Document:

Exhibit 4(a)

                                   INDENTURE

                                    Between

                             ROSLYN BANCORP, INC.

                                      and

                           THE CHASE MANHATTAN BANK,
                                  AS TRUSTEE

                                 Dated as of o

                            SENIOR DEBT SECURITIES

<PAGE>

                             ROSLYN BANCORP, INC.

        RECONCILIATION AND TIE BETWEEN TRUST INDENTURE ACT OF 1939 AND
                  INDENTURE, DATED AS OF ______________, 2001

TRUST INDENTURE
  ACT SECTION                                   INDENTURE SECTION

   3.10(a)(1)                                          6.09
   3.10(a)(2)                                          6.09
   3.10(a)(3)                                          N/A
   3.10(a)(4)                                          N/A
   3.10(a)(5)                                          6.09
   3.10(b)                                             6.08; 6.10
   3.10(c)                                             N/A

   3.11(a)                                             6.13(a)
   3.11(b)                                             6.13(b)
   3.11(b)(2)                                          7.03(a)(2); 7.03(b)

   3.12(a)                                             7.01; 7.02(a)
   3.12(b)                                             7.02(b)
   3.12(c)                                             7.02(c)

   3.13(a)                                             7.03(a)
   3.13(b)                                             7.03(b)
   3.13(c)                                             7.03(a), 7.03(b)
   3.13(d)                                             7.03(c)

   3.14(a)(1), (2) and (3)                             7.04
   3.14(a)(4)                                          10.09
   3.14(b)                                             N/A
   3.14(c)(1)                                          1.02
   3.14(c)(2)                                          1.02
   3.14(c)(3)                                          N/A
   3.14(d)                                             N/A
   3.14(e)                                             1.02
   3.14(f)                                             N/A

   3.15(a)                                             6.01(a)
   3.15(b)                                             6.02; 7.03(a)(6)
   3.15(c)                                             6.10(b)
   3.15(d)                                             6.10(c)
   3.15(d)(1)                                          6.10(a)(1)
   3.15(d)(2)                                          6.10(c)(2)
   3.15(d)(3)                                          6.10(c)(3)
   3.15(e)                                             5.14

   3.16(a)                                             1.01
   3.16(a)(1)(A)                                       5.02; 5.12
   3.16(a)(1)(B)                                       5.13
   3.16(a)(2)                                          N/A
   3.16(b)                                             5.08
   3.16(c)                                             1.04

   3.17(a)(1)                                          5.03
   3.17(a)(2)                                          5.04
   3.17(b)                                             10.03

   3.18(a)                                             1.07

                                      i

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<CAPTION>

THIS RECONCILIATION AND TIE SHALL NOT, FOR ANY PURPOSE, BE DEEMED TO BE PART OF THE INDENTURE.
                                                  Table of Contents
                                                                                                               Page
                                                                                                               ----

                                                     ARTICLE I.
                               DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

<S>                                 <C>                                                                        <C>
         Section 1.01               Definitions...................................................................1
         Section 1.02               Compliance Certificates and Opinions.........................................10
         Section 1.03               Form of Documents Delivered to Trustee.......................................10
         Section 1.04               Acts of Securityholders......................................................11
         Section 1.05               Notices, etc., to Trustee and Company........................................13
         Section 1.06               Notice to Securityholders; Waiver............................................13
         Section 1.07               Language of Notices, Etc.....................................................14
         Section 1.08               Conflict with Trust Indenture Act............................................14
         Section 1.09               Effect of Headings and Table of Contents.....................................14
         Section 1.10               Successors and Assigns.......................................................14
         Section 1.11               Separability Clause..........................................................14
         Section 1.12               Benefits of Indenture........................................................15
         Section 1.13               Governing Law................................................................15
         Section 1.14               Legal Holidays...............................................................15
         Section 1.15               Judgment Currency; Payment to Be in Proper Currency..........................15
         Section 1.16               Moneys of Different Currencies to Be Segregated..............................16

                                                     ARTICLE II.
                                                   SECURITY FORMS

         Section 2.01               Forms Generally..............................................................16
         Section 2.02               Form of Securities...........................................................17
         Section 2.03               Form of Trustee's Certificate of Authentication..............................17

                                                    ARTICLE III.
                                                   THE SECURITIES

         Section 3.01               Title and Terms..............................................................18
         Section 3.02               Denominations................................................................20
         Section 3.03               Execution, Authentication, Delivery and Dating...............................20
         Section 3.04               Temporary Securities.........................................................22
         Section 3.05               Registration, Registration of Transfer and Exchange..........................24
         Section 3.06               Mutilated, Destroyed, Lost and Stolen Securities.............................26
         Section 3.07               Payment of Interest; Interest Rights Preserved...............................27
         Section 3.08               Persons Deemed Owners........................................................29
         Section 3.09               Cancellation.................................................................29
         Section 3.10               Computation of Interest......................................................30
         Section 3.11               Forms of Certification.......................................................30
         Section 3.12               Payment in Currencies........................................................30
         Section 3.13               CUSIP Numbers................................................................32

                                                         ii

<PAGE>

                                                     ARTICLE IV.
                                             SATISFACTION AND DISCHARGE

         Section 4.01               Satisfaction and Discharge of Indenture......................................32
         Section 4.02               Application of Trust Money...................................................34
         Section 4.03               Satisfaction, Discharge and Defeasance of Securities of Any
                                    Series.......................................................................34
         Section 4.04               Repayment to Company.........................................................37
         Section 4.05               Reinstatement................................................................37

                                                     ARTICLE V.
                                                      REMEDIES

         Section 5.01               Events of Default............................................................37
         Section 5.02               Acceleration of Maturity; Rescission and Annulment...........................39
         Section 5.03               Collection of Indebtedness and Suits for Enforcement by Trustee..............40
         Section 5.04               Trustee May File Proofs of Claim.............................................41
         Section 5.05               Trustee May Enforce Claims Without Possession of Securities..................42
         Section 5.06               Application of Money or Other Property Collected.............................42
         Section 5.07               Limitation on Suits..........................................................43
         Section 5.08               Unconditional Right of Securityholders to Receive Principal,
                                    Premium, Maturity Consideration and Interest.................................43
         Section 5.09               Restoration of Rights and Remedies...........................................44
         Section 5.10               Rights and Remedies Cumulative...............................................44
         Section 5.11               Delay or Omission Not Waiver.................................................44
         Section 5.12               Control by Holders...........................................................44
         Section 5.13               Waiver of Past Defaults......................................................45
         Section 5.14               Undertaking for Costs........................................................45
         Section 5.15               Waiver of Stay or Extension Laws.............................................45

                                                     ARTICLE VI.
                                                     THE TRUSTEE

         Section 6.01               Certain Duties and Responsibilities..........................................46
         Section 6.02               Notice of Defaults...........................................................47
         Section 6.03               Certain Rights of Trustee....................................................47
         Section 6.04               Not Responsible for Recitals or Issuance of Securities.......................49
         Section 6.05               May Hold Securities..........................................................49
         Section 6.06               Money or Other Property Held in Trust........................................49
         Section 6.07               Compensation and Reimbursement...............................................49
         Section 6.08               Disqualification; Conflicting Interests......................................50
         Section 6.09               Corporate Trustee Required; Eligibility......................................50
         Section 6.10               Resignation and Removal; Appointment of Successor............................51
         Section 6.11               Acceptance of Appointment by Successor.......................................52

                                                        iii

<PAGE>

         Section 6.12               Merger, Conversion, Consolidation or Succession to Business of
                                    Trustee......................................................................54
         Section 6.13               Preferential Collection of Claims Against Company............................54
         Section 6.14               Appointment of Authenticating Agent..........................................54

                                                    ARTICLE VII.
                                  HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY

         Section 7.01               Company to Furnish Trustee Names and Addresses of Holders....................56
         Section 7.02               Preservation of Information; Communications to Holders.......................56
         Section 7.03               Reports by Trustee...........................................................58
         Section 7.04               Reports by Company...........................................................58

                                                    ARTICLE VIII.
                                    CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER

         Section 8.01               Company May Consolidate, etc., Only on Certain Terms.........................59
         Section 8.02               Successor Corporation Substituted............................................59

                                                     ARTICLE IX.
                                               SUPPLEMENTAL INDENTURES

         Section 9.01               Supplemental Indentures Without Consent of Securityholders...................60
         Section 9.02               Supplemental Indentures with Consent of Securityholders......................62
         Section 9.03               Execution of Supplemental Indentures.........................................63
         Section 9.04               Effect of Supplemental Indentures............................................63
         Section 9.05               Conformity with Trust Indenture Act..........................................63
         Section 9.06               Reference in Securities to Supplemental Indentures...........................63

                                                     ARTICLE X.
                                                      COVENANTS

         Section 10.01              Payment of Principal, Premium, if any, the Maturity Consideration
                                    and Interest.................................................................64
         Section 10.02              Maintenance of Office or Agency..............................................64
         Section 10.03              Money or Other Property for Securities Payments and Deliveries to
                                    Be Held in Trust.............................................................65
         Section 10.04              Additional Amounts...........................................................67
         Section 10.05              Corporate Existence..........................................................67
         Section 10.06              Maintenance of Properties....................................................68
         Section 10.07              Payment of Taxes and Other Claims............................................68
         Section 10.08              Limitation on Sale or Issuance of Capital Stock of Certain
                                    Subsidiaries.................................................................68
         Section 10.09              Limitation Upon Liens on Certain Capital Stock...............................69
         Section 10.10              Statement as to Compliance...................................................70
         Section 10.11              Waiver of Certain Covenants..................................................70

                                                         iv

<PAGE>

         Section 10.12              Calculation of Original Issue Discount.......................................71
         Section 10.13              Statement by Officers as to Default..........................................71

                                                     ARTICLE XI.
                                              REDEMPTION OF SECURITIES

         Section 11.01              Applicability of Article.....................................................71
         Section 11.02              Election to Redeem; Notice to Trustee........................................71
         Section 11.03              Selection by Trustee of Securities to Be Redeemed............................71
         Section 11.04              Notice of Redemption.........................................................72
         Section 11.05              Deposit of Redemption Price..................................................73
         Section 11.06              Securities Payable on Redemption Date........................................73
         Section 11.07              Securities Redeemed in Part..................................................73

                                                    ARTICLE XII.
                                                    SINKING FUNDS

         Section 12.01              Applicability of Article.....................................................74
         Section 12.02              Satisfaction of Sinking Fund Payments with Securities........................74
         Section 12.03              Redemption of Securities for Sinking Fund....................................74

                                                    ARTICLE XIII.
                           IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS

         Section 13.01              Exemption from Individual Liability..........................................75

                                                    ARTICLE XIV.
                                                    MISCELLANEOUS

         Section 14.01              Counterparts.................................................................75

                                                         v

</TABLE>

<PAGE>

     THIS INDENTURE is dated as of o, 2001 between ROSLYN BANCORP, INC., a
corporation duly organized and existing under the laws of the State of
Delaware (herein called the "Company"), having its principal executive office
at One Jericho Plaza, Jericho, New York 11753-8905, and The Chase Manhattan
Bank, a New York, banking corporation (herein called the "Trustee"), having
its principal corporate trust office located in New York, New York.

                            RECITALS OF THE COMPANY

     The Company deems it necessary from time to time to issue its unsecured
and unsubordinated debentures, notes or other evidence of indebtedness to be
issued in one or more series (hereinafter called the "Securities") as
hereinafter set forth, and to provide therefor the Company has duly authorized
the execution and delivery of this Indenture.

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

     NOW, THEREFORE, THIS INDENTURE WITNESSETH:

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

                                  ARTICLE I.

            DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

     Section 1.01 Definitions.

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

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

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

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

                                      1
<PAGE>

     Certain terms, used principally in Article Six, are defined in that
Article.

     "Act", when used with respect to any Holder, has the meaning specified in
Section 1.04.

     "Affiliate" means, with respect to a specified Person, (a) any Person
directly or indirectly owning, controlling or holding with power to vote, 10%
or more of the outstanding voting securities or other ownership interests of
the specified Person, (b) any Person 10% or more of whose outstanding voting
securities or other ownership interests are directly or indirectly owned,
controlled or held with power to vote by the specified Person, (c) any Person
directly or indirectly controlling, controlled by, or under common control
with the specified Person, (d) a partnership in which the specified Person is
a general partner, (e) any officer or director of the specified Person, and
(f) if the specified Person is an individual, any entity of which the
specified Person is an officer, director or general partner.

     "Authenticating Agent" with respect to any series of Securities means any
person authorized by the Trustee pursuant to Section 6.14.

     "Authorized Newspaper" means a newspaper, in an 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,
and of general circulation in the place in connection with which the term is
used or in the financial community of such place. Where successive
publications are required to be made in Authorized Newspapers, the successive
publications may be made in the same or in different newspapers in the same
city meeting the foregoing requirements and in each case on any Business Day.

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

     "Bank" means (i) any institution organized under the laws of the United
States, any State of the United States, the District of Columbia, any
territory of the United States, Puerto Rico, Guam, American Samoa or the
Virgin Islands which (a) accepts deposits that the depositor has a legal right
to withdraw on demand, and (b) engages in the business of making commercial
loans and (ii) any trust company organized under any of the foregoing laws.

     "Bearer Security" means any Security in the form established pursuant to
Section 2.02 which is payable to bearer.

     "Board of Directors" means either the board of directors of the Company,
any duly authorized committee of that board or the Chairman, any Vice
Chairman, the President or any Vice President of the Company duly authorized
by the Board of Directors of the Company to take a specified action or make a
specified determination.

     "Board Resolution" means a copy of a resolution certified by the
Secretary or an Assistant Secretary of the Company to have been duly adopted
by the Board of Directors of

                                      2
<PAGE>

the Company and to be in full force and effect on the date of such
certification, and delivered to the appropriate Trustee.

     "Business Day" means any day other than a Saturday or Sunday that is
neither a legal holiday nor a day on which banking institutions are authorized
or obligated by law or regulation to close in The City of New York or (i) with
respect to Securities denominated in a Foreign Currency, in the city specified
in the Board Resolution pursuant to Section 3.01 or (ii) with respect to
Securities which will bear interest based on a specified percentage of London
interbank offered quotations, a day which is also a day on which banks in
London, England are open for business (including dealings in foreign exchange
and foreign currency deposits).

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

     "Common Depository" has the meaning specified in Section 3.04.

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

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

     "Components", with respect to a composite currency, means the currency
amounts that are components of such composite currency on the conversion date
with respect to such composite currency. After such conversion date if the
official unit of any component currency is altered by way of combination or
subdivision, the number of units of such currency in the Component shall be
proportionately divided or multiplied. After such conversion date if two or
more component currencies are consolidated into a single currency, the amounts
of those currencies as Components shall be replaced by an amount in such
single currency equal to the sum of the amounts of such consolidated component
currencies expressed in such single currency, and such amount shall thereafter
be a Component. If after such conversion date any component currency shall be
divided into two or more currencies, the amount of such currency as a
Component shall be replaced by amounts of such two or more currencies, each of
which shall be equal to the amount of such former component currency divided
by the number of currencies into which such component currency was divided,
and such amounts shall thereafter be Components.

     "Constituent Bank" means a Subsidiary which is a Bank.

     "Corporate Trust Office" means the corporate trust office of the Trustee
located in the City of New York, at which at any particular time its corporate
trust business shall be

                                      3
<PAGE>

principally administered, which office, at the date of the execution of this
Agreement, is located at 450 West 33rd Street, 15th Floor, New York, New York
10001, Attention: Institutional Trust Services.

     "Corporation" includes corporations, associations, companies and business
trusts.

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

     "Defaulted Interest" has the meaning specified in Section 3.07.

     "Euro" means the single currency of participating member states which was
introduced on January 1, 1999 at the commencement of the third stage of
European economic and monetary union pursuant to the Treaty establishing the
European Community as amended by the Treaty on European Union (and references
during the transitional period following the introduction of the Euro on
January 1, 1999 up to the end of the transitional period on December 31, 2001
to "Deutsche marks" or "DM" and to "French francs" or "FFR" refer, in each
case to the national currency units of, respectively, Germany and France
(being non-decimal denominations of the Euro)).

     "Event of Default" has the meaning specified in Section 5.01.

     "Exchange Date" has the meaning specified in Section 3.04.

     "Exchange Rate" means (a) if pursuant to Section 3.12(a) payment is to be
made in U.S. dollars with respect to a Security denominated in a Foreign
Currency, the highest firm bid quotation for U.S. dollars received by the
Exchange Rate Agent at approximately 11:00 A.M., New York City time on the
second Business Day preceding the applicable payment date (or, if no such
rates are quoted on such date, the last date on which such rates were quoted),
from three recognized foreign exchange dealers in The City of New York
selected by the Exchange Rate Agent and approved by the Company (one of which
may be the Exchange Rate Agent) for the purchase by the quoting dealer, for
settlement on such payment date, of the aggregate amount of the Foreign
Currency payable on such payment date in respect of all Securities denominated
in such Foreign Currency and (b) if an Exchange Rate is to be computed for
purposes of any provision other than Section 3.12(a), the rate determined
pursuant to the foregoing clause (a) on such date and at such time as may be
specified in the relevant provision.

     In the case of clause (a) above, if no such bid quotations are available,
payments pursuant to Section 3.12(a) will be made in the applicable Foreign
Currency, unless such Foreign Currency is unavailable due to the imposition of
exchange controls (or, in the case of a composite currency, such currency
ceases to be used for the purposes for which it was established as provided in
Section 3.12(d)) or other circumstances beyond the control of the Company, in
which case the Company will be entitled to make payments in U.S. dollars on
the basis of the Market Exchange Rate for such Foreign Currency.

     If for any reason any of the foregoing rates are not available with
respect to one or more Foreign Currencies for which an Exchange Rate is
required, the Company shall use the most recently available quotation of the
Federal Reserve Bank of New York, or quotations

                                      4
<PAGE>

from one or more commercial banks in The City of New York or in the country of
issue of the Foreign Currency in question, or such other quotations as the
Company, in each case, shall deem appropriate; provided, however, that if
there is more than one market for dealing in any Foreign Currency by reason of
foreign exchange regulations or otherwise, the market to be used for such
quotations shall be the largest market upon which a nonresident issuer of
securities designated in such Foreign Currency would purchase such Foreign
Currency in order to make payments in respect of such securities.

     "Exchange Rate Agent" means the New York clearing house bank designated
by the Company to act as such for any series of Securities for that series
(with notice to the Trustee for that series), or any successor thereto, and
may be the Trustee for that series.

     "Exchange Rate Officer's Certificate", with respect to any date for the
payment of principal of (and premium, if any) and interest on any series of
Securities, means a certificate signed by an officer of the Exchange Rate
Agent and delivered to the Company and to the Trustee, setting forth (i) the
applicable Market Exchange Rate or Exchange Rate and (ii) the U.S. dollar or
Foreign Currency amount of principal (and premium, if any) and interest
payable with respect to a Security of any series on the basis of the Market
Exchange Rate or Exchange Rate, as the case may be (on an aggregate basis and
on the basis of a Security having the lowest denomination principal amount
pursuant to Section 3.02 in the relevant currency).

     "Foreign Currency" means a currency issued by the government of any
country (other than a currency of the United States of America) or any
composite currency based on the aggregate value of currencies of any group of
countries.

     "Foreign Government Obligations" has the meaning specified in Section
4.03.

     "Holder", when used with respect to any Security, means a Securityholder.

     "Indenture" means with respect to each series of Securities for which a
Person is acting as Trustee, this instrument as originally executed or as it
may from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable provisions hereof
and shall include the terms of particular series of Securities for which such
Person is Trustee established as contemplated by Section 3.01 exclusive,
however, of any provisions or terms which relate solely to other series of
Securities for which such Person is not Trustee, regardless of when such terms
or provisions were adopted, and exclusive of any provisions or terms adopted
by means of one or more indentures supplemental hereto executed and delivered
after such Person had become such Trustee but to which such Person, as such
Trustee, was not a party.

     "Interest", 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 series of
Securities, means the Stated Maturity of an installment of interest on such
Security.

     "Judgment Currency" has the meaning specified in Section 1.15.

                                      5
<PAGE>

     "Market Exchange Rate" means (a) if pursuant to Section 3.12(d), payment
is to be made in U.S. dollars with respect to a Security denominated in a
Foreign Currency (other than a composite currency), the noon buying rate in
The City of New York for cable transfers of such Foreign Currency as certified
by the Federal Reserve Bank of New York on the second Business Day preceding
the applicable payment date and (b) if pursuant to Section 3.12(d) payment is
to be made in U.S. dollars with respect to a Security denominated in a
composite currency, for each Component of such composite currency, the Market
Exchange Rate determined pursuant to the foregoing clause (a) on the second
Business Day preceding the applicable payment date.

     In the event a Market Exchange Rate as described in clause (a) or (b)
above is not available, the Company will be entitled to make payments in U.S.
dollars pursuant to Section 3.12(d) on the basis of the most recently
available Market Exchange Rate for such Foreign Currency or each Component of
such composite currency, as the case may be.

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

     "Maturity Consideration" means securities, which may be issued by the
Company or another Person, or a combination of cash, such securities and/or
other property that may be delivered to Holders of Securities of any series to
satisfy the Company's obligations with regard to payment upon Maturity, or any
redemption or required repurchase or in connection with any exchange
provisions, or any interest payment.

     "New York Banking Day" has the meaning specified in Section 1.15.

     "Officers' Certificate" means a certificate signed by two Authorized
Officers, one of whom must be the principal financial officer, and delivered
to the Trustee. Each such certificate shall contain the statements set forth
in Section 1.02.

     "Opinion of Counsel" means a written opinion of counsel, who may (except
as otherwise expressly provided in this Indenture) be an employee of the
Company, and who shall be acceptable to the Trustee.

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

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

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

                                      6
<PAGE>

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

     (iii) such 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 of which there shall have been
           presented to the Trustee proof satisfactory to it that such
           Securities are held by a protected purchaser (within the meaning of
           Article 8 of the Uniform Commercial Code) 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 such Securities Outstanding have given any request,
demand, authorization, direction, notice, consent or waiver hereunder, the
principal amount of Original Issue Discount Securities that shall be deemed to
be Outstanding for such purposes shall be the amount of the principal thereof
that would be due and payable as of the date of such determination upon a
declaration of acceleration of the Maturity thereof pursuant to Section 5.02
and Securities owned by the Company or any other obligor upon the Securities
or any Affiliate of the Company or of such other obligor shall be disregarded
and deemed not to be Outstanding, except that, in determining whether the
Trustee shall be protected in relying upon any such request, demand,
authorization, direction, notice, consent or waiver, only Securities which are
registered in the Security Register in the name of the Company, any obligor
stated to be so obligated on such Securities or any Affiliate of the Company
or such obligor which is listed as such on an Officers' Certificate delivered
to the Trustee for that series shall be so disregarded. Securities so owned
which have been pledged in good faith may be regarded as Outstanding if the
pledgee establishes to the satisfaction of the Trustee the pledgee's right so
to act with respect to such Securities and that the pledgee is not the Company
or any other obligor upon the Securities or any Affiliate of the Company or of
such other obligor. The Trustee shall be entitled to rely upon an Officers'
Certificate as conclusive evidence regarding the ownership or pledge of
Securities by the Company or any Affiliate of the Company.

     "Paying Agent" means for any series any Person authorized by the Company
to pay or deliver the principal of (and premium, if any), Maturity
Consideration or interest on, any Securities of that series on behalf of the
Company.

     "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 any
series, means the place or places where, subject to the provisions of Section
10.02, the principal of (and premium, if any), Maturity Consideration and
interest on the Securities of that series are payable or deliverable as
specified in accordance with Section 3.01.

                                      7
<PAGE>

     "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 Constituent Bank" means Roslyn Savings Bank or such other
Constituent Bank(s) of the Company that has total assets equal to 30% or more
of the Company's assets as may be designated from time to time, pursuant to a
Board Resolution and set forth in an Officers' Certificate, pursuant to the
terms of Section 3.01 hereof. If a Constituent Bank is designated as a
Principal Constituent Bank in connection with the Securities of any series,
such Principal Constituent Bank shall remain a Principal Constituent Bank
until such time as the Securities of such series are repaid.

     "Principal Paying Agent" means the Paying Agent designated as such by the
Company pursuant to Section 3.01 of this Indenture.

     "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.

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

     "Registered Security" means any Security in the form established pursuant
to Section 2.01 which is registered in the Security Register.

     "Regular Record Date" for the interest payable on any Security on any
Interest Payment Date means the date, if any, specified in such Security as
the "Regular Record Date".

     "Required Currency" means the currency in which principal of (and
premium, if any), Maturity Consideration and interest on a Security is payable
pursuant to Section 3.12.

     "Responsible Officer", means, when used with respect to the Trustee, an
officer within the corporate trust department who shall have direct
responsibility for the administration of this Indenture and any other officer
of such Trustee to whom corporate trust matters are referred because of his
knowledge of and familiarity with the particular subject.

     "Roslyn Savings Bank" means The Roslyn Savings Bank, a New York
State-chartered savings bank.

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

     "Securityholder" means, in the case of a Registered Security, the Person
in whose name the Security is registered in the Security Register and, in the
case of a Bearer Security (or any temporary global Security in bearer form),
the bearer thereof and, when used with respect to any coupon, the bearer
thereof.

                                      8
<PAGE>

     "Security Register", "Security Registrar" and "Co-Security Registrar"
have the respective meanings specified in Section 3.05.

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

     "Specified Currency" means the currency in which the Securities of any
series are denominated.

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

     "Subsidiary" means a Corporation more than 50% of the Voting Stock of
which is owned, directly or indirectly, by the Company or by one or more other
Subsidiaries or by the Company and one or more other Subsidiaries.

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

     "Trust Indenture Act" or "TIA" means the Trust Indenture Act of 1939, as
amended by the Trust Indenture Reform Act of 1990, as in force at the date as
of which this instrument was executed, except as provided in Section 9.05.

     "United States" means the United States of America (including the States
and the District of Columbia), its territories, its possessions and other
areas subject to its jurisdiction.

     "United States Alien" means any Person who, for United States federal
income tax purposes, is a foreign corporation, a non-resident alien
individual, a non-resident alien subsidiary of a foreign estate or trust, or a
foreign partnership one or more of the members of which is, for United States
federal income tax purposes, a foreign corporation, a non-resident alien
individual or a non-resident alien fiduciary of a foreign estate or trust.

     "U.S. Government Obligations" has the meaning specified in Section 4.03.

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

     "Voting Stock" means stock of the class or classes having general voting
power under ordinary circumstances to elect at least a majority of the Board
of Directors, managers or trustees of such Corporation (irrespective of
whether or not at the time stock of any other class

                                      9
<PAGE>

or classes shall have or might have voting power by reason of the happening of
any contingency).

     Section 1.02 Compliance Certificates and Opinions.

     Upon any application or request by the Company to the Trustee to take any
action under any provision of this Indenture, the Company shall furnish to the
Trustee an Officers' Certificate stating that all conditions precedent
(including any covenants, compliance with which constitutes a condition
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 that such action is authorized or permitted under this
Indenture and that all such conditions precedent (including any covenants,
compliance with which constitutes a condition 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 annual certificates
provided pursuant to Section 10.10) shall include:

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

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

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

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

     Section 1.03 Form of Documents Delivered to Trustee.

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

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

                                      10
<PAGE>

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

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

     Section 1.04 Acts of Securityholders.

     (a) Any request, demand, authorization, direction, notice, consent,
waiver or other action provided by this Indenture to be given or taken by
Securityholders of any series may be embodied in and evidenced by one or more
instruments of substantially similar tenor signed by such Securityholders in
person or by an agent 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 Securityholders signing such instrument or instruments.
Proof of execution of any such instrument or of a writing appointing any such
agent shall be sufficient for any purpose of this Indenture and (subject to
Section 6.01) 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 or on behalf of any legal entity other than an
individual, such certificate or affidavit shall also constitute sufficient
proof of the authority of the Person executing the same. 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 Registered Securities shall be proved by the
Security Register.

     (d) The principal amount and serial numbers of Bearer Securities held by
any Person, and the date of holding the same, may be proved by the production
of such Bearer Securities or by a certificate executed, as depository, by any
trust company, bank, banker or other depositary, wherever situated, if such
certificate shall be deemed by the Trustee to be satisfactory, showing that at
the date therein mentioned such Person had on deposit with such depositary, or
exhibited to it, the Bearer Securities therein described; or such facts may be
proved by the certificate or affidavit of the Person holding such Bearer
Security, if such

                                      11
<PAGE>

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 (1) another certificate or affidavit bearing a later date
issued in respect of the same Bearer Security is produced, or (2) such Bearer
Security is produced to the Trustee by some other Person, or (3) such Bearer
Security is surrendered in exchange for a Registered Security, or (4) such
Bearer Security is no longer Outstanding.

     (e) The fact and date of execution of any such instrument or writing, the
authority of the Person executing the same and the principal amount and serial
numbers of Bearer Securities held by the Person so executing such instrument
or writing and the date of holding the same 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.

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

     (g) For purposes of determining the principal amount of Outstanding
Securities of any series, or if such Outstanding Securities are not payable at
Maturity for a fixed principal amount, the issue price of Outstanding
Securities of any series, the Securityholders of which are required, requested
or permitted to give any request, demand, authorization, direction, notice,
consent, waiver or take any other Act under the Indenture, each Security
denominated in a Foreign Currency shall be deemed to have a principal amount
or issue price determined by converting the principal amount or issue price of
such Security in the currency or currencies in which such Security is
denominated into U.S. dollars at the Exchange Rate(s) as of 9:00 A.M. New York
City time as determined by an Exchange Rate Agent (as evidenced by a
certificate of such Exchange Rate Agent) on the date such Act is delivered to
the Trustee pursuant to Section 1.04(a). Any such determination by the Company
or an Exchange Rate Agent shall be conclusive and binding on the Holders and
the Trustee for such series, and neither the Company nor such Exchange Rate
Agent shall be liable therefor in the absence of bad faith.

     (h) The Company may, but shall not be obligated to, set a record date for
purposes of determining the identity of Holders entitled to vote or consent to
any action by vote or consent authorized or permitted under this Indenture,
which record date shall be the later of 10 days prior to the first
solicitation of such consent or the date of the most recent list of Holders
furnished to the Trustee pursuant to Section 7.01 of this Indenture prior to
such solicitation. If a record date is fixed, those persons who were Holders
of Securities at such record date (or their duly designated proxies), and only
those persons, shall be entitled to take such action by vote or consent or to
revoke any vote or consent previously given, whether or not such persons
continue to be Holders after such record date. No such vote or consent shall
be valid or effective for more than 120 days after such record date.

                                      12
<PAGE>

     Section 1.05 Notices, etc., to Trustee and Company.

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

          (1) the Trustee by any Securityholder or by the Company shall be
          sufficient for every purpose hereunder if made, given, furnished or
          filed in writing to or with the Trustee and received at its
          Corporate Trust Office; or

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

     Section 1.06 Notice to Securityholders; Waiver.

     Where this Indenture provides for notice to Holders of any series of
Securities of any event:

          (1) such notice shall be sufficiently given (unless otherwise
     herein, or in such Security, expressly provided) if in writing and
     mailed, first-class postage prepaid, to each Holder of a Registered
     Security affected by such event, at his address as it appears in the
     Security Register, not later than the latest date, and not earlier than
     the earliest date, prescribed for the giving of such notice.

          (2) such notice shall be sufficiently given to Holders of Bearer
     Securities if published in an Authorized Newspaper in The City of New
     York and, if the Securities of such series are then listed on The
     International Stock Exchange of the United Kingdom and the Republic of
     Ireland Limited and such stock exchange shall so require, in London and,
     if the Security of such series are then listed on the Luxembourg Stock
     Exchange and such stock exchange shall so require, in Luxembourg and, if
     the Security of such series are then listed on any other stock exchange
     and such stock exchange shall so require, in any other required city
     outside the United States or, if not practicable, elsewhere in Europe on
     a Business Day at least twice, the first such publication to be not
     earlier than the earliest date, and not later than the latest date,
     prescribed for the giving of such notice; it being understood that the
     Company shall notify the Trustee of any of the foregoing requirements a
     reasonable amount of time prior to the date on which such notice must be
     given (but in no event less than five Business Days).

     In case by reason of the suspension of regular mail service in the
applicable country or countries or by reason of any other case it shall be
impracticable to give such notice to Holders of Registered Securities by mail,
then such notification as shall be made with the approval of the Trustee shall
constitute a sufficient notification for every purpose hereunder. In any case
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

                                      13
<PAGE>

Security shall affect the sufficiency of such notice with respect to other
Holders of Registered Securities or the sufficiency of any notice by
publication to Holders of Bearer Securities given as provided above.

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

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

     Section 1.07 Language of Notices, Etc.

     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, as may be specified in a form of Security or, in the absence
of such specification, as directed in writing by the Company.

     Section 1.08 Conflict with Trust Indenture Act.

     If and to the extent that any provision hereof limits, qualifies or
conflicts with the duties imposed by any of Section 310 to 317, inclusive, of
the Trust Indenture Act through operation of Section 318(c) thereof, such
imposed duties shall control.

     Section 1.09 Effect of Headings and Table of Contents.

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

     Section 1.10 Successors and Assigns.

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

     Section 1.11 Separability Clause.

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

                                      14
<PAGE>

     Section 1.12 Benefits of Indenture.

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

     Section 1.13 Governing Law.

     This Indenture and the Securities shall be governed by and construed in
accordance with the laws of the State of New York without regard to conflicts
of laws principles thereof.

     Section 1.14 Legal Holidays.

     In any case where any Interest Payment Date, Stated Maturity or
Redemption Date of any Security or any date on which any Defaulted Interest is
proposed to be paid or delivered shall not be a Business Day at any Place of
Payment, then (notwithstanding any other provision of the Securities or this
Indenture) payment or delivery of the principal of (and premium, if any),
Maturity Consideration or interest on any Securities need not be made at such
Place of Payment on such date, but may be made on the next succeeding Business
Day, or such other Business Day as may be specified in an Officers'
Certificate delivered to the appropriate Trustee pursuant to Section 3.01
hereof, at such Place of Payment with the same force and effect as if made on
the Interest Payment Date, Stated Maturity or Redemption Date or on the date
on which Defaulted Interest is proposed to be paid or delivered, and, if such
payment or delivery is made, no interest shall accrue on such payment or
delivery for the period from and after any such Interest Payment Date, Stated
Maturity, Redemption Date or on the date on which Defaulted Interest is
proposed to be paid or delivered, as the case may be.

     Section 1.15 Judgment Currency; Payment to Be in Proper Currency.

     Each reference in any Security, or in the Board Resolution relating
thereto, to any currency shall be of the essence. Subject to Section 3.12(d),
the Company agrees, to the fullest extent that it may effectively do so under
applicable law, that (a) if for the purpose of obtaining judgment in any court
it is necessary to convert the sum or amount of Maturity Consideration due or
payable in respect of the principal of (and premium, if any), Maturity
Consideration or interest on the Securities of any series in a Specified
Currency into a currency in which a judgment will be rendered (the "Judgment
Currency"), the rate of exchange used shall be the Exchange Rate (as
determined by the Exchange Rate Agent) as of 11:00 A.M. New York City time on
the New York Banking Day immediately preceding that on which final
unappealable judgment is given and (b) its obligations to make any payment or
delivery of principal of (and premium, if any), Maturity Consideration and
interest on any Security (i) shall not be discharged or satisfied by any
tender by the Company, or recovery by the Trustee, either pursuant to any
judgment (whether or not entered in accordance with subsection (a) above) or
otherwise, in any currency other than the Required Currency, except to the
extent that any such tender or recovery shall result in the Trustee timely
holding the full amount of the Required Currency then due and payable in
respect of such payments, (ii) shall be enforceable as an alternative or
additional cause of action for the purpose of recovering, in

                                      15
<PAGE>

the Required Currency, the amount, if any, by which such timely holding shall
fall short of the full amount of the Required Currency so expressed to be then
due and (iii) shall not be affected by judgment being obtained for any other
sum due under this Indenture. For purposes of the foregoing, "New York Banking
Day" means any day except a Saturday, Sunday or a legal holiday in The City of
New York or a day on which banking institutions in The City of New York are
authorized or required by law or executive order to close. Except as permitted
under Section 3.12(d), if any such tender or recovery is in a currency other
than the Required Currency, the Trustee for the series may take such actions
as it considers appropriate to exchange such currency for the Required
Currency; provided, however, that the Trustee shall have no obligation to make
any payment in any currency other than the currency tendered to or recovered
by such Trustee. The costs and risks of any such exchange, including without
limitation the risks of delay and exchange rate fluctuation, shall be borne by
the Company, and the Company shall remain fully liable for any shortfall or
delinquency in the full amount of the Required Currency then due and payable,
and in no circumstances shall the Trustee be liable therefor. The Company
hereby waives any defense of payment based upon any such tender or recovery
which is not in the Required Currency, or which, when exchanged for the
Required Currency by the Trustee, is less than the full amount of the Required
Currency then due and payable.

     Section 1.16 Moneys of Different Currencies to Be Segregated.

     The Trustee shall, to the extent required by law, segregate all moneys,
funds and accounts held by such Trustee hereunder in one currency from any
moneys, funds and accounts in any other currencies, notwithstanding any
provision herein which would otherwise permit such Trustee to commingle such
moneys, funds and accounts.

                                 ARTICLE II.

                                SECURITY FORMS

     Section 2.01 Forms Generally.

     The Securities of each series shall be in substantially the form set
forth in this Article, or in such other form as shall be established by or
pursuant to a Board Resolution or in one or more indentures supplemental
hereto, in each case with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this
Indenture, and may have such letters, numbers or other marks of identification
and such legends or endorsements placed thereon as may be required to comply
with the rules of any securities exchange or as may, consistently herewith, be
determined by the officers executing such Securities, as evidenced by their
execution of the Securities. If the form of Securities of any series is
established by action taken pursuant to a Board Resolution, a copy of an
appropriate record of such action shall be certified by the Secretary or an
Assistant Secretary 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. If temporary Securities of any series are issued
in global form as permitted by Section 3.04, the form thereof also shall be
established as provided in the preceding sentence.

                                      16
<PAGE>

     The Trustees' certificates of authentication shall be in substantially
the form set forth in this Article.

     Unless otherwise provided as contemplated by Section 3.01 with respect to
any series of Securities, the Securities of each series shall be issuable in
registered form without coupons. If so provided as contemplated by Section
3.01, the Securities of a series shall be issuable solely in bearer form, or
in both registered and bearer form. Unless otherwise specified as contemplated
by Section 3.01, Securities in bearer form shall have interest coupons
attached.

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

     Section 2.02 Form of Securities.

     Each Security shall be in one of the forms approved from time to time by
or pursuant to a Board Resolution. Upon or prior to the delivery of a Security
in any such form to the Trustee for authentication, the Company shall deliver
to the Trustee the following:

          (1) the Board Resolution by or pursuant to which such form of
     Security has been approved, certified by the Secretary or an Assistant
     Secretary of the Company;

          (2) the Officers' Certificate required by Section 3.01 of this
     Indenture;

          (3) the Company Order required by Section 3.03 of this Indenture;
     and

          (4) the Opinion of Counsel required by Section 3.03 of this
     Indenture.

     Section 2.03 Form of Trustee's Certificate of Authentication.

                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                                          THE CHASE MANHATTAN BANK,
                                             as Trustee

                                          By ________________________________
                                               Authorized Officer

                                      17
<PAGE>

                                 ARTICLE III.

                                THE SECURITIES

     Section 3.01 Title and Terms.

     The aggregate principal amount of Securities which may be authenticated
and delivered under this Indenture is unlimited. The Securities may be issued
up to the aggregate principal amount of Securities from time to time
authorized by or pursuant to a Board Resolution.

     The Securities may be issued in one or more series. All Securities of
each series issued under this Indenture shall in all respects be equally and
ratably entitled to the benefits hereof with respect to such series without
preference, priority or distinction on account of the actual time or times of
the authentication and delivery or Maturity of the Securities of such series.
There shall be established in or pursuant to a Board Resolution, and set forth
in an Officers' Certificate, reasonably acceptable to the Trustee, or
established in one or more indentures supplemental hereto, prior to the
issuance of Securities of any series,

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

          (2) the Trustee for the Securities of the series (which Trustee
     shall be the Trustee named herein or a successor Trustee appointed in
     accordance with the terms of this Indenture);

          (3) any limit upon the aggregate principal amount of the Securities
     of the series which may be authenticated and delivered under this
     Indenture (except for securities authenticated and delivered upon
     registration of transfer of, or in exchange for, or in lieu of, other
     Securities of the series pursuant to this Article Three or Sections 9.06
     or 11.07);

          (4) the date or dates on which the principal or Maturity
     Consideration of the Securities of the series is payable or deliverable;

          (5) the rate or rates, or the method to be used in ascertaining the
     rate or rates, at which the Securities of the series shall bear interest,
     if any, the date or dates from which such interest shall accrue, the
     Interest Payment Dates on which such interest shall be payable or
     deliverable and the Regular Record Date for the interest payable or
     deliverable on any Interest Payment Date;

          (6) the place or places where, subject to the provisions of Section
     10.02, the principal of (and premium, if any), Maturity Consideration and
     interest, if any, on Securities of the series shall be payable or
     deliverable;

          (7) the office or offices or agency where the Registered Securities
     may be presented for registration of transfer or exchange and the place
     or places where notices and demands to or upon the Company in respect of
     the Securities of such series may be made;

                                      18
<PAGE>

          (8) the period or periods within which, the price, prices or
     Maturity Consideration at which and the terms and conditions upon which
     Securities of the series may be redeemed, in whole or in part, at the
     option of the Company;

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

          (10) the denominations in which Securities of the series shall be
     issuable;

          (11) if other than the principal amount thereof, the portion of the
     principal amount of Securities of the series which shall be payable or
     deliverable upon declaration of acceleration of the Maturity thereof
     pursuant to Section 5.02;

          (12) (A) the currency of denomination of the Securities of the
     series, which may be in U.S. dollars or any Foreign Currency, (B) if such
     currency of denomination of such series is a composite currency other
     than the Euro, the agency or organization, if any, responsible for
     overseeing such composite currency and (C) if such Securities are
     denominated in a Foreign Currency, the financial center relative to such
     Foreign Currency;

          (13) the designation of the currency or currencies in which payment
     of the principal of (and premium, if any) and interest on the Securities
     of the series will be made (which shall be either U.S. dollars or the
     Foreign Currency in which such Security is denominated), and if in U.S.
     dollars on a Security denominated in a Foreign Currency, whether the
     Holders thereof may elect to have such payments made in such Foreign
     Currency;

          (14) if the Securities of the series are to be denominated in a
     Foreign Currency, the designation of an Exchange Rate Agent for purposes
     of determining the amounts payable or deliverable with respect to such
     Securities in U.S. dollars or a Foreign Currency and exchanging a Foreign
     Currency into U.S. dollars or U.S. dollars into a Foreign Currency, as
     the case may be;

          (15) if the amount of payments of principal of (and premium, if
     any), Maturity Consideration or interest, if any, on the Securities of
     the series may be determined with reference to an index based on a coin
     or currency other than that in which the Securities are stated to be
     payable or deliverable, the method or methods by which such amounts shall
     be determined;

          (16) the extent to which any of the Securities will be issuable in
     temporary or permanent global form, and the manner in which any interest
     payable or deliverable on a temporary or permanent global Security shall
     be paid or delivered;

          (17) any addition to or modification or deletion of any Event of
     Default or covenants of the Company with respect to the Securities of
     such series whether or not

                                      19
<PAGE>

     such Events of Default or covenants are consistent with the Events of
     Default or covenants set forth herein;

          (18) any covenant solely for the benefit of the Securities of the
     series;

          (19) the applicability of Section 4.03 of this Indenture to the
     Securities of the series;

          (20) the appointment of any Paying Agent or Agents for the
     Securities of such series;

          (21) whether, and the terms and conditions relating to when the
     Company may satisfy all or part of its obligations with regard to payment
     or delivery upon Maturity, or any redemption or required repurchase or in
     connection with any exchange provisions, or any interest payment, by
     paying or delivering Maturity Consideration to the Holders of the
     Securities; and

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

     All Securities of any one series and the coupons appertaining to Bearer
Securities of such series, if any, shall be substantially identical except as
to denomination and except as may otherwise be provided in or pursuant to such
Board Resolution and set forth in such Officers' Certificate or in any such
indenture supplemental hereto.

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

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

     Section 3.02 Denominations.

     The Securities of each series shall be issuable in such form and
denominations as shall be specified as contemplated by Section 3.01. In the
absence of any specification with respect to the Securities of any series, the
Registered Securities of such series shall be issuable only as Securities
without coupons in minimum denominations of $1,000 and any integral multiple
of $1,000 in excess thereof and the Bearer Securities of each series, if any,
shall be issuable with coupons and in denominations of $10,000 and $50,000.

     Section 3.03 Execution, Authentication, Delivery and Dating.

     The Securities shall be executed on behalf of the Company by its Chairman
of the Board, its Chief Executive Officer, its President, one of its Vice
Chairmen or one of its Vice Presidents, under its corporate seal reproduced
thereon attested by its Secretary or one of its

                                      20
<PAGE>

Assistant Secretaries. The signature of any or all of these officers on the
Securities may be manual or facsimile. Coupons shall bear the facsimile
signature of the Company's Chairman of the Board, its Chief Executive Officer,
its President, a Vice Chairman of the Board, its Chief Financial Officer, one
of its Executive Vice Presidents or the Treasurer.

     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 after the execution and delivery of
this Indenture, the Company may deliver Securities of any series, together
with any coupons appertaining thereto, executed by the Company to the Trustee
for authentication, together with a Company Order for the authentication and
delivery of such Securities and such other documents as the Trustee may
reasonably request, and such Trustee in accordance with the Company Order and
subject to the provisions hereof shall authenticate and deliver such
Securities as provided in this Indenture and not otherwise; provided, however,
that, in connection with its original issuance, no Bearer Security shall be
mailed or otherwise delivered to any location in the United States; and
provided, further, that a definitive Bearer Security may be delivered in
connection with its original issuance only if the Person entitled to receive
such Bearer Security shall have delivered to the Trustee, or such other Person
as shall be specified in a temporary global Security delivered pursuant to
Section 3.04, a certificate in the form required by Section 3.11(1).

     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 6.01) shall be
fully protected in relying upon, an Opinion of Counsel complying with Section
1.02 and stating that:

     (a) the form of such securities has been established in conformity with
the provisions of this Indenture;

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

     (c) all conditions precedent to the authentication and delivery of such
Securities have been complied with and that such Securities, when
authenticated and delivered by the Trustee and issued by the Company in the
manner and subject to any conditions specified in such Opinion of Counsel,
will constitute valid and legally binding obligations of the Company,
enforceable in accordance with their terms, subject to bankruptcy, insolvency,
reorganization, moratorium and other laws of general applicability relating to
or affecting the enforcement of creditors' rights and to general principles of
equity; and

     (d) such other matters as the Trustee may reasonably request.

     The Trustee shall not be required to authenticate such Securities if the
issuance of such Securities pursuant to this Indenture will affect such
Trustee's own rights, duties or immunities

                                      21
<PAGE>

under the Securities and this Indenture or otherwise in a manner which is not
reasonably acceptable to such 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.

     Each Registered Security shall be dated the date of its authentication;
and unless otherwise specified as contemplated by Section 3.01, each Bearer
Security and any temporary global Security referred to in Section 3.04 shall
be dated as of the date of issuance of such Security.

     No Security or coupon shall be entitled to any benefit under this
Indenture or be valid or obligatory for any purpose, unless there appears on
such Security a certificate of authentication substantially in the form
provided for herein executed by the Trustee by manual signature, and such
certificate upon any Security shall be conclusive evidence, and the only
evidence that such Security has been duly authenticated and delivered
hereunder and is entitled to the benefits of this Indenture. Notwithstanding
the foregoing, if any Security shall have been authenticated and delivered
hereunder but never issued and sold by the Company, and the Company shall
deliver such Security to the Trustee for cancellation as provided in Section
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 or sold by the Company, for all purposes of
this Indenture, such Security shall be deemed never to have been authenticated
and delivered under this Indenture and shall never be entitled to the benefits
of this Indenture.

     Section 3.04 Temporary Securities.

     Pending the preparation of definitive Securities of any series, the
Company may execute, and upon Company Order the Trustee for such series shall
authenticate and deliver, temporary Securities which are printed,
lithographed, typewritten, mimeographed or otherwise produced, in any
authorized denomination, substantially of the tenor of the definitive
Securities in lieu of which they are issued in registered form or, if
authorized, in bearer form with one or more coupons or without coupons and
with such appropriate insertions, omissions, substitutions and other
variations as the officers executing such Securities may determine, as
evidenced by their execution of such Securities. In the case of any series
which may be issuable as Bearer Securities, such temporary Securities may be
in global form, representing such of the Outstanding Securities of such series
as shall be specified therein.

     Except in the case of temporary Securities in global form, each of which
shall be exchanged in accordance with the provisions of the following
paragraph, if temporary Securities of any series are issued, the Company will
cause definitive Securities of such series to be prepared without unreasonable
delay. After the preparation of definitive Securities, the temporary
Securities of such series shall be exchangeable for definitive Securities of
such series upon surrender of the temporary Securities of such series at the
office or agency of the Company in a Place of Payment for that series, without
charge to the Holder. Upon surrender for cancellation of any one or more
temporary Securities of any series the Company shall

                                      22
<PAGE>

execute and the Trustee shall authenticate and deliver in exchange therefor a
like principal amount of definitive Securities of such series of authorized
denominations provided, however, that no definitive Bearer Security shall be
delivered in exchange for a temporary Registered Security; and provided,
further, that a definitive Bearer Security shall be delivered in exchange for
a temporary Bearer Security only in compliance with the conditions set forth
in Section 3.03. 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.

     If temporary Securities of any series are issued in global form, any such
temporary global Security shall, unless otherwise provided in such temporary
global Security, be delivered to the London office of a depository or common
depository (the "Common Depository"), as directed by the Company, for the
benefit of the operator of the Euroclear System ("Euroclear") and Clearstream
Banking, societe anonyme ("Clearstream"), for credit to the respective
accounts of the beneficial owners of such Securities (or to such other
accounts as they may direct). Upon receipt of a Company Order, the Trustee or
any Authenticating Agent shall authenticate such temporary global Security and
make such indication to reflect the initial principal amount, or an increase
in the principal amount, of Outstanding Securities represented thereby. Until
such initial authentication, such temporary global Security shall not evidence
any obligation of the Company. Such temporary global Security shall at any
time represent the aggregate principal amount of Outstanding Securities
theretofore indicated thereon as provided above, subject to reduction to
reflect exchanges as described below.

     Unless otherwise specified in such temporary global Security, and subject
to the second proviso in the following paragraph, the interest of a beneficial
owner of Securities in a series in a temporary global Security shall be
exchanged for definitive Securities of such series and of like tenor following
the Exchange Date when the account holder instructs Euroclear or Clearstream,
as the case may be, to request such exchange on his behalf and delivers to
Euroclear or Clearstream, as the case may be, a certificate in the form
required by Section 3.12(1), dated no earlier than fifteen days prior the
Exchange Date, copies of which certificate shall be available from the offices
of Euroclear and Clearstream, the Trustee, any Authenticating Agent appointed
for such series of Securities and each Paying Agent. Unless otherwise
specified in such temporary global Security, any such exchange shall be made
free of charge to the beneficial owners of such temporary global Security,
except that the Company may charge any Person receiving definitive Securities
for the cost of insurance, postage, transportation and the like in the event
that such Person does not take delivery of such definitive Securities in
person at the offices of Euroclear or Clearstream.

     Without unnecessary delay but in any event not later than one Business
Day prior to the date specified in, or determined pursuant to the terms of,
any such temporary global Security as the "Exchange Date" (the "Exchange
Date"), the Company shall deliver to the Trustee, or, if the Trustee appoints
an Authenticating Agent pursuant to Section 6.14, to any such Authenticating
Agent, definitive Securities in aggregate principal amount equal to the
principal amount of such temporary global Security, executed by the Company.
Unless otherwise specified as contemplated by Section 3.01, such definitive
Securities shall be in the form of Bearer Securities or Registered Securities,
or any combination thereof, as may be

                                      23
<PAGE>

specified by the Company to the Trustee or any such Authenticating Agent, as
may be appropriate. On or after the Exchange Date, such temporary global
Security shall be surrendered by the Common Depository to the Trustee or any
such Authenticating Agent, as the Company's agent for such purpose, to be
exchanged, in whole or from time to time in part, for definitive Securities
without charge to the Common Depository and the Trustee or any such
Authenticating Agent shall authenticate and deliver, in exchange for each
portion of such temporary global Securities, an equal aggregate principal
amount of definitive Securities of the same series, of authorized
denominations and of like tenor as the portion of such temporary global
Security to be exchanged, which, except as otherwise specified as contemplated
by Section 3.01, shall be in the form of Bearer Securities or Registered
Securities, or any combination thereof, as shall be specified by the
beneficial owner thereof; provided, however, that, unless otherwise specified
in such temporary global Security, upon such presentation by the Common
Depository, such temporary global Security is accompanied by a certificate
dated the Exchange Date or a subsequent date and signed by Euroclear as to the
portion of such temporary global Security held for its account then to be
exchanged and a certificate dated the Exchange Date or a subsequent date and
signed by Clearstream, as to the portion of such temporary global Security
held for its account then to be exchanged, each in the form required by
Section 3.11(2); and provided, further, that a definitive Bearer Security
shall be delivered in exchange for a portion of a temporary global Security
only in compliance with the conditions set forth in Section 3.03.

     Upon any exchange of a portion of any such temporary global Security, the
Trustee or any such Authenticating Agent or the Common Depository, as the case
may be, shall indicate upon such temporary global Security, the amount of such
exchange to reflect the reduction of the principal amount evidenced thereby,
whereupon its remaining principal amount shall be reduced for all purposes by
the amount so exchanged. Until so exchanged in full, such temporary global
Security shall in all respects be entitled to the same benefits under this
Indenture as definitive Securities of such series authenticated and delivered
hereunder, except that, unless otherwise specified as contemplated by Section
3.01, interest payable on such temporary global Security on an Interest
Payment Date for Securities of such series occurring prior to the applicable
Exchange Date shall be payable, without interest, to Euroclear and Clearstream
on or after such Interest Payment Date upon delivery by Euroclear and
Clearstream to the Trustee or such Authenticating Agent, as the case may be,
of a certificate or certificates in the form required by Section 3.11(3), for
credit on or after such Interest Payment Date to the respective accounts of
the Persons who are the beneficial owners of such temporary global Security on
such Interest Payment Date and who have each delivered to Euroclear or
Clearstream, as the case may be, a certificate in the form required by Section
3.11(4).

     Section 3.05 Registration, Registration of Transfer and Exchange.

     With respect to Registered Securities, the Company shall keep or cause to
be kept at the office of the Security Registrar designated pursuant to this
Section 3.05 or Section 10.02 a register (being the combined register of the
Security Registrar and all Co-Security Registrars and herein sometimes
collectively referred to as the "Security Register") in which, subject to such
reasonable regulations as it may prescribe, the Company shall provide for the
registration of Securities and the registration of transfers of Securities and
the Company shall appoint a

                                      24
<PAGE>

Security Registrar, and any Co-Security Registrar as may be appropriate, to
keep the Security Register. The Trustee is hereby initially appointed Security
Registrar with respect to the series of Securities for which it is acting as
Trustee. Such Security Register shall be in written form or in any other form
capable of being converted into written form within a reasonable time. At all
reasonable times the information contained in such Security Register shall be
available for inspection by the Trustee at the office of the Security
Registrar. In the event that any Registered Securities issued hereunder have
The City of New York as a Place of Payment, the Company shall appoint either a
Security Registrar or Co-Security Registrar located in The City of New York.

     Upon surrender for registration of transfer of any Registered Security of
any series at the office or agency of the Company in a Place of Payment, the
Company shall execute, and the Trustee shall authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Securities
of the same series, of any authorized denominations and of a like aggregate
principal amount and Stated Maturity.

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

     Registered Securities may not be exchanged for Bearer Securities. Bearer
Securities may not be exchanged for Bearer Securities of other authorized
denominations.

     At the option of the Holder, Bearer Securities of any series may be
exchanged for Registered Securities of the same series of any authorized
denominations and of a like aggregate principal amount and tenor, 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
appertaining thereto. 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 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 from the Company; provided,
however, that interest represented by coupons shall be payable only upon
presentation and surrender of those coupons at an office or agency of a Paying
Agent located outside the United States. Notwithstanding the foregoing, in
case a Bearer Security of any series is surrendered at any such office or
agency in exchange for a Registered Security of the same series and like tenor
after the close of business at such office or agency on (i) any Regular Record
Date and before the opening of business at such office or agency on the
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

                                      25
<PAGE>

Bearer Security shall be surrendered without the coupon relating to such
Interest Payment Date or proposed date for payment, as the case may be.

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

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

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

     Unless otherwise provided in the Securities to be transferred or
exchanged, no service charge shall be made to the Holder for any registration
of transfer or exchange of Securities, but the Company may (unless otherwise
provided in such Securities) require payment of a sum sufficient to cover any
tax or other governmental charge that may be imposed in connection with any
registration of transfer or exchange of Securities, other than exchanges
pursuant to Section 3.04, 9.06 or 11.07 not involving any transfer.

     None of the Company, the Security Registrar nor any Co-Security Registrar
shall be required (i) to issue, register the transfer of or exchange
Securities of any series during a period beginning at the opening of business
15 days before the day of the mailing of a notice of redemption of Securities
of that series selected for redemption under Section 11.03 and ending at the
close of business on (A) if Securities of the series are issuable only as
Registered Securities, the day of the mailing of the relevant notice of
redemption of Registered Securities of such series so selected for redemption,
or (B) if Securities of the series are issuable as Bearer Securities, the day
of the first publication of the relevant notice of redemption or, if
Securities of the series are also issuable as Registered Securities and there
is no publication, the mailing of the relevant notice of redemption, or (ii)
to register the transfer or exchange of any Securities so selected for
redemption in whole or in part.

     Section 3.06 Mutilated, Destroyed, Lost and Stolen Securities.

     If (i) any mutilated Security or Security with a mutilated coupon,
surrendered to the Trustee or the Security Registrar, or if the Company, the
Trustee and the Security Registrar receive evidence to their satisfaction of
the destruction, loss or theft of any Security or coupon, and (ii) there is
delivered to the Company, the Trustee and the Security Registrar such Security
or indemnity as may be required by them to save each of them harmless, then,
in the absence of notice to the Company, the Trustee or the Security Registrar
that such Security has been acquired by a protected purchaser (within the
meaning of Article 8 of the Uniform Commercial Code), the Company shall
execute and upon its request the Trustee shall

                                      26
<PAGE>

authenticate and deliver, in lieu of any such mutilated, destroyed, lost or
stolen Security or in exchange for the Security to which a destroyed, lost or
stolen coupon appertains (with all appurtenant coupons not destroyed, lost or
stolen), a new Security of the same series and Stated Maturity and of like
tenor and principal amount, bearing a number not contemporaneously outstanding
and, if applicable, with coupons corresponding to the coupons appertaining
thereto.

     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, pay such Security or
deliver the Maturity Consideration deliverable thereon; provided, however,
that payment of principal of (and premium, if any), Maturity Consideration and
any interest on Bearer Securities shall be payable only at an office or agency
located outside the United States, and, in the case of interest, unless
otherwise specified as contemplated by Section 3.01, only upon presentation
and surrender of the coupons appertaining thereto.

     Upon the issuance of any new Security under this Section, the Company may
require the payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in relation thereto and any other expenses
(including the fees and expenses of such Trustee) 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 with a destroyed, lost or stolen coupon, shall
constitute an original additional contractual obligation of the Company,
whether or not the destroyed, lost or stolen Security and its coupons, if any,
or the destroyed, lost or stolen coupons 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 the same 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.

     Unless otherwise provided, as contemplated by Section 3.01, interest on
any Registered Security which is payable or deliverable, and is punctually
paid, delivered or duly provided for, on any Interest Payment Date shall
unless otherwise provided in such Security be paid or delivered to the Person
in whose name that Security (or one or more Predecessor Securities) is
registered at the close of business of the Regular Record Date for such
interest, provided, however, that in the case of a Registered Security
originally issued between a Regular Record Date and the Interest Payment Date
or on an Interest Payment Date relating to such Regular Record Date, interest
for the period beginning on the date of issue and ending on such Interest
Payment Date shall be paid or delivered on the next succeeding Interest
Payment Date to the Person in whose name such Registered Security (or one or
more Predecessor Securities) is registered at the close of business on the
Regular Record Date with respect to such succeeding Interest Payment Date.
Unless otherwise specified as contemplated by

                                      27
<PAGE>

Section 3.01, in case a Bearer Security of any series is surrendered in
exchange for a Registered Security of such series after the close of business
(at an office or agency referred to in Section 3.05) on any Regular Record
Date and before the opening of business (at such office or agency) on the next
succeeding Interest Payment Date, such Bearer Security shall be surrendered
without the coupon relating to such Interest Payment Date and interest will
not be payable or deliverable on such Interest Payment Date in respect of the
Registered Security issued in exchange for such Bearer Security, but will be
payable or deliverable only to the Holder of such coupon when due in
accordance with the provisions of this Indenture.

     Any interest on any Registered Security of any series which is payable or
deliverable, but is not punctually paid, delivered or duly provided for, on
any Interest Payment Date (herein called "Defaulted Interest") shall forthwith
cease to be payable or deliverable to the Holder on the relevant Regular
Record Date by virtue of having been such Holder, and such Defaulted Interest
may be paid or delivered 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 or delivery of any
     Defaulted Interest to the Persons in whose names any such Registered
     Securities of such series (or their respective Predecessor Securities)
     are registered at the close of business on a Special Record Date for the
     payment or delivery of such Defaulted Interest, which shall be fixed in
     the following manner. The Company shall notify the Trustee in writing of
     the amount of Defaulted Interest proposed to be paid or delivered on each
     Registered Security of such series and the date of the proposed payment
     or delivery, and at the same time the Company shall deposit with the
     Trustee an amount of money or other property equal to the aggregate
     amount proposed to be paid or delivered 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 or delivery, such money
     or other property when deposited to be held in trust for the benefit of
     the Persons entitled to such Defaulted Interest as provided in this
     clause. Thereupon the Trustee shall fix a Special Record Date for the
     payment or delivery of such Defaulted Interest which shall be not more
     than 15 days nor less than 10 days prior to the date of the proposed
     payment or delivery and not less than 10 days after the receipt by the
     Trustee of the notice of the proposed payment or delivery. 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 or delivery of such Defaulted Interest and the Special
     Record Date therefor to be mailed, first-class postage prepaid, to each
     Holder of Securities of such series at his address as it appears in the
     Security Register, not less than 10 days prior to such Special Record
     Date. Notice of the proposed payment or delivery of such Defaulted
     Interest and the Special Record Date therefor having been so mailed, such
     Defaulted Interest shall be paid or delivered to the Persons in whose
     names such Registered Securities of such series (or their respective
     Predecessor Securities) are registered at the close of business on such
     Special Record Date and shall no longer be payable or deliverable
     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 any Special Record Date
     and before the opening of business at such office or agency on the
     related proposed date of payment or delivery of Defaulted Interest, such
     Bearer Security shall be

                                      28
<PAGE>

     surrendered without the coupon relating to such proposed date for payment
     or delivery and Defaulted Interest will not be payable or deliverable on
     such proposed date for payment or delivery 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 or delivery of any Defaulted
     Interest on the Securities of any series in any other lawful manner not
     inconsistent with the requirements of any securities exchange on which
     the Securities, with respect to which there exists such default, may be
     listed, and upon such notice as may be required by such exchange, if,
     after notice given by the Company to the Trustee of the proposed payment
     or delivery pursuant to this Clause, such manner of payment shall be
     deemed practicable by such Trustee.

     Subject to the foregoing provisions of this Section, 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.

     Title to any Bearer Security, any coupons appertaining thereto and any
temporary global Security in bearer form shall pass by delivery.

     Prior to due presentment of a Security of any series for registration of
transfer of any Registered Security , the Company, the Trustee and any agent
of the Company or the Trustee may treat the Person in whose name such Security
is registered as the owner of such Security for the purpose of receiving
payment or delivery of principal of (and premium, if any), Maturity
Consideration in respect of, and (subject to Section 3.07) interest on such
Security and for all other purposes whatsoever, whether or not such Security
is 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
case may be, as the absolute owner of such Security or coupon for the purpose
of receiving payment thereof or on account thereof and for all other purposes
whatsoever, whether or not such 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.

     Section 3.09 Cancellation.

     All Securities and coupons surrendered for payment, registration of
transfer, exchange, repayment, redemption or for credit against any sinking
fund payment shall, if surrendered to any Person other than the Trustee, be
delivered to the Trustee. All Securities so delivered or surrendered directly
to the Trustee for any such purpose, shall be promptly canceled by it. The
Company may at any time deliver to the Trustee for cancellation any Securities
previously authenticated and delivered hereunder which the Company may have
acquired in

                                      29
<PAGE>

any manner whatsoever, and all Securities so delivered shall be promptly
canceled by the Trustee. No Securities shall be authenticated in lieu of or in
exchange for any Securities canceled as provided in this Section, except as
expressly permitted by this Indenture or such Securities. All canceled
Securities or coupons held by the Trustee shall be disposed of by the Trustee
in accordance with its customary procedures and the Trustee shall deliver a
certificate of such disposition to the Company, if requested by the Company in
writing.

     Section 3.10 Computation of Interest.

     Except as otherwise specified as contemplated by Section 3.01 for
Securities of any series, interest on the Securities of each series shall be
computed on the basis of a 360-day year consisting of twelve 30-day months.

     Section 3.11 Forms of Certification.

     (1) Whenever any provision of this Indenture or the forms of Securities
contemplate that certifications be given by a Person entitled to receive a
Bearer Security, such certification shall be provided substantially in the
form of Exhibit A hereto, with only such changes as shall be approved by the
Company.

     (2) Whenever any provision of this Indenture or the forms of Securities
contemplate that certification be given by Euroclear and Clearstream in
connection with the exchange of a portion of a temporary global Security, such
certification shall be provided substantially in the form of Exhibit B hereto,
with only such changes as shall be approved by the Company.

     (3) Whenever any provision of the Indenture or the forms of Securities
contemplate that certification be given by Euroclear and Clearstream in
connection with payment of interest with respect to a temporary global
Security prior to the related Exchange Date, such certification shall be
provided substantially in the form of Exhibit C hereto, with only such changes
as shall be approved by the Company.

     (4) Whenever any provision of the Indenture or the forms of securities
contemplate that certification be given by a beneficial owner of a portion of
a temporary global Security in connection with payment or delivery of interest
in respect to a temporary global Security prior to the related Exchange Date,
such certification shall be provided substantially in the form of Exhibit D
hereto, with only such changes as shall be approved by the Company.

     Section 3.12 Payment in Currencies.

     (a) Unless otherwise provided in Section 3.01 hereof, subject to
subsection (b) hereof, payment of the principal of (and premium, if any),
Maturity Consideration if the Maturity Consideration is to be satisfied by a
cash payment and interest on the Securities of any series, whether or not
denominated in a Foreign Currency pursuant to Section 3.01 shall be made in
U.S. dollars. If a series of Securities is denominated in a Foreign Currency,
the amount receivable in U.S. dollars by the Holders of such series shall be
determined as provided in Section 3.12(c).

                                      30
<PAGE>

     (b) If authorized pursuant to Section 3.01, any Holder of a Security of a
series of Securities denominated in a Foreign Currency may elect to receive
payments in the Foreign Currency in which such Security is denominated
pursuant to Section 3.01. A Holder may make such election by delivering to the
Trustee a written notice thereof, in such form as may be acceptable to such
Trustee, not later than the close of business on the Regular Record Date or
Special Record Date, as the case may be, immediately preceding the applicable
Interest Payment Date or the fifteenth day immediately preceding the Maturity
of an installment of principal, as the case may be. Such election shall remain
in effect with respect to such Holder until such Holder delivers to such
Trustee a written notice rescinding such election; provided, however, that any
such notice must be delivered to such Trustee not later than the close of
business on the Regular Record Date or Special Record Date, as the case may
be, immediately preceding the next Interest Payment Date or the fifteenth day
immediately preceding the Maturity of an installment of principal, as the case
may be, in order to be effective for the payment to be made thereon; and
provided, further, that no such rescission may be made with respect to
payments to be made on any Security with respect to which notice of redemption
has been given by the Company pursuant to Article Eleven. The Trustee will
advise the Company, in writing, of the aggregate amount payable in a Foreign
Currency pursuant to an election under this subsection (b).

     (c) For each series of securities denominated in a Foreign Currency, the
Exchange Rate Agent shall deliver to the Company and to the Trustee, by
personal delivery, telecopy, or other means reasonably acceptable to such
Trustee and the Company, not later than the close of business on the second
Business Day prior to the date each payment is required to be made with
respect to the Securities of such series, a copy of the Exchange Rate
Officer's Certificate relating to each such Foreign Currency. Payments in U.S.
dollars pursuant to Section 3.12(a) shall be equal to the sum obtained by
converting the specified Foreign Currency, which is to be paid in U.S. dollars
pursuant to Section 3.12(a), at the applicable Exchange Rate or Market
Exchange Rate set forth in such Exchange Rate Officer's Certificate.

     (d) If the Foreign Currency, other than a composite currency, in which a
series of Securities is denominated is not available to the Company for making
payment thereof due to the imposition of exchange controls or other
circumstances beyond the control of the Company, then with respect to each
date for the payment of principal of (and premium, if any) and interest on
such series of Securities occurring after the last date on which the Foreign
Currency was so used, all payments with respect to the Securities of any such
series shall be made in U.S. dollars. If payment is to be made in U.S. dollars
to the Holders of any such series of Securities pursuant to the provisions of
the preceding sentence, then the amount to be paid in U.S. dollars on a
payment date by the Company to the Trustee for the series and by such Trustee
or any Paying Agent to the Holders of Securities of such series shall be
determined by an Exchange Rate Agent and shall be equal to the sum obtained by
converting the specified Foreign Currency into U.S. dollars at the applicable
Market Exchange Rate set forth in an Exchange Rate Officer's Certificate.

     (e) All decisions and determinations of the Company or an Exchange Rate
Agent regarding the Exchange Rate, Market Exchange Rate or conversion of
Foreign Currency into U.S. dollars pursuant to Section 1.04(g) or this
Subsection shall, in the absence of manifest error, be conclusive for all
purposes and irrevocably binding upon the Company (in the case of

                                      31
<PAGE>

a determination by an Exchange Rate Agent), the Trustee for the series, any
Paying Agent and all Holders of the Securities of such series. If a Foreign
Currency (other than a composite currency) in which payment of a series of
Securities may be made, pursuant to subsection (a) above, is not available to
the Company for making payments thereof due to the imposition of exchange
controls or other circumstances beyond the control of the Company, the
Company, after learning thereof, will give notice thereof to the Trustee
promptly (and the Trustee promptly thereafter will give notice to the Holders
of such series of Securities denominated in a Foreign Currency in the manner
provided in Section 1.06) specifying the last date on which such Foreign
Currency was used for the payment of principal of (and premium, if any), or
interest on such series of Securities. In the event any composite currency in
which a Security is denominated or payable ceases to be used for the purposes
for which it was established or is not available due to circumstances beyond
the control of the Company, the Company, after learning thereof, will give
notice thereof to the Trustee for such Series promptly (and the Trustee
thereafter will give notice to the Holders of such series of securities
denominated in a Foreign Currency in the manner provided in Section 1.06). In
the event of any subsequent change in any Component of any composite currency
in which a series of Securities is denominated or payable, the Company, after
learning thereof, will give notice to the Trustee for the series similarly
(and such Trustee promptly thereafter will give notice to the Holders in the
manner provided in Section 1.06). The Trustee shall be fully justified and
protected in reasonably relying and acting upon the information so received by
it from the Company and from any Exchange Rate Agent and shall not otherwise
have any duty or obligation to determine such information independently. The
Company agrees to appoint and maintain an Exchange Rate Agent as is necessary
for the performance of the obligations of the Exchange Rate Agent specified
herein.

     Section 3.13 CUSIP Numbers.

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

                                 ARTICLE IV.

                          SATISFACTION AND DISCHARGE

     Section 4.01 Satisfaction and Discharge of Indenture.

     This Indenture shall upon Company Request cease to be of further effect
(except as to any surviving rights of registration of transfer or exchange of
Securities herein expressly provided for and rights to receive payments
thereon and any right to receive additional amounts, as provided for Section
10.04), and each Trustee, on demand of and at the expense

                                      32
<PAGE>

of the Company, shall execute proper instruments acknowledging satisfaction
and discharge of this Indenture, when

          (1) either

              (A) all Securities theretofore authenticated and delivered
              (other than (i) coupons appertaining to Bearer Securities
              surrendered for exchange for Registered Securities and maturing
              after such exchange, whose surrender is not required or has
              been waived as provided in Section 3.05, (ii) coupons
              appertaining to Bearer Securities called for redemption and
              maturing after the relevant Redemption Date, whose surrender has
              been waived as provided in Section 11.07, (iii) Securities and
              coupons which have been destroyed, lost or stolen and which have
              been replaced or paid as provided in Section 3.06, and (4)
              Securities for whose payment money or, if applicable, such other
              property constituting Maturity Consideration if determinable 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 10.03) have
              been delivered to the Trustee for cancellation; or

              (B) all such Securities not theretofore delivered to the
              appropriate Trustee for cancellation,

                       (i) have become due and payable, or

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

                       (iii) are to be called for redemption within one year
                  under arrangements satisfactory to the appropriate Trustee
                  for the giving of notice of redemption by such Trustee in
                  the name, and at the expense, of the Company, and the
                  Company, in the case of (i), (ii) or (iii) above, has
                  deposited or caused to be deposited with such Trustee, as
                  trust funds in trust for the purpose, an amount (said amount
                  to be immediately due and payable to the Holders) sufficient
                  to pay and discharge the entire indebtedness on such
                  Securities and coupons of the relevant series not
                  theretofore delivered to such Trustee for cancellation, for
                  principal (and premium, if any) and interest 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 or, if applicable, such other
                  property constituting Maturity Consideration if
                  determinable; or

                                      33
<PAGE>

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

          (3) the Company has delivered to the Trustee an 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 have been complied with.

     Notwithstanding the satisfaction and discharge of this Indenture, the
obligations of the Company to the Trustee under Section 6.07, 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 10.03 shall survive such satisfaction and discharge.
The Trustee may give notice to the Holders or Securities Outstanding of the
immediate availability of the amount referred to in clause (1) of this Section
4.01.

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

     Section 4.02 Application of Trust Money.

     Subject to the provisions of the last paragraph of Section 10.03, all
money, property, U.S. Government Obligations and Foreign Government
Obligations deposited with the Trustee pursuant to Sections 4.01 and 4.03 in
respect of Securities of a series shall be held in trust and applied by it, in
accordance with the provisions of such Securities, the coupons, if any, and
this Indenture, to the payment, either directly or through any Paying Agent
(including the Company acting as its own Paying Agent) as the Trustee may
determine, to the Persons entitled thereto, of the principal (and premium, if
any), Maturity Consideration and interest for whose payment such money has
been deposited with the Trustee; unless otherwise specified herein, such money
need not be segregated from other funds except to the extent required by law.

     Section 4.03 Satisfaction, Discharge and Defeasance of Securities of Any
Series.

     If this Section 4.03 is specified, as contemplated by Section 3.01, to be
applicable to the Securities of any series, the Company shall be deemed to
have paid and discharged the entire indebtedness on all the Securities of any
such series at the time Outstanding, and, upon Company Request, the Trustee
for the series, at the expense of the Company, shall execute proper
instruments acknowledging satisfaction, discharge and defeasance of such
indebtedness, when

          (1) either

               (A) with respect to all Securities of such series at the time
          Outstanding, the Company shall have deposited or caused to be
          deposited irrevocably with the Trustee as trust funds in trust, (i)
          in the case of Securities denominated in a

                                      34
<PAGE>

          Foreign Currency, money in such Foreign Currency or such Foreign
          Government Obligations (as defined below) of the government or
          governments issuing such Foreign Currency or a combination thereof,
          or (ii) in the case of Securities denominated in U.S. dollars, U.S.
          dollars or U.S. Government Obligations (as defined below) or a
          combination thereof, in each case, in an amount which, or which
          through the payment of interest, principal and premium, if any, in
          respect thereof in accordance with their terms will provide (without
          any reinvestment of such interest, principal or premium), not later
          than one Business Day before the due date of any payment in respect
          of the Securities for such series, money in an amount sufficient (in
          the case of a deposit including any U.S. Government Obligations or
          Foreign Government Obligations in the opinion of a nationally
          recognized firm of independent public accountants expressed in a
          written certification thereof delivered to such Trustee at or prior
          to the time of such deposit) to pay and discharge each installment
          of principal of (including any mandatory sinking fund payments),
          premium, if any, and interest on, the Outstanding Securities of such
          series on the dates such installments of principal (and premium, if
          any), and interest are due or the Stated Maturity or date of
          redemption of such series, if applicable; or

               (B) the Company has properly fulfilled such other means of
          satisfaction and discharge as is specified, as contemplated by
          Section 3.01, to be applicable to the Securities of such series;

          (2) the Company shall have delivered to the Trustee an Officers'
     Certificate certifying as to whether the Securities of such series are
     then listed on the New York Stock Exchange;

          (3) if the Securities of such series are then listed on the New York
     Stock Exchange, the Company shall have delivered to the Trustee an
     Opinion of Counsel to the effect that the Company's exercise of its
     option under this Section would not cause such Securities to be delisted;

          (4) no Event of Default or event (including such deposit) which,
     with notice or lapse of time, or both, would become an Event of Default
     with respect to the Securities of such series shall have occurred and be
     continuing on the date of such deposit as evidenced to such Trustee in an
     Officers' Certificate delivered to such Trustee concurrently with such
     deposit;

          (5) the Company shall have paid or caused to be paid all other sums
     payable with respect to the Securities of such series at the time
     outstanding;

          (6) such deposit will not result in a breach or violation of, or
     constitute a default under, this Indenture or any other agreement or
     instrument to which the Company is a party or by which it is bound;

          (7) the Company shall have delivered to the Trustee an Opinion of
     Counsel to the effect that Holders of the Securities of such series will
     not recognize income, gain or loss

                                      35
<PAGE>

     for Federal income tax purposes as a result of the Company's exercise of
     its option under this Section 4.03 and will be subject to Federal income
     tax on the same amount and in the manner and at the same times as would
     have been the case if such option had not been exercised, and, in the
     case of the Securities of such series being discharged, accompanied by a
     ruling to that effect received from, or published by, the Internal Revenue
     Service;

          (8) the Company shall have delivered to the Trustee for the series
     an Officers' Certificate and an Opinion of Counsel, each stating that
     such satisfaction, discharge and defeasance is authorized or permitted by
     this Indenture and that all conditions precedent herein provided for
     relating to the satisfaction, discharge and defeasance of the entire
     indebtedness on all Securities of any such series at the time Outstanding
     have been complied with; and

          (9) the Company has delivered to the Trustee an Opinion of Counsel
     to the effect that immediately following the deposit described in clause
     (1) above neither the Company nor the Trust held by the Trustee shall be
     an "investment company" or a company "controlled" by an "investment
     company" within the meaning of the Investment Company Act of 1940.

     "U.S. Government Obligations" means securities that are (i) direct
obligations of the United States of America 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
of America the payment of which is unconditionally guaranteed as a full faith
and credit obligation by the United States of America, which, in either case,
under clauses (i) or (ii) are not callable or redeemable at the option of the
issuer thereof.

     "Foreign Government Obligations" means securities denominated in a
Foreign Currency that are (i) direct obligations of a foreign government 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 a foreign government the payment of which is
unconditionally guaranteed as a full faith and credit obligation by such
foreign government, which, in either case, under clauses (i) or (ii) are not
callable or redeemable at the option of the issuer thereof.

     Any deposits with the Trustee for the series referred to in Sections 4.01
and 4.03(l)(A) above shall be irrevocable and shall be made under the terms of
an escrow trust agreement in form and substance reasonably satisfactory to the
Trustee. If any Securities of a series with respect to which a deposit has
been made pursuant to Sections 4.01 and 4.03(l)(A) at the time outstanding are
to be redeemed prior to their Stated Maturity, whether pursuant to any
optional redemption provisions or in accordance with any mandatory sinking
fund requirement, the applicable escrow trust agreement shall provide therefor
and the Company shall make such arrangements as are satisfactory to the
Trustee for the series for the giving of notice of redemption by the Trustee
for the series in the name, and at the expense, of the Company. If the
Securities of such series are not to become due and payable at their Stated
Maturity or upon call for redemption within one year of the date of deposit,
then the Company shall give, promptly after the date of such deposit, notice
of such deposit to the Holders of Securities of such series.

                                      36
<PAGE>

     Upon the satisfaction of the conditions set forth in this Section 4.03
with respect to all the Securities of any series at the time Outstanding, the
terms and conditions of such series, including the terms and conditions with
respect thereto set forth in this Indenture, shall no longer be binding upon,
or applicable to, the Company (except as to any surviving rights of conversion
or registration of transfer or exchange and rights relating to mutilated,
destroyed, lost and stolen Securities pursuant to Section 3.06 of Securities
of such series expressly provided for herein or in the form of Security of
such series); provided, that the Company shall not be discharged from any
payment obligations in respect of Securities of such series which are deemed
not to be Outstanding under clause (iii) of the definition thereof if such
obligations continue to be valid obligations of the Company under applicable
law; and provided, further, that in the event a petition for relief under the
Bankruptcy Reform Act of 1978 or a successor statute is filed with respect to
the Company within 91 days after the deposit, the entire indebtedness on all
Securities of such series shall not be discharged and in such event the
Trustee shall return such deposited funds or obligations as it is then holding
to the Company on Company Request.

     Section 4.04 Repayment to Company.

     After the payment in full of the entire indebtedness of a series of
Securities with respect to which a deposit has been made with the Trustee
pursuant to Section 4.03, such Trustee and any Paying Agent for such series
shall upon Company Request promptly return to the Company any money, U.S.
Government Obligations or Foreign Government Obligations held by them that are
not required for the payment of the principal of (and premium, if any), and
interest on the Securities of such series.

     Section 4.05 Reinstatement.

     If the Trustee is unable to apply any money, U.S. Government Obligations
or Foreign Government Obligations in accordance with Section 4.03 by reason of
any legal proceeding or by reason of any order or judgment of any court or
governmental authority enjoining, restraining or otherwise prohibiting such
application, the Company's obligations under this Indenture and the Securities
shall be revived and reinstated as though no deposit had occurred pursuant to
Section 4.03 until such time as the Trustee is permitted to apply all such
money, U.S. Government Obligations or Foreign Government Obligations in
accordance with Section 4.03.

                                  ARTICLE V.

                                   REMEDIES

     Section 5.01 Events of Default.

     "Event of Default", wherever used herein with respect to Securities of
any series, means any one of the following events (whatever the reason for
such Event of Default and whether it shall be voluntary or involuntary or be
effected by operation of law or pursuant to any judgment, decree or order of
any court or any order, rule or regulation of any administrative or
governmental body), unless it is either inapplicable to a particular series or
it

                                      37
<PAGE>

is specifically deleted or modified in the supplemental indenture under which
such series of Securities is issued or in the form of Security for such
series:

          (1) default in the payment or delivery of any interest upon any
     Security of that series when it becomes due and payable, and continuance
     of such default for a period of 30 days; or

          (2) default in the payment of the principal of (or premium, if any,
     on) any Security of that series at its Maturity; or

          (3) default in the delivery or payment of Maturity Consideration
     when due; or

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

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

          (6) an event of default, as defined in any mortgage, indenture
     (including this Indenture), trust agreement or other instrument securing,
     evidencing or providing for any indebtedness of the Company or any
     Principal Constituent Bank as a result of which indebtedness of the
     Company or such Principal Constituent Bank in excess of $5,000,000
     aggregate principal amount shall be or become due and payable prior to
     the date on which the same would otherwise become due and payable and
     such acceleration shall not have been annulled or rescinded within 30
     days of notice of such acceleration to the Company or such Principal
     Constituent Bank;

          (7) the entry by a court having jurisdiction in the premises of (A)
     a decree or order for relief in respect of the Company or any Principal
     Constituent Bank in an involuntary case or proceeding under any
     applicable Federal or State bankruptcy, insolvency, reorganization or
     other similar law or (B) a decree or order appointing a custodian,
     receiver, liquidator, assignee, trustee, sequestrator or other similar
     official of the Company or any Principal Constituent Bank or of any
     substantial part of its property, or ordering the winding up or
     liquidation of its affairs, and the continuance of any such decree or
     order for relief or any such other decree or order unstayed and in effect
     for a period of 60 consecutive days; or

          (8) the commencement by the Company or any Principal Constituent
     Bank of a voluntary case or proceeding under any applicable Federal or
     State bankruptcy, insolvency, reorganization or other similar law or of
     any other case or proceeding to be

                                      38
<PAGE>

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

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

     Section 5.02 Acceleration of Maturity; Rescission and Annulment.

     If an Event of Default specified in Section 5.01(1), (2), (3), (4), (5),
(6) or (9) with respect to any series of Securities for which there are
Securities Outstanding occurs and is continuing, then, and in every such case,
the Trustee or the Holders of not less than 25% in principal amount or, if
such Securities are not payable at Maturity for a fixed principal amount, 25%
of the aggregate issue price of the Outstanding Securities of that series may
declare the principal amount or Maturity Consideration (or, if the Securities
of that series are Original Issue Discount Securities, such portion of the
principal amount as may be specified in the terms of that series) of all of
the Securities of that series to be immediately due and payable or
deliverable, by a notice in writing to the Company (and to the Trustee if
given by Securityholders), and upon any such declaration the same shall become
immediately due and payable or deliverable. If an Event of Default specified
in Section 5.01(7) or (8) with respect to any series of Securities for which
there are Securities Outstanding occurs, then, and in every such case, the
principal amount or Maturity Consideration (or, if the Securities of that
series are Original Issue Discount Securities, such portion of the principal
amount as may be specified in the terms of that series) and all unpaid
interest of all of the Securities of that series shall be immediately due and
payable or deliverable without any declaration or other act on the part of the
Trustee or any Holder of any Security of such series.

     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 or other property due or deliverable has been obtained by
the Trustee as hereinafter in this Article provided, the Holders of a majority
in principal amount or, if such Securities are not payable at Maturity for a
fixed principal amount, the aggregate issue price of the Outstanding
Securities of that series, by written notice to the Company and the Trustee,
may rescind and annul such declaration and its consequences if

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

                                      39
<PAGE>

               (A) all overdue installments of interest on all Securities of
          such series,

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

               (C) to the extent that payment of such interest is lawful,
          interest upon overdue installments of interest at the rate or rates
          prescribed therefor by the terms of the Securities of such series,
          and

               (D) all sums paid or advanced by the Trustee hereunder, the
          Security of any series Registrar, the Co-Security Registrar for such
          series and any Paying Agent and the reasonable compensation,
          expenses, disbursements and advances of any one of them and their
          agents and counsel; and

          (2) all Events of Defaults with respect to Securities of that
     series, other than the non-payment of the principal of, or non-delivery
     of the Maturity Consideration of, Securities of that series which have
     become due solely by such declaration of acceleration, have been cured or
     waived as provided in Section 5.13.

     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 installment of interest on
     any Security when such interest becomes due and payable and such default
     continues for a period of 30 days, or

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

the Company will, upon demand of the Trustee, pay or deliver to it, for the
benefit of the Holder of any such Security, the whole amount or other property
then due and payable or deliverable on any such Security for principal (and
premium, if any), Maturity Consideration and interest on and, to the extent
that payment of such interest shall be legally enforceable, interest on any
overdue principal (and premium, if any), Maturity Consideration and on any
overdue installments of interest, at the rate or rates prescribed therefor by
the terms of any such Security, and, in addition thereto, such further amount
as shall be sufficient to cover the reasonable costs and expenses of
collection, including the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel and any other amounts due the
Trustee under Section 6.07.

                                      40
<PAGE>

     If the Company fails to pay or deliver such amounts and/or other
consideration forthwith upon such demand, such Trustee, in its own name and as
trustee of an express trust, may institute a judicial proceeding for the
collection of the sums or other property so due and unpaid or not delivered,
may prosecute such proceeding to judgment or final decree and may enforce the
same against the Company or any other obligor upon such Securities and collect
the moneys or other property adjudged or decreed to be payable or deliverable
in the manner provided by law out of the property of the Company or any other
obligor upon such Securities, wherever situated.

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

     Section 5.04 Trustee May File Proofs of Claim.

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

          (i) to file and prove a claim for the whole amount of principal (and
     premium, if any), Maturity Consideration and interest owing and unpaid or
     undelivered in respect of the Securities of each series and to file such
     other papers or documents as may be necessary or advisable in order to
     have the claims of such Trustee (including any claim for the reasonable
     compensation, expenses, disbursements and advances of the Trustee, its
     agents and counsel and any other amounts due the Trustee under Section
     6.07) and of the Securityholders allowed in such judicial proceeding, and

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

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or
other similar official in any such judicial proceeding is hereby authorized by
each Securityholder to make such payments or deliveries to the Trustee and, in
the event that the Trustee shall consent to the making of such payments or
deliveries directly to the Securityholders, 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 6.07.

                                      41
<PAGE>

     Nothing herein contained shall be deemed to authorize the Trustee to
authorize or consent to or accept or adopt on behalf of any Holder of a
Security 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.

     Section 5.05 Trustee May Enforce Claims Without Possession of Securities.

     All rights of action and claims under this Indenture or the Securities of
any series or coupons, if any, appertaining thereto, may be prosecuted and
enforced by the Trustee without the possession of any of the Securities of
such series or coupons appertaining thereto or the production thereof in any
proceeding relating thereto, and any such proceeding instituted by the Trustee
shall be brought in its own name as trustee of an express trust, and any
recovery of judgment shall, after provision for the payment of the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel and any other amounts due the Trustee under Section 6.07, be for
the ratable benefit of the Holders of the Securities of such series or coupons
appertaining thereto in respect of which such judgment has been recovered.

     Section 5.06 Application of Money or Other Property Collected.

     Any money or other property collected by the Trustee with respect to a
series of Securities pursuant to this Article shall be applied in the
following order, at the date or dates fixed by the Trustee and, in case of the
distribution of such money or other property on account of principal (or
premium, if any), Maturity Consideration or interest upon presentation of the
Securities of such series or coupons appertaining thereto, if any, or both, as
the case may be, and the notation thereon of the payment if only partially
paid and upon surrender thereof if fully paid:

     FIRST: To the payment of all amounts due such Trustee under Section 6.07.

     SECOND: To the payment of the amounts then due and unpaid upon the
Securities of such series and coupons for principal of (and premium, if any),
Maturity Consideration and interest, respectively. Subject to Section 3.12(d),
the Security Holders of each series of Securities denominated in a Foreign
Currency shall be entitled to receive a ratable portion of the amount
determined by an Exchange Rate Agent by converting the principal amount
Outstanding of such series of Securities in the currency in which such series
of Securities is denominated into U.S. dollars at the Exchange Rate (as
determined by the Exchange Rate Agent, as of the date of declaration of
acceleration of the Maturity of the Securities (or, if there is no such rate
on such date for the reasons specified in Section 3.12(d), such rate of the
date specified in such section).

     THIRD: The balance if any, to the persons entitled thereto.

                                      42
<PAGE>

     Section 5.07 Limitation on Suits.

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

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

          (2) the Holders of not less than 25% in principal amount or, if such
     Securities are not payable at Maturity for a fixed principal amount, the
     aggregate issue price of the Outstanding Securities of that series shall
     have made written request to the Trustee to institute proceedings in
     respect of such Event of Default in its own name as Trustee hereunder;

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

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

          (5) no direction inconsistent with such written request has been
     given to the Trustee during such 60-day period by the Holders of a
     majority in principal amount or, if such Securities are not payable at
     Maturity for a fixed principal amount, the aggregate issue price of the
     Outstanding Securities of that series;

it being understood and intended that no one or more Holders of Securities of
such series 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 Holders of Securities of such series or Holders of any
other series, 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
Holders of Securities of such series.

     Section 5.08 Unconditional Right of Securityholders to Receive Principal,
Premium, Maturity Consideration and Interest.

     Notwithstanding any other provision in this Indenture, the Holder of any
Security or coupon shall have the right, which is absolute and unconditional,
to receive payment or delivery of the principal of (and premium, if any),
Maturity Consideration and (subject to Section 3.07) interest on such Security
or payment of such coupon on the respective Stated Maturity or Maturities
expressed in such Security or coupon (or, in the case of redemption, on the
Redemption Date) and to institute suit for the enforcement of such payment or
delivery, and such rights shall not be impaired without the consent of such
Holder.

                                      43
<PAGE>

     Section 5.09 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 the Company, the Trustee and the Holders shall, subject to any
determination in such proceeding, be restored severally and respectively to
their former positions hereunder and thereafter all rights and remedies of the
Trustee and the Holders shall continue as though no such proceeding had been
instituted.

     Section 5.10 Rights and Remedies Cumulative.

     Except as otherwise provided with respect to the replacement or payment
of mutilated, destroyed, lost or stolen Securities or coupons in the last
paragraph of Section 3.06, no right or remedy herein conferred upon or
reserved to the Trustee or to the Holders is intended to be exclusive of any
other right or remedy, and every right and remedy shall, to the extent
permitted by law, be cumulative and in addition to every other right and
remedy given hereunder or now or hereafter existing at law or in equity or
otherwise. The assertion or employment of any right or remedy hereunder, or
otherwise, shall not prevent the concurrent assertion or employment of any
other appropriate right or remedy.

     Section 5.11 Delay or Omission Not Waiver.

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

     Section 5.12 Control by Holders.

     The Holders of not less than a majority in principal amount, or if such
Securities are not payable at Maturity for a fixed principal amount, the
aggregate issue price of the Outstanding Securities of any series, shall have
the right to direct the time, method and place of conducting any proceeding
for any remedy available to the Trustee, or exercising any trust or power
conferred on such Trustee, with respect to the Securities of such series;
provided that

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

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

          (3) such direction is not unduly prejudicial to the rights of
     Holders of such series not taking part in such direction, and

                                      44
<PAGE>

          (4) subject to the provisions of Section 6.01, the Trustee shall
     have the right to decline to follow any such direction if the Trustee, in
     good faith, shall by a Responsible Officer or Officers of the Trustee,
     determine that the proceeding so directed would involve personal
     liability.

     Section 5.13 Waiver of Past Defaults.

     Subject to Section 5.02, the Holders of not less than a majority in
principal amount, or if such Securities are not payable at Maturity for a
fixed principal amount, the aggregate issue price of the Outstanding
Securities of any series may on behalf of the Holders of all the Securities of
such series waive any past default hereunder with respect to such series and
its consequences, except a default not theretofor cured,

          (1) in the payment or delivery of the principal of (or premium, if
     any), Maturity Consideration or interest on any Security of such series,
     or

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

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

     Section 5.14 Undertaking for Costs.

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

     Section 5.15 Waiver of Stay or Extension Laws.

     The Company covenants (to the extent that it may lawfully do so) that it
will not at any time insist upon, or plead, or in any manner whatsoever claim
or take the benefit or advantage

                                      45
<PAGE>

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

                                 ARTICLE VI.

                                  THE TRUSTEE

     Section 6.01 Certain Duties and Responsibilities.

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

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

          (2) in the absence of bad faith on its part, the Trustee may
     conclusively rely, as to the truth of the statements and the correctness
     of the opinions expressed therein, upon certificates or opinions
     furnished to the Trustee and conforming to the requirements of this
     Indenture; but in the case of any such certificates or opinions which by
     any provision hereof are specifically required to be furnished to the
     Trustee, the Trustee shall be under a duty to examine the same to
     determine whether or not they conform to the requirements of this
     Indenture.

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

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

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

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

          (3) the Trustee shall not be liable with respect to any action
     taken, suffered or omitted to be taken by it in good faith in accordance
     with the direction of the Holders of

                                      46
<PAGE>

     a majority in principal amount or, if such Securities are not payable at
     Maturity for a fixed principal amount, the aggregate issue price of the
     Outstanding Securities of any series, relating to the time, method and
     place of conducting any proceeding for any remedy available to the
     Trustee, or exercising any trust or power conferred upon the Trustee,
     under this Indenture with respect to the Securities of such series; and

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

     (e) 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.

     Section 6.02 Notice of Defaults.

     Within 90 days after the occurrence of any default hereunder known to the
Trustee with respect to the Securities of any series, the Trustee shall
transmit by mail to all Holders of Securities of such series, as their names
and addresses appear in the Security Register, notice of such default
hereunder, unless such default shall have been cured or waived; provided,
however, that, except in the case of a default in the payment of the principal
of (or premium, if any), Maturity Consideration or interest on any Security of
such series, or in the payment of any sinking fund installment with respect to
Securities of such series, the Trustee shall be protected in withholding such
notice if and so long as the board of directors, the executive committee or a
trust committee of directors or Responsible Officers of the Trustee in good
faith determines that the withholding of such notice is in the interest of the
Holders of Securities of such series; and provided, further, that in the case
of any default of the character specified in Section 5.01(5) with respect to
Securities of such series, no such notice to Holders shall be given until at
least 30 days after the occurrence thereof. For the purpose of this Section,
the term "default" with respect to Securities of any series, means any event
which is, or after notice or lapse of time or both would become, an Event of
Default with respect to Securities of such series.

     Section 6.03 Certain Rights of Trustee.

     Subject to the provisions of Section 6.01:

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

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

                                      47
<PAGE>

     the Board of Directors of the Company may be sufficiently evidenced by a
     Board Resolution;

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

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

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

          (f) the Trustee shall not be bound to make any investigation into
     the facts or matters stated in any resolution, certificate, statement,
     instrument, opinion, report, notice, request, direction, consent, order,
     bond, debenture, note, 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 see fit,
     and, if the Trustee shall determine to make such further inquiry or
     investigation, it shall be entitled to examine the books, records and
     premises of the Company, personally or by agent or attorney;

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

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

          (i) 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; and

          (j) 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 to each agent, custodian and other
     Person employed to act hereunder.

                                      48
<PAGE>

     Section 6.04 Not Responsible for Recitals or Issuance of Securities.

     The recitals contained herein and in the Securities, except the Trustee's
certificates of authentication, shall be taken as the statements of the
Company, and neither the Trustee nor any Authenticating Agent assumes
responsibility for their correctness. The Trustee makes no representations as
to the validity or sufficiency of this Indenture or of the Securities. Neither
the Trustee nor any Authenticating Agent shall be accountable for the use or
application by the Company of Securities or the proceeds thereof. The Trustee
shall not be responsible for the use or application of any monies received by
any Paying Agent other than the Trustee.

     Section 6.05 May Hold Securities.

     The Trustee, any Authenticating Agent, any Paying Agent, the Security
Registrar, any Co-Registrar or any other agent of the Company, in its
individual or any other capacity, may become the owner or pledgee of
Securities and, subject to Sections 6.08 and 6.13, may otherwise deal with the
Company with the same rights it would have if it were not Trustee,
Authenticating Agent, Paying Agent, Security Registrar, Co-Registrar or such
other agent.

     Section 6.06 Money or Other Property Held in Trust.

     Subject to Section 1.16, money or other property held by the Trustee or
any Paying Agent in trust hereunder need not be segregated from other funds or
other property except to the extent required by law. Neither the Trustee nor
any Paying Agent shall be under any liability for interest on any money or
other property received by it hereunder except as otherwise agreed with the
Company.

     Section 6.07 Compensation and Reimbursement.

     The Company agrees

          (1) to pay each of the Trustee, any Co-Trustee, the Security
     Registrar, any Co-Security Registrar and any Paying Agent, as the case
     may be, from time to time such compensation as shall be agreed in writing
     between the Company and the Trustee for all services rendered by them
     hereunder (which compensation shall not be limited by any provision of
     law in regard to the compensation of a trustee of an express trust);

          (2) except as otherwise expressly provided herein, to pay to or to
     reimburse each of the Trustee, any Co-Trustee, the Security Registrar,
     any Co-Security Registrar and any Paying Agent, as the case may be, upon
     their request for all reasonable expenses, disbursements and advances
     incurred or made by any one of them in accordance with any provision of
     this Indenture (including the reasonable compensation and the expenses
     and disbursements of their agents and counsel), except any such expense,
     disbursement or advance as may be attributable to their negligence or bad
     faith;

          (3) to indemnify each of the Trustee, any Co-Trustee, the Security
     Registrar, any Co-Security Registrar and any Paying Agent, as the case
     may be, for, and to hold each of them harmless against, any and all loss,
     liability, damage, claim or expense, including taxes (other than taxes
     based on the income of the Trustee) incurred without negligence

                                      49
<PAGE>

     or bad faith on the part of such entity, arising out of or in connection
     with the acceptance or administration of the trust or trusts hereunder,
     including the costs and expenses of defending themselves against any
     claim (whether asserted by the Company, a Holder or any other Person) or
     liability in connection with the exercise or performance of any of their
     powers or duties hereunder; and

          (4) as security for the performance of the obligations of the
     Company pursuant to this Section 6.07, the Trustee for the Securities of
     any series shall have a lien prior to the Securities of all such series
     upon all property and funds held or collected by the Trustee as such,
     except funds held in trust for the payment of principal of (and premium,
     if any) or interest, if any, on the Securities of any such series.

     The obligations of the Company under this Section shall survive the
resignation or removal of the Trustee and satisfaction and discharge of this
Indenture.

     When the Trustee incurs expenses or renders services in connection with
an Event of Default specified in Section 5.01(7) or Section 5.01(8), the
expenses (including the reasonable charges and expenses of its counsel) and
the compensation for the services are intended to constitute expenses or
administration under any applicable Federal or state bankruptcy, insolvency or
other similar law.

     Section 6.08 Disqualification; Conflicting Interests.

     The Trustee for the Securities of any series issued hereunder shall be
subject to the provisions of Section 310(b) of the Trust Indenture Act during
the period of time provided for therein. In determining whether the Trustee
has a conflicting interest as defined in Section 310(b) of the Trust Indenture
Act with respect to the Securities of any series, there shall be excluded this
Indenture with respect to Securities of any particular series of Securities
other than that series.

     Nothing herein shall prevent the Trustee from filing with the Securities
and Exchange Commission the application referred to in the second to last
paragraph of Section 310(b) of the Trust Indenture Act.

     Section 6.09 Corporate Trustee Required; Eligibility.

     There shall at all times be a Trustee with respect to each series of
Securities hereunder which shall at all times be either

               (i) a Corporation organized and doing business under the laws
          of the United States of America, any State thereof or the District
          of Columbia, authorized under such laws to exercise corporate trust
          powers, and subject to supervision or examination by federal, state
          or District of Columbia authority; or

               (ii) a Corporation or other Person organized and doing business
          under the laws of a foreign government that is permitted to act as
          Trustee pursuant to a rule, regulation or order of the Commission,
          authorized under

                                      50
<PAGE>

          such laws to exercise corporate trust powers, and subject to
          supervision or examination by authority of such foreign government
          or a political subdivision thereof substantially equivalent to
          supervision or examination applicable to United States institutional
          trustees, in either case having a combined capital and surplus of at
          least $50,000,000.

     If such Corporation or national banking association publishes reports of
condition at least annually, pursuant to law or to the requirements of the
aforesaid supervising or examining authority, then for the purposes of this
Section, the combined capital and surplus of such Corporation or national
banking association shall be deemed to be its combined capital and surplus as
set forth in its most recent report of condition so published. Neither the
Company nor any person directly or indirectly controlling, controlled by, or
under common control with the Company shall serve as trustee for the
Securities of any series issued hereunder. If at any time the Trustee with
respect to any series of Securities shall cease to be eligible in accordance
with the provisions of this Section, it shall resign immediately in the manner
and with the effect hereinafter specified in this Article.

     Section 6.10 Resignation and Removal; Appointment of Successor.

     (a) No resignation or removal of the Trustee and no appointment of a
successor Trustee pursuant to this Article shall become effective until the
acceptance of appointment by the successor Trustee in accordance with the
applicable requirements of Section 6.11.

     (b) The Trustee may resign with respect to any series of Securities at
any time by giving written notice thereof to the Company. If an instrument of
acceptance by a successor Trustee, required by Section 6.11, shall not have
been delivered to the resigning Trustee within 30 days after the giving of
such notice of resignation, the resigning Trustee may petition, at the expense
of the Company, any court of competent jurisdiction for the appointment of a
successor Trustee with respect to Securities of such series.

     (c) The Trustee may be removed with respect to any series of Securities
at any time by Act of the Holders of a majority in principal amount of the
Outstanding Securities of such series, delivered to the Trustee and to the
Company. If an instrument of acceptance by a successor Trustee shall not have
been delivered to the Trustee within 30 days after the giving of such notice
of removal, the Trustee being removed may petition, at the expense of the
Company, any court of competent jurisdiction for the appointment of a
successor Trustee with respect to the Securities of such series.

     (d) If at any time:

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

          (2) the Trustee shall cease to be eligible under Section 6.09 with
     respect to any series of Securities and shall fail to resign after
     written request therefor by the Company or by any Holder of Securities of
     such series, or

                                      51
<PAGE>

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

then, in any such case, (i) the Company by a Board Resolution may remove the
Trustee with respect to all Securities, or (ii) subject to Section 5.14, any
Securityholder who has been a bona fide Holder of a Security of such series
for at least six months may, on behalf of himself and all others similarly
situated, petition any court of competent jurisdiction for the removal of the
Trustee with respect to all Securities and the appointment of a successor
Trustee or Trustees.

     (e) If the Trustee shall resign, be removed or become incapable of
acting, or if a vacancy shall occur in the office of Trustee with respect to
any series of Securities for any cause, the Company, by a Board Resolution,
shall promptly appoint a successor Trustee or Trustees with respect to the
Securities of that or those series (it being understood that any such
successor Trustee may be appointed with respect to the Securities of one or
more or all of such series and that at any time there shall be only one
Trustee with respect to the Securities of any particular series) and 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 with respect to such series, 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 with respect
to such series. 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 hereinafter provided, any Securityholder who has
been a bona fide Holder of a Security of such series for at least six months
may, on behalf of himself and all others similarly situated, petition any
court of competent jurisdiction for the appointment of a successor Trustee
with respect to the Securities of such series.

     (f) The Company shall give notice of each resignation and each removal of
the Trustee with respect to the Securities of any series and each appointment
of a successor Trustee with respect to the Securities of any series by mailing
written notice of such event by first-class mail, postage prepaid, to all
Holders of Registered Securities of such series as their names and addresses
appear in the Security Register and, if Securities of such series are issuable
as Bearer Securities, by publishing notice of such event once in an Authorized
Newspaper in each Place of Payment located outside the United States. Each
notice shall include the name of the successor Trustee with respect to the
Securities of such series and the address of its Corporate Trust Office.

     Section 6.11 Acceptance of Appointment by Successor.

     (a) In case of the appointment hereunder of a successor Trustee with
respect to any series of Securities, every such successor Trustee so appointed
shall execute, acknowledge and

                                      52
<PAGE>

deliver to the Company and to the retiring Trustee or Trustees an instrument
accepting such appointment, and thereupon the resignation or removal of the
retiring Trustee or Trustees shall become effective with respect to all or any
such series as to which it is resigning as Trustee, and such successor
Trustee, without any further act, deed or conveyance, shall become vested with
all the rights, powers, trusts and duties of the retiring Trustee or Trustees
with respect to all or any such series; but, on the request of the Company or
the successor Trustee, such retiring Trustee or Trustees shall, upon payment
of its charges and all amounts owing under Section 6.07, execute and deliver
an instrument transferring to such successor Trustee all the rights, powers,
and trusts of the retiring Trustee or Trustees; and shall duly assign,
transfer and deliver to such successor Trustee all property and money held by
such retiring Trustee or Trustees hereunder with respect to all or any such
series.

     (b) In case of the appointment hereunder of a successor Trustee with
respect to the Securities of one or more (but not all) series, the Company,
the retiring Trustee and each successor Trustee with respect to the Securities
of one or more series shall execute and deliver an indenture supplemental
hereto wherein each successor Trustee shall accept such appointment and which
(1) shall contain such provisions as shall be necessary or desirable to
transfer and confirm to, and to vest in, each successor Trustee all the
rights, powers, trusts and duties of the retiring Trustee with respect to the
Securities of that or those series to which the appointment of such successor
Trustee relates, (2) if the retiring Trustee is not retiring with respect to
all Securities, shall contain such provisions as shall be deemed necessary or
desirable to confirm that all the rights, powers, trusts and duties of the
retiring Trustee with respect to the Securities of that or those series as to
which the retiring Trustee is not retiring shall continue to be vested in the
retiring Trustee, and (3) shall add to or change any of the provisions of this
Indenture as shall be necessary to provide for or facilitate the
administration of the trusts hereunder by more than one Trustee, it being
understood that nothing herein or in such supplemental indenture shall
constitute such Trustees co-trustees of the same trust and that each such
Trustee shall be trustee of a trust or trusts hereunder separate and apart
from any trust or trusts hereunder administered by any other such Trustee and
that no Trustee shall be responsible for any notice given to, or received by,
or any act or failure to act on the part of any other Trustee hereunder, and
upon the execution and delivery of such supplemental indenture the resignation
or removal of the retiring Trustee shall become effective to the extent
provided therein, such retiring Trustee shall with respect to the Securities
of that or those series to which the appointment of such successor Trustee
relates have no further responsibility for the exercise of rights and powers
or for the performance of the duties and obligations vested in the Trustee
under this Indenture, 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, to the extent contemplated by such supplemental indenture, all
property and money held by such retiring Trustee hereunder with respect to the
Securities of that or those series to which the appointment of such successor
Trustee relates.

     (c) Upon request of any such successor Trustee, the Company shall execute
any and all instruments for more fully and certainly vesting in and confirming
to such successor

                                      53
<PAGE>

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 with respect to a series of Securities shall
accept its appointment unless at the time of such acceptance such successor
Trustee shall be qualified and eligible with respect to such series under this
Article.

     Section 6.12 Merger, Conversion, Consolidation or Succession to Business
of Trustee.

     Any corporation into which the Trustee may be merged or converted or with
which it may be consolidated, or any corporation or national banking
association resulting from any merger, conversion or consolidation to which
the Trustee shall be a party, or any corporation or national banking
association succeeding to all or substantially all the corporate trust
business of the Trustee, shall be the successor of the Trustee hereunder,
provided that such corporation or national banking association 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 6.13 Preferential Collection of Claims Against Company.

     The Trustee shall comply with Section 311(a) of the Trust Indenture Act
with respect to each series of Securities for which it is Trustee.

     Section 6.14 Appointment of Authenticating Agent.

     At any time when any of the Securities of any series remain Outstanding
the Trustee may appoint an Authenticating Agent or Agents with respect to any
such series of Securities, which may include any Affiliate of the Company.
Such Authenticating Agent or Agents, at the option of the Trustee, shall be
authorized to act on behalf of the Trustee to authenticate Securities of such
series issued upon exchange, registration of transfer or partial redemption
thereof or pursuant to Section 3.06, and Securities so authenticated shall be
entitled to the benefits of this Indenture and shall be valid and obligatory
for all purposes as if authenticated by the Trustee hereunder. Wherever
reference is made in this Indenture to the authentication and delivery of
Securities by a Trustee or a Trustee's certificate of authentication or the
delivery of Securities to the Trustee for authentication, such reference shall
be deemed to include authentication and delivery on behalf of a Trustee by an
Authenticating Agent, a certificate of authentication executed on behalf of
the Trustee by an Authenticating Agent, and a certificate of authentication
executed on behalf of the Trustee by an Authenticating Agent and delivery of
Securities to the Authenticating Agent on behalf of the Trustee. Each
Authenticating Agent shall be acceptable to the Company and shall at all times
be a corporation or national banking association organized and doing business
under the laws of the United States of America, any State thereof or the
District of Columbia, authorized under

                                      54
<PAGE>

such laws to act as Authenticating Agent, having a combined capital and
surplus as most recently reported or determined by it sufficient under the
laws of any jurisdiction under which it is organized and in which it is doing
business to conduct a trust business, and which is otherwise authorized under
such laws to conduct such business and is subject to supervision or
examination by federal or state authority. Notwithstanding the foregoing, an
Authenticating Agent located outside the United States may be appointed by the
Trustee if previously approved in writing by the Company and if such
Authenticating Agent has a combined capital and surplus as most recently
reported or determined by it sufficient under the laws of any jurisdiction
under which it is organized and in which it is doing business to conduct a
trust business. If at any time an Authenticating Agent shall cease to be
eligible in accordance with the provisions of this Section, such
Authenticating Agent shall resign immediately in the manner and with the
effect specified in this Section.

     The Trustee shall initially act as Authenticating Agent for each series
of Securities issued hereunder.

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

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

     The Company agrees to pay to each Authenticating Agent from time to time
reasonable compensation for its services under this Section.

     The provisions of Sections 3.08, 6.04 and 6.05 shall be applicable to
each Authenticating Agent.

                                      55
<PAGE>

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

     This is one of the Securities of the series provided for under the
within-mentioned Indenture.

                                    THE CHASE MANHATTAN BANK, as Trustee

                                    By __________________________________
                                         As Authenticating Agent

                                    By __________________________________
                                         Authorized Officer

                                 ARTICLE VII.

               HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY

     Section 7.01 Company to Furnish Trustee Names and Addresses of Holders.

     The Company will furnish or cause to be furnished to the Trustee for each
series

     (a) semiannually, not more than 15 days after each Regular Record Date, a
list, in such form as the Trustee may reasonably require, containing the names
and addresses of the Holders of Registered Securities as of such Regular
Record Date; and

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

except that no such lists need be furnished so long as the Trustee is in
possession thereof by reason of its acting as Security Registrar for such
series.

     Section 7.02 Preservation of Information; Communications to Holders.

     (a) The Trustee shall preserve, in as current a form as is reasonably
practicable, the names and addresses of Holders contained in the most recent
list furnished to the Trustee as provided in Section 7.01 and the names and
addresses of Holders of Securities received by the Trustee in its capacity as
the Security Registrar or Co-Security Registrar, if so acting. The Trustee may
destroy any list furnished to it as provided in Section 7.01 upon receipt of a
new list so furnished.

     (b) If three or more Holders of Securities of any series (herein referred
to as "applicants") apply in writing to the Trustee, and furnish to the
Trustee reasonable proof that

                                      56
<PAGE>

each such applicant has owned a Security of such series for a period of at
least six months preceding the date of such application, and such application
states that the applicants desire to communicate with other Holders of
Securities of such series or with the Holders of all Securities with respect
to their rights under this Indenture or under such Securities and is
accompanied by a copy of the form of proxy or other communication which such
applicants propose to transmit, then the Trustee shall, within five business
days after the receipt of such application, at its election, either

               (i) afford such applicants access to the information preserved
          at the time by the Trustee in accordance with Section 7.02(a); or

               (ii) inform such applicants as to the approximate number of
          Holders of Securities of such series or all Securities, as the case
          may be, whose names and addresses appear in the information
          preserved at the time by the Trustee in accordance with Section
          7.02(a), and as to the approximate cost of mailing to such Holders
          the form of proxy or other communication, if any, specified in such
          application.

     If the Trustee shall elect not to afford such applicants access to such
information, the Trustee shall, upon the written request of such applicants,
mail to each Holder of a Security of such series or all Holders of Securities,
as the case may be, whose names and addresses appear in the information
preserved at the time by the Trustee in accordance with Section 7.02(a), a
copy of the form of proxy or other communication which is specified in such
request, with reasonable promptness after a tender to the Trustee of the
material to be mailed and of payment, or provision for the payment, of the
reasonable expenses of mailing, unless within five days after such tender the
Trustee shall mail to such applicants and file with the Commission, together
with a copy of the material to be mailed, a written statement to the effect
that, in the opinion of the Trustee, such mailing would be contrary to the
best interest of the Holders of Securities of such series or all Securities,
as the case may be, or would be in violation of applicable law. Such written
statement shall specify the basis of such opinion. If the Commission, after
opportunity for a hearing upon the objections specified in the written
statement so filed, shall enter an order refusing to sustain any of such
objections or if, after the entry of an order sustaining one or more of such
objections, the Commission shall find, after notice and opportunity for
hearing, that all the objections so sustained have been met and shall enter an
order so declaring, the Trustee shall mail copies of such material to all such
Holders of Securities with reasonable promptness after the entry of such order
and the renewal of such tender; otherwise, the Trustee shall be relieved of
any obligation or duty to such applicants respecting their application.

     (c) Every Holder of Securities, by receiving and holding the same, agrees
with the Company and the Trustee that neither the Company nor the Trustee nor
any agent of either of them shall be held accountable by reason of the
disclosure of any such information as to the names and addresses of the
Holders of Securities in accordance with Section 7.02(b), regardless of the
source from which such information was derived, and that the Trustee shall not
be held accountable by reason of mailing any material pursuant to a request
made under Section 7.02 (b).

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<PAGE>

     Section 7.03 Reports by Trustee.

     (a) The term "reporting date", as used in this Section, shall be May 15
of each year, commencing with the later of May 15, 2002 or the first May 15
after the first issuance of Securities of a series for which the Trustee is
acting as Trustee pursuant to this Indenture. Within 60 days after the
reporting date in each year, the Trustee shall transmit by mail to all Holders
of Registered Securities as provided in Section 313(c) of the Trust Indenture
Act, as their names and addresses appear in the Security Register, a brief
report dated as of such reporting date if required by Section 313(a) of the
Trust Indenture Act.

     (b) 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 and of any delisting thereof.

     Section 7.04 Reports by Company.

     The Company shall:

          (1) file with the Trustee, within 15 days after the Company is
     required to file the same with the Commission, copies of the annual
     reports and of the information, documents and other reports (or copies of
     such portions of any of the foregoing as the Commission may from time to
     time by rules and regulations prescribe) which the Company may be
     required to file with the Commission pursuant to Section 13 or Section
     15(d) of the Securities Exchange Act of 1934, as amended; or, if the
     Company is not required to file information, documents or reports
     pursuant to either of said Sections, then it shall file with the Trustee
     and the Commission, in accordance with rules and regulations prescribed
     from time to time by the Commission, such of the supplementary and
     periodic information, documents and reports which may be required
     pursuant to Section 13 of the Securities Exchange Act of 1934, as
     amended, in respect of a security listed and registered on a national
     securities exchange as may be prescribed from time to time in such rules
     and regulations;

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

          (3) transmit by mail to all Holders of Securities, as their names
     and addresses appear in the Security Register, within 30 days after the
     filing thereof with the Trustee, such summaries of any information,
     documents and reports required to be filed by the Company pursuant to
     paragraphs (1) and (2) of this Section as may be required by rules and
     regulations prescribed from time to time by the Commission.

     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

                                      58
<PAGE>

the Company's compliance with any of its covenants hereunder (as to which the
Trustee is entitled to rely exclusively on Officers' Certificates).

                                ARTICLE VIII.

                 CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER

     Section 8.01 Company May Consolidate, etc., Only on Certain Terms.

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

          (1) The corporation formed by such consolidation or into which the
     Company is merged or the Person which acquires by conveyance or transfer
     or which leases the properties and assets of the Company substantially as
     an entirety shall be a corporation organized and existing under the laws
     of the United States of America, any State thereof or the District of
     Columbia and shall expressly assume, by an indenture supplemental hereto,
     executed and delivered to the Trustee, in form satisfactory to the
     Trustee, the due and punctual payment or delivery of the principal of
     (and premium, if any), Maturity Consideration and interest on [(including
     all additional amounts, if any, payable pursuant to Section 10.04)] all
     the Securities and the performance of every covenant of this Indenture on
     the part of the Company to be performed or observed;

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

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

provided, that, the provisions of this Section 8.01 may be changed as to any
series of Securities if and to the extent provided in an Officer's Certificate
delivered pursuant to Section 3.01 establishing the terms of such series of
Securities.

     Section 8.02 Successor Corporation Substituted.

     Upon any consolidation or merger, or any conveyance or transfer of the
properties and assets of the Company substantially as an entirety in
accordance with Section 8.01, the successor corporation formed by such
consolidation or into which the Company is merged or to which such conveyance
or transfer is made shall succeed to, and be substituted for, and may exercise
every right and power of, the Company under this Indenture with the same
effect as if such successor corporation had been named as the Company herein.
In the event of any such conveyance or transfer, the Company as the
predecessor corporation shall be relieved of all obligations and covenants
under this Indenture and may be dissolved, wound up and liquidated at any time
thereafter.

                                      59
<PAGE>

     Such successor corporation may cause to be signed, and may issue either
in its own name or in the name of the Company, any or all of the Securities
issuable hereunder which theretofore shall not have been signed by the Company
and delivered to the Trustee; and, upon the order of such successor
corporation instead of the Company and subject to all the terms, conditions
and limitations in this Indenture prescribed, the Trustee shall authenticate
and shall deliver any Securities which previously shall have been signed and
delivered by the officers of the Company to the Trustee for authentication
pursuant to such provisions and any Securities which such successor
corporation thereafter shall cause to be signed and delivered to the Trustee
on its behalf for the purpose pursuant to such provisions. All the Securities
so issued shall in all respects have the same legal rank and benefit under
this Indenture as the Securities theretofore or thereafter issued in
accordance with the terms of this Indenture as though all of such Securities
had been issued at the date of the execution hereof.

     In case of any such consolidation, merger, sale or conveyance, such
changes in phraseology and form may be made in the Securities thereafter to be
issued as may be appropriate.

                                 ARTICLE IX.

                            SUPPLEMENTAL INDENTURES

     Section 9.01 Supplemental Indentures Without Consent of Securityholders.

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

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

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

          (3) to add any additional Events of Default with respect to all or
     any series of the Securities (and, if such Event of Default is applicable
     to less than all the series of Securities, specifying the series to which
     such Event of Default is applicable) for the benefit of the Holders of
     all or any series of the Securities (and if such Events of Default are to
     be for the benefit of less that all series of Securities stating that
     such Events of default are expressly being included solely for the
     benefit of such series); provided, however, that in respect of any such
     additional Events of Default, such supplemental indenture may provide for
     a particular period of grace after default (which period may be shorter
     or longer than that allowed in the case of other defaults) or may provide
     for an

                                      60
<PAGE>

     immediate enforcement upon such default or may limited the remedies
     available to the Trust upon such default or may limit the right
     of the Holders of a majority in aggregate principal amount of that or
     those series of Securities to which such additional Events of Default
     apply to waive such default; or

          (4) to add to or change any of the provisions of this Indenture to
     provide that Bearer Securities may be registrable as to principal, to
     change or eliminate any restrictions on the payment of principal of (or
     premium, if any), Maturity Consideration or any interest on Bearer
     Securities, to permit Bearer Securities to be issued in exchange for
     Registered Securities, to permit Bearer Securities to be issued in
     exchange for Bearer Securities of other authorized denominations or to
     permit the issuance of Securities in uncertificated form, provided any
     such action shall not adversely affect the interests of the Holders of
     Securities of any series or any related coupons in any material respect;
     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 adversely affected by
     such change in or elimination of such provision; or

          (6) to convey, transfer, assign, mortgage or pledge any property to
     or with the Trustee; 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 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(b); or

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

          (10) to supplement any of the provisions of this Indenture to such
     extent as shall be necessary to permit or facilitate the defeasance and
     discharge of any series of Securities pursuant to Section 4.01 and 4.03;
     provided in each case that any such action shall not adversely affect the
     interests of Holders of Securities of such series and any related coupons
     or any other series of Securities in any material respect; or

          (11) to provide for conversion rights of the Holders of Securities
     of any series to enable such Holders to convert such Securities into
     other securities of the Company.

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<PAGE>

     Section 9.02 Supplemental Indentures with Consent of Securityholders.

     With the consent of the Holders of not less than 66 2/3% in principal
amount or, if such Securities are not payable at Maturity for a fixed
principal amount, 66 2/3% of the aggregate issue price of the Outstanding
Securities of all series affected by such supplemental indenture or indentures
(acting as one class) , by Act of said Holders delivered to the Company and
the Trustee, the Company, when authorized by a Board Resolution, and the
Trustee may enter into an indenture or indentures supplemental hereto for the
purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Indenture or of modifying in any manner the
rights of the Holders of Securities of each such series and any related
coupons under this Indenture; provided, however, that no such supplemental
indenture shall, without the consent of the Holders of each Outstanding
Security affected thereby,

          (1) change the Stated Maturity of the principal of, or the Stated
     Maturity of any installment of principal of or interest (or premium, if
     any) or any Maturity Consideration on any Outstanding Security, or reduce
     the principal amount or Maturity Consideration thereof (or premium, if
     any, thereon) or the rate of interest thereon [or change the obligation
     of the Company to pay additional amounts pursuant to Section 10.04
     (except as contemplated by Section 8.01(1) and permitted by Section
     9.01], or reduce the amount of the principal of an Original Issue
     Discount Security that would be due and payable upon a declaration of
     acceleration of the Maturity thereof pursuant to Section 5.02, or change
     the method of calculating interest thereon or the any Place of Payment
     where, or the coin or currency unit or other property in which, any
     Outstanding Security (or premium, if any, thereon) or the interest
     thereon is payable or deliverable, or impair the right to institute suit
     for the enforcement of any such payment or delivery on or after the
     Stated Maturity thereof (or, in the case of redemption, on or after the
     Redemption Date); or

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

          (3) modify any of the provisions of this Section, Section 5.13 or
     Section 10.11, except to increase any such percentage or to provide that
     certain other provisions of this Indenture cannot be modified or waived
     without the consent of the Holder of each Outstanding Security affected
     thereby; provided, however, that this clause shall not be deemed to
     require the consent of any Holder with respect to changes in the
     references to "the Trustee" and concomitant changes in this Section and
     Section 10.11 or the deletion of this proviso, in accordance with the
     requirements of Sections 6.11(b) and 9.01(8).

          (4) change any obligations of the Company to maintain an office or
     agency in the places and for the purposes specified in Section 10.02; or

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

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

     Section 9.03 Execution of Supplemental Indentures.

     In executing, or accepting the additional trusts created by, any
supplemental indenture permitted by this Article or the modifications thereby
of the trusts created by this Indenture, the Trustee shall be entitled to
receive, in addition to the documents required by Section 1.02 and (subject to
Section 6.01) shall be fully protected in relying upon, an Opinion of Counsel
stating that the execution of such supplemental indenture is authorized or
permitted by and complies with this Indenture and has been duly authorized,
executed and delivered and is enforceable in accordance with its terms. The
Trustee may, but shall not be obligated to, enter into any such supplemental
indenture which affects such Trustee's own rights, duties or immunities under
this Indenture or otherwise.

     Section 9.04 Effect of Supplemental Indentures.

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

     Section 9.05 Conformity with Trust Indenture Act.

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

     Section 9.06 Reference in Securities to Supplemental Indentures.

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

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                                  ARTICLE X.

                                   COVENANTS

     Section 10.01 Payment of Principal, Premium, if any, the Maturity
Consideration and Interest.

     The Company covenants and agrees for the benefit of each series of
Securities that it will duly and punctually pay or deliver the principal of
(and premium, if any), Maturity Consideration and interest (if any) on the
Securities of such series [and any additional amounts described in Section
10.04] in accordance with the terms of the Securities of such series, any
coupons appertaining thereto and this Indenture. Unless otherwise specified as
contemplated by Section 3.01 with respect to any series of Securities, any
interest due on Bearer Securities on or before Maturity shall be payable or
deliverable only outside the United States upon presentation and surrender of
the several coupons for such interest installments as are evidenced thereby as
they severally mature. Any payment by the Company to a Paying Agent hereunder
shall be made in the applicable currency or currencies in which the respective
payments are required to be made.

     Section 10.02 Maintenance of Office or Agency.

     If Securities of a series are issuable only 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 or delivery of Maturity Consideration, where
Securities of that series may be surrendered for registration of transfer or
exchange and where notices and demands to or upon the Company in respect of
the Securities of that series and this Indenture may be served. The Company
will give prompt written notice to the Trustee of the location, and of any
change in the location, of such office or agency. If Securities of a series
may be issuable as Bearer Securities, the Company will maintain an office or
agency where any Securities of that series may be presented or surrendered for
payment (A) in the Borough of Manhattan, The City of New York, (B) o, where
any Securities of that series may be surrendered for registration of transfer,
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 may be served, (C) subject to any laws or
regulations applicable thereto, in a Place of Payment for that series which is
located outside the United States, an office or agency where Securities of
that series and related coupons may be presented and surrendered for payment
(including payment of any additional amounts payable on Securities of that
series pursuant to Section 10.04); 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 or 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 or 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 (D) subject to any
laws or regulations applicable thereto, in a Place of Payment for such series
located outside the United States an office or agency where any Registered
Securities of that series may be surrendered for registration of transfer,
where Securities of that series may be surrendered for

                                      64
<PAGE>

exchange and where notices and demands to or upon the Company in respect of
the Securities of that series and this Indenture may be served. The Company
will give prompt written notice to the Trustee of the location, and any change
in the location, of 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
such Trustee, except that the Bearer Securities of that series and the related
coupons may be presented and surrendered for payment (including payment of any
additional amounts payable on Bearer Securities of that series pursuant to
Section 10.04) at the place specified for the purpose as contemplated by
Section 3.01, and the Company hereby appoints such Trustee as its agent to
receive all such presentations, surrenders, notices and demands.
Notwithstanding any other provisions, to the contrary, the Company at its
option may make payment of principal (and premium if any), and interest with
respect to Registered Securities by check mailed to the address of the Person
entitled thereto, as such address appears on the registry books of the
Company.

     No payment or delivery of principal, premium, Maturity Consideration or
interest on Bearer Securities shall be made at any office or agency of the
Company in the United States or by check mailed to any address in the United
States or by transfer to an account maintained with a bank located in the
United States.

     The Company may also from time to time designate one or more other
offices or agencies where the Securities of one or more series may be
presented or surrendered for any or all such purposes specified above in this
Section and may from time to time rescind such designations; provided,
however, that no such designation, appointment or rescission shall in any
manner relieve the Company of its obligation to maintain an office or agency
in each Place of Payment for Securities of any series for such purposes. The
Company will give prompt written notice to the Trustee for such series of any
such designation or rescission and of any change in the location of any such
other office or agency. Unless and until the Company rescinds such
appointment, the Company hereby appoints the Trustee, acting through its
Corporate Trust Office, as its Paying Agent in The City of New York with
respect to all series of Securities having a Place of Payment in The City of
New York.

     Section 10.03 Money or Other Property for Securities Payments and
Deliveries to Be Held in Trust.

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

     Whenever the Company shall have one or more Paying Agents for any series
of Securities, it will, prior to the opening of business on each due date of
the principal of (and

                                      65
<PAGE>

premium, if any), Maturity Consideration or interest on any Securities of such
series, deposit with a Paying Agent a sum or other property sufficient to pay
or deliver the principal (and premium, if any), Maturity Consideration or
interest so becoming due, such sum or other property to be held in trust for
the benefit of the Persons entitled to such principal (and premium, if any),
Maturity Consideration or interest, and (unless such Paying Agent is the
Trustee) the Company will promptly notify the Trustee of its action or failure
so to act.

     The Company will cause each Paying Agent other than the Trustee for any
series of Securities 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 or other property held by it for the payment of or
     delivery of the principal of (and premium, if any), Maturity
     Consideration or interest on Securities of such series in trust for the
     benefit of the Persons entitled thereto until such sums or other property
     shall be paid or delivered to such Persons or otherwise disposed of as
     herein provided;

          (2) give the Trustee notice of any default by the Company (or any
     other obligor upon the Securities of such series) in the making of any
     payment or delivery of principal (and premium, if any), Maturity
     Consideration or interest on the Securities of such series; and

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

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

     Any money or other property deposited with the Trustee or any Paying
Agent, or then held by the Company, in trust for the payment or delivery of
the principal of (and premium, if any), Maturity Consideration or interest in
any Security of any series and remaining unclaimed for two years after such
principal (and premium, if any), Maturity Consideration or interest has become
due and payable or deliverable shall be paid or delivered to the Company on
Company request, or (if then held by the Company) shall be discharged from
such trust; and the Holder of such Security shall thereafter, as an unsecured
general creditor, look only to the Company for payment or delivery thereof,
and all liability of the Trustee or such Paying Agent with respect to such
trust money or other property, 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 or delivery,
may at the expense of the

                                      66
<PAGE>

Company cause to be published once, in an Authorized Newspaper in each Place
of Payment, notice that such money or other property 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 or
other property then remaining will be repaid or delivered to the Company.

     Section 10.04 Additional Amounts.

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

     If the Securities of a series provided for the payment of additional
amounts, at least 15 days prior to the first Interest Payment Date with
respect to that series of Securities (or if the Securities of that series will
not bear interest prior to Maturity, the first day on which a payment or
delivery of principal (and premium, if any) or Maturity Consideration is
made), and at least 15 days prior to each date of payment or delivery of
principal of (and premium, if any) or Maturity Consideration or interest if
there has been any change with respect to the matters set forth in the
below-mentioned Officers' Certificate, the Company will furnish the Trustee
and the Company's principal Paying Agent or Paying Agents, if other than the
Trustee, with an Officers' Certificate instructing the Trustee and such Paying
Agent or Paying Agents whether such payment or delivery of principal of (and
premium, if any) or Maturity Consideration or interest on the Securities of
that series shall be made to Holders of Securities of that series or any
related coupons who are United States Aliens without withholding for or on
account of any tax, assessment or other governmental charge described in the
Securities of that series. If any such withholding shall be required, then
such Officers' Certificate shall specify by country the amount, if any,
required to be withheld on such payments or deliveries to such Holders of
Securities or coupons and the Company will pay to the Trustee or such Paying
Agent the additional amounts required by this Section. The Company covenants
to indemnify the Trustee and any Paying Agent for, and to hold them harmless
against any loss, liability or expense reasonably incurred without negligence
or bad faith on their part arising out of or in connection with actions taken
or omitted by any of them in reliance on any Officers' Certificate furnished
pursuant to this Section.

     Section 10.05 Corporate Existence.

     Subject to Article Eight, the Company will do or cause to be done all
things necessary to preserve and keep in full force and effect its corporate
existence, and that of each Subsidiary and the rights (charter and statutory)
and franchises of the Company and its

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Subsidiaries; provided, however, that the Company shall not be required to
preserve any such right or franchise if the Company shall determine that the
preservation thereof is no longer desirable in the conduct of the business of
the Company and its Subsidiaries considered as a whole and that the loss
thereof is not disadvantageous in any material respect to the Holders of
Securities.

     Section 10.06 Maintenance of Properties.

     The Company will cause all properties used or useful in the conduct of
its business or the business of any Subsidiary to be maintained and kept in
good condition, repair and working order and supplied with all necessary
equipment and will cause to be made all necessary repairs, renewals,
replacements, betterments and improvements thereof, all as in the judgment of
the Company may be necessary so that the business carried on in connection
therewith may be properly and advantageously conducted at all times; provided,
however, that nothing in this Section shall prevent the Company from
discontinuing the operation and maintenance of any of such properties, or
disposing of any of them, if such discontinuance or disposal is, in the
judgment of the Company or of the Subsidiary concerned, desirable in the
conduct of its business or the business of any Subsidiary and not
disadvantageous in any material respect to the Holders of Securities.

     Section 10.07 Payment of Taxes and Other Claims.

     The Company will pay or discharge or cause to be paid or discharged,
before the same shall become delinquent, (1) all taxes, assessments and
governmental charges levied or imposed upon the Company or any Subsidiary or
upon the income, profits or property of the Company or any Subsidiary, and (2)
all lawful claims for labor, materials and supplies which, if unpaid, might by
law become a lien upon the property of the Company or any Subsidiary;
provided, however, that the Company shall not be required to pay or discharge
or cause to be paid or discharged any such tax, assessment, charge or claim
whose amount, applicability or validity is being contested in good faith by
appropriate proceedings and the Company shall have set aside on its books
adequate reserves with respect thereto (segregated to the extent required by
generally accepted accounting principles).

     Section 10.08 Limitation on Sale or Issuance of Capital Stock of Certain
Subsidiaries.

     Except as set forth below, the Company will not sell, assign, pledge,
transfer or otherwise dispose of, or permit the issuance of, or permit a
Subsidiary to sell, assign, pledge, transfer or dispose of, any shares of
Voting Stock of any Subsidiary, or any securities convertible into or options,
warrants or rights to subscribe for or purchase shares of Voting Stock of any
Subsidiary, which is:

          (a) A Principal Constituent Bank; or

          (b) A Subsidiary which owns shares of Voting Stock or any securities
     convertible into or options, warrants or rights to subscribe for or
     purchase shares of Voting Stock of a Principal Constituent Bank;

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<PAGE>

provided, however, that nothing in this Section shall prohibit any
dispositions made by the Company or any Subsidiary (i) acting in a fiduciary
capacity for any person other than the Company or any Subsidiary, or (ii) to
the Company or any of its wholly owned (except for directors' qualifying
shares) Subsidiaries. Notwithstanding the foregoing, sales, assignments,
pledges, transfers, issuances or other dispositions of shares of Voting Stock
or securities convertible into or options, warrants or rights to subscribe for
or purchase shares of Voting Stock of a corporation referred to in Clause (a)
or (b) above may be made where:

          (i) the sales, assignments, pledges, transfers, issuances or other
     dispositions are made, in the minimum amount required by law, to any
     Person for the purpose of the qualification of such Person to serve as a
     director; or

          (ii) the sales, assignments, pledges, transfers, issuances or other
     dispositions are made in compliance with an order of a court or
     regulatory authority of competent jurisdiction; or

          (iii) the sales, assignments, pledges, transfers, issuances or other
     dispositions are made in connection with a merger or consolidation of a
     Principal Constituent Bank with or into a wholly owned Subsidiary or a
     Constituent Bank, if, after such merger or consolidation with such
     Constituent Bank, the Company owns, directly or indirectly, not less than
     the percentage of Voting Stock of the surviving entity of such
     transaction as it owned of such Principal Constituent Bank prior to such
     transaction; or

          (iv) the sales, assignments, pledges, transfers, issuances or other
     dispositions are for fair market value (as determined by the Board of
     Directors of the Company, which determination shall be conclusive and
     evidenced by a Board Resolution) and, after giving effect to such
     disposition, the Company and its wholly owned (except for directors'
     qualifying shares) Subsidiaries, will own directly not less than 80% of
     the Voting Stock of such Principal Constituent Bank or Subsidiary; or

          (v) a Principal Constituent Bank sells additional shares of Voting
     Stock to its stockholders at any price, if, after such sale, the Company
     owns, directly or indirectly, not less than the percentage of Voting
     Stock of such Principal Constituent Bank it owned prior to such sale; or

          (vi) a pledge is made or a lien is created to secure loans or other
     extensions of credit by a Constituent Bank subject to Section 23A of the
     Federal Reserve Act.

     Section 10.09 Limitation Upon Liens on Certain Capital Stock.

     Except as provided in Section 10.08, the Company will not at any time,
directly or indirectly, create, assume, incur or suffer to be created, assumed
or incurred or to exist any mortgage, pledge, encumbrance or lien or charge of
any kind upon (1) any shares of capital stock of any Principal Constituent
Bank (other than directors' qualifying shares), or (2) any

                                      69
<PAGE>

shares of capital stock of a Subsidiary which owns capital stock of any
Principal Constituent Bank; provided, however, that, notwithstanding the
foregoing, the Company may incur or suffer to be incurred or to exist upon
such capital stock (a) liens for taxes, assessments or other governmental
charges or levies which are not yet due or are payable without penalty or of
which the amount, applicability or validity is being contested by the Company
in good faith by appropriate proceedings and the Company shall have set aside
on its books adequate reserves with respect thereto (segregated to the extent
required by generally accepted accounting principles), or (b) the lien of any
judgment, if such judgment shall not have remained undischarged, or unstayed
on appeal or otherwise, for more than 60 days.

     Section 10.10 Statement as to Compliance.

     The Company will deliver to the Trustee, within 120 days after the end of
each fiscal year, commencing with the first calendar year following the
issuance of Securities of any series under this Indenture, a brief
certificate, which need not comply with Section 1.02, signed by the principal
executive officer, the principal financial officer or the principal accounting
officer of the Company, covering the period from the date of issuance of such
Securities to the end of the calendar year in which such Securities were
issued, in the case of the first such certificate, and covering the preceding
calendar year in the case of each subsequent certificate stating, as to each
signer thereof, that

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

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

     For the purpose of this Section 10.10, compliance shall be determined
without regard to any grace period or requirement of notice provided
pursuant to the terms of this Indenture.

     Section 10.11 Waiver of Certain Covenants.

     The Company may omit in any particular instance to comply with any term,
provision or condition set forth in Sections 10.05 to 10.09, inclusive, with
respect to the Securities of any series if before the time for such compliance
the Holders of at least 50% in principal amount, or if such Securities are not
payable at Maturity for a fixed principal amount, 50% of the aggregate issue
price, of the Outstanding Securities of such series shall, by Act of such
Holders, either waive such compliance in such instance or generally waive
compliance with such term, provision or condition, but no such waiver shall
extend to or affect such term, provision or condition except to the extent so
expressly waived, and, until such waiver shall

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

     Section 10.12 Calculation of Original Issue Discount.

     The Company shall file with the Trustee promptly at the end of each
calendar year (i) a written notice specifying the amount of original issue
discount (including daily rates and accrual periods) accrued on Outstanding
Securities as of the end of such year and (ii) such other specific information
relating to such original issue discount as may then be relevant under the
Internal Revenue Code of 1986, as amended from time to time.

     Section 10.13 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 XI.

                           REDEMPTION OF SECURITIES

     Section 11.01 Applicability of Article.

     Securities of any series which are redeemable before their Stated
Maturity shall be redeemable in accordance with their terms and (except as
otherwise specified as contemplated by Section 3.01 for Securities of any
series) in accordance with this Article.

     Section 11.02 Election to Redeem; Notice to Trustee.

     The election of the Company to redeem any Securities redeemable at the
option of the Company shall be evidenced by a Board Resolution. In case of any
redemption at the election of the Company, the Company shall, at least 60 days
prior to the Redemption Date fixed by the Company (unless a shorter notice
shall be satisfactory to the Trustee), notify the Trustee of such Redemption
Date and of the principal amount or amount of Maturity Consideration of
Securities of such series to be redeemed. In the case of any redemption of
Securities prior to the expiration of any restriction on such redemption
provided in the terms of such Securities or elsewhere in this Indenture, the
Company shall furnish such Trustee with an Officers' Certificate evidencing
compliance with such restriction.

     Section 11.03 Selection by Trustee of Securities to Be Redeemed.

     If less than all the Securities of any series are to be redeemed, the
particular Securities to be redeemed shall be selected not more than 60 days
prior to the Redemption Date by the Trustee, from the Outstanding Securities
of such series not previously called for redemption, by such method as such
Trustee shall deem fair and appropriate and which may provide for the
selection for redemption of portions of the principal amount or issue price of
Securities of

                                      71
<PAGE>

such series or a denomination equal to or larger than the minimum authorized
denomination for Securities of that series. Unless otherwise provided by the
terms of the Securities of any series the denominations of the Securities so
selected for partial redemption shall be, in the case of Registered
Securities, equal in value to $1,000 or an integral multiple of $1,000 in
excess thereof in excess thereof, or, in the case of Bearer Securities, equal
to $10,000 or $50,000, and the principal amount of any such Securities which
remains outstanding shall not be less than the minimum authorized denomination
for Securities of such series.

     The Trustee shall promptly notify the Company, the Security Registrar and
the Co-Trustee, if any, in writing of the Securities selected for redemption
and, in the case of any Securities selected for partial redemption, the
principal amount or Maturity Consideration thereof to be redeemed.

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

     Section 11.04 Notice of Redemption.

     Notice of redemption shall be given by first-class mail, postage prepaid,
mailed not less than 30 nor more than 60 days prior to the Redemption Date, to
each Holder of Securities to be redeemed, at his address appearing in the
Security Register.

     All notices of redemption shall identify the Securities to be redeemed
(including CUSIP numbers) and shall state:

          (1) the Redemption Date;

          (2) the Redemption Price;

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

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

          (5) the place or places where such Securities, together in the case
     of Bearer Securities with all remaining coupons appertaining thereto, if
     any, maturing after the Redemption Date, are to be surrendered for
     payment of the Redemption Price, and

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

     Notice of redemption of Securities to be redeemed at the election of the
Company shall be given by the Company or, at the Company's request, by such
Trustee in the name and at the expense of the Company. The notice if mailed in
the manner herein provided shall be

                                      72
<PAGE>

conclusively presumed to have been duly given, whether or not the Holder
receives such notice. In any case, a failure to give such notice by mail or
any defect in the notice to the Holder of any Security designated for
redemption as a whole or in part shall not affect the validity of the
proceedings for the redemption of any other Security.

     Section 11.05 Deposit of Redemption Price.

     Prior to 10:00 A.M., New York City time, on any Redemption Date, the
Company shall deposit or cause to be deposited with the Trustee or with a
Paying Agent (or, if the Company is acting as its own Paying Agent, segregate
and hold in trust as provided in Section 10.03) an amount of money sufficient
to pay the Redemption Price of, and (except if the Redemption Date shall be an
Interest Payment Date) accrued interest on, all the Securities which are to be
redeemed on that date.

     Section 11.06 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) such Securities
shall cease to bear interest and the coupons for such interest appertaining to
any Bearer Securities so to be redeemed, except to the extent provided below,
shall be void. Upon surrender of any such Securities for redemption in
accordance with said notice, such Securities shall be paid by the Company at
the Redemption Price; provided, however, that installments of interest on
Bearer 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, unless otherwise specified as contemplated by Section 3.01, only upon
presentation and surrender of coupons for such interest. 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 on the close of business on
the relevant Regular Record Dates according to their terms and the provisions
of Section 3.07.

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

     Section 11.07 Securities Redeemed in Part.

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

                                      73
<PAGE>

                                 ARTICLE XII.

                                 SINKING FUNDS

     Section 12.01 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.

     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 12.02. 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 12.02 Satisfaction of Sinking Fund Payments with Securities.

     The Company (1) may deliver Outstanding Securities of a series (other
than any previously called for redemption) together in the case of any Bearer
Securities of such series, with all unmatured coupons appertaining thereto and
(2) may apply as a credit Securities of a series which have been redeemed
either at the election of the Company pursuant to the terms of such Securities
or through the application of permitted optional sinking fund payments
pursuant to the terms of such Securities, in each case in satisfaction of all
or any part of any sinking fund payment with respect to the Securities of such
series required to be made pursuant to the terms of such Securities as
provided for by the terms of such Series; provided that such 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 12.03 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 (i) the amount of the next ensuing sinking fund payment
for that series pursuant to the terms of that series, (ii) the portion
thereof, if any, which is to be satisfied by payment of cash and the portion
thereof, if any, which is to be satisfied by delivering and crediting
Securities of that series pursuant to Section 12.02 (such Security to be
credited, or proof of ownership thereof by the Company satisfactory to the
Trustee, to be delivered together with the Officers' Certificate), and (iii)
that none of such Securities has theretofore been so credited and stating the
basis for such credit, and will also deliver to the Trustee any Securities to
be so delivered. Not less than 30 days before each sinking fund payment date,
the Trustee shall select the Securities to be redeemed upon such sinking fund
payment date in the manner specified in Section 11.03 and cause notice of the
redemption thereof to be given in the name of and at the

                                      74
<PAGE>

expense of the Company in the manner provided in Section 11.04. Such notice
having been duly given, the redemption of such Securities shall be made upon
the terms and in the manner stated in Section 11.06 and 11.07 and subject to
the limitations set forth in Section [11.08].

                                ARTICLE XIII.

                   IMMUNITY OF INCORPORATORS, STOCKHOLDERS,
                            OFFICERS AND DIRECTORS

     Section 13.01 Exemption from Individual Liability.

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

                                 ARTICLE XIV.

                                 MISCELLANEOUS

     Section 14.01 Counterparts.

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

                                      75
<PAGE>

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

                                  ROSLYN BANCORP, INC.

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

                                  THE CHASE MANHATTAN BANK, as Trustee

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

                                      76
<PAGE>

                                   EXHIBIT A

                      FORM OF CERTIFICATE TO BE GIVEN BY
                    PERSON ENTITLED TO RECEIVE BEARER NOTE

                                  CERTIFICATE

______________________________________________________________________
[Insert title or sufficient description of Securities to be delivered]

     This is to certify that the above-captioned Securities are not being
acquired by or on behalf of a United States person, or, if a beneficial
interest in the Securities is being acquired by or on behalf of a United
States person, that such United States person is a financial institution
within the meaning of Section 1.165-12(c)(1)(v) of the United States Treasury
regulations which agrees to comply with the requirements of Section
165(j)(3)(A), (B) or (C) of the Internal Revenue Code of 1986, and the
regulations thereunder. If the undersigned is a dealer, the undersigned agrees
to obtain a similar certificate from each person entitled to delivery of any
of the above-captioned Securities in bearer form purchased from it; provided,
however, that, if the undersigned has actual knowledge that the information
contained in such a certificate is false, the undersigned will not deliver a
Security in temporary or definitive bearer form to the person who signed such
certificate notwithstanding the delivery of such certificate to the
undersigned.

     As used herein, "United States person" means any citizen or resident of
the United States, any corporation, partnership or other entity created or
organized in or under the laws of the United States and any estate or trust
the income of which is subject to United States federal income taxation
regardless of its source, and "United States" means the United States of
America (including the States and the District of Columbia), its territories,
its possessions and other areas subject to its jurisdiction.

     We undertake to advise you by telex if the above statement as to
beneficial ownership is not correct on the date of delivery of the
above-captioned Securities in bearer form as to all of such Securities.

     We understand that this certificate is required in connection with
certain tax legislation in the United States. If administrative or legal
proceedings are commenced or threatened in connection with which this
certificate is or would be relevant, we irrevocably authorize you to produce
this certificate or a copy thereof to any interested party in such proceedings.

Dated:  ______________________, 20__

                                    [Name of Person Entitled to Receive Bearer
                                       Security]

                                    ------------------------------------
                                    (Authorized Signatory)

                                     A-1

<PAGE>

                                   EXHIBIT B

               FORM OF CERTIFICATE TO BE GIVEN BY EUROCLEAR AND
                CLEARSTREAM IN CONNECTION WITH THE EXCHANGE OF
                     A PORTION OF A TEMPORARY GLOBAL NOTE

                                  CERTIFICATE

______________________________________________________________________
[Insert title or sufficient description of Securities to be delivered]

     This is to certify with respect to $_____________ principal amount of the
above-captioned Securities (i) that we have received from each of the persons
appearing in our records as persons entitled to a portion of such principal
amount (our "Qualified Account Holders") a certificate with respect to such
portion substantially in the form attached hereto, and (ii) that we are not
submitting herewith for exchange any portion of the temporary global Security
representing the above-captioned Securities excepted in such certificates.

     We further certify that as of the date hereof we have not received any
notification from any of our Qualified Account Holders to the effect that the
statements made by such Qualified Account Holders with respect to any portion
of the part submitted herewith for exchange are no longer true and cannot be
relied upon as of the date hereof.

Dated:  ______________________, 20__
[To be dated no earlier than the Exchange Date]

                              [Euroclear Bank, S.A./N.V., as Operator of the
                                  Euroclear System] [Clearstream Banking, S.A.]

                              By:__________________________________

                                     B-1

<PAGE>

                                   EXHIBIT C

               FORM OF CERTIFICATE TO BE GIVEN BY EUROCLEAR AND
           CLEARSTREAM TO OBTAIN INTEREST PRIOR TO AN EXCHANGE DATE

                                  CERTIFICATE

______________________________________________________
[Insert title or sufficient description of Securities]

     This is to certify that, as of the Interest Payment Date on [Insert
Date], the undersigned, which is a holder of an interest in the temporary
global Security representing the above Securities, is not a United States
person.

     As used herein, "United States person" means any citizen or resident of
the United States, any corporation, partnership or other entity created or
organized in or under the laws of the United States and any estate or trust
the income of which is subject to United States Federal income taxation
regardless of its source, and "United States" means the United States of
America (including the States and the District of Columbia), its territories,
its possessions and other areas subject to its jurisdiction.

     We confirm that the interest payable on such Interest Payment Date will
be paid to each of the persons appearing in our records as being entitled to
interest to be paid on the above date from whom we have received a written
certification dated not earlier than 15 days prior to such Interest Payment
date to the effect that the beneficial owner of such portion with respect to
which interest is to be paid on such date either is not a United States person
or is a United States person which is a financial institution which has
provided an Internal Revenue Service Form W-9 or is an exempt recipient as
defined in United States Treasury Regulations ss. 1.6049-4(c)(1)(ii). We
undertake to retain certificates received from our member organizations in
connection herewith for four years from the end of the calendar year in which
such certificates are received.

                                     C-1

<PAGE>

                                   EXHIBIT D

            FORM OF CERTIFICATE TO BE GIVEN BY BENEFICIAL OWNERS TO
                   OBTAIN INTEREST PRIOR TO AN EXCHANGE DATE

                                  CERTIFICATE

______________________________________________________
[Insert title or sufficient description of Securities]

     This is to certify that as of the date hereof, no portion of the
temporary global Security representing the above-captioned Securities and held
by you for our account is beneficially owned by a United States person or, if
any portion thereof held by you for our account is beneficially owned by a
United States person, such United States person is a financial institution
within the meaning of Section 1.165-12(c)(1)(v) of the United States Treasury
regulations which agrees to comply with Section 165(j)(3)(A), (B) or (C) of
the Internal Revenue Code of 1986 and the regulations thereunder, and
certifies that either it has provided an Internal Revenue Service Form W-9 or
is an exempt recipient as defined in Section 1.6049-4(c)(1)(ii) of the United
States Treasury regulations.

     As used herein, "United States person" means any citizen or resident of
the United States, any corporation, partnership or other entity created or
organized in or under the laws of the United States and any estate or trust
the income of which is subject to United States Federal income taxation
regardless of its source, and "United States" means the United States of
America (including the States and the District of Columbia), its territories,
its possessions and other areas subject to its jurisdiction.

     We undertake to advise you by telex if the above statement as to
beneficial ownership is not correct on the Interest Payment Date on [Insert
Date] as to any such portion of such temporary global Security.

                                     D-1

<PAGE>

     We understand that this certificate is required in connection with
certain tax legislation in the United States. If administrative or legal
proceedings are commenced or threatened in connection with which this
certificate is or would be relevant, we irrevocably authorize you to produce
this certificate or a copy thereof to any interested party in such proceedings.

Dated:  ______________________, 20__
[To be dated no earlier than 15 days prior to the Exchange Date]

                               [Name of Person Entitled to Receive Bearer
                                   Security]

                               ------------------------------------
                                    (Authorized Signatory)

                               Name:
                               Title:

         The foregoing reflects any advice received subsequent to the date of
any certificate stating that the statements contained in such certificate are
no longer correct.

Dated:  ______________________, 20__
[To be dated on or after the relevant Interest Payment Date]

                               [Euroclear Bank, S.A./N.V., as Operator of the
                                   Euroclear System] [Clearstream Banking S.A.]

                               By:__________________________________

     We understand that this certificate is required in connection with
certain tax legislation in the United States. If administrative or legal
proceedings are commenced or threatened in connection with which this
certificate is or would be relevant, we irrevocably authorize you to produce
this certificate or a copy thereof to any interested party in such proceedings.

Dated:  ______________________, 20__
[To be dated on or after the 15th day before the relevant Interest Payment Date]

                               [Name of Account Holder]

                               By:__________________________________
                                   (Authorized Signatory)

                               Name:
                               Title:Exhibit 4(b)

     [IF THE DEBENTURE IS TO BE A GLOBAL DEBENTURE, INSERT - [This Debenture
is a Global Debenture within the meaning of the Indenture hereinafter referred
to and is registered in the name of a Depositary or a nominee of a Depositary.
This Debenture is exchangeable for Debentures registered in the name of a
person other than the Depositary or its nominee only in the limited
circumstances described in the Indenture, and no transfer of this Debenture
(other than a transfer of this Debenture as a whole by the Depositary to a
nominee of the Depositary or by a nominee of the Depositary to the Depositary
or another nominee of the Depositary) may be registered except in limited
circumstances.

Unless this Debenture is presented by an authorized representative of The
Depository Trust Company (55 Water Street, New York, New York) to the issuer
or its agent for registration of transfer, exchange or payment, and any
Debenture issued is registered in the name of Cede & Co. or such other name as
requested by an authorized representative of The Depository Trust Company and
any payment hereon is made to Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY A PERSON IS WRONGFUL since the registered
owner hereof, Cede & Co., has an interest herein.]]

THE SENIOR NOTES ARE NOT SAVINGS ACCOUNTS, DEPOSITS OR OTHER OBLIGATIONS OF
ANY BANK OR NONBANK SUBSIDIARY OF ROSLYN BANCORP, INC. AND ARE NOT INSURED BY
THE FEDERAL DEPOSIT INSURANCE CORPORATION, BANK INSURANCE FUND OR ANY OTHER
GOVERNMENT AGENCY.

REGISTERED                                                         REGISTERED

NUMBER R-                                                          $

                             ROSLYN BANCORP, INC.

                              % SENIOR NOTES DUE

                                                                   CUSIP:

         ROSLYN BANCORP, INC., a Delaware corporation (hereinafter called the
"Company", which term includes any successor corporation under the Indenture
hereinafter referred to), for value received, hereby promises to pay to CEDE &
CO., or registered assigns, the principal sum of $               on
                , and to pay interest thereon from                   , or from
the most recent Interest Payment Date to which interest has been paid or duly
provided for, semi-annually in arrears on the              day of
                       and                     in each year, commencing
                     , at the rate of % per annum, until the principal hereof
is paid or made available for payment. The interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date will, as provided in
such Indenture, be paid to the Person in whose name this Senior Note (or one
or more Predecessor Senior Notes) is registered at the close of business on
the               day of       and the         day of               in each
year; provided, however, that in case of a Senior Note originally issued
between a Regular Record Date and the Interest Payment Date or on an Interest
Payment Date relating to such Regular Record Date, interest for the period
beginning on the date of

<PAGE>

issue and ending on such Interest Payment Date shall be paid on the next
succeeding Interest Payment Date to the Person in whose name this Senior Note
(or one or more Predecessor Senior Notes) is registered at the close of
business on the Regular Record Date with respect to such succeeding Interest
Payment Date. Any such interest not so punctually paid or duly provided for
will forthwith cease to be payable to the Holder on such Regular Record Date
and may either be paid to the Person in whose name this Senior Note (or one or
more Predecessor Senior Notes) is registered at the close of business on a
Special Record Date for the payment of such Defaulted Interest to be fixed by
the Trustee, notice whereof shall be given to Holders of Senior Notes of this
series not less than 10 days prior to such Special Record Date, or be paid at
any time in any other lawful manner not inconsistent with the requirements of
any securities exchange on which the Senior Notes of this series may be
listed, and upon such notice as may be required by such exchange, all as more
fully provided in said Indenture. Interest will be computed on the basis of a
360-day year consisting of twelve 30-day months.

     Payment of the principal of (and premium, if any) and any such interest
on this Senior Note will be made at the offices or agencies of the Company
maintained for that purpose in the Borough of Manhattan, The City of New York,
in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts; provided,
however, that at the option of the Company payment of interest may be made by
check drawn upon any Paying Agent and mailed on or prior to an Interest
Payment Date to the address of the Person entitled thereto as such address
shall appear in the Security Register.

     This Senior Note is one of a duly authorized issue of securities of the
Company (herein called the "Securities"), issued and to be issued under an
Indenture dated as of ___________, 2001 (the "Indenture"), between the Company
and The Chase Manhattan Bank, a New York banking corporation (herein called
the "Trustee", which term includes any successor Trustee under the Indenture),
to which Indenture and all Indentures supplemental thereto reference is hereby
made for a statement of the respective rights of the Company, the Trustee and
the Holders of the Securities, and the terms upon which the Securities are,
and are to be, authenticated and delivered. This Senior Note is one of a
series of Senior Notes of the Company designated as its _____% Senior Notes
Due _________ (herein called the "Senior Notes"), initially limited in
aggregate principal amount to $___________.

     The Senior Notes may not be redeemed prior to maturity.

     As provided in the Indenture and subject to certain limitations set forth
therein, the transfer of this Senior Note may be registered in the Security
Register of the Company upon surrender of this Senior Note for registration of
transfer at the office or agency of the Company in any place where the
principal of (and premium, if any) and interest on this Senior Note are
payable, duly endorsed by, or accompanied by, a written instrument of transfer
in form satisfactory to the Company, duly executed by the registered Holder
hereof or his attorney duly authorized in writing, and thereupon one or more
new Senior Notes, of authorized denominations and for the same aggregate
principal amount, will be issued to the designated transferee or transferees.

     The Senior Notes are issuable only as registered Senior Notes without
coupons in denominations of $1,000 and integral multiples of $1,000. As
provided in the Indenture, and subject to certain limitations set forth
therein, this Senior Note is exchangeable for a like aggregate

                                      2

<PAGE>

principal amount of Senior Notes of different authorized denominations, as
requested by the Holder surrendering the same.

     No service charge will be made for any such registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

     Prior to due presentment for registration of transfer of this Senior
Note, the Company, the Trustee and any agent of the Company or the Trustee may
treat the Person in whose name this Senior Note is registered as the owner
hereof for the purpose of receiving payment as herein provided and for all
other purposes, whether or not this Senior Note be overdue, and neither the
Company, the Trustee nor any such agent shall be affected by notice to the
contrary.

     If an Event of Default with respect to the Senior Notes shall occur and
be continuing, the principal hereof may be declared due and payable in the
manner and with the effect provided in the Indenture.

     The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each series to be
affected under the Indenture at any time by the Company and the trustee under
each series to be affected with the consent of the Holders of 66 2/3% in
principal amount of the Outstanding Securities of each series to be affected.
The Indenture also contains provisions permitting the Holders of specified
percentages in aggregate principal amount of the Outstanding Securities of any
series, on behalf of the Holders of all Securities of such series, to waive
compliance by the Company with certain provisions of the Indenture and certain
past defaults under the Indenture and their consequences. Any such consent or
waiver by the Holder of this Senior Note shall be conclusive and binding upon
such Holder and upon all future Holders of this Senior Note and of any Senior
Notes issued upon the registration of transfer hereof or in exchange herefor
or in lieu hereof whether or not notation of such consent or waiver is made
upon this Senior Note.

     No reference herein to the Indenture and no provision of this Senior Note
or of the Indenture shall alter or impair the obligation of the Company, which
is absolute and unconditional, to pay the principal of (and premium, if any)
and interest, if any, on this Senior Note at the times, place and rate, and in
the coin and currency, herein prescribed.

         All terms used in this Senior Note which are defined in the Indenture
shall have the meanings assigned to them in the Indenture.

     Unless the certificate of authentication hereon has been executed by the
Trustee, directly or through an authenticating agent, by the manual signature
of an authorized officer, this Senior Note shall not be entitled to any
benefit under the Indenture or be valid or obligatory for any purpose.

                                      3

<PAGE>

     IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed.

Dated:

                            ROSLYN BANCORP, INC.

                            By:
                                 ------------------------------------
                                 Chairman and Chief Executive Officer

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

                            THE CHASE MANHATTAN BANK, as Trustee

                            By:
                                -------------------------------------
                                Authorized Officer

<PAGE>

                                  ASSIGNMENT

   FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

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

Name and address of assignee, including zip code, must be printed or
typewritten)

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

-------------------------------------------------------------------------------
the within Senior Note, and all rights thereunder, hereby irrevocably
constituting and appointing

-------------------------------------------------------------------------------
Attorney to transfer said Senior Note on the books of the within Company, with
full power of substitution in the premises.

Dated:
       ----------------------                ---------------------------------
                                    NOTICE:  The signature to this assignment
                                             must correspond with the name as
                                             it appears upon the face of the
                                             within or attached Senior Note in
                                             every particular, without
                                             alteration or enlargement or any
                                             change whatever.

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