION TO EFFECT DEFEASANCE OR COVENANT DEFEASANCE. If pursuant to Section 3.01
provision is made for either or both of (i) defeasance of the Securities of or
within a series under Section 4.04 or (ii) covenant defeasance of the Securities
of or within a series under Section 4.05, then the provisions of such Section or
Sections, as the case may be, together with the provisions of Sections 4.06
through 4.09 inclusive, with such modifications thereto as may be specified
pursuant to Section 3.01 with respect to any Securities, shall be applicable to
such Securities and any coupons appertaining thereto,

                                       39
<PAGE>

and the Company may at its option by or pursuant to Board Resolution, at any
time, with respect to such Securities and any coupons appertaining thereto,
elect to have Section 4.04 (if applicable) or Section 4.05 (if applicable) be
applied to such Outstanding Securities and any coupons appertaining thereto upon
compliance with the conditions set forth below in this Article.

            SECTION 4.04. DEFEASANCE AND DISCHARGE. Upon the Company's exercise
of the option specified in Section 4.03 applicable to this Section with respect
to the Securities of or within a series, the Company shall be deemed to have
been discharged from its obligations with respect to such Securities and any
coupons appertaining thereto on and after the date the conditions set forth in
Section 4.06 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 Securities and any coupons
appertaining thereto which shall thereafter be deemed to be "Outstanding" only
for the purposes of Section 4.07 and the other Sections of this Indenture
referred to in clause (ii) of this Section, and to have satisfied all 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 on a Company
Order execute proper instruments acknowledging the same), except the following
which shall survive until otherwise terminated or discharged hereunder: (i) the
rights of Holders of such Securities and any coupons appertaining thereto to
receive solely from the trust funds described in Section 4.06(a) and as more
fully set forth in such Section, payments in respect of the principal of,
premium, if any, and interest, if any, on such Securities or any coupons
appertaining thereto when such payments are due; (ii) the Company's obligations
with respect to such Securities under Sections 3.04, 3.05, 3.06, 9.02 and 9.03
and with respect to the payment of additional amounts, if any, payable with
respect to such Securities as specified pursuant to Section 3.01(b)(17); (iii)
the rights, powers trusts, duties and immunities of the Trustee hereunder and
(iv) this Article IV. Subject to compliance with this Article IV, the Company
may exercise its option under this Section notwithstanding the prior exercise of
its option under Section 4.05 with respect to such Securities and any coupons
appertaining thereto. Following a defeasance, payment of such Securities may not
be accelerated because of an Event of Default.

            SECTION 4.05. COVENANT DEFEASANCE. Upon the Company's exercise of
the option specified in Section 4.03 applicable to this Section with respect to
any Securities of or within a series, the Company shall be released from its
obligations under Sections 7.01(3), 7.01(4) and 9.07 and, if specified pursuant
to Section 3.01, its obligations under any other covenant, with respect to such
Securities and any coupons appertaining thereto on and after the date the
conditions set forth in Section 4.06 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 Sections 7.01(3), 7.01(4)and 9.07 or such other
covenant but shall continue to be deemed "Outstanding" for all other purposes
hereunder. For this purpose, such covenant defeasance means that, with respect
to such Securities and any coupons appertaining thereto, the Company may omit to
comply with and shall

                                       40
<PAGE>

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 5.01(3) or
5.01(7), or otherwise, as the case may be, but, except as specified above, the
remainder of this Indenture and such Securities and any coupons appertaining
thereto shall be unaffected thereby.

            SECTION 4.06. CONDITIONS TO DEFEASANCE OR COVENANT DEFEASANCE. The
following shall be the conditions to application of Section 4.04 or Section 4.05
to any Securities of or within a series and any coupons appertaining thereto:

            (a) The Company shall have deposited or caused to be deposited
irrevocably with the Trustee (or another trustee satisfying the requirements of
Section 6.12 who shall agree to comply with and shall be entitled to the
benefits of, the provisions of Sections 4.03 through 4.09 inclusive and the last
paragraph of Section 9.03 applicable to the Trustee, for purposes of such
Sections also a "Trustee") as trust funds in trust for the purpose of making the
payments referred to in clauses (x) and (y) of this Section 4.06(a),
specifically pledged as security for, and dedicated solely to, the benefit of
the Holders of such Securities and any coupons appertaining thereto, with
instructions to the Trustee as to the application thereof, (A) money in an
amount (in such currency, currencies or currency unit or units in which such
Securities and any coupons appertaining thereto are then specified as payable at
Maturity), or (B) if Securities of such series are not subject to repayment at
the option of Holders, Government Obligations which through the payment of
interest, principal, premium, if any, and any Additional Amounts in respect
thereof in accordance with their terms will provide not later than one day
before the due date of any payment referred to in clause (x) or (y) of this
Section 4.06(a), money in an amount or (C) a combination thereof in an amount,
sufficient, without reinvestment, in the opinion of a nationally recognized firm
of independent certified public accountants expressed in a written certification
thereof delivered to the Trustee, to pay and discharge, and which shall be
applied by the Trustee to pay and discharge (x) the principal of, premium, if
any, and interest, if any, and any Additional Amounts on such Securities and any
coupons appertaining thereto on the Maturity of such principal or installment of
principal or interest and (y) any mandatory sinking fund payments applicable to
such Securities on the day on which such payments are due and payable in
accordance with the terms of this Indenture and such Securities and any coupons
appertaining thereto. Before such a deposit, the Company may make arrangements
satisfactory to the Trustee for the redemption of Securities at a future date or
dates in accordance with Article X which shall be given effect in applying the
foregoing.

            (b) Such defeasance or covenant defeasance shall not result in a
breach or violation of, or constitute a Default or Event of Default under, this
Indenture or result in a breach or violation of, or constitute a default under,
any

                                       41
<PAGE>

other agreement or instrument to which the Company is a party or by which it is
bound.

            (c) In the case of an election under Section 4.04, the Company shall
have delivered to the Trustee an Officers' Certificate and an Opinion of Counsel
to the effect that (i) the Company has received from, or there has been
published by, the Internal Revenue Service a ruling, or (ii) since the date of
execution of this Indenture, there has been a change in the applicable Federal
income tax law, in either case to the effect that, and based thereon such
opinion shall confirm that, the Holders of such 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 amount and in the same manner and at the same times, as
would have been the case if such deposit, defeasance and discharge had not
occurred.

            (d) In the case of an election under Section 4.05, the Company shall
have delivered to the Trustee an Opinion of Counsel to the effect that the
Holders of such 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.

            (e) The Company shall have delivered to the Trustee an Officers'
Certificate and an Opinion of Counsel, each stating that all conditions
precedent to the defeasance under Section 4.04 or the covenant defeasance under
Section 4.05 (as the case may be) including those contained in this Section 4.06
other than the 90 day period specified in Section 4.06(g), have been complied
with.

            (f) The Company shall have delivered to the Trustee an Officer's
Certificate to the effect that neither such Securities nor any other Securities
of the same series, if then listed on any securities exchange, will be delisted
as a result of such deposit.

            (g) No event which is, or after notice or lapse of time or both
would become, an Event of Default with respect to such Securities or any other
Securities shall have occurred and be continuing at the time of such deposit or,
with regard to any such event specified in Sections 5.01(5) and (6), at any time
on or prior to the 90th day after the date of such deposit (it being understood
that this condition shall not be deemed satisfied until after such 90th day).

            (h) Such defeasance or covenant defeasance shall not result in the
trust arising from such deposit constituting an investment company within the
meaning of the Investment Company Act of 1940 unless such trust shall be
registered under such Act or exempt from registration thereunder.

                                       42
<PAGE>

            (i) 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 as contemplated by
Section 3.01.

            SECTION 4.07. DEPOSITED MONEY AND GOVERNMENT OBLIGATIONS TO BE HELD
IN TRUST. Subject to the provisions of the last paragraph of Section 9.03, all
money and Government Obligations (or other property as may be provided pursuant
to Section 3.01) (including the proceeds thereof) deposited with the Trustee
pursuant to Section 4.06 in respect of any 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, premium, if any, and interest, if any, and any Additional Amounts,
but such money need not be segregated from other funds except to the extent
required by law.

            Unless otherwise specified with respect to any Security pursuant to
Section 3.01, if, after a deposit referred to in Section 4.06(a) has been made,
(i) the Holder of a Security in respect of which such deposit was made is
entitled to, and does, elect pursuant to Section 3.12(b) or the terms of such
Security to receive payment in a currency or currency unit other than that in
which the deposit pursuant to Section 4.06(a) has been made in respect of such
Security, or (ii) a Conversion Event occurs as contemplated in Section 3.12(d)
or 3.12(e) or by the terms of any Security in respect of indebtedness which the
deposit pursuant to Section 4.06(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, premium, if any, and interest, if any, on 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 or currency unit in
which such Security becomes payable as a result of such election or Conversion
Event based on the applicable Market Exchange Rate for such currency or currency
unit in effect on the second Business Day prior to each payment date, except,
with respect to a Conversion Event, for such currency or currency unit in effect
(as nearly as feasible) at the time of the Conversion Event.

            SECTION 4.08. REPAYMENT TO COMPANY. Subject to the last paragraph of
Section 9.03, the Trustee (and any Paying Agent) shall promptly pay to the
Company upon Company Request any excess money or securities held by them at any
time.

            SECTION 4.09. INDEMNITY FOR GOVERNMENT OBLIGATIONS. The Company
shall pay, and shall indemnify the Trustee against, any tax, fee or other charge
imposed on or assessed against Government Obligations deposited pursuant to this
Article or the principal and interest and any other amount received on such
Government Obligations.

                                       43
<PAGE>

            SECTION 4.10. REINSTATEMENT. If the Trustee or the Paying Agent is
unable to apply any money or Government Obligations, as the case may be, in
accordance with this Article with respect to any Securities by reason of any
order or judgment of any court or governmental authority enjoining, restraining
or otherwise prohibiting such application, then the obligations under this
Indenture, such Securities and any coupons appertaining thereto from which the
Company has been discharged or released pursuant to Section 4.04 or 4.05 shall
be revived and reinstated as though no deposit had occurred pursuant to this
Article with respect to such Securities, until such time as the Trustee or
Paying Agent is permitted to apply all money or Government Obligations, as the
case may be, held in trust pursuant to Section 4.07 with respect to such
Securities and any coupons appertaining thereto in accordance with this Article;
provided, however, that if the Company makes any payment of principal of or any
premium or interest on any such Security following such reinstatement of its
obligations, the Company shall be subrogated to the rights (if any) of the
Holders of such Securities or coupons to receive such payment from the money or
Government Obligations, as the case may be, so held in trust.

                                   ARTICLE V

                              DEFAULTS AND REMEDIES

            SECTION 5.01. EVENTS OF DEFAULT. An "Event of Default" occurs with
respect to the Securities of any series if (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 payment, decree or order of any court or any
order, rule or regulation of any administrative or governmental body):

                  (1) the Company defaults in the payment of interest on any
Security of that series or any coupon appertaining thereto or any additional
amount payable with respect to any Security of that series as specified pursuant
to Section 3.01(b)(17) when the same becomes due and payable and such default
continues for a period of 30 days;

                  (2) the Company defaults in the payment of the principal of or
any premium on any Security of that series when the same becomes due and payable
at its Maturity or on redemption or otherwise, or in the payment of a mandatory
sinking fund payment when and as due by the terms of the Securities of that
series;

                  (3) the Company fails to comply in any material respect with
any of its agreements or covenants in, or any of the provisions of, this
Indenture with respect to any Security of that series (other than an agreement,
covenant or provision for which non-compliance is elsewhere in this Section
specifically dealt with), and such non-compliance continues 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 the 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;

                                       44
<PAGE>

                  (4) a default under any mortgage, agreement, indenture or
instrument under which there may be issued, or by which there may be secured,
guaranteed or evidenced any Debt of the Company (including this Indenture)
whether such Debt now exists or shall hereafter be created, in an aggregate
principal amount then outstanding of $25,000,000 or more, which default (a)
shall constitute a failure to pay any portion of the principal of such Debt when
due and payable after the expiration of an applicable grace period with respect
thereto or (b) shall result in such Debt becoming or being declared due and
payable prior to the date on which it would otherwise become due and payable,
and such acceleration shall not be rescinded or annulled, or such Debt shall not
be paid in full within a period of 30 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 aggregate principal amount of
the Outstanding Securities of that series a written notice specifying such event
of default and requiring the Company to cause such acceleration to be rescinded
or annulled or to pay in full such Debt and stating that such notice is a
"Notice of Default" hereunder; (it being understood however, that the Trustee
shall not be deemed to have knowledge of such default under such agreement or
instrument unless either (A) a Responsible Officer of the Trustee shall have
actual knowledge of such default or (B) a Responsible Officer of the Trustee
shall have received written notice thereof from the Company, from any Holder,
from the holder of any such indebtedness or from the trustee under any such
agreement or other instrument); provided, however, that if such default under
such agreement or instrument is remedied or cured by the Company or waived by
the holders of such indebtedness, then the Event of Default hereunder by reason
thereof shall be deemed likewise to have been thereupon remedied, cured or
waived without further action upon the part of either the Trustee or any of such
Holders; provided, further, that the foregoing shall not apply to any secured
Debt under which the obligee has recourse (exclusive of recourse for ancillary
matters such as environmental indemnities, misapplication of funds, costs of
enforcement and the like) only to the collateral pledged for repayment so long
as the fair market value of such collateral does not exceed 2% of Total Assets
at the time of the default;

                  (5) the Company, pursuant to or within the meaning of any
Bankruptcy Law, (A) commences a voluntary case or proceeding, (B) consents to
the entry of an order for relief against it in an involuntary case or
proceeding, (C) consents to the appointment of a Custodian of it or for all or
substantially all of its property, (D) makes a general assignment for the
benefit of its creditors, (E) makes an admission in writing of its inability to
pay its debts generally as they become due or (F) takes corporate action in
furtherance of any such action;

                  (6) a court of competent jurisdiction enters an order or
decree under any Bankruptcy Law that (A) is for relief against the Company, in
an involuntary case, (B) adjudges the Company as bankrupt or insolvent, or
approves as properly filed a petition seeking reorganization, arrangement, and
adjustment or composition of or in respect of the Company, or appoints a
Custodian of the Company, or for all or substantially all of its property, or
(C) orders the liquidation of the Company and the decree remains unstayed and in
effect for 60 days; or

                                       45
<PAGE>

                  (7) any other Event of Default provided as contemplated by
Section 3.01 with respect to Securities of that series.

            The Company shall deliver to the Trustee, within 90 days after the
occurrence thereof, written notice in the form of an Officers' Certificate of
any event which is or with the giving of notice or the lapse of time would
become an event which is or with the giving of notice or the lapse of time would
become an Event of Default, its status and what action the Company is taking or
proposes to take with respect thereto.

            As used in the Indenture, the term "Bankruptcy Law" means Title 11,
U.S. Code, or any similar federal or state bankruptcy, insolvency,
reorganization or other law for the relief of debtors. As used in the Indenture,
the term "Custodian" means any receiver, trustee, assignee, liquidator or
similar official under any Bankruptcy Law.

            SECTION 5.02. ACCELERATION; RESCISSION AND ANNULMENT. If an Event of
Default with respect to the Securities of any series at the time Outstanding
occurs and is continuing, the Trustee or the Holders of at least 25% in
aggregate principal amount of all of the Outstanding Securities of that series
by written notice to the Company (and if given by the Holders, to the Trustee),
may declare the principal (or, if the Securities of that series are Original
Issue Discount Securities or Indexed Securities, such portion of the Original
principal amount as may be specified in the terms of that series) of and accrued
interest, if any, on all the Securities of that series to be due and payable and
upon any such declaration such principal (or, in the case of Original Issue
Discount Securities or Indexed Securities, such specified amount) and interest,
if any, shall be immediately due and payable.

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

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

            (A) in the currency or currency unit in which that series of
Securities is payable, all overdue interest on all Securities of that series and
any related coupons and any Additional Amounts,

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

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

                                       46
<PAGE>

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

            and

                  (2) all existing Defaults and Events of Default with respect
to Securities of that series, other than the non-payment of the principal of
Securities of that series which have become due solely by such declaration of
acceleration, have been cured or waived as provided in Section 5.07. No such
rescission shall affect any subsequent default or impair any right consequent
thereon.

            SECTION 5.03. COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT
BY TRUSTEE. The Company covenants that if

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

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

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

            SECTION 5.04. TRUSTEE MAY FILE PROOFS OF CLAIM. The Trustee may file
such proofs of claim and other papers or documents and take such actions
authorized under the Trust Indenture Act as may be necessary or advisable in
order to have the claims of the Trustee and the Holders of Securities allowed in
any judicial proceedings relating to the Company, its creditors or its property.
In particular, the Trustee shall be authorized to collect and receive any moneys
or other property payable or deliverable on any such claims and to distribute
the same; and any custodian, receiver, assignee, trustee, liquidator,
sequestrator or other similar official in any such judicial proceeding is hereby

                                       47
<PAGE>

authorized by each Holder to make such payments to the Trustee and, in the event
that the Trustee shall consent to the making of such payments directly to the
Holders, to pay to the Trustee any amount due it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel, and any other amounts due the Trustee under Section 6.09.

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

            SECTION 5.05. TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF
SECURITIES. All rights of action and claims under this Indenture or the
Securities may be prosecuted and enforced by the Trustee, in its own name as an
express trust, without the possession of any of the Securities or coupons or the
production thereof in any proceeding relating thereto and any recovery of
judgment shall, after provision for the reasonable fees and expenses of the
Trustee and its counsel, be for the ratable benefit of the Holders of the
Securities and coupons in respect to which judgment was recovered.

            SECTION 5.06. DELAY OR OMISSION NOT WAIVER. No delay or omission by
the Trustee or any Holder of any Securities to exercise any right or remedy
accruing upon an Event of Default shall impair any such right or remedy or
constitute a waiver of or acquiescence in any such Event of Default. Every right
and remedy given by this Article or by law to the Trustee or to the Holders of
Securities or coupons may be exercised from time to time, and as often as may be
deemed expedient, by the Trustee or by the Holders of Securities or coupons, as
the case may be.

            SECTION 5.07. WAIVER OF PAST DEFAULTS. The Holders of a majority in
aggregate principal amount of Outstanding Securities of any series by written
notice to the Trustee may waive on behalf of the Holders of all Securities of
such series and any related coupons a past Default or Event of Default with
respect to that series and its consequences except (i) a Default or Event of
Default in the payment of the principal of, premium, if any, or interest or any
Additional Amounts on any Security of such series or any coupon appertaining
thereto or (ii) in respect of a covenant or provision hereof which pursuant to
Section 8.02 cannot be amended or modified 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.

            SECTION 5.08. CONTROL BY MAJORITY. The Holders of a majority in
aggregate principal amount of the Outstanding Securities of each series affected
(with each such series voting as a class) shall have the right to direct the
time, method and place of conducting any proceeding for any remedy available to
the Trustee or exercising

                                       48
<PAGE>

any trust or power conferred on it with respect to Securities of that series;
provided, however, that (i) the Trustee may refuse to follow any direction that
conflicts with law or this Indenture (ii) the Trustee may refuse to follow any
direction that is unduly prejudicial to the rights of the Holders of Securities
of such series not consenting or of any other series for which the Trustee is
trustee, or that would in the good faith judgment of the Trustee have a
substantial likelihood of involving the Trustee in personal liability and (iii)
the Trustee may take any other action deemed proper by the Trustee which is not
inconsistent with such direction. Prior to the taking of any action hereunder,
the Trustee shall be entitled to reasonable indemnification satisfactory to the
Trustee against all losses and expenses caused by taking or not taking such
action. This paragraph shall be in lieu of Section 316(a)(1)(A) of the Trust
Indenture Act and such Section 316(a)(1)(A) is hereby expressly excluded from
this Indenture, as permitted By the Trust Indenture Act.

            SECTION 5.09. LIMITATION ON SUITS BY HOLDERS. 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) the Holder has previously given written notice to the
Trustee of a continuing Event of Default with respect to the Securities of that
series;

                  (2) the Holders of at least 25% in aggregate principal amount
of the Outstanding Securities of that series have made a written request to the
Trustee to institute proceedings in respect of such Event of Default in its own
name as Trustee hereunder;

                  (3) such Holder or Holders have offered to the Trustee
indemnity satisfactory to the Trustee against any loss, liability or expense to
be, or which may be, incurred by the Trustee in pursuing the remedy;

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

                  (5) during such 60 day period, the Holders of a majority in
aggregate principal amount of the Outstanding Securities of that series have not
given to the Trustee a direction inconsistent with such written request.

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

            SECTION 5.10. RIGHTS OF HOLDERS TO RECEIVE PAYMENT. Notwithstanding
any other provision of this Indenture, the right of any Holder of a Security or
coupon to receive payment of principal of, premium, if any, and, subject to
Sections 3.05 and 3.07, interest on the Security and any Additional Amounts, on
or after

                                       49
<PAGE>

the respective due dates expressed in the Security (or, in case of redemption,
on the redemption dates), and the right of any Holder of a coupon to receive
payment of interest due as provided in such coupon, or, subject to Section 5.09,
to bring suit for the enforcement of any such payment on or after such
respective dates, shall not be impaired or affected without the consent of such
Holder.

            SECTION 5.11. APPLICATION OF MONEY COLLECTED. If the Trustee
collects any money pursuant to this Article, it shall pay out the money 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, premium, if any, or
interest, and any Additional Amounts upon presentation of the Securities or
coupon or both and the notation thereon of the payment if only partially paid
and upon surrender thereof if fully paid:

            FIRST: to the Trustee for amounts due under Section 6.09;

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

            THIRD: the balance, if any, to the Company.

            The Trustee may fix a record date and payment date for any payment
to Holders pursuant to this Section 5.11. At least 15 days before such record
date, the Trustee shall mail to each Holder and the Company a notice that states
the record date, the payment date and the amount to be paid.

            SECTION 5.12. RESTORATION OF RIGHTS AND REMEDIES. If the Trustee or
any Holder of a Security or 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 or
to such Holder, then and in every such case, subject to any determination in
such proceeding, the Company, the Trustee and the Holders shall be restored
severally and respectively to their former positions hereunder and thereafter
all rights and remedies of the Trustee and the Holders of Securities and coupons
shall continue as though no such proceeding had been instituted.

            SECTION 5.13. 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 3.06, no
right or remedy herein conferred upon or reserved to the Trustee or the Holders
is intended to be exclusive of any other right or remedy, and every right and
remedy shall, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given hereunder or now or hereafter existing at law
or in equity or otherwise. The assertion or employment of any existing right or
remedy hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy.

                                       50
<PAGE>

            SECTION 5.14. WAIVER OF USURY, STAY OR EXTENSION LAWS. The Company
covenants (to the extent that it may lawfully do so) that it will not at any
time insist upon, or plead, or in any manner whatsoever claim or take the
benefit or advantage of, any usury, stay or extension law wherever enacted, now
or at any time hereafter in force, which may affect the covenants or the
performance of this Indenture; and the Company (to the extent that it may
lawfully do so) hereby expressly waives all benefit or advantage of any such law
and covenants that it will not hinder, delay or impede the execution of any
power herein granted to the Trustee, but will suffer and permit the execution of
every such power as though no such law had been enacted.

            SECTION 5.15. UNDERTAKING FOR COSTS. In any suit for the enforcement
of any right or remedy under this Indenture or in any suit against the Trustee
for any action taken or omitted by it as Trustee, a court in its discretion may
require the filing by any party litigant in the suit of an undertaking to pay
the costs of the suit, and the court in its discretion may assess reasonable
costs, including reasonable attorney's fees and expenses, against any party
litigant in the suit having due regard to the merits and good faith of the
claims or defenses made by the party litigant provided that neither this Section
nor the Trust Indenture Act shall be deemed to authorize any court to require
such an undertaking or to make such an assessment in any suit instituted by the
Company or by the Trustee.

            SECTION 5.16. JUDGMENT CURRENCY. If, for the purpose of obtaining a
judgment in any court with respect to any obligation of the Company hereunder or
under any Security or any related coupon, it shall become necessary to convert
into any other currency or currency unit any amount in the currency or currency
unit due hereunder or under such Security or coupon, then such conversion shall
be made by the Exchange Rate Agent at the Market Exchange Rate as in effect on
the date of entry of the judgment (the "Judgment Date"). If pursuant to any such
judgment, conversion shall be made on a date (the "Substitute Date") other than
the Judgment Date and there shall occur a change between the Market Exchange
Rate as in effect on the Judgment Date and the Market Exchange Rate as in effect
on the Substitute Date, the Company agrees to pay such additional amounts (if
any) as may be necessary to ensure that the amount paid is equal to the amount
in such other currency or currency unit which, when converted at the Market
Exchange Rate as in effect on the Judgment Date, is the amount due hereunder or
under such Security or coupon. Any amount due from the Company, under this
Section 5.16 shall be due as a separate debt and is not to be affected by or
merged into any judgment being obtained for any other sums due hereunder or in
respect of any Security or coupon. In no event, however, shall the Company be
required to pay more in the currency or currency unit due hereunder under such
Security or coupon at the Market Exchange Rate as in effect on the Judgment Date
than the amount of currency or currency unit stated to be due hereunder or under
such Security or coupon so that in any event the Company's obligations hereunder
or under such Security or coupon will be effectively maintained as obligations
in such currency or currency unit, and the Company shall be entitled to withhold
(or be reimbursed for, as the case may be) any excess of the amount actually
realized upon any such conversion on the Substitute Date over the amount due and
payable on the Judgment Date.

                                       51
<PAGE>

                                   ARTICLE VI

                                   THE TRUSTEE

            SECTION 6.01. CERTAIN DUTIES AND RESPONSIBILITIES OF THE TRUSTEE.
(a) The Trustee's duties and responsibilities under this Indenture shall be
governed by the Trust Indenture Act.

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

            SECTION 6.02. RIGHTS OF TRUSTEE. Subject to the provisions of the
Trust Indenture Act:

            (a) The Trustee may conclusively rely and shall be protected in
acting or refraining from acting upon any document believed by it to be genuine
and to have been signed or presented by the proper party or parties; but in the
case of any such documents which by any provisions hereof are specifically
required to be furnished to the Trustee, the Trustee shall be under a duty to
examine the same to determine whether or not they conform to the requirements of
this Indenture (but need not confirm or investigate the accuracy of any
mathematical calculations or other facts stated therein).

            (b) Any request or direction of the Company mentioned herein shall
be sufficiently evidenced by a Company Request or Company Order (other than
delivery of any Security, together with any coupons appertaining thereto, to the
Trustee for authentication and delivery pursuant to Section 3.03 which shall be
sufficiently evidenced as provided therein) and any resolution of the Board of
Directors may be sufficiently evidenced by a Board Resolution.

            (c) Before the Trustee acts or refrains from acting, it may consult
with counsel of its selection and/or require an Officers' Certificate. The
Trustee shall not be liable for any action it takes or omits to take in good
faith in reliance on a Board Resolution, the written or oral advice of counsel
reasonably acceptable to the Company and the Trustee (which advice, if oral,
counsel shall promptly confirm in writing to the Trustee), a certificate of an
Officer or Officers delivered pursuant to Section 1.02, an Officers' Certificate
or an Opinion of Counsel.

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

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

                                       52
<PAGE>

            (f) The Trustee shall not be required to expend or risk its own
funds or otherwise incur any financial liability in the performance of any of
its duties hereunder, or in the exercise of its rights or powers if it shall
have reasonable grounds for believing that repayment of such funds or indemnity
satisfactory to it against such risk or liability is not reasonably assured to
it.

            (g) The Trustee shall not be bound to make any investigation into
the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond,
debenture, note, other evidence of indebtedness or other paper or document, but
the Trustee, in its discretion, may make such further inquiry or investigation
into such facts or matters as it may seem fit, and, if the Trustee shall
determine to make such further inquiry or investigation it shall be entitled to
examine the books, records and premises of the Company, personally or by agent
or attorney at the expense of the Company and shall incur no additional
liability of any kind by reason of such inquiry or investigation.

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

            (i) Whether or not therein expressly so provided, every provision of
this Indenture relating to the conduct or affecting the liability of or
affording protection to the Trustee shall be subject to the provisions of this
Section 6.02.

            (j) The Trustee shall not be deemed to have notice of any Default or
Event of Default unless a Responsible Officer of the Trustee has actual
knowledge thereof or unless written notice of any event which is in fact such a
default is received by the Trustee at the Corporate Trust Office of the Trustee,
and such notice references the Securities and this Indenture;

            (k) The rights, privileges, protections, immunities and benefits
given to the Trustee, including, without limitation, its right to be
indemnified, are extended to, and shall be enforceable by, the Trustee in each
of its capacities hereunder, and each agent, custodian and other Person employed
to act hereunder; and

            (l) The Trustee may request that the Company deliver a certificate
setting forth the names of individuals and/or titles of officers authorized at
such time to take specified actions pursuant to this Indenture.

            SECTION 6.03. TRUSTEE MAY HOLD SECURITIES. The Trustee, any Paying
Agent, any Registrar or any other agent of the Company, in its in individual or
any other capacity, may become the owner or pledgee of Securities and coupons
and,

                                       53
<PAGE>

subject to Sections 310(b) and 311 of the Trust Indenture Act, may otherwise
deal with the Company, an Affiliate or Subsidiary with the same rights it would
have if it were not Trustee, Paying Agent, Registrar or such other agent.

            SECTION 6.04. MONEY HELD IN TRUST. Money held by the Trustee in
trust hereunder need not be segregated from other funds except to the extent
required by law. The Trustee shall be under no liability for interest on any
money received by it hereunder except as otherwise agreed upon in writing with
the Company.

            SECTION 6.05. TRUSTEE'S DISCLAIMER. The recitals contained herein
and in the Securities, except the Trustee's certificate of authentication, shall
be taken as the statements of the Company, and the Trustee assumes no
responsibility for their correctness. The Trustee makes no representation as to
the validity or accuracy of this Indenture or the Securities or any coupon. The
Trustee shall not be accountable for the Company's use of the proceeds from the
Securities or for monies paid over to the Company pursuant to the Indenture.

            SECTION 6.06. NOTICE OF DEFAULTS. If a Default occurs and is
continuing with respect to the Securities of any series and if it is known to a
Responsible Officer of the Trustee, the Trustee shall, within 90 days after it
occurs, transmit by mail to the Holders of Securities of such series, in the
manner and to the extent provided in Section 313(c) of the Trust Indenture Act,
notice of all Defaults known to it unless such Default shall have been cured or
waived; provided, however, that except in the case of a Default in payment on
the Securities of any series, the Trustee may withhold the notice if and so long
as the board of directors, the executive committee or a committee of its
Responsible Officers in good faith determines that withholding such notice is in
the interests of Holders of Securities of that series; and provided, further,
that in the case of any Default of the character specified in Section 5.01(3)
with respect to Securities of such series, no such notice to Holders shall be
given until at least 30 days after the occurrence thereof.

            SECTION 6.07. REPORTS BY TRUSTEE TO HOLDERS. Within 60 days after
each May 15 of each year commencing with the first May 15 after the first
issuance of Securities pursuant to this Indenture, the Trustee shall transmit by
mail to all Holders of Securities as provided in Section 313(c) of the Trust
Indenture Act a brief report dated as of such May 15 if required by and in
compliance with Section 313(a) of the Trust Indenture Act. A copy of each such
report shall, at the time of such transmission to Holders, be filed by the
Trustee with each stock exchange, if any, upon which the Securities are listed,
with the Commission and with the Company. The Company will promptly notify the
Trustee when the Securities are listed on any stock exchange. Delivery of such
reports, information and documents to the Trustee is for informational purposes
only and the Trustee's receipt of such shall not constitute constructive notice
of any information relating to financial statements contained therein or
determinable from financial statements contained therein, including the
Company's compliance with any of its covenants hereunder (as to which the
Trustee is entitled to rely exclusively on Officers' Certificates).

                                       54
<PAGE>

            SECTION 6.08. SECURITYHOLDER LISTS. The Trustee shall preserve in as
current a form as is reasonably practicable the most recent list available to it
of the names and addresses of Holders of Securities of each series. If the
Trustee is not the Registrar, the Company shall furnish to the Trustee
semiannually on or before the last day of June and December in each year, and at
such other times as the Trustee may request in writing, a list, in such form and
as of such date as the Trustee may reasonably require containing all the
information in the possession or control of the Registrar, the Company or any of
its Paying Agents other than the Trustee as to the names and addresses of
Holders of Securities of each such series. If there are Bearer Securities of any
series Outstanding, even if the Trustee is the Registrar, the Company shall
furnish to the Trustee such a list containing such information with respect to
Holders of such Bearer Securities only.

            SECTION 6.09. COMPENSATION AND INDEMNITY. (a) The Company shall pay
to the Trustee from time to time such reasonable compensation for its services
as the Company and the Trustee shall agree in writing from time to time. The
Trustee's compensation shall not be limited by any law on compensation of a
trustee of an express trust. The Company shall reimburse the Trustee upon
request for all reasonable out-of-pocket expenses incurred by it in connection
with the performance of its duties under this Indenture, except any such expense
as shall have been caused by its own negligence, bad faith or willful
misconduct. Such expenses shall include the reasonable compensation and expenses
of the Trustee's agents and counsel.

            (b) The Company shall indemnify the Trustee and any Predecessor
Trustee, for and hold it harmless against, any loss or liability, damage, claim
or reasonable expense including taxes (other than taxes based upon or determined
or measured by the income of the Trustee) incurred by it arising out of or in
connection with its acceptance or administration of the trust or trusts
hereunder, including the reasonable costs and expenses of defending itself
against any claim or liability in connection with the exercise or performance of
any of its powers or duties hereunder. The Trustee shall notify the Company
promptly of any claim for which it may seek indemnity. The Company shall defend
the claim and the Trustee shall cooperate in the defense. The Trustee may have
separate counsel and the Company shall pay the reasonable fees and expenses of
such counsel. The Company need not pay for any settlement made without its
consent, which consent shall not be unreasonably withheld.

            (c) The Company need not reimburse any expense or indemnify against
any loss or liability incurred by the Trustee through negligence, bad faith or
willful misconduct.

            (d) To secure the payment obligations of the Company pursuant to
this Section, the Trustee shall have a lien prior to the Securities of any
series on all money or property held or collected by the Trustee, except that
held in trust to pay principal, premium, if any, any interest and any Additional
Amounts, on particular Securities.

                                       55
<PAGE>

            When the Trustee incurs expenses or renders services in connection
with an Event of Default specified in Section 5.01(5) or Section 5.01(6), the
expenses (including the reasonable charges and expenses of its counsel) and the
compensation for the services are intended to constitute expenses of
administration under any applicable Federal or state bankruptcy, insolvency or
other similar law.

            The provisions of this Section shall survive the termination of this
Indenture or the resignation or removal of the Trustee.

            SECTION 6.10. REPLACEMENT OF TRUSTEE. (a) The resignation or removal
of the Trustee and the appointment of a successor Trustee shall become effective
only upon the successor Trustee's acceptance of appointment as provided in
Section 6.11.

            (b) The Trustee may resign at any time with respect to the
Securities of any series by giving written notice thereof to the Company.

            (c) The Holders of a majority in aggregate principal amount of the
Outstanding Securities of any series may remove the Trustee with respect to that
series by so notifying the Trustee and the Company and may appoint a successor
Trustee for such series with the Company's consent.

            (d) If at any time:

                  (1) the Trustee fails to comply with Section 310(b) of the
Trust Indenture Act after written request therefor by the Company or by any
Holder who has been a bona fide Holder of a Security for any least six months,
or

                  (2) the Trustee shall cease to be eligible under Section 6.12
of this Indenture or Section 310(a) of the Trust Indenture Act and shall fail to
resign after written request therefor by the Company or by any Holder of a
Security who has been a bona fide Holder of a Security for at least six months;
or

                  (3) the Trustee becomes incapable of acting, is adjudged a
bankrupt or an insolvent or a receiver or public officer takes charge of the
Trustee or 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 (ii) subject to Section 315(e) of the Trust Indenture Act, any
Holder who has been a bona fide Holder of a Security for at least six months
may, on behalf of himself and all others similarly situated, petition any court
of competent jurisdiction for the removal of the Trustee with respect to all
Securities and the appointment of a successor Trustee or Trustees.

            (e) If the instrument of acceptance by a successor Trustee required
by Section 6.11 shall not have been delivered to the Trustee within 30 days
after the giving of such notice of resignation or removal, the Trustee resigning
or being removed may petition any court of competent jurisdiction for the
appointment of a successor Trustee with respect to the Securities of such
series.

                                       56
<PAGE>

            (f) If the Trustee resigns or is removed or if a vacancy exists in
the office of Trustee for any reason, with respect to Securities of one or more
series, the Company, by or pursuant to Board Resolution, shall promptly appoint
a successor Trustee with respect to the Securities to that or those series (it
being understood that any such successor Trustee may be appointed with respect
to the Securities of one or more or all of such series and that at any time
there shall be only one Trustee with respect to the Securities of any particular
series) and shall comply with the applicable requirements of Section 6.11. If,
within one year after such resignation, removal or incapability, or the
occurrence of such vacancy, a successor Trustee with respect to the Securities
of any series shall be appointed by Act of the Holders of a majority in
principal amount of the Outstanding Securities of such series delivered to the
Company and the retiring Trustee, the successor Trustee so appointed shall,
forthwith upon its acceptance of such appointment in accordance with the
applicable requirements of Section 6.11, become the successor Trustee with
respect to the Securities of such series and to that extent supersede the
successor Trustee appointed by the Company. If no successor Trustee with respect
to the Securities of any series shall have been so appointed by the Company or
the Holders and accepted appointment in the manner required by Section 6.11, any
Holder who has been a bona fide Holder of a Security of such series for at least
six months may, on behalf of himself and all others similarly situated, petition
any court of competent jurisdiction for the appointment of a successor Trustee
with respect to the Securities of such series.

            SECTION 6.11. ACCEPTANCE OF APPOINTMENT BY SUCCESSOR. (a) In case of
the appointment hereunder of a successor Trustee with respect to all Securities,
every such successor Trustee shall execute, acknowledge and deliver to the
Company and to the retiring Trustee an instrument accepting such appointment.
Thereupon, the resignation or removal of the retiring Trustee shall become
effective, and the successor Trustee, without further act, deed or conveyance,
shall become vested with all the rights, powers and duties of the retiring
Trustee; but, on the request of the Company or the successor Trustee, such
retiring Trustee shall, upon payment of its charges, execute and deliver an
instrument transferring to such successor Trustee all the rights, powers and
trusts of the retiring Trustee and shall duly assign, transfer and deliver to
such successor Trustee all property and money held by such retiring Trustee
hereunder.

            (b) In case of the appointment hereunder of a successor Trustee with
respect to the 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 such successor Trustee shall accept such
appointment and which (i) shall 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, (ii) 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
or the retiring Trustee with respect to the Securities of that or those series
as to which the retiring Trustee is

                                       57
<PAGE>

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

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

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

            (e) The Company shall give notice of each resignation and each
removal of the Trustee with respect to the Securities of any series and each
appointment of a successor Trustee with respect to the Securities of any series
in the manner provided for notices to the Holders of Securities in Section 1.06.
Each notice shall include the name of the successor Trustee with respect to the
Securities of such series and the address of its Corporate Trust Office.

            SECTION 6.12. ELIGIBILITY; DISQUALIFICATION. There shall at all
times be a Trustee hereunder which shall be eligible to act as Trustee under
Section 310(a)(1) of the Trust Indenture Act and shall have a combined capital
and surplus of at least $100,000,000. If such Trustee publishes reports of
condition at least annually, pursuant to law or the requirements of Federal,
State, Territorial or District of Columbia supervising or examining authority,
then, for the purposes of this Section, the combined capital and surplus of such
Trustee shall be deemed to be its combined capital and surplus as set forth in
its most recent report of condition so published. If at any time the Trustee
shall cease to be eligible in accordance with the provisions of this Section, it
shall resign immediately in the manner and with the effect heretofore specified
in this Article.

            SECTION 6.13. MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO
BUSINESS. Any corporation into which the Trustee may be merged or converted or
with

                                       58
<PAGE>

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

            SECTION 6.14. APPOINTMENT OF AUTHENTICATING AGENT. The Trustee may
appoint an Authenticating Agent or Agents with respect to one or more series of
Securities which shall be authorized to act on behalf of the Trustee to
authenticate Securities of such series issued upon original issue, exchange,
registration of transfer or partial redemption thereof, and Securities so
authenticated shall be entitled to the benefits of this Indenture and shall be
valid and obligatory for all purposes as if authenticated by the Trustee
hereunder. Any such appointment shall be evidenced by an instrument in writing
signed by a Responsible Officer of the Trustee, a copy of which Instrument shall
be promptly furnished to the Company. Wherever reference is made in this
Indenture to the authentication and delivery of Securities by the Trustee or the
Trustee's certificate of authentication, such reference shall be deemed to
include authentication and delivery on behalf of the Trustee by an
Authenticating Agent and a certificate of authentication executed on behalf of
the Trustee by an Authenticating Agent. Each Authenticating Agent shall be
acceptable to the Company and, except as may otherwise be provided pursuant to
Section 3.01, shall at all times be a bank or trust company or corporation
organized and doing business and in good standing under the laws of the United
States of America or of any State or the District of Columbia, authorized under
such laws to act as Authenticating Agent, having a combined capital and surplus
of not less than $50,000,000 and subject to supervision or examination by
Federal or State authorities. If such Authenticating Agent publishes reports of
condition at least annually, pursuant to law or the requirements of the
aforesaid supervising or examining authority, then for the purposes of this
Section, the combined capital and surplus of such Authenticating Agent shall be
deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published. In case at any time an Authenticating Agent
shall cease to be eligible in accordance with the provisions of this Section,
such Authenticating Agent shall resign immediately in the manner and with the
effect specified in this Section.

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

                                       59
<PAGE>

            An Authenticating Agent for any series of Securities may at any time
resign by giving written notice of resignation to the Trustee for such series
and to the Company. The Trustee for any series of Securities may at any time
terminate the agency of an Authenticating Agent by giving written notice of
termination to such Authenticating Agent and to the Company. Upon receiving such
a notice of resignation or upon such a termination, or in case at any time such
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, the Trustee for such series may appoint a successor
Authenticating Agent which shall be acceptable to the Company and shall give
notice of such appointment to all Holders of Securities of the series with
respect to which such Authenticating Agent will serve in the manner set forth in
Section 1.06. Any successor Authenticating Agent upon acceptance of its
appointment hereunder shall become vested with all the rights, powers and duties
of its predecessor hereunder, with like effect as if originally named as an
Authenticating Agent herein. No successor Authenticating Agent shall be
appointed unless eligible under the provisions of this Section.

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

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

            This is one of the Securities of the series described in the
within-mentioned Indenture.

            BANK OF NEW YORK, N.A.
            as Trustee

            By:_____________________________
               as Authenticating Agent

            By:_____________________________
               Authorized Signatory

                                  ARTICLE VII

                  CONSOLIDATION, MERGER OR SALE BY THE COMPANY

            SECTION 7.01. CONSOLIDATION, MERGER OR SALE OF ASSETS PERMITTED. The
Company shall not consolidate with or merge with or into, or transfer or lease
all or substantially all of its assets to, any Person unless:

                                       60
<PAGE>

                  (1) the Person formed by or surviving any such consolidation
or any merger (if other than the Company), or to which such transfer or lease
shall have been made, is a corporation organized and existing under the laws of
the United States, any State thereof or the District of Columbia;

                  (2) the Person formed by or surviving any such consolidation
or merger (if other than the Company), or to which such transfer or lease shall
have been made, expressly assumes by supplemental indenture hereto executed and
delivered to the Trustee, inform satisfactory to the Trustee, the due and
punctual payment of the principal, premium, if any, interest, if any and any
Additional Amounts, with respect to all of the Securities and the performance or
observance of every covenant under this Indenture and the Securities on the part
of the Company to be performed under the Securities, the coupons and this
Indenture;

                  (3) immediately after giving effect to the transaction and
treating any indebtedness which becomes an obligation of the Company or a
Subsidiary of the Company as a result of such transaction as having been
incurred by the Company or such Subsidiary at the time of such transaction no
Default or Event of Default exists and is continuing; and

                  (4) if, as a result of any such consolidation or merger or
such conveyance, transfer or lease, properties or assets of the Company would
become subject to a mortgage, pledge, lien, security interest or other
encumbrance which would not be permitted by the Securities of any series, the
Company or such successor Person, as the case may be, shall take such steps as
shall be necessary effectively to secure such Securities equally and ratably
with all indebtedness secured thereby.

            The Company shall deliver to the Trustee prior to the proposed
transaction an Officers' Certificate to the foregoing effect and an Opinion of
Counsel stating that the proposed transaction and such supplemental indenture
comply with this Indenture and that all conditions precedent to the consummation
of the transaction under this Indenture have been met.

            In the event of the assumption by a successor corporation as
provided in clause (2) above, such successor corporation shall succeed to and be
substituted for the Company hereunder and under the Securities with the same
effect as if it had been named hereunder and thereunder and, except in the case
of a lease, any coupons appertaining thereto and all such obligations of the
Company shall terminate.

                                  ARTICLE VIII

                             SUPPLEMENTAL INDENTURES

            SECTION 8.01. SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF HOLDERS.
Without the consent of any Holders, the Company, when authorized by a Board
Resolution, and the Trustee at any time and from time to time, may enter into
indentures

                                       61
<PAGE>

supplemental hereto, in form reasonably satisfactory to the Trustee, for any of
the following purposes:

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

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

                  (3) to add any additional Events of Default with respect to
all or any series of Securities (and if such Events of Default are to be for the
benefit of less than all series of Securities, stating that such Events of
Default are expressly included solely for the benefit of such series); or

                  (4) to add to or change any of the provisions of this
Indenture to such extent as shall be necessary to facilitate the issuance of
Bearer Securities (including, without limitation to provide that Bearer
Securities may be registrable as to principal only) or to facilitate the
issuance of Securities in global form; or

                  (5) to change or eliminate any of the provisions of this
Indenture, provided that any such change or elimination shall become effective
only when there is no Security Outstanding of any series created prior to the
execution of such supplemental indenture which is entitled to the benefit of
such provision; or

                  (6) to secure the Securities; or

                  (7) to establish the form or terms of Securities of any series
as permitted by Sections 2.01 and 3.01; or

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

                  (9) if allowed without penalty under applicable laws and
regulations, to permit payment in the United states (including any of the States
and District of Columbia), its territories, its possessions and other areas
subject to its jurisdiction of principal, premium, if any, or interest, if any,
on Bearer Securities or coupons, if any; or

                  (10) to correct or supplement any provision herein which may
be inconsistent with any other provision herein or to make any other provisions
with

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<PAGE>

respect to matters or questions arising under this Indenture, provided such
action shall not adversely affect the interests of the Holders of Securities of
any series; or

                  (11) to cure an ambiguity or correct any mistake, provided
such action shall not adversely affect the interests of the Holders of
Securities of any series.

            SECTION 8.02. SUPPLEMENTAL INDENTURES WITH CONSENT OF HOLDERS. With
the written consent of the Holders of a majority of the aggregate principal
amount of the Outstanding Securities of each series adversely affected by such
supplemental indenture (with the Securities of each series voting as a class),
the Company, when authorized by a Board Resolution, and the Trustee may enter
into an indenture or indentures supplemental hereto to add any provisions to or
to change or eliminate any provisions of this Indenture or of any other
indenture supplemental hereto or to modify the rights of the Holders of such
Securities; provided, however, that without the consent of the Holder of each
Outstanding Security affected thereby, a supplemental indenture under this
Section may not:

                  (1) change the Stated Maturity of the principal of, or
premium, if any, on, or any installment of principal of or premium, if any, or
interest on, or any Additional Amounts on, any Security, or reduce the principal
amount thereof or the rate of interest thereon or any premium payable upon the
redemption, repurchase or repayment thereof, or change the manner in which the
amount of any principal thereof or premium, if any, or interest or Additional
Amounts thereon is determined or reduce the amount of the principal of any
Original Issue Discount Security or Indexed Security that would be due and
payable upon a declaration of acceleration of the Maturity thereof pursuant to
Section 5.02, or change the Place of Payment where or the currency in which any
Securities or any premium or the interest or Additional Amounts thereon is
payable, or impair the right to institute suit for the enforcement of any such
payment on or after the Stated Maturity thereof (or, in the case of redemption,
on or after the Redemption Date);

                  (2) reduce the percentage in principal amount of the
Outstanding Securities affected thereby, 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;

                  (3) change any obligation of the Company to maintain an office
or agency in the places and for the purposes specified in Section 9.02; or

                  (4) make any change in Section 5.07 or this 8.02 except to
increase any percentage or to provide that certain other provisions of this
Indenture cannot be modified or waived with the consent of the Holders of each
Outstanding Security affected thereby.

            A supplemental indenture which changes or eliminates any covenant or
other provision of this Indenture which has expressly been included solely for
the benefit

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<PAGE>

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 is not necessary under this Section 8.02 for the Holders to
consent to the particular form of any proposed supplemental indenture, but it is
sufficient if they consent to the substance thereof.

            SECTION 8.03. COMPLIANCE WITH TRUST INDENTURE ACT. Every amendment
to this Indenture or the Securities of one or more series shall be set forth in
a supplemental indenture that complies with the Trust Indenture Act as then in
effect.

            SECTION 8.04. EXECUTION OF SUPPLEMENTAL INDENTURES. In executing, or
accepting the additional trusts created by, any supplemental indenture permitted
by this Article or the modification thereby of the trusts created by this
Indenture, the Trustee shall be entitled to receive, and shall be fully
protected in relying upon, an Opinion of Counsel stating that the execution of
such supplemental indenture is authorized or permitted by this Indenture. The
Trustee may, but shall not be obligated to, enter into any such supplemental
indenture which affects the Trustee's own rights, duties or immunities under
this Indenture or otherwise.

            SECTION 8.05. EFFECT OF SUPPLEMENTAL INDENTURES. Upon the execution
of any supplemental indenture under this Article, this Indenture shall be
modified in accordance therewith and such supplemental indenture shall form a
part of this Indenture for all purposes; and every Holder of Securities
theretofore or thereafter authenticated and delivered hereunder and of any
coupon appertaining thereto shall be bound thereby.

            SECTION 8.06. REFERENCE IN SECURITIES TO SUPPLEMENTAL INDENTURES.
Securities, including any coupons, 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 including any coupons 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 including any coupons of such series.

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<PAGE>

                                   ARTICLE IX

                                    COVENANTS

            SECTION 9.01. PAYMENT OF PRINCIPAL, PREMIUM, IF ANY, AND INTEREST.
The Company covenants and agrees for the benefit of the Holders of each series
of Securities that it will duly and punctually pay the principal of, premium, if
any, and interest together with Additional Amounts, if any, on the Securities of
that series in accordance with the terms of the Securities of such series, any
coupons appertaining thereto and this Indenture. An installment of principal,
premium, if any, or interest, if any, of any Additional Amounts shall be
considered paid on the date it is due if the Trustee or Paying Agent holds on
that date money designated for and sufficient to pay the installment.

            SECTION 9.02. MAINTENANCE OF OFFICE OR AGENCY. If Securities of a
series are issued as Registered Securities, the Company will maintain in each
Place of Payment for any series of Securities an office or agency where
Securities of that series may be presented or surrendered for payment, where
securities of that series may be surrendered for registration of transfer or
exchange and where notices and demands to or upon the Company in respect of the
Securities of that series and this Indenture may be served. If Securities of a
series are issuable as Bearer Securities, the Company will maintain, (i) subject
to any laws or regulations applicable thereto, an office or agency in a Place of
Payment for that series which is located outside the United States where
Securities of that series and related coupons may be presented and surrendered
for payment; provided, however, that if the Securities of that series are listed
on The International Stock Exchange of the United Kingdom and the Republic of
Ireland Limited, the Luxembourg Stock Exchange or any other stock exchange
located outside the United States and such stock exchange shall so require, the
Company will maintain a Paying Agent for the Securities of that series in
London, Luxembourg or any other required city located outside the United States,
as the case may be, so long as the Securities of that series are listed on such
exchange, and (ii) subject to any laws or regulations applicable thereto, an
office or agency in a Place by Payment for that series which is located outside
the United States, where Securities of that series may be surrendered for
exchange and where notices and demands to or upon the Company in respect of the
Securities of that series and this Indenture maybe served. The Company will give
prompt written notice to the Trustee of the location, and any change in the
location, of any such office or agency. If at any time the Company shall fail to
maintain any such required office or agency or shall fail to furnish the Trustee
with the address thereof, such presentations, surrenders, notices and demands
may be made or served at the Corporate Trust Office of the Trustee, and the
Company hereby appoints the Trustee as its agent to receive all such
presentations, surrenders, notices and demands.

            Unless otherwise specified as contemplated by Section 3.01, no
payment of principal, premium or interest on Bearer Securities shall be made at
any office or agency of the Company in the United States, by check mailed to any
address in United States, by transfer to an account located in the United States
or upon presentation or surrender in the United States of a Bearer Security or
coupon for payment, even if the

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<PAGE>

payment would be credited to an account located outside the United States;
provided, however, that, if the Securities of a series are denominated and
payable in Dollars, payment of principal of and any premium or interest on any
such Bearer Security shall be made at the office of the Company's Paying Agent
located within the United States, if (but only if) payment in Dollars of the
full amount of such principal, premium or interest, as the case may be, at all
offices or agencies outside the United States maintained for the 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 (including any coupons, if any) 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 an agency in each Place of Payment for
Securities (including any coupons, if any) of any series for such purposes. The
Company will give prompt written notice to the Trustee of any such designation
or rescission and of any change in the location of any such other office or
agency. Unless otherwise specified as contemplated by Section 3.01, the Trustee
shall initially serve as Paying Agent.

            If and so long as the Securities of any series (i) are denominated
in a currency other than Dollars or (ii) may be payable in currency other than
Dollars, 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, an Exchange Rate Agent.

            SECTION 9.03. MONEY FOR SECURITIES PAYMENTS TO BE HELD IN TRUST;
UNCLAIMED MONEY. If the Company shall at any time act as its own Paying Agent
with respect to any series of Securities, it will, on or before each due date of
the principal of, premium, if any, or interest or any Additional Amount, on any
of the Securities of that series, segregate and hold in trust for the benefit of
the Persons entitled thereto a sum sufficient to pay the principal, premium, if
any, or interest so becoming due until such sums shall be paid to such Persons
or otherwise disposed of as herein provided and will promptly notify the Trustee
in writing of its action or failure so to act.

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

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

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<PAGE>

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

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

            The Company may at any time, for the purpose of obtaining the
satisfaction and discharge or defeasance 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 money.

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

            SECTION 9.04. CORPORATE EXISTENCE. Subject to Article VII, the
Company will at all times do or cause to be done all things necessary to
preserve and keep in full force and effect its corporate existence and its
rights and franchises; provided that nothing in this Section 9.04 shall prevent
the abandonment or termination of any right or franchise of the Company if, in
the opinion of the Company, such abandonment or termination is in the best
interests of the Company and not prejudicial in any material respect to the
Holders of the Securities.

            SECTION 9.05. REPORTS BY THE COMPANY. The Company covenants:

            (a) to file with the Trustee, within 30 days after the Company is
required to file the same with the Commission, copies of the annual reports and
of the information, documents and other reports (or copies of such portions of
any of the foregoing as the Commission may from time to time by rules and
regulations

                                       67
<PAGE>

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 such Sections, then to 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;

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

            (c) to transmit to all Holders of Securities, 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
subsections (a) and (b) of this Section 9.05, as may be required by rules and
regulations prescribed from time to time by the Commission.

Delivery of such reports, information and documents to the Trustee is for
informational purposes only and the Trustee's receipt of such shall not
constitute constructive notice of any information contained therein or
determinable from information contained therein, including information
concerning the Company's compliance with any of its covenants hereunder,
provided that the foregoing shall not relieve the Trustee of any of its
responsibilities hereunder.

            SECTION 9.06. ANNUAL REVIEW CERTIFICATE; NOTICE OF DEFAULTS OR
EVENTS OF DEFAULT. The Company covenants and agrees to deliver to the Trustee,
within 120 days after the end of each fiscal year of the Company ending after
the date hereof, a certificate from the principal executive officer, principal
financial officer or principal accounting officer of the Company, covering the
preceding calendar year, stating whether or not to the best knowledge of the
signer(s) thereof the Company is in default in the performance, observance or
fulfillment of or compliance with any of the terms, provisions, covenants and
conditions of this Indenture, and if the Company shall be in default, specifying
all such defaults and the nature and status thereof of which they may have
knowledge. For the purposes of this Section 9.06, compliance shall be determined
without regard to any grace period or requirement of notice provided pursuant to
the terms of this Indenture.

            SECTION 9.07. BOOKS OF RECORD AND ACCOUNT. The Company will keep
proper books of record and account, either on a consolidated or individual
basis. The Company shall cause its books of record and account to be examined
either on a

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<PAGE>

consolidated or individual basis, by one or more firms of independent public
accountants not less frequently than annually. The Company shall prepare its
financial statements in accordance with GAAP.

            SECTION 9.08. STATEMENT BY OFFICERS AS TO DEFAULT. The Company shall
deliver to the Trustee, as soon as possible and in any event within five days
after the Company becomes aware of the occurrence of any Event of Default or an
event which, with notice or the lapse of time or both, would constitute an Event
of Default, an Officers' Certificate setting forth the details of such Event of
Default or default and the action which the Company proposes to take with
respect thereto.

                                   ARTICLE X

                                   REDEMPTION

            SECTION 10.01. APPLICABILITY OF ARTICLE. Securities (including
coupons, if any) of any series which are redeemable before their Stated Maturity
shall be redeemable in accordance with their terms and (except as otherwise
specified as contemplated by Section 3.01 for Securities of any series) in
accordance with this Article.

            SECTION 10.02. ELECTION TO REDEEM NOTICE TO TRUSTEE. The election of
the Company to redeem any Securities, including coupons, if any, shall be
evidenced by or pursuant to a Board Resolution. In case of any redemption at the
election of the Company of less than all the Securities or coupons, if any, of
any series, the Company shall, at least 60 days prior to the Redemption Date
fixed by the Company (unless a shorter notice shall be satisfactory to the
Trustee), notify the Trustee of such Redemption Date and Redemption Price, of
the principal amount of Securities of such series to be redeemed and, if
applicable, of the tenor of the Securities to be redeemed. In the case of any
redemption of Securities (i) prior to the expiration of any restriction on such
redemption provided in the terms of such Securities or elsewhere in this
Indenture or (ii) pursuant to an election of the Company which is subject to a
condition specified in the terms of such Securities, the Company shall furnish
the Trustee with an Officers' Certificate evidencing compliance with such
restriction or condition.

            SECTION 10.03. SELECTION OF SECURITIES TO BE REDEEMED. Unless
otherwise specified as contemplated by Section 3.01, if less than all the
Securities (including coupons, if any) of a series with the same terms are to be
redeemed, the Trustee, not more than 45 days prior to the redemption date, shall
select the Securities of the series to be redeemed in such manner as the Trustee
shall deem fair and appropriate and which may provide for the selection for
redemption of a portion of the principal amount of any Security of such series,
provided that the unredeemed portion of the principal amount of any Security
shall be in an authorized denomination (which shall not be less than the minimum
authorized denomination) for such Security. The Trustee shall make the selection
from Securities of the series that are Outstanding and that have not previously
been called for redemption and may provide for the selection for redemption of
portions (equal to the minimum authorized denomination for Securities, including
coupons, if any, of that series or any integral multiple thereof) of the
principal amount of

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<PAGE>

Securities, including coupons, if any, of such series of a denomination larger
than the minimum authorized denomination for Securities of that series. The
Trustee shall promptly notify the Company in writing of the Securities selected
by the Trustee for redemption and, in the case of any Securities selected for
partial redemption, the principal amount thereof to be redeemed. If the Company
shall so direct, Securities registered in the name of the Company, any Affiliate
or any Subsidiary thereof shall not be included in the Securities selected for
redemption. If less than all the Securities of any series with differing issue
dates, interest rates and stated maturities are to be redeemed, the Company in
its sole discretion shall select the particular Securities to be redeemed and
shall notify the Trustee in writing thereof at least 45 days prior to the
relevant redemption date.

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

            SECTION 10.04. NOTICE OF REDEMPTION. Unless otherwise specified as
contemplated by Section 3.01, notice of redemption shall be given in the manner
provided in Section 1.06 not less than 30 days nor more than 60 days prior to
the Redemption Date to the Holders of the Securities to be redeemed. Depositor
shall give 5 days advance written notice or such shorter time as may be
agreeable to the Trustee. All notices of redemption shall state:

                  (1) the Redemption Date;

                  (2) the Redemption Price;

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

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

                  (5) the Place or Places of Payment where such Securities,
together in the case of Bearer Securities with all coupons appertaining thereto,
if any, maturing after the Redemption Date, are to surrendered for payment for
the Redemption Price;

                  (6) that Securities of the series called for redemption and
all unmatured coupons, if any, appertaining thereto must be surrendered to the
Paying Agent to collect the Redemption Price;

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<PAGE>

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

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

                  (9) 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 Redemption Date 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; and

                  (10) the CUSIP number, if any, of the Securities.

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

            SECTION 10.05. DEPOSIT OF REDEMPTION PRICE. On or prior to any
Redemption Date, the Company shall deposit with the Trustee or with a Paying
Agent (or, if the Company is acting as its own Paying Agent, which it may not do
in the case of a sinking fund payment under Article XI, segregate and hold in
trust as provided in Section 9.03) an amount of money in the currency or
currencies (including currency unit or units) in which the Securities of such
series are payable (except as otherwise specified pursuant to Section 3.01 for
the Securities of such series) sufficient to pay on the Redemption Date the
Redemption Price of, and (unless the Redemption Date shall be an Interest
Payment Date) interest accrued to the Redemption Date on, all Securities or
portions thereof which are to be redeemed on that date.

            Unless any Security by its terms prohibits any sinking fund payment
obligation from being satisfied by delivering and crediting Securities
(including Securities redeemed otherwise than through a sinking fund), the
Company may deliver such Securities to the Trustee for crediting against such
payment obligation in accordance with the terms of such Securities and this
Indenture.

            SECTION 10.06. 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 any such interest
appertaining to any Bearer Security so to be redeemed, except to the extent
provided below, shall be void. Except as provided in the next succeeding
paragraph, upon surrender of any such Security, including coupons, if any, for
redemption in accordance with said notice, such Security shall be paid by the
Company at the Redemption Price, together with accrued interest (and any
Additional Amounts) to the Redemption Date; provided, however, that installments
of interest on Bearer

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<PAGE>

Securities whose Stated Maturity is on or prior to the Redemption Date shall be
payable only at an office or agency located outside the United States and its
possessions (except as otherwise provided in Section 9.02) and, unless otherwise
specified as contemplated by Section 3.01, only upon presentation and surrender
to coupons for such interest; and provided, further that, unless otherwise
specified as contemplated by Section 3.01, 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
relevant Record Dates according to their terms and the provisions of Section
3.07.

            If any Bearer Security surrendered for redemption shall not be
accompanied by all appurtenant coupons maturing after the Redemption Date, such
Bearer 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 Bearer
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 interest (and any Additional Amounts) represented by
coupons shall be payable only at an office or agency located outside of the
United States (except as otherwise specified pursuant to Section 9.02) and,
unless otherwise provided as contemplated by Section 3.01, only upon
presentation and surrender of those coupons.

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

            SECTION 10.07. SECURITIES REDEEMED IN PART. Upon surrender of a
Registered Security that is redeemed in part at any Place of Payment therefor
(with, if the Company or the Trustee so requires, due endorsement by, or a
written instrument of transfer in form satisfactory to the Company and the
Trustee duly executed by, the Holder thereof or his attorney duly authorized in
writing), the Company shall execute and the Trustee shall authenticate and
deliver to the Holder of that Security, without service charge a new Registered
Security or Securities of the same series, having the same form, terms and
Stated Maturity, in any authorized denomination equal in aggregate principal
amount to the unredeemed portion of the principal amount of the Security
surrendered.

                                   ARTICLE XI

                                  SINKING FUNDS

            SECTION 11.01. APPLICABILITY OF ARTICLE. The provisions of this
Article shall be applicable to any sinking fund for the retirement of Securities
of a series except as otherwise specified as contemplated by Section 3.01 for
Securities of such series.

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<PAGE>

            The minimum amount of any sinking fund payment provided for by the
terms of Securities of any series is herein referred to as a "mandatory sinking
fund payment", and any payment in excess of such minimum amount provided for by
the terms of Securities of any series is herein referred to as an "optional
sinking fund payment". 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 11.02. Each sinking fund payment shall be applied to the
redemption of Securities of any series as provided for by the terms of
Securities of such series.

            SECTION 11.02. SATISFACTION OF SINKING FUND PAYMENTS WITH
SECURITIES. The Company (i) may deliver Outstanding Securities of a series
(other than any previously called for redemption) together, in the case of
Bearer Securities of such series, with all unmatured coupons appertaining
thereto and (ii) may apply as a credit Securities of a series which have been
redeemed either at the election of the Company pursuant to the terms of such
Securities or through the application of permitted optional sinking fund
payments pursuant to the terms of such Securities, in each case in satisfaction
of all or any part of any sinking fund payment with respect to the Securities of
such series required to be made pursuant to the terms of such Securities as
provided for by the terms of such series; provided that such 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.

            SECTION 11.03. REDEMPTION OF SECURITIES FOR SINKING FUND. Not less
than 60 days prior to each sinking fund payment date for any series of
Securities, the Company will deliver to the Trustee an Officers' Certificate
specifying the amount of the next ensuing sinking fund payment for 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 be delivering and crediting Securities of that series pursuant to
Section 11.02 and will also deliver to the Trustee any Securities to be so
delivered to the extent it has not previously done so. Not less than 30 days
before each such sinking fund payment date the Trustee shall select the
Securities to be redeemed upon such sinking fund payment date in the manner
specified in Section 10.03 and cause notice of the redemption thereof to be
given in the name of and at the expense of the Company in the manner provided in
Section 10.04. Such notice having been duly given, the redemption of such
Securities shall be made upon the terms and in the manner stated in Sections
10.06 and 10.07.

            This Indenture may be executed in any number of counterparts, each
of which shall be an original, but such counterparts shall together constitute
but one instrument.

                                       73
<PAGE>

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

                                     AMERUS GROUP CO.

                                     By: ___________________________
                                            Name:
                                            Title:

                                     Attest:
                                     By:___________________________
                                            Name:
                                            Title:

                                     THE BANK OF NEW YORK TRUST COMPANY, N.A.

                                     By:____________________________
                                            Name:
                                            Title:

{Seal}

                                     Attest:
                                     By:____________________________
                                            Name:
                                            Title:

                                       74

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