Document:

<PAGE>

                                                                     Exhibit 4.9

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

                        AMENDED AND RESTATED DECLARATION

                                    OF TRUST

                             BAC CAPITAL TRUST [__]

                          Dated as of [________, ____]

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

<PAGE>

                             CROSS-REFERENCE TABLE*

      Section of
      Trust Indenture Act                           Section of
      of 1939, as amended                           Declaration
      -------------------                           -----------

      310(a) ...................................    5.3(a)
      310(c) ...................................    Inapplicable
      311(c) ...................................    Inapplicable
      312(a) ...................................    2.2(a)
      312(b) ...................................    2.2(b)
      313 ......................................    2.3
      314(a) ...................................    2.4
      314(b) ...................................    Inapplicable
      314(c) ...................................    2.5
      314(d) ...................................    Inapplicable
      314(f) ...................................    Inapplicable
      315(a) ...................................    3.9(b)
      315(c) ...................................    3.9(a)
      315(d) ...................................    3.9(b)
      316(a) ...................................    Annex I
      316(c) ...................................    3.6(e)

      _______________

*     This Cross-Reference Table does not constitute part of the Declaration
and shall not affect the interpretation of any of its terms or provisions.

<PAGE>

<TABLE>
<S>                                                                                                 <C>
                                                 ARTICLE 1
                                       INTERPRETATION AND DEFINITIONS

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

                                                 ARTICLE 2
                                           TRUST INDENTURE ACT

SECTION 2.1    Trust Indenture Act; Application .................................................    8
SECTION 2.2    Lists of Holders of Securities ...................................................    9
SECTION 2.3    Reports by the Property Trustee ..................................................    9
SECTION 2.4    Periodic Reports to Property Trustee .............................................    9
SECTION 2.5    Evidence of Compliance with Conditions Precedent .................................    9
SECTION 2.6    Events of Default; Waiver ........................................................   10
SECTION 2.7    Event of Default or Nonpayment Notice ............................................   11

                                                 ARTICLE 3
                                               ORGANIZATION

SECTION 3.1    Name .............................................................................   12
SECTION 3.2    Office ...........................................................................   12
SECTION 3.3    Purpose ..........................................................................   12
SECTION 3.4    Authority ........................................................................   12
SECTION 3.5    Title to Property of the Trust ...................................................   12
SECTION 3.6    Powers and Duties of the Regular Trustees ........................................   13
SECTION 3.7    Prohibition of Actions by the Trust and the Trustees .............................   15
SECTION 3.8    Powers and Duties of the Property Trustee ........................................   16
SECTION 3.9    Certain Duties and Responsibilities of the Property Trustee ......................   18
SECTION 3.10   Certain Rights of Property Trustee ...............................................   19
SECTION 3.11   Delaware Trustee .................................................................   21
SECTION 3.12   Execution of Documents ...........................................................   22
SECTION 3.13   Not Responsible for Recitals or Issuance of Securities ...........................   22
SECTION 3.14   Duration of Trust ................................................................   22
SECTION 3.15   Mergers ..........................................................................   22

                                                 ARTICLE 4
                                                 SPONSOR

SECTION 4.1    Sponsor's Purchase of Common Securities ..........................................   24
SECTION 4.2    Responsibilities of the Sponsor ..................................................   24
SECTION 4.3    Covenants of the Sponsor .........................................................   25

                                                 ARTICLE 5
                                                 TRUSTEES

SECTION 5.1    Number of Trustees ...............................................................   25
SECTION 5.2    Qualifications of Delaware Trustee ...............................................   25
SECTION 5.3    Property Trustee; Eligibility ....................................................   26
SECTION 5.4    Certain Qualifications of Regular Trustees and Delaware Trustee Generally ........   26
SECTION 5.5    Regular Trustees .................................................................   26
SECTION 5.6    Appointment of Delaware Trustee ..................................................   27
</TABLE>

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<TABLE>
<S>                                                                                                <C>
SECTION 5.7   Appointment, Removal and Resignation of Trustees .................................   27
SECTION 5.8   Vacancies among Trustees .........................................................   28
SECTION 5.9   Effect of Vacancies ..............................................................   29
SECTION 5.10  Meetings .........................................................................   29
SECTION 5.11  Delegation of Power ..............................................................   29
SECTION 5.12  Merger, Conversion, Consolidation, Amalgamation or Succession to Business ........   30

                                               ARTICLE 6
                                              DISTRIBUTIONS

SECTION 6.1   Distributions ....................................................................   30

                                               ARTICLE 7
                                        ISSUANCE OF SECURITIES

SECTION 7.1   General Provisions Regarding Securities ..........................................   30
SECTION 7.2   Paying Agent .....................................................................   31

                                               ARTICLE 8
                                          TERMINATION OF TRUST

SECTION 8.1   Termination of Trust .............................................................   32

                                               ARTICLE 9
                                          TRANSFER OF INTERESTS

SECTION 9.1   Transfer of Securities ...........................................................   33
SECTION 9.2   Transfer of Certificates .........................................................   33
SECTION 9.3   Deemed Security Holders ..........................................................   33
SECTION 9.4   Book-Entry Interests .............................................................   34
SECTION 9.5   Notices to Clearing Agency .......................................................   34
SECTION 9.6   Appointment of Successor Clearing Agency .........................................   34
SECTION 9.7   Definitive Capital Security Certificates .........................................   35
SECTION 9.8   Mutilated, Destroyed, Lost or Stolen Certificates ................................   35

                                               ARTICLE 10
                  LIMITATION OF LIABILITY OF HOLDERS OF SECURITIES, TRUSTEES OR OTHERS

SECTION 10.1  Liability ........................................................................   36
SECTION 10.2  Exculpation ......................................................................   36
SECTION 10.3  Fiduciary Duty ...................................................................   37
SECTION 10.4  Indemnification ..................................................................   38
SECTION 10.5  Outside Businesses ...............................................................   41

                                               ARTICLE 11
                                              ACCOUNTING

SECTION 11.1  Fiscal Year ......................................................................   41
SECTION 11.2  Certain Accounting Matters .......................................................   41
SECTION 11.3  Banking ..........................................................................   42
SECTION 11.4  Withholding ......................................................................   42
</TABLE>

                                       ii

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<TABLE>
<S>                                                                                        <C>
                                       ARTICLE 12
                             AMENDMENTS AND MEETINGS

SECTION 12.1   Amendments ..............................................................   42
SECTION 12.2   Meetings of the Holders of Securities; Action by Written Consent ........   44

                                       ARTICLE 13
                        REPRESENTATIONS OF PROPERTY TRUSTEE AND DELAWARE TRUSTEE

SECTION 13.1   Representations and Warranties of Property Trustee ......................   45
SECTION 13.2   Representations and Warranties of Delaware Trustee ......................   46

                                       ARTICLE 14
                                    MISCELLANEOUS

SECTION 14.1   Notices .................................................................   47
SECTION 14.2   Governing Law ...........................................................   48
SECTION 14.3   Intention of the Parties ................................................   48
SECTION 14.4   Headings ................................................................   48
SECTION 14.5   Successors and Assigns ..................................................   48
SECTION 14.6   Partial Enforceability ..................................................   48
SECTION 14.7   Counterparts; Acceptance ................................................   48
</TABLE>

                                       iii

<PAGE>

                              AMENDED AND RESTATED
                              DECLARATION OF TRUST
                                       OF
                              BAC CAPITAL TRUST [_]

     THIS AMENDED AND RESTATED DECLARATION OF TRUST ("Declaration") dated and
effective as of [_________, ____] by the Trustees (as defined herein), the
Sponsor (as defined herein) and by the holders, from time to time, of undivided
beneficial interests in the assets of the Trust to be issued pursuant to this
Declaration;

     WHEREAS, the Trustees and the Sponsor established BAC CAPITAL TRUST [__]
(the "Trust"), a trust under the Business Trust Act (as defined herein),
pursuant to a Declaration of Trust dated as of September 26, 2001 (the "Original
Declaration"), and an accompanying Certificate of Trust filed with the Secretary
of State of the State of Delaware, for the sole purpose of issuing and selling
securities representing undivided beneficial interests in the assets of the
Trust and investing the gross proceeds thereof in Notes of the Note Issuer (each
as defined herein);

     WHEREAS, as of the date hereof, no interests in the Trust have been issued;

     WHEREAS, all of the Trustees and the Sponsor, by this Declaration, amend
and restate each and every term and provision of the Original Declaration; and

     NOW, THEREFORE, it being the intention of the parties hereto to continue
the Trust as a business trust under the Business Trust Act and that this
Declaration constitute the governing instrument of such business trust, the
Trustees declare that all assets contributed to the Trust will be held in trust
for the benefit of the holders, from time to time, of the securities
representing undivided beneficial interests in the assets of the Trust issued
hereunder, subject to the provisions of this Declaration.

                                   ARTICLE 1
                         INTERPRETATION AND DEFINITIONS

     SECTION 1.1 Definitions.
                 -----------

     Unless the context otherwise requires:

          (a)    Capitalized terms used in this Declaration but not defined in
     the preamble above have the respective meanings assigned to them in this
     Section 1.1;

          (b)    a term defined anywhere in this Declaration has the same
     meaning throughout;

          (c)    all references to "the Declaration" or "this Declaration" are
     to this Declaration as modified, supplemented or amended from time to time,
     and Annex I and Exhibits A-1 and A-2 shall be a part of this Declaration;

<PAGE>

          (d) all references in this Declaration to Articles and Sections and
     Annexes and Exhibits are to Articles and Sections of and Annexes and
     Exhibits to this Declaration unless otherwise specified;

          (e) a term defined in the Trust Indenture Act (as defined herein) has
     the same meaning when used in this Declaration unless otherwise defined in
     this Declaration; and

          (f) a reference to the singular includes the plural and vice versa.

     "Affiliate" has the same meaning as given to that term in Rule 405 of the
      ---------
Securities Act or any successor rule thereunder.

     "Authorized Officer" of a Person means the Chief Executive Officer,
      ------------------
President, Chief Financial Officer, any Vice President, Treasurer, Assistant
Treasurer, or Associate General Counsel of a Person, a Regular Trustee or any
other Person that is authorized to bind such Person.

     "Book-Entry" means a book entry by a Clearing Agency as described in
      ----------
Section 9.4.

     "Book-Entry Interest" means a beneficial interest in a Global Security,
      -------------------
ownership and transfers of which shall be maintained and made through Book
Entries by a Clearing Agency as described in Section 9.4.

     "Business Day" means any day other than a day on which federal or state
      ------------
banking institutions in New York, New York or Charlotte, North Carolina are
authorized or obligated by law, executive order or regulation to close.

     "Business Trust Act" means Chapter 38 of Title 12 of the Delaware Code, 12
      ------------------                                                     --
Del. Code Section 3801 et seq., as it may be amended from time to time, or any
---------              -- ---
successor legislation.

     "Capital Securities" shall mean the undivided preferred beneficial
      ------------------
interests in the assets of the Trust denominated as "BAC Capital Trust [__]
[__]% Capital Securities," (liquidation amount of $[__] per Security) the terms
of which are further described in Annex I hereto.

     "Capital Security Beneficial Owner" means, with respect to a Book-Entry
      ---------------------------------
Interest, a Person who is the beneficial owner of such Book-Entry Interest, as
reflected on the books of the Clearing Agency, or on the books of a Person
maintaining an account with such Clearing Agency (directly as a Clearing Agency
Participant or as an Indirect Participant, in each case in accordance with the
rules of such Clearing Agency).

     "Capital Security Certificate" means a certificate representing a Capital
      ----------------------------
Security substantially in the form of Exhibit A-1.

     "Capital Securities Guarantee" means the guarantee agreement to be dated as
      ----------------------------
of [________, ____], of the Sponsor in respect of the Capital Securities.

     "Capital Treatment Event" means the reasonable determination by the Company
      -----------------------
that, as a result of the occurrence of any amendment to, or change (including
any announced prospective

                                       2

<PAGE>

change) in, the laws (or any regulations thereunder) of the United States or any
political subdivision thereof, or as a result of any official or administrative
pronouncement or action or judicial decision interpreting or applying such laws
or regulations, which amendment or change is effective or such pronouncement,
action or decision is announced on or after the date of original issuance of the
Capital Securities, there is more than an insubstantial risk that the Company
will not be entitled to treat an amount equal to the aggregate liquidation
amount of the Capital Securities as Tier 1 capital (or the then equivalent
thereof) for purposes of the capital adequacy guidelines of the Federal Reserve
Board, as then in effect and applicable to the Company.

     "Certificate" means a Common Security Certificate or a Capital Security
      -----------
Certificate.

     "Clearing Agency" means an organization registered as a "Clearing Agency"
      ---------------
pursuant to Section 17A of the Exchange Act that is acting as depositary for the
Capital Securities and in whose name or in the name of a nominee of that
organization shall be registered a Global Security and which shall undertake to
effect Book-Entry transfers and pledges of the Capital Securities.

     "Clearing Agency Participant" means a broker, dealer, bank, other financial
      ---------------------------
institution or other Person for whom from time to time the Clearing Agency
effects Book-Entry transfers and pledges of securities deposited with the
Clearing Agency.

     "Closing Date" means the "Closing Time" under the Underwriting Agreement.
      ------------

     "Code" means the Internal Revenue Code of 1986, as amended from time to
      ----
time, or any successor legislation.

     "Commission" means the Securities and Exchange Commission.
      ----------

     "Common Securities" shall mean the undivided common beneficial interests in
      -----------------
the assets of the Trust denominated as "BAC Capital Trust [__] [__]% Common
Securities," (liquidation amount of $___ per Security) the terms of which are
further described in Annex I hereto.

     "Common Securities Guarantee" means the guarantee agreement to be dated as
      ---------------------------
of [_________, ____], of the Sponsor in respect of the Common Securities.

     "Common Security Certificate" means a definitive certificate in fully
      ---------------------------
registered form representing a Common Security substantially in the form of
Exhibit A-2 hereto.

     "Company Indemnified Person" means (a) any Regular Trustee; (b) any
      --------------------------
Affiliate of any Regular Trustee; (c) any officers, directors, shareholders,
members, partners, employees, representatives or agents of any Regular Trustee;
or (d) any officer, employee or agent of the Trust or its Affiliates.

     "Corporate Trust Office" means the office of the Property Trustee at which
      ----------------------
the corporate trust business of the Property Trustee shall, at any particular
time, be principally administered, which office at the date of execution of this
Agreement is located at 101 Barclay Street, Floor 21 West, New York, New York
10286.

                                        3

<PAGE>

     "Covered Person" means: (a) any officer, director, shareholder, partner,
      --------------
member, representative, employee or agent of (i) the Trust or (ii) the Trust's
Affiliates; and (b) any Holder of Securities.

     "Definitive Capital Security Certificates" has the meaning set forth in
      ----------------------------------------
Section 9.4.

     "Delaware Trustee" has the meaning set forth in Section 5.1.
      ----------------

     "Depositary" means The Depository Trust Company or any successor Clearing
      ----------
Agency.

     "Designation of Terms" has the meaning set forth in Section 7.1(a).
      --------------------

     "Direct Action" has the meaning specified in Section 3.8(e).
      -------------

     "Distribution" means a distribution payable to Holders of Securities in
      ------------
accordance with Section 6.1.

     "Event of Default" in respect of the Securities means an Event of Default
      ----------------
(as defined in the Indenture) has occurred and is continuing in respect of the
Notes.

     "Exchange Act" means the Securities Exchange Act of 1934, as amended from
      ------------
time to time, or any successor legislation.

     "Fiduciary Indemnified Person" has the meaning set forth in Section
      ----------------------------
10.4(b).

     "Global Security" has the meaning set forth in Section 9.4.
      ---------------

     "Holder" means a Person in whose name a Security is registered (including,
      ------
in the case of a Book-Entry Security, the Depositary), such Person being a
beneficial owner within the meaning of the Business Trust Act.

     "Indemnified Person" means a Company Indemnified Person or a Fiduciary
      ------------------
Indemnified Person.

     "Indenture" means collectively the Indenture dated as of October 1, 2001,
      ---------
between the Note Issuer and the Note Trustee and any board resolution or
supplemental indenture pursuant to which the Notes are to be issued.

     "Indirect Participant" has the meaning set forth in Section 2(c) of Annex I
      --------------------
hereto.

     "Investment Company" means an investment company as defined in the
      ------------------
Investment Company Act.

     "Investment Company Act" means the Investment Company Act of 1940, as
      ----------------------
amended from time to time, or any successor legislation.

     "Investment Company Event" means the receipt by the Trust of an opinion of
      ------------------------
counsel experienced in such matters to the effect that, as a result of the
occurrence of a change in law or regulation or a change in interpretation or
application of law or regulation by any legislative

                                       4

<PAGE>

body, court, governmental agency or regulatory authority (a "Change in 1940 Act
Law"), the Trust is or will be considered an investment company that is required
to be registered under the Investment Company Act of 1940, as amended, which
Change in 1940 Act Law becomes effective on or after the date of original
issuance of the Capital Securities.

     "Legal Action" has the meaning set forth in Section 3.6(g).
      ------------

     "Majority in liquidation amount of the Securities" means, except as
      ------------------------------------------------
provided in the terms of the Capital Securities or by the Trust Indenture Act,
Holders of outstanding Securities voting together as a single class or, as the
context may require, Holders of outstanding Capital Securities or Holders of
outstanding Common Securities voting separately as a class, who are the record
owners of more than 50% of the aggregate liquidation amount (including the
stated amount that would be paid on redemption, liquidation or otherwise, plus
accrued and unpaid Distributions to the date upon which the voting percentages
are determined) of all outstanding Securities of the relevant class.

     "Maturity Redemption Price" shall mean, for a redemption of the Securities
      -------------------------
at the Stated Maturity of the Notes, a redemption price equal to the principal
amount of, plus accrued interest on, the Notes.

     "Nonpayment" has the meaning set forth in Section 2.7(a).
      ----------

     "Note Issuer" means Bank of America Corporation, a Delaware corporation, or
      -----------
any successor entity in a merger or consolidation, in its capacity as issuer of
the Notes under the Indenture.

     "Note Trustee" means The Bank of New York, a New York banking corporation,
      ------------
as trustee under the Indenture until a successor is appointed thereunder, and
thereafter means such successor trustee.

     "Notes" means the series of Notes to be issued by the Note Issuer under the
      -----
Indenture to be held by the Property Trustee on behalf of the Trust.

     "Officers' Certificate" means, with respect to any Person, a certificate
      ---------------------
signed by two Authorized Officers of such Person. Any Officers' Certificate
delivered with respect to compliance with a condition or covenant provided for
in this Declaration shall include:

          (a) a statement that each officer signing the certificate has read the
     covenant or condition and the definitions relating thereto;

          (b) a brief statement of the nature and scope of the examination or
     investigation undertaken by each officer in rendering the certificate;

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

                                       5

<PAGE>

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

     "Optional Prepayment Price" shall mean with respect to the Notes, a
      -------------------------
prepayment price equal to 100% of the outstanding principal amount of the Notes
to be prepaid, plus any accrued and unpaid interest thereon up to but excluding
the date of such prepayment.

     "Optional Redemption Price" shall mean with respect to the Securities to be
      -------------------------
redeemed, a redemption price equal to the Optional Prepayment Price.

     "Paying Agent" has the meaning specified in Section 7.2.
      ------------

     "Payment Amount" has the meaning set forth in Section 6.1.
      --------------

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

     "Property Trustee" means the Trustee with the powers described in Article 3
      ----------------
and elsewhere herein and meeting the eligibility requirements set forth in
Section 5.3.

     "Property Trustee Account" has the meaning set forth in Section 3.8(c).
      ------------------------

     "Quorum" means a majority of the Regular Trustees or, if there are only two
      ------
Regular Trustees, both of them.

     "Redemption/Distribution Notice" means a notice of any redemption of, or a
      ------------------------------
notice of any distribution of, Notes in exchange for Securities.

     "Redemption Price" shall mean any or all of the Maturity Redemption Price,
      ----------------
the Special Event Redemption Price and the Optional Redemption Price.

     "Regular Trustee" has the meaning set forth in Section 5.1.
      ---------------

     "Related Party" means, with respect to the Sponsor, any direct or indirect
      -------------
wholly-owned subsidiary of the Sponsor or any other Person that owns, directly
or indirectly, 100% of the outstanding voting securities of the Sponsor.

     "Responsible Officer" means, with respect to the Property Trustee, any
      -------------------
officer within the Corporate Trust Office of the Property Trustee, including any
vice-president, any assistant vice-president, any assistant secretary, the
treasurer, any assistant treasurer or other officer of the Corporate Trust
Office of the Property Trustee customarily performing functions similar to those
performed by any of the above designated officers and also means, with respect
to a particular corporate trust matter, any other officer to whom such matter is
referred because of that officer's knowledge of and familiarity with the
particular subject.

     "Rule 3a-5" means Rule 3a-5 under the Investment Company Act.
      ---------

                                        6

<PAGE>

     "Securities" means the Common Securities and the Capital Securities.
      ----------

     "Securities Act" means the Securities Act of 1933, as amended from time to
      --------------
time, or any successor legislation.

     "Securities Guarantees" means the Common Securities Guarantee and the
      ---------------------
Capital Securities Guarantee.

     "Special Event" means a Tax Event, a Capital Treatment Event or an
      -------------
Investment Company Event.

     "Special Event Prepayment Price" shall mean with respect to the Notes, a
      ------------------------------
prepayment price equal to 100% of the outstanding principal amount of the Notes,
plus any accrued and unpaid interest thereon so prepaid up to but excluding the
date of prepayment.

     "Special Event Redemption Price" shall mean with respect to the Securities,
      ------------------------------
a redemption price equal to the Special Event Prepayment Price.

     "Sponsor" means Bank of America Corporation, a Delaware corporation, or any
      -------
successor entity in a merger or consolidation, in its capacity as sponsor of the
Trust.

     "Stated Maturity" shall mean [_________, ____], the date on which the Notes
      ---------------
shall mature, unless previously prepaid or redeemed.

     "Successor Delaware Trustee" has the meaning set forth in Section
      --------------------------
5.7(b)(ii).

     "Successor Entity" has the meaning set forth in Section 3.15(b)(i).
      ----------------

     "Successor Property Trustee" has the meaning set forth in Section
      --------------------------
5.7(b)(i).

     "Successor Securities" has the meaning set forth in Section 3.15(b)(i)(B).
      --------------------

     "Super Majority" has the meaning set forth in Section 2.6(a)(ii).
      --------------

     "Tax Event" means that (i) the Company shall have received an opinion of a
      ---------
nationally recognized independent tax counsel experienced in such matters to the
effect that, as a result of (a) any amendment to, or change (including any
announced prospective change) in, the laws or any regulations thereunder of the
United States or any political subdivision or taxing authority thereof or (b)
any official administrative pronouncement or judicial decision interpreting or
applying such laws or regulations, which amendment or change is effective or
such pronouncement or decision is announced on or after the date of original
issuance of the Capital Securities, there is more than an insubstantial risk
that interest payable on the Notes is not, or within 90 days of the date
thereof, will not be deductible, in whole or in part, by the Company for United
States federal income tax purposes or (ii) the Regular Trustees have been
informed by a nationally recognized independent tax counsel that a No
Recognition Opinion cannot be delivered. "No Recognition Opinion" means an
opinion of a nationally recognized independent tax counsel experienced in such
matters, which opinion may rely on published revenue rulings of the Internal
Revenue Service, to the effect that the holders of the Capital Securities and
Common

                                        7

<PAGE>

Securities will not recognize any gain or loss for United States federal income
tax purposes as a result of the dissolution of the Trust and the distribution of
the Notes.

     "10% in liquidation amount of the Securities" means, except as provided in
      -------------------------------------------
the terms of the Capital Securities or by the Trust Indenture Act, Holders of
outstanding Securities voting together as a single class or, as the context may
require, Holders of outstanding Capital Securities or Holders of outstanding
Common Securities voting separately as a class, who are the record owners of 10%
or more of the aggregate liquidation amount (including the stated amount that
would be paid on redemption, liquidation or otherwise, plus accrued and unpaid
Distributions to the date upon which the voting percentages are determined) of
all outstanding Securities of the relevant class.

     "Treasury Regulations" means the income tax regulations, including
      --------------------
temporary and proposed regulations, promulgated under the Code by the United
States Treasury, as such regulations may be amended from time to time (including
corresponding provisions of succeeding regulations).

     "Trustee" or "Trustees" means each Person who has signed this Declaration
      -------      --------
as a trustee, so long as such Person shall continue in office in accordance with
the terms hereof, and all other Persons who may from time to time be duly
appointed, qualified and serving as Trustees in accordance with the provisions
hereof, and references herein to a Trustee or the Trustees shall refer to such
Person or Persons solely in their capacity as trustees hereunder.

     "Trust Indenture Act" means the Trust Indenture Act of 1939, as amended
      -------------------
from time to time, or any successor legislation.

     "Underwriting Agreement" means the Underwriting Agreement for the offering
      ----------------------
and sale of the Capital Securities and related Capital Securities Guarantee
among the Sponsor, the Trust and the Underwriters named therein.

                                   ARTICLE 2
                               TRUST INDENTURE ACT

     SECTION 2.1  Trust Indenture Act; Application.
                  --------------------------------

          (a)  This Declaration is subject to the provisions of the Trust
     Indenture Act that are required to be part of this Declaration and shall,
     to the extent applicable, be governed by such provisions.

          (b)  The Property Trustee shall be the only Trustee which is a Trustee
     for the purposes of the Trust Indenture Act.

          (c)  If and to the extent that any provision of this Declaration
     limits, qualifies or conflicts with the duties imposed by Sections 310 to
     317, inclusive, of the Trust Indenture Act, such imposed duties shall
     control.

                                        8

<PAGE>

          (d)  The application of the Trust Indenture Act to this Declaration
     shall not affect the nature of the Securities as equity securities
     representing undivided beneficial interests in the assets of the Trust.

     SECTION 2.2 Lists of Holders of Securities.
                 ------------------------------

          (a)  Each of the Sponsor and the Regular Trustees on behalf of the
     Trust shall provide the Property Trustee (i) within 10 days after each
     record date for payment of Distributions, a list, in such form as the
     Property Trustee may reasonably require, of the names and addresses of the
     Holders of the Securities ("List of Holders") as of such record date,
     provided, that neither the Sponsor nor the Regular Trustees on behalf of
     --------  ----
     the Trust shall be obligated to provide such List of Holders at any time
     the List of Holders does not differ from the most recent List of Holders
     given to the Property Trustee by the Sponsor and the Regular Trustees on
     behalf of the Trust, and (ii) at any other time, within 30 days of receipt
     by the Trust of a written request for a List of Holders as of a date no
     more than 10 days before such List of Holders is given to the Property
     Trustee. The Property Trustee shall preserve, in as current a form as is
     reasonably practicable, all information contained in Lists of Holders given
     to it or which it receives in the capacity as Paying Agent (if acting in
     such capacity) provided, that the Property Trustee may destroy any List of
                    --------  ----
     Holders previously given to it on receipt of a new List of Holders.

          (b)  The Property Trustee shall comply with its obligations under
     Sections 311(a), 311(b) and 312(b) of the Trust Indenture Act.

     SECTION 2.3 Reports by the Property Trustee.
                 -------------------------------

     Within 60 days after March 31 of each year, the Property Trustee shall
provide to the Holders of the Capital Securities such reports as are required by
Section 313 of the Trust Indenture Act, if any, in the form and in the manner
provided by Section 313 of the Trust Indenture Act. The Property Trustee shall
also comply with the requirements of Section 313(d) of the Trust Indenture Act.

     SECTION 2.4 Periodic Reports to Property Trustee.
                 ------------------------------------

     Each of the Sponsor and the Regular Trustees on behalf of the Trust shall
provide to the Property Trustee such documents, reports and information as
required by Section 314 (if any) and the compliance certificate required by
Section 314 of the Trust Indenture Act in the form, in the manner and at the
times required by Section 314 of the Trust Indenture Act.

     SECTION 2.5 Evidence of Compliance with Conditions Precedent.
                 ------------------------------------------------

     Each of the Sponsor and the Regular Trustees on behalf of the Trust shall
provide to the Property Trustee such evidence of compliance with any conditions
precedent, if any, provided for in this Declaration that relate to any of the
matters set forth in Section 314(c) of the Trust Indenture Act. Any certificate
or opinion required to be given by an officer pursuant to Section 314(c)(1) may
be given in the form of an Officers' Certificate.

                                       9

<PAGE>

     SECTION 2.6 Events of Default; Waiver.
                 -------------------------

          (a)  The Holders of a Majority in liquidation amount of Capital
     Securities may, by vote, on behalf of the Holders of all of the Capital
     Securities, waive any past Event of Default in respect of the Capital
     Securities and its consequences, provided that, if the underlying Event of
                                      -------- ----
     Default under the Indenture:

             (i)    is not waivable under the Indenture, the Event of Default
          under the Declaration shall not be waivable; or

             (ii)   requires the consent or vote of greater than a majority in
          principal amount of the holders of the Notes (a "Super Majority") to
          be waived under the Indenture, the Event of Default under the
          Declaration may only be waived by the vote of the Holders of at least
          the proportion in liquidation amount of the Capital Securities that
          the relevant Super Majority represents of the aggregate principal
          amount of the Notes outstanding.

     The foregoing provisions of this Section 2.6(a) shall be in lieu of Section
316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the
Trust Indenture Act is hereby expressly excluded from this Declaration and the
Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such
default shall cease to exist, and any Event of Default with respect to the
Capital Securities arising therefrom shall be deemed to have been cured, for
every purpose of this Declaration, but no such waiver shall extend to any
subsequent or other default or an Event of Default with respect to the Capital
Securities or impair any right consequent thereon. Any waiver by the Holders of
the Capital Securities of an Event of Default with respect to the Capital
Securities also shall be deemed to constitute a waiver by the Holders of the
Common Securities of any such Event of Default with respect to the Common
Securities for all purposes of this Declaration without any further act, vote,
or consent of the Holders of the Common Securities.

          (b)  The Holders of a Majority in liquidation amount of the Common
     Securities may, by vote, on behalf of the Holders of all of the Common
     Securities, waive any past Event of Default with respect to the Common
     Securities and its consequences, provided that, if the underlying Event of
                                      -------- ----
     Default under the Indenture:

             (i)    is not waivable under the Indenture, except where the
          Holders of the Common Securities are deemed to have waived such Event
          of Default under the Declaration as provided below in this Section
          2.6(b), the Event of Default under the Declaration shall also not be
          waivable; or

             (ii)   requires the consent or vote of the holders of a Super
          Majority of the Notes to be waived under the Indenture, except where
          the Holders of the Common Securities are deemed to have waived such
          Event of Default under the Declaration as provided below in this
          Section 2.6(b), the Event of Default under the Declaration only may be
          waived by the vote of the Holders of at least the proportion in
          liquidation amount of the Common Securities that the relevant

                                       10

<PAGE>

          Super Majority represents of the aggregate principal amount of the
          Notes outstanding;

     provided further, each Holder of Common Securities will be deemed to have
     -------- -------
     waived any such Event of Default and all Events of Default with respect to
     the Common Securities and its consequences until all Events of Default with
     respect to the Capital Securities have been cured, waived or otherwise
     eliminated, and until such Events of Default with respect to the Capital
     Securities have been so cured, waived or otherwise eliminated, the Property
     Trustee will be deemed to be acting solely on behalf of the Holders of the
     Capital Securities and only the Holders of the Capital Securities will have
     the right to direct the Property Trustee in accordance with the terms of
     the Securities. The foregoing provisions of this Section 2.6(b) shall be in
     lieu of Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act
     and such Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act
     are hereby expressly excluded from this Declaration and the Securities, as
     permitted by the Trust Indenture Act. Subject to the foregoing provisions
     of this Section 2.6(b), upon such waiver by the Holders of the Common
     Securities, any such default shall cease to exist and any Event of Default
     with respect to the Common Securities arising therefrom shall be deemed to
     have been cured for every purpose of this Declaration, but no such waiver
     shall extend to any subsequent or other default or Event of Default with
     respect to the Common Securities or impair any right consequent thereon.

          (c)  A waiver of an Event of Default under the Indenture by the
     Property Trustee at the direction of the Holders of the Capital Securities
     constitutes a waiver of the corresponding Event of Default under this
     Declaration. The foregoing provisions of this Section 2.6(c) shall be in
     lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section
     316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from
     this Declaration and the Securities, as permitted by the Trust Indenture
     Act.

     SECTION 2.7 Event of Default or Nonpayment Notice.
                 -------------------------------------

          (a)  The Property Trustee shall, within 90 days after the occurrence
     of an Event of Default or a nonpayment of principal, premium, if any, or
     interest, when due, on the Notes ("Nonpayment") transmit by mail, first
     class postage prepaid, to the Holders of the Securities, notices of all
     Events of Default or Nonpayments with respect to the Securities actually
     known to a Responsible Officer of the Property Trustee, unless such Events
     of Default or Nonpayments have been cured before the giving of such notice;

          (b)  The Property Trustee shall not be deemed to have knowledge of any
     default except:

             (i)    an Event of Default under the Indenture or a Nonpayment; or

             (ii)   any default as to which the Property Trustee shall have
          received written notice or of which a Responsible Officer of the
          Property Trustee charged with the administration of the Declaration
          shall have actual knowledge.

                                       11

<PAGE>

                                   ARTICLE 3
                                 ORGANIZATION

     SECTION 3.1 Name.
                 ----

     The Trust is named "BAC Capital Trust [__]," as such name may be modified
from time to time by the Regular Trustees following written notice to the
Holders of Securities. The Trust's activities may be conducted under the name of
the Trust or any other name deemed advisable by the Regular Trustees.

     SECTION 3.2 Office.
                 ------

     The address of the principal office of the Trust is c/o Bank of America
Corporation, Attention: Corporate Treasury, Bank of America Corporate Center,
NC1-007-23-01, 100 North Tryon Street, Charlotte, North Carolina 28255. On ten
Business Days' written notice to the Holders of Securities, the Regular Trustees
may designate another principal office.

     SECTION 3.3 Purpose.
                 -------

     The exclusive purposes and functions of the Trust are (a) to issue and sell
Securities and use the proceeds from such sale to acquire the Notes, and (b)
except as otherwise limited herein, to engage in only those other activities
necessary or incidental thereto. The Trust shall not borrow money, issue debt or
reinvest proceeds derived from investments, pledge any of its assets, or
otherwise undertake (or permit to be undertaken) any activity that would cause
the Trust not to be classified for United States federal income tax purposes as
a grantor trust.

     SECTION 3.4 Authority.
                 ---------

     Subject to the limitations provided in this Declaration and to the specific
duties of the Property Trustee, the Regular Trustees shall have exclusive and
complete authority to carry out the purposes of the Trust. An action taken by
the Regular Trustees in accordance with their powers shall constitute the act of
and serve to bind the Trust, and an action taken by the Property Trustee on
behalf of the Trust in accordance with its powers shall constitute the act of
and serve to bind the Trust. In dealing with the Trustees acting on behalf of
the Trust, no person shall be required to inquire into the authority of the
Trustees to bind the Trust. Persons dealing with the Trust are entitled to rely
conclusively on the power and authority of the Trustees as set forth in this
Declaration.

     SECTION 3.5 Title to Property of the Trust.
                 ------------------------------

     Except as provided in Section 3.8 with respect to the Notes and the
Property Trustee Account or as otherwise provided in this Declaration, legal
title to all assets of the Trust shall be vested in the Trust. The Holders shall
not have legal title to any part of the assets of the Trust, but shall have an
undivided beneficial interest in the assets of the Trust.

                                       12

<PAGE>

     SECTION 3.6 Powers and Duties of the Regular Trustees.
                 -----------------------------------------

     The Regular Trustees shall have the exclusive power, duty and authority to
cause the Trust to engage in the following activities:

          (a)  to issue and sell the Capital Securities and the Common
     Securities in accordance with this Declaration; provided, however, that the
                                                     --------  -------
     Trust may issue no more than one series of Capital Securities and no more
     than one series of Common Securities, and, provided further, that there
                                                -------- -------
     shall be no interests in the Trust other than the Securities, and the
     issuance of Securities shall be limited to a simultaneous issuance of both
     Capital Securities and Common Securities on the Closing Date;

          (b)  in connection with the issue and sale of the Capital Securities,
     at the direction of the Sponsor, to:

             (i)    execute and file with the Commission a registration
          statement on Form S-3 prepared by the Sponsor, including any
          amendments thereto, pertaining to the Capital Securities;

             (ii)   execute and file any documents prepared by the Sponsor, or
          take any acts as determined by the Sponsor to be necessary in order to
          qualify or register all or part of the Capital Securities in any State
          in which the Sponsor has determined to qualify or register such
          Capital Securities for sale;

             (iii)  to determine whether to list Capital Securities and to
          execute and file applications, prepared by the Sponsor, to any
          national or international stock exchange or the Nasdaq National Market
          for listing upon notice of issuance of any Capital Securities;

             (iv)   (a) execute and file with the Commission registration
          statements on Form 8-A, if required, including any amendments thereto,
          prepared by the Sponsor, relating to the registration of the Capital
          Securities under Section 12(b) of the Exchange Act and (b) execute and
          file with the Commission any other filings which may be required under
          the Exchange Act; and

             (v)    from time to time execute and enter into Underwriting
          Agreements providing for the sale of the Capital Securities;

          (c)  to purchase the Notes with the proceeds of the sale of the
     Capital Securities and the Common Securities;

          (d)  to give the Sponsor and the Property Trustee prompt written
     notice of the occurrence of a Special Event;

          (e)  to establish a record date with respect to all actions to be
     taken hereunder that require a record date be established, including and
     with respect to, for the purposes of Section316(c) of the Trust Indenture
     Act, Distributions, voting rights, redemptions and exchanges, and to issue
     relevant notices to the Holders of Capital

                                       13

<PAGE>

     Securities and Holders of Common Securities as to such actions and
     applicable record dates;

          (f)  to take all actions and perform such duties as may be required of
     the Regular Trustees pursuant to the terms of the Securities;

          (g)  to bring or defend, pay, collect, compromise, arbitrate, resort
     to legal action, or otherwise adjust claims or demands of or against the
     Trust ("Legal Action");

          (h)  to employ or otherwise engage employees and agents (who may be
     designated as officers with titles) and managers, contractors, advisors,
     and consultants and pay reasonable compensation for such services;

          (i)  to cause the Trust to comply with the Trust's obligations under
     the Trust Indenture Act;

          (j)  to give the certificate required by Section 314(a) (4) of the
     Trust Indenture Act to the Property Trustee, which certificate may be
     executed by any Regular Trustee;

          (k)  to incur expenses that are necessary or incidental to carry out
     any of the purposes of the Trust;

          (l)  to act as, or appoint another Person to act as, registrar and
     transfer agent for the Securities;

          (m)  to give prompt written notice to the Holders of the Securities of
     any notice received from the Note Issuer of its election to defer payments
     of interest on the Notes by extending the interest payment period under the
     Indenture;

          (n)  to execute all documents or instruments, perform all duties and
     powers, and do all things for and on behalf of the Trust in all matters
     necessary or incidental to the foregoing;

          (o)  to take all action that may be necessary or appropriate for the
     preservation and the continuation of the Trust's valid existence, rights,
     franchises and privileges as a statutory business trust under the laws of
     the State of Delaware and of each other jurisdiction in which such
     existence is necessary to protect the limited liability of the Holders of
     the Capital Securities or to enable the Trust to effect the purposes for
     which the Trust was created;

          (p)  to take any action, not inconsistent with this Declaration or
     with applicable law, that the Regular Trustees determine in their
     discretion to be necessary or desirable in carrying out the activities of
     the Trust as set out in this Section 3.6, including, but not limited to:

             (i)    causing the Trust not to be deemed to be an Investment
          Company required to be registered under the Investment Company Act;

                                       14

<PAGE>

             (ii)   causing the Trust to be classified for United States federal
          income tax purposes as a grantor trust; and

             (iii)  cooperating with the Note Issuer to ensure that the Notes
          will be treated as indebtedness of the Note Issuer for United States
          federal income tax purposes,

          provided that such action does not adversely affect the interests of
          -------- ----
          Holders; and

          (q)  to take all action necessary to cause all applicable tax returns
     and tax information reports that are required to be filed with respect to
     the Trust to be duly prepared and filed by the Regular Trustees, on behalf
     of the Trust.

     The Regular Trustees must exercise the powers set forth in this Section 3.6
in a manner that is consistent with the purposes and functions of the Trust set
out in Section 3.3, and the Regular Trustees shall not take any action that is
inconsistent with the purposes and functions of the Trust set forth in Section
3.3.

     Subject to this Section 3.6, the Regular Trustees shall have none of the
powers or the authority of the Property Trustee set forth in Section 3.8.

     Any expenses incurred by the Regular Trustees pursuant to this Section 3.6
shall be reimbursed by the Note Issuer.

     SECTION 3.7 Prohibition of Actions by the Trust and the Trustees.
                 ----------------------------------------------------

          (a)  The Trust shall not, and the Trustees (including the Property
     Trustee) shall not, engage in any activity other than as required or
     authorized by this Declaration. In particular, the Trust shall not and the
     Trustees (including the Property Trustee) shall cause the Trust not to:

             (i)    invest any proceeds received by the Trust from holding the
          Notes, but shall distribute all such proceeds to Holders of Securities
          pursuant to the terms of this Declaration and of the Securities;

             (ii)   acquire any assets other than as expressly provided herein;

             (iii)  possess Trust property for other than a Trust purpose;

             (iv)   make any loans or incur any indebtedness other than loans
          represented by the Notes;

             (v)    possess any power or otherwise act in such a way as to vary
          the Trust assets or the terms of the Securities in any way whatsoever;

             (vi)   issue any securities or other evidences of beneficial
          ownership of, or beneficial interest in, the Trust other than the
          Securities; or

                                       15

<PAGE>

             (vii)   other than as provided in this Declaration, (A) direct the
          time, method and place of exercising any trust or power conferred upon
          the Note Trustee with respect to the Notes, (B) waive any past default
          that is waivable under the Indenture, (C) exercise any right to
          rescind or annul any declaration that the principal of all the Notes
          shall be due and payable, or (D) consent to any amendment,
          modification or termination of the Indenture or the Notes where such
          consent shall be required unless the Trust shall have received an
          opinion of counsel to the effect that such modification will not cause
          more than an insubstantial risk that for United States federal income
          tax purposes the Trust will not be classified as a grantor trust.

     SECTION 3.8 Powers and Duties of the Property Trustee.
                 -----------------------------------------

          (a)  The legal title to the Notes shall be owned by and held of record
     in the name of the Property Trustee in trust for the benefit of the Holders
     of the Securities. The right, title and interest of the Property Trustee to
     the Notes shall vest automatically in each Person who may hereafter be
     appointed as Property Trustee in accordance with Section 5.7. Such vesting
     and cessation of title shall be effective whether or not conveyancing
     documents with regard to the Notes have been executed and delivered.

          (b)  The Property Trustee shall not transfer its right, title and
     interest in the Notes to the Regular Trustees or to the Delaware Trustee
     (if the Property Trustee does not also act as Delaware Trustee).

          (c)  The Property Trustee shall:

             (i)     establish and maintain a segregated non-interest bearing
          trust account (the "Property Trustee Account") in the name of and
          under the exclusive control of the Property Trustee on behalf of the
          Holders of the Securities and, upon the receipt of payments of funds
          made in respect of the Notes held by the Property Trustee, deposit
          such funds into the Property Trustee Account and make payments to the
          Holders of the Capital Securities and Holders of the Common Securities
          from the Property Trustee Account in accordance with Section 6.1.
          Funds in the Property Trustee Account shall be held uninvested until
          disbursed in accordance with this Declaration. The Property Trustee
          Account shall be an account that is maintained with a banking
          institution the rating of whose long-term unsecured indebtedness is at
          least equal to the rating assigned to the Capital Securities by a
          "nationally recognized statistical rating organization", as that term
          is defined for purposes of Rule 436(g)(2) under the Securities Act;

             (ii)    engage in such ministerial activities as shall be necessary
          or appropriate to effect the redemption of the Capital Securities and
          the Common Securities to the extent the Notes are prepaid or mature;
          and

             (iii)   upon written notice of distribution issued by the Regular
          Trustees in accordance with the terms of the Securities, engage in
          such ministerial activities as shall be necessary or appropriate to
          effect the distribution of the

                                       16

<PAGE>

          Notes to Holders of Securities upon the occurrence of a Special Event
          or other specified circumstances pursuant to the terms of the
          Securities.

          (d)   The Property Trustee shall take all actions and perform such
     duties as may be specifically required of the Property Trustee pursuant to
     the terms of the Securities.

          (e)   The Property Trustee shall take any Legal Action which arises
     out of or in connection with an Event of Default of which a Responsible
     Officer of the Property Trustee has actual knowledge or the Property
     Trustee's duties and obligations under this Declaration or the Trust
     Indenture Act; provided however, that if a Nonpayment has occurred and is
     continuing, a Holder of Capital Securities may institute directly a
     proceeding for enforcement of payment to such Holder of the principal of,
     premium, if any, or interest on the Notes having a principal amount equal
     to the aggregate liquidation amount of the Capital Securities of such
     Holder (a "Direct Action") after the respective due date specified in the
     Notes. In connection with such Direct Action, the rights of the Holders of
     the Common Securities will be subrogated to the rights of such Holder of
     Capital Securities to the extent of any payment made by the Note Issuer to
     such Holder of Capital Securities in such Direct Action.

          (f)   The Property Trustee shall not resign as a Trustee unless
     either:

             (i)    the Trust has been completely liquidated and the proceeds of
          the liquidation distributed to the Holders of Securities pursuant to
          the terms of the Securities; or

             (ii)   a Successor Property Trustee has been appointed and has
          accepted that appointment in accordance with Section 5.7.

          (g)   The Property Trustee shall have the legal power to exercise all
     of the rights, powers and privileges of a holder of Notes under the
     Indenture and, if an Event of Default actually known to a Responsible
     Officer of the Property Trustee occurs and is continuing, the Property
     Trustee shall, for the benefit of Holders of the Securities, enforce its
     rights as holder of the Notes subject to the rights of the Holders pursuant
     to the terms of such Securities.

          (h)   The Property Trustee may authorize one or more Paying Agents to
     pay Distributions, redemption payments or liquidation payments on behalf of
     the Trust with respect to all Securities and any such Paying Agent shall
     comply with Section 317(b) of the Trust Indenture Act. Any Paying Agent may
     be removed by the Property Trustee at any time and a successor Paying Agent
     or additional Paying Agents may be appointed at any time by the Property
     Trustee.

          (i)   Subject to this Section 3.8, the Property Trustee shall have
     none of the duties, liabilities, powers or the authority of the Regular
     Trustees set forth in Section 3.6.

     The Property Trustee must exercise the powers set forth in this Section 3.8
in a manner that is consistent with the purposes and functions of the Trust set
out in Section 3.3, and the

                                       17

<PAGE>

Property Trustee shall not take any action that is inconsistent with the
purposes and functions of the Trust set out in Section 3.3.

     SECTION 3.9 Certain Duties and Responsibilities of the Property Trustee.
                 -----------------------------------------------------------

          (a)   The Property Trustee, before the occurrence of any Event of
     Default and after the curing of all Events of Default that may have
     occurred, shall undertake to perform only such duties as are specifically
     set forth in this Declaration and no implied covenants shall be read into
     this Declaration against the Property Trustee. In case an Event of Default
     has occurred (that has not been cured or waived pursuant to Section 2.6) of
     which a Responsible Officer of the Property Trustee has actual knowledge,
     the Property Trustee shall exercise such of the rights and powers vested in
     it by this Declaration, 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.

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

             (i)     prior to the occurrence of an Event of Default and after
          the curing or waiving of all such Events of Default that may have
          occurred:

                     (A) the duties and obligations of the Property Trustee
               shall be determined solely by the express provisions of this
               Declaration and the Property Trustee shall not be liable except
               for the performance of such duties and obligations as are
               specifically set forth in this Declaration, and no implied
               covenants or obligations shall be read into this Declaration
               against the Property Trustee; and

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

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

             (iii)   the Property Trustee shall not be liable with respect to
          any action taken or omitted to be taken by it in good faith in
          accordance with the direction of the Holders of not less than a
          Majority in liquidation amount of the Securities

                                       18

<PAGE>

          relating to the time, method and place of conducting any proceeding
          for any remedy available to the Property Trustee, or exercising any
          trust or power conferred upon the Property Trustee under this
          Declaration;

               (iv)    no provision of this Declaration shall require the
          Property Trustee to expend or risk its own funds or otherwise incur
          personal financial liability in the performance of any of its duties
          or in the exercise of any of its rights or powers, if it shall have
          reasonable grounds for believing that the repayment of such funds or
          liability is not reasonably assured to it under the terms of this
          Declaration or indemnity reasonably satisfactory to the Property
          Trustee against such risk or liability is not reasonably assured to
          it;

               (v)     the Property Trustee's sole duty with respect to the
          custody, safekeeping and physical preservation of the Notes and the
          Property Trustee Account shall be to deal with such property in a
          similar manner as the Property Trustee deals with similar property for
          its own account, subject to the protections and limitations on
          liability afforded to the Property Trustee under this Declaration and
          the Trust Indenture Act;

               (vi)    the Property Trustee shall have no duty or liability for
          or with respect to the value, genuineness, existence or sufficiency of
          the Notes or the payment of any taxes or assessments levied thereon or
          in connection therewith;

               (vii)   the Property Trustee shall not be liable for any interest
          on any money received by it except as it may otherwise agree in
          writing with the Sponsor. Money held by the Property Trustee need not
          be segregated from other funds held by it except in relation to the
          Property Trustee Account maintained by the Property Trustee pursuant
          to Section 3.8(c)(i) and except to the extent otherwise required by
          law; and

               (viii)  the Property Trustee shall not be responsible for
          monitoring the compliance by the Regular Trustees or the Sponsor with
          their respective duties under this Declaration, nor shall the Property
          Trustee be liable for any default or misconduct of the Regular
          Trustees or the Sponsor.

     SECTION 3.10 Certain Rights of Property Trustee.
                  ----------------------------------

     (a)  Subject to the provisions of Section 3.9:

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

                                       19

<PAGE>

               (ii)    any direction or act of the Sponsor or the Regular
          Trustees contemplated by this Declaration shall be sufficiently
          evidenced by an Officers' Certificate;

               (iii)   whenever, in the administration of this Declaration, the
          Property Trustee shall deem it desirable that a matter be proved or
          established before taking, suffering or omitting any action hereunder,
          the Property Trustee (unless other evidence is herein specifically
          prescribed) may, in the absence of bad faith on its part, request and
          conclusively rely upon an Officers' Certificate which, upon receipt of
          such request, shall be promptly delivered by the Sponsor or the
          Regular Trustees;

               (iv)    the Property Trustee shall have no duty to see to any
          recording, filing or registration of any instrument (including any
          financing or continuation statement or any filing under tax or
          securities laws) or any rerecording, refiling or registration thereof;

               (v)     the Property Trustee may consult with counsel or other
          experts of its selection and the advice or opinion of such counsel and
          experts with respect to legal matters or advice within the scope of
          such experts' area of expertise 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 accordance with such
          advice or opinion, and such counsel may be counsel to the Sponsor or
          any of its Affiliates, and may include any of its employees. The
          Property Trustee shall have the right at any time to seek instructions
          concerning the administration of this Declaration from any court of
          competent jurisdiction;

               (vi)    the Property Trustee shall be under no obligation to
          exercise any of the rights or powers vested in it by this Declaration
          at the request or direction of any Holder, unless such Holder shall
          have provided to the Property Trustee security and indemnity,
          reasonably satisfactory to the Property Trustee, against the costs,
          expenses (including attorneys' fees and expenses and the expenses of
          the Property Trustee's agents, nominees or custodians) and liabilities
          that might be incurred by it in complying with such request or
          direction, including such reasonable advances as may be requested by
          the Property Trustee, provided, that, nothing contained in this
          Section 3.10(a)(vi) shall be taken to relieve the Property Trustee,
          upon the occurrence of an Event of Default, of its obligation to
          exercise the rights and powers vested in it by this Declaration;

               (vii)   the Property 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 Property Trustee, in
          its discretion, may make such further inquiry or investigation into
          such facts or matters as it may see fit;

                                       20

<PAGE>

               (viii)  the Property Trustee may execute any of the trusts or
          powers hereunder or perform any duties hereunder either directly or by
          or through agents, custodians, nominees or attorneys;

               (ix)    any action taken by the Property Trustee or its agents
          hereunder shall bind the Trust and the Holders of the Securities, and
          the signature of the Property Trustee or its agents alone shall be
          sufficient and effective to perform any such action and no third party
          shall be required to inquire as to the authority of the Property
          Trustee to so act or as to its compliance with any of the terms and
          provisions of this Declaration, both of which shall be conclusively
          evidenced by the Property Trustee's or its agent's taking such action;

               (x)     whenever in the administration of this Declaration the
          Property Trustee shall deem it desirable to receive instructions with
          respect to enforcing any remedy or right or taking any other action
          hereunder, the Property Trustee (i) may request instructions from the
          Holders of the Securities which instructions may only be given by the
          Holders of the same proportion in liquidation amount of the Securities
          as would be entitled to direct the Property Trustee under the terms of
          the Securities in respect of such remedy, right or action, (ii) may
          refrain from enforcing such remedy or right or taking such other
          action until such instructions are received, and (iii) shall be
          protected in conclusively relying on or acting in accordance with such
          instructions;

               (xi)    except as otherwise expressly provided by this
          Declaration, the Property Trustee shall not be under any obligation to
          take any action that is discretionary under the provisions of this
          Declaration; and

               (xii)   the Property 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 Declaration.

          (b)  No provision of this Declaration shall be deemed to impose any
     duty or obligation on the Property Trustee to perform any act or acts or
     exercise any right, power, duty or obligation conferred or imposed on it,
     in any jurisdiction in which it shall be illegal, or in which the Property
     Trustee shall be unqualified or incompetent in accordance with applicable
     law, to perform any such act or acts, or to exercise any such right, power,
     duty or obligation. No permissive power or authority available to the
     Property Trustee shall be construed to be a duty.

     SECTION 3.11 Delaware Trustee.
                  ----------------

     Notwithstanding any other provision of this Declaration other than Section
5.2, the Delaware Trustee shall not be entitled to exercise any powers, nor
shall the Delaware Trustee have any of the duties and responsibilities of the
Regular Trustees or the Property Trustee described in this Declaration. Except
as set forth in Section 5.2, the Delaware Trustee shall be a

                                       21

<PAGE>

Trustee for the sole and limited purpose of fulfilling the requirements of
Section 3807 of the Business Trust Act.

     SECTION 3.12 Execution of Documents.
                  ----------------------

     Unless otherwise determined by the Regular Trustees, and except as
otherwise required by the Business Trust Act, any Regular Trustee is authorized
to execute on behalf of the Trust any documents that the Regular Trustees have
the power and authority to execute pursuant to Section 3.6; provided that, the
                                                            -------- ----
registration statement referred to in Section 3.6(b), including any amendments
thereto, shall be signed by a majority of the Regular Trustees holding office at
the time of such signing.

     SECTION 3.13 Not Responsible for Recitals or Issuance of Securities.
                  ------------------------------------------------------

     The recitals contained in this Declaration and the Securities shall be
taken as the statements of the Sponsor, and the Trustees do not assume any
responsibility for their correctness. The Trustees make no representations as to
the value or condition of the property of the Trust or any part thereof. The
Trustees make no representations as to the validity or sufficiency of this
Declaration or the Securities.

     SECTION 3.14 Duration of Trust.
                  -----------------

     The Trust, unless terminated pursuant to the provisions of Article VIII
hereof, shall have existence for 55 years from January 1, 2001.

     SECTION 3.15 Mergers.
                  -------

          (a)   The Trust may not consolidate, amalgamate or merge with or into,
     or be replaced by, or convey, transfer or lease its properties and assets
     substantially as an entirety to any corporation or other body, except as
     described in Section 3.15(b) and (c).

          (b)   The Trust may, with the consent of a majority of the Regular
     Trustees and without the consent of the Holders of the Securities, the
     Delaware Trustee or the Property Trustee, consolidate, amalgamate, merge
     with or into, or be replaced by a trust organized as such under the laws of
     any State; provided that:
                -------- ----

                (i)   if the Trust is not the survivor, such successor entity
          (the "Successor Entity") either:

                      (A) expressly assumes all of the obligations of the Trust
                under the Securities; or

                      (B) substitutes for the Securities other securities having
                substantially the same terms as the Securities (the "Successor
                Securities") so long as the Successor Securities rank the same
                as the Securities rank with respect to Distributions and
                payments upon liquidation, redemption and otherwise;

                                       22

<PAGE>

               (ii)   the Note Issuer expressly acknowledges a trustee of the
          Successor Entity that possesses the same powers and duties as the
          Property Trustee as the Holder of the Notes;

               (iii)  the Capital Securities or any Successor Securities which
          are Capital Securities are listed, or any Successor Securities of the
          Capital Securities will be listed upon notification of issuance, on
          any national or international securities exchange or with another
          organization, if any, on which the Capital Securities are then listed
          or quoted;

               (iv)   such merger, consolidation, amalgamation or replacement
          does not cause the Capital Securities (including any Successor
          Securities of the Capital Securities) to be downgraded by any
          nationally recognized statistical rating organization;

               (v)    such merger, consolidation, amalgamation or replacement
          does not adversely affect the rights, preferences and privileges of
          the Holders of the Securities (including any Successor Securities) in
          any material respect (other than with respect to any dilution of such
          Holders' interests in the new or successor entity as a result of such
          merger, consolidation or replacement);

               (vi)   such Successor Entity has a purpose identical to that of
          the Trust;

               (vii)  prior to such merger, consolidation, amalgamation or
          replacement, the Sponsor has received an opinion of a nationally
          recognized independent counsel to the Trust experienced in such
          matters to the effect that:

                      (A)  such merger, consolidation, amalgamation or
                 replacement does not adversely affect the rights, preferences
                 and privileges of the Holders of the Securities (including any
                 Successor Securities) in any material respect (other than with
                 respect to any dilution of the Holders' interest in the new
                 entity);

                      (B)  following such merger, consolidation, amalgamation or
                 replacement, neither the Trust nor the Successor Entity will be
                 required to register as an Investment Company; and

                      (C)  following such merger, consolidation, amalgamation or
                 replacement, the Trust (or the Successor Entity) will continue
                 to be classified as a grantor trust for United States federal
                 income tax purposes; and

               (viii) the Sponsor guarantees the obligations of such Successor
          Entity under the Successor Securities at least to the extent provided
          by the Capital Securities Guarantee and the Common Securities
          Guarantee.

          (c)  Notwithstanding Section 3.15(b), the Trust shall not, except with
     the consent of Holders of 100% in liquidation amount of the Securities,
     consolidate,

                                       23

<PAGE>

     amalgamate, merge with or into, or be replaced by any other entity or
     permit any other entity to consolidate, amalgamate, merge with or into, or
     replace it if such consolidation, merger, amalgamation or replacement would
     cause the Trust or Successor Entity to be classified as other than a
     grantor trust for United States federal income tax purposes.

                                    ARTICLE 4
                                     SPONSOR

     SECTION 4.1  Sponsor's Purchase of Common Securities.
                  ---------------------------------------

     On the Closing Date the Sponsor will purchase all of the Common Securities
issued by the Trust, in an amount at least equal to 3% of the capital of the
Trust, at the same time as the Capital Securities are sold.

     SECTION 4.2  Responsibilities of the Sponsor.
                  -------------------------------

     In connection with the issuance and sale of the Capital Securities, the
Sponsor shall have the exclusive right and responsibility to engage in the
following activities:

          (a) to prepare for filing by the Trust with the Commission a
     registration statement on Form S-3 in relation to the Capital Securities,
     including any amendments thereto;

          (b) to determine the states in which to take appropriate action to
     qualify or register for sale all or part of the Capital Securities and to
     do any and all such acts, other than actions which must be taken by the
     Trust, and advise the Trust of actions it must take, and prepare for
     execution and filing any documents to be executed and filed by the Trust,
     as the Sponsor deems necessary or advisable in order to comply with the
     applicable laws of any such states;

          (c) to prepare for filing when required by the Trust applications to
     any national or international stock exchange or the Nasdaq National Market
     for listing upon notice of issuance of any Capital Securities if the
     Capital Securities are to be listed;

          (d) to prepare for filing by the Trust with the Commission (i) any
     required registration statements on Form 8-A relating to the registration
     of the Capital Securities under Section 12(b) of the Exchange Act,
     including any amendments thereto and (ii) any other filings required under
     the Exchange Act; and

          (e) to negotiate the terms of the Underwriting Agreement providing for
     the sale of the Capital Securities and the Capital Securities Guarantee.

     In addition, the Sponsor shall have the right at any time to cause the
Trust to be dissolved and the Notes held by the Trust to be distributed to
Holders of the Securities.

                                       24

<PAGE>

     SECTION 4.3  Covenants of the Sponsor.
                  ------------------------

     For so long as the Capital Securities remain outstanding, the Sponsor will
covenant (i) to maintain 100% direct or indirect ownership of the Common
Securities, (ii) to use its reasonable best efforts to cause the Trust (a) to
remain a statutory business trust, except as permitted by this Declaration in
connection with the Trust's liquidation, merger, or consolidation, and (b) to
not be classified as an association taxable as a corporation or a publicly
traded partnership taxable as a corporation for United States federal income tax
purposes and (iii) to use its reasonable best efforts to cause each Holder of
Securities to be treated as owning an undivided beneficial ownership interest in
the assets of the Trust.

                                    ARTICLE 5
                                    TRUSTEES

     SECTION 5.1  Number of Trustees.
                  ------------------

     The number of Trustees of this Trust shall be four, and:

          (a)   at any time before the issuance of any Securities, the Sponsor
     may, by written instrument, increase or decrease the number of Trustees;
     and

          (b)   after the issuance of any Securities, the number of Trustees may
     be increased or decreased by vote of the Holders of a majority in
     liquidation amount of the Common Securities voting as a class at a meeting
     of the Holders of the Common Securities; provided, however, that, the
                                              --------  -------
     number of Trustees shall in no event be less than two; provided further
                                                            -------- -------
     that (1) one Trustee, in the case of a natural person, shall be a person
     who is a resident of the State of Delaware or that, if not a natural
     person, is an entity which has its principal place of business in the State
     of Delaware (the "Delaware Trustee"); (2) there shall be at least one
     Trustee who is an employee or officer of, or is affiliated with the Sponsor
     (a "Regular Trustee"); and (3) one Trustee shall be the Property Trustee
     for so long as this Declaration is required to qualify as an indenture
     under the Trust Indenture Act, and such Trustee may also serve as Delaware
     Trustee if it meets the applicable requirements.

     SECTION 5.2  Qualifications of Delaware Trustee.
                  ----------------------------------

     If required by the Business Trust Act, the Delaware Trustee shall be:

          (a)   a natural person who is a resident of the State of Delaware; or

          (b)   if not a natural person, an entity which has its principal place
     of business in the State of Delaware, and otherwise meets the requirements
     of applicable law,

     provided that, if the Property Trustee has its principal place of business
     -------- ----
in the State of Delaware and otherwise meets the requirements of applicable law,
then the Property Trustee shall also be the Delaware Trustee and Section 3.11
shall have no application.

                                       25

<PAGE>

     SECTION 5.3  Property Trustee; Eligibility.
                  -----------------------------

          (a)      There shall at all times be one Trustee which shall act as
     Property Trustee which shall:

               (i)  not be an Affiliate of the Sponsor; and

               (ii) be a corporation organized and doing business under the laws
          of the United States of America or any State or Territory thereof or
          of the District of Columbia, or a corporation or Person permitted by
          the Commission to act as a Property Trustee under the Trust Indenture
          Act, authorized under such laws to exercise corporate trust powers,
          having a combined capital and surplus of at least $50,000,000, and
          subject to supervision or examination by Federal, State, Territorial
          or District of Columbia authority. If such corporation publishes
          reports of condition at least annually, pursuant to law or to the
          requirements of the supervising or examining authority referred to
          above, then for the purposes of this Section 5.3(a)(ii), the combined
          capital and surplus of such corporation shall be deemed to be its
          combined capital and surplus as set forth in its most recent report of
          condition so published.

          (b)      If at any time the Property Trustee shall cease to be
     eligible to so act under Section 5.3(a), the Property Trustee shall
     immediately resign in the manner and with the effect set forth in Section
     5.7(c).

          (c)      If the Property Trustee has or shall acquire any "conflicting
     interest" within the meaning of Section 310(b) of the Trust Indenture Act,
     the Property Trustee and the Holder of the Common Securities (as if it were
     the obligor referred to in Section 310(b) of the Trust Indenture Act) shall
     in all respects comply with the provisions of Section 310(b) of the Trust
     Indenture Act.

          (d)      The Capital Securities Guarantee shall be deemed to be
     specifically described in this Declaration for purposes of clause (i) of
     the first provision contained in Section 310(b) of the Trust Indenture Act.

          (e)      The initial Property Trustee shall be The Bank of New York.

     SECTION 5.4  Certain Qualifications of Regular Trustees and Delaware
                  -------------------------------------------------------
Trustee Generally.
-----------------

     Each Regular Trustee and the Delaware Trustee (unless the Property Trustee
also acts as Delaware Trustee) shall either be a natural person who is at least
21 years of age or a legal entity that shall act through one or more Authorized
Officers.

     SECTION 5.5  Regular Trustees.
                  ----------------

     As of the date of this Declaration, the Regular Trustees shall be Karen A.
Gosnell and James T. Houghton.

                                       26

<PAGE>

          (a) Except as expressly set forth in this Declaration and except if a
     meeting of the Regular Trustees is called with respect to any matter over
     which the Regular Trustees have power to act, any power of the Regular
     Trustees may be exercised by, or with the consent of, any one such Regular
     Trustee.

          (b) Unless otherwise determined by the Regular Trustees, and except as
     otherwise required by the Business Trust Act or applicable law, any Regular
     Trustee is authorized to execute on behalf of the Trust any documents which
     the Regular Trustees have the power and authority to cause the Trust to
     execute pursuant to Section 3.6, provided, that, the registration statement
                                      --------  ----
     referred to in Section 3.6, including any amendments thereto, shall be
     signed by a majority of the Regular Trustees; and

          (c) a Regular Trustee may, by power of attorney consistent with
     applicable law, delegate to any other natural person over the age of 21 his
     or her power for the purposes of signing any documents which the Regular
     Trustees have power and authority to cause the Trust to execute pursuant to
     Section 3.6.

     SECTION 5.6  Appointment of Delaware Trustee.
                  -------------------------------

     The initial Delaware Trustee shall be The Bank of New York (Delaware).

     SECTION 5.7  Appointment, Removal and Resignation of Trustees.
                  ------------------------------------------------

          (a) Subject to Section 5.7(b), Trustees may be appointed or removed
     without cause at any time:

              (i)  until the issuance of any Securities, by written instrument
          executed by the Sponsor; and

              (ii) after the issuance of any Securities, by vote of the Holders
          of a Majority in liquidation amount of the Common Securities voting as
          a class at a meeting of the Holders of the Common Securities or by
          unanimous written consent of the Holders of the Common Securities.

          (b) (i)  the Property Trustee shall not be removed in accordance with
     Section 5.7(a) until a successor trustee possessing the qualifications to
     act as Property Trustee under Section 5.3 (a "Successor Property Trustee")
     has been appointed and has accepted such appointment by written instrument
     executed by such Successor Property Trustee and delivered to the Regular
     Trustees and the Sponsor; and

              (ii) the Delaware Trustee shall not be removed in accordance with
          Section 5.7(a) until a successor Trustee possessing the qualifications
          to act as Delaware Trustee under Sections 5.2 and 5.4 (a "Successor
          Delaware Trustee") has been appointed and has accepted such
          appointment by written instrument executed by such Successor Delaware
          Trustee and delivered to the Regular Trustees and the Sponsor.

                                       27

<PAGE>

                  (c)  A Trustee appointed to office shall hold office until his
     successor shall have been appointed or until his death, removal or
     resignation. Any Trustee may resign from office (without need for prior or
     subsequent accounting) by an instrument in writing signed by the Trustee
     and delivered to the Sponsor and the Trust, which resignation shall take
     effect upon such delivery or upon such later date as is specified therein;
     provided, however, that:
     --------  -------

                       (i)  No such resignation of the Property Trustee shall be
                  effective:

                            (A)  until a Successor Property Trustee has been
                         appointed and has accepted such appointment by
                         instrument executed by such Successor Property Trustee
                         and delivered to the Trust, the Sponsor and the
                         resigning Property Trustee; or

                            (B)  until the assets of the Trust have been
                         completely liquidated and the proceeds thereof
                         distributed to the holders of the Securities; and

                       (ii) no such resignation of the Delaware Trustee shall be
                  effective until a Successor Delaware Trustee has been
                  appointed and has accepted such appointment by instrument
                  executed by such Successor Delaware Trustee and delivered to
                  the Trust, the Sponsor and the resigning Delaware Trustee.

                  (d)  The Holders of the Common Securities shall use their best
     efforts to promptly appoint a Successor Delaware Trustee or Successor
     Property Trustee as the case may be if the Property Trustee or the Delaware
     Trustee delivers an instrument of resignation in accordance with this
     Section 5.7.

                  (e)  If no Successor Property Trustee or Successor Delaware
     Trustee shall have been appointed and accepted appointment as provided in
     this Section 5.7 within 60 days after delivery of an instrument of
     resignation or removal, the Property Trustee or Delaware Trustee resigning
     or being removed, as applicable, may petition any court of competent
     jurisdiction for appointment of a Successor Property Trustee or Successor
     Delaware Trustee. Such court may thereupon, after prescribing such notice,
     if any, as it may deem proper and prescribe, appoint a Successor Property
     Trustee or Successor Delaware Trustee, as the case may be.

                  (f)  No Property Trustee or Delaware Trustee shall be liable
     for the acts or omissions to act of any Successor Property Trustee or
     successor Delaware Trustee, as the case may be.

     SECTION 5.8 Vacancies among Trustees.
                 ------------------------

     If a Trustee ceases to hold office for any reason and the number of
Trustees is not reduced pursuant to Section 5.1, or if the number of Trustees is
increased pursuant to Section 5.1, a vacancy shall occur. A resolution
certifying the existence of such vacancy by the Regular Trustees or, if there
are more than two, a majority of the Regular Trustees shall be conclusive

                                       28

<PAGE>

evidence of the existence of such vacancy. The vacancy shall be filled with a
Trustee appointed in accordance with Section 5.7.

     SECTION 5.9  Effect of Vacancies.
                  -------------------

     The death, resignation, retirement, removal, bankruptcy, dissolution,
liquidation, incompetence or incapacity to perform the duties of a Trustee shall
not operate to annul the Trust. Whenever a vacancy in the number of Regular
Trustees shall occur, until such vacancy is filled by the appointment of a
Regular Trustee in accordance with Section 5.7, the Regular Trustees in office,
regardless of their number, shall have all the powers granted to the Regular
Trustees and shall discharge all the duties imposed upon the Regular Trustees by
this Declaration.

     SECTION 5.10 Meetings.
                  --------

     If there is more than one Regular Trustee, meetings of the Regular Trustees
shall be held from time to time upon the call of any Regular Trustee. Regular
meetings of the Regular Trustees may be held at a time and place fixed by
resolution of the Regular Trustees. Notice of any in-person meetings of the
Regular Trustees shall be hand delivered or otherwise delivered in writing
(including by facsimile, with a hard copy by overnight courier) not less than 48
hours before such meeting. Notice of any telephonic meetings of the Regular
Trustees or any committee thereof shall be hand delivered or otherwise delivered
in writing (including by facsimile, with a hard copy by overnight courier) not
less than 24 hours before a meeting. Notices shall contain a brief statement of
the time, place and anticipated purposes of the meeting. The presence (whether
in person or by telephone) of a Regular Trustee at a meeting shall constitute a
waiver of notice of such meeting except where a Regular Trustee attends a
meeting for the express purpose of objecting to the transaction of any activity
on the ground that the meeting has not been lawfully called or convened. Unless
provided otherwise in this Declaration, any action of the Regular Trustees may
be taken at a meeting by vote of a majority of the Regular Trustees present
(whether in person or by telephone) and eligible to vote with respect to such
matter, provided that a Quorum is present, or without a meeting by the unanimous
written consent of the Regular Trustees. Any and all actions of the Regular
Trustees also may be evidenced by a written consent of such Regular Trustee.

     SECTION 5.11 Delegation of Power.
                  -------------------

          (a)     Any Regular Trustee may, by power of attorney consistent with
     applicable law, delegate to any other natural person over the age of 21 his
     or her power for the purpose of executing any documents contemplated in
     Section 3.6, including any registration statement or amendment thereto
     filed with the Commission, or making any other governmental filing; and

          (b)     The Regular Trustees shall have power to delegate from time
     to time to such of their number or to officers of the Trust the doing of
     such things and the execution of such instruments either in the name of the
     Trust or the names of the Regular Trustees or otherwise as the Regular
     Trustees may deem expedient, to the extent such delegation is

                                       29

<PAGE>

     not prohibited by applicable law or contrary to the provisions of the
     Trust, as set forth herein.

     SECTION 5.12  Merger, Conversion, Consolidation, Amalgamation or Succession
                   -------------------------------------------------------------
to Business.
-----------

     Any Person into which the Property Trustee or the Delaware Trustee, as the
case may be, may be merged or converted or with which either may be
consolidated, or any Person resulting from any merger, conversion, consolidation
or amalgamation to which the Property Trustee or the Delaware Trustee, as the
case may be, shall be a party, or any Person succeeding to all or substantially
all the corporate trust business of the Property Trustee or the Delaware
Trustee, as the case may be, shall be the successor of the Property Trustee or
the Delaware Trustee, as the case may be, hereunder, provided such Person 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.

                                    ARTICLE 6
                                  DISTRIBUTIONS

     SECTION 6.1   Distributions.
                   -------------

     Holders shall receive Distributions at the times and in accordance with the
applicable terms of the relevant Holder's Securities. If and to the extent that
the Note Issuer makes a payment of interest (including Compounded Interest, as
defined in the Indenture) and Additional Interest (as defined in the Indenture),
premium and/or principal on the Notes held by the Property Trustee (the amount
of any such payment being a "Payment Amount"), the Property Trustee shall and is
directed, to the extent funds are available for that purpose and without further
action by the Regular Trustees, to make a Distribution of the Payment Amount to
Holders. The term "Distributions" as used herein includes such cash
distributions and any such interest payable unless otherwise stated.
Distributions shall be made on the Capital Securities and the Common Securities
in accordance with the preferences set forth in their respective terms.

                                   ARTICLE 7
                             ISSUANCE OF SECURITIES

     SECTION 7.1   General Provisions Regarding Securities.
                   ---------------------------------------

          (a) The Regular Trustees shall on behalf of the Trust issue the
     Capital Securities which shall have such terms as are set forth in a
     completed Designation of Terms in the form attached hereto as Annex I, with
     such additions, deletions, modifications and completions as may be approved
     by the Regular Trustees (the "Designation of Terms"), and one class of
     Common Securities representing undivided beneficial interests in the assets
     of the Trust having such terms as are set forth in a completed Designation
     of Terms. The Trust shall issue no securities or other interests in the
     assets of the Trust other than the Capital Securities and the Common
     Securities.

          (b) The Securities are subject to redemption as provided in the
     Designation of Terms.

                                       30

<PAGE>

          (c) The Certificates shall be signed on behalf of the Trust by a
     Regular Trustee. Such signature shall be the manual signature of any
     present or any future Regular Trustee. In case any Regular Trustee of the
     Trust who shall have signed any of the Certificates shall cease to be such
     Regular Trustee before the Certificates so signed shall be delivered by the
     Trust, such Certificates nevertheless may be delivered as though the person
     who signed such Certificates had not ceased to be such Regular Trustee; and
     any Certificate may be signed on behalf of the Trust by such persons who,
     at the actual date of execution of such Security, shall be the Regular
     Trustees of the Trust, although at the date of the execution and delivery
     of the Declaration any such person was not such a Regular Trustee.
     Certificates shall be typed, printed, lithographed or engraved or may be
     produced in any other manner as is reasonably acceptable to the Regular
     Trustees, as evidenced by their execution thereof, and may have such
     letters, numbers or other marks of identification or designation and such
     legends or endorsements as the Regular Trustees may deem appropriate, or as
     may be required to comply with any law or with any rule or regulation of
     any stock exchange on which Securities may be listed, or to conform to
     usage.

          (d) The consideration received by the Trust for the issuance of the
     Securities shall constitute a contribution to the capital of the Trust and
     shall not constitute a loan to the Trust.

          (e) Upon issuance of the Securities as provided in this Declaration,
     the Securities so issued shall be deemed to be validly issued, fully paid
     and non-assessable.

          (f) Every Person, by virtue of having become a Holder or a Capital
     Security Beneficial Owner in accordance with the terms of this Declaration,
     shall be deemed to have expressly assented and agreed to the terms of, and
     shall be bound by, this Declaration, including the Designation of Terms.

          (g) The Securities are not, and shall not be deemed to be, savings
     accounts or bank deposits or an obligation of or guaranteed by any banking
     affiliate of the Note Issuer and are not insured by the Federal Deposit
     Insurance Corporation or any other governmental agency.

     SECTION 7.2  Paying Agent.
                  ------------

     In the event that the Capital Securities are not in Book-Entry only form,
the Trust shall maintain in New York, New York, an office or agency where the
Capital Securities may be presented for payment ("Paying Agent). The Trust may
appoint the Paying Agent and may appoint one or more additional paying agents in
such other locations as it shall determine and shall make such appointment in
any other location required by law or the rules of any securities exchange on
which the Capital Securities may be listed. The term "Paying Agent" includes any
additional paying agent. The Trust may change any Paying Agent without prior
notice to any Holder. The Trust shall notify the Property Trustee of the name
and address of any Paying Agent not a party to this Declaration. If the Trust
fails to appoint or maintain another entity as Paying Agent, the Property
Trustee shall act as such. The Trust or any of its Affiliates may act

                                       31

<PAGE>

as Paying Agent. The Property Trustee shall initially act as Paying Agent for
the Capital Securities and the Trust shall initially act as Paying Agent for the
Common Securities.

                                   ARTICLE 8
                              TERMINATION OF TRUST

     SECTION 8.1  Termination of Trust.
                  --------------------

     (a)  The Trust shall dissolve:

          (i)   upon the bankruptcy of the Sponsor;

          (ii)  upon the filing of a certificate of dissolution or its
     equivalent with respect to the Sponsor; upon the consent of a Majority in
     liquidation amount of the Securities voting together as a single class to
     dissolve the Trust; or upon the revocation of the Sponsor's charter and the
     expiration of 90 days after the date of revocation without a reinstatement
     thereof;

          (iii) upon the entry of a decree of judicial dissolution of the Holder
     of the Common Securities, the Sponsor or the Trust;

          (iv)  when all of the Securities shall have been called for redemption
     and the amounts necessary for redemption thereof shall have been paid to
     the Holders in accordance with the terms of the Securities;

          (v)   at the election of the Sponsor at any time pursuant to which the
     Trust shall have been dissolved in accordance with the terms of the
     Securities and all of the Notes shall have been distributed to the Holders
     of Securities in exchange for all of the Securities; or

          (vi)  before the issuance of any Securities, with the consent of all
     of the Regular Trustees and the Sponsor.

          (b)   As soon as is practicable after the occurrence of an event
     referred to in Section 8.1(a), the Trustees shall, after satisfaction of
     all obligations of the Trust, file a certificate of cancellation with the
     Secretary of State of the State of Delaware and the Trust shall terminate.

          (c)   The provisions of Section 3.9 and Article X shall survive the
     termination of the Trust.

                                       32

<PAGE>

                                   ARTICLE 9
                              TRANSFER OF INTERESTS

     SECTION 9.1 Transfer of Securities.
                 ----------------------

          (a)  Securities may only be transferred, in whole or in part, in
     accordance with the terms and conditions set forth in this Declaration and
     in the terms of the Securities. Any transfer or purported transfer of any
     Security not made in accordance with this Declaration shall be null and
     void.

          (b)  Subject to this Article IX and Section 4.3, the Sponsor and any
     Related Party may only transfer Common Securities to the Sponsor or a
     Related Party of the Sponsor; provided that, any such transfer is subject
                                   -------- ----
     to the condition precedent that the transferor obtain the written opinion
     of a nationally recognized independent counsel experienced in such matters
     that such transfer would not cause more than an insubstantial risk that:

          (i)  the Trust would not be classified for United States federal
     income tax purposes as an association or a publicly traded partnership
     taxable as a corporation; and

          (ii) the Trust would be an Investment Company or the transferee would
     become an Investment Company.

     SECTION 9.2  Transfer of Certificates.
                  ------------------------

     The Regular Trustees shall provide for the registration of Certificates and
of transfers of Certificates, which will be effected without charge but only
upon payment (with such indemnity as the Regular Trustees may require) in
respect of any tax or other government charges that may be imposed in relation
to it. Upon surrender for registration of transfer of any Certificate, the
Regular Trustees shall cause one or more new Certificates to be issued in the
name of the designated transferee or transferees. Every Certificate surrendered
for registration of transfer shall be accompanied by a written instrument of
transfer in form satisfactory to the Regular Trustees duly executed by the
Holder or such Holder's attorney duly authorized in writing. Each Certificate
surrendered for registration of transfer shall be canceled by the Regular
Trustees. A transferee of a Certificate shall be entitled to the rights and
subject to the obligations of a Holder hereunder upon the receipt by such
transferee of a Certificate. By acceptance of a Certificate, each transferee
shall be deemed to have agreed to be bound by this Declaration.

     SECTION 9.3  Deemed Security Holders.
                  -----------------------

     The Trustees may treat the Person in whose name any Certificate shall be
registered on the books and records of the Trust as the sole holder of such
Certificate and of the Securities represented by such Certificate for purposes
of receiving Distributions and for all other purposes whatsoever and,
accordingly, shall not be bound to recognize any equitable or other claim to or
interest in such Certificate or in the Securities represented by such
Certificate on the part of any Person, whether or not the Trust shall have
actual or other notice thereof.

                                       33

<PAGE>

     SECTION 9.4 Book-Entry Interests.
                 --------------------

     Unless otherwise specified in the terms of the Capital Securities, the
Capital Securities Certificates, on original issuance, will be issued in the
form of one or more fully registered, global Capital Security Certificates, to
be delivered to the Depositary, the initial Clearing Agency (each a "Global
Security"), by, or on behalf of, the Trust. Such Global Securities shall
initially be registered on the books and records of the Trust in the name of
Cede & Co., the nominee of the Depositary, and no Capital Security Beneficial
Owner will receive a definitive Capital Security Certificate representing such
Capital Security Beneficial Owner's interests in such Global Securities, except
as provided in Section 9.7. Unless and until definitive, fully registered
Capital Security Certificates (the "Definitive Capital Security Certificates")
have been issued to the Capital Security Beneficial Owners pursuant to Section
9.7:

          (a) the provisions of this Section 9.4 shall be in full force and
     effect;

          (b) the Trust and the Trustees shall be entitled to deal with the
     Clearing Agency for all purposes of this Declaration (including the payment
     of Distributions on the Global Securities and receiving approvals, votes or
     consents hereunder) as the sole Holder of the Capital Securities and shall
     have no obligation to the Capital Security Beneficial Owners;

          (c) to the extent that the provisions of this Section 9.4 conflict
     with any other provisions of this Declaration, the provisions of this
     Section 9.4 shall control; and

          (d) the rights of the Capital Security Beneficial Owners shall be
     exercised only through the Clearing Agency and shall be limited to those
     established by law and agreements between such Capital Security Beneficial
     Owners and the Clearing Agency and/or the Clearing Agency Participants. The
     Depositary will make Book-Entry transfers among the Clearing Agency
     Participants and receive and transmit payments of Distributions on the
     Global Securities to such Clearing Agency Participants.

     SECTION 9.5 Notices to Clearing Agency.
                 --------------------------

     Whenever a notice or other communication to the Capital Security Holders is
required under this Declaration, unless and until Definitive Capital Security
Certificates shall have been issued to the Capital Security Beneficial Owners
pursuant to Section 9.7, the Regular Trustees shall give all such notices and
communications specified herein to be given to the Capital Security Holders to
the Clearing Agency, and shall have no notice obligations to the Capital
Security Beneficial Owners.

     SECTION 9.6 Appointment of Successor Clearing Agency.
                 ----------------------------------------

     If any Clearing Agency elects to discontinue its services as securities
depositary with respect to the Capital Securities, the Regular Trustees may, in
their sole discretion, appoint a successor Clearing Agency with respect to such
Capital Securities.

                                       34

<PAGE>

     SECTION 9.7 Definitive Capital Security Certificates.
                 ----------------------------------------

     If:

          (a) a Clearing Agency elects to discontinue its services as securities
     depositary with respect to the Capital Securities and a successor Clearing
     Agency is not appointed within 90 days after such discontinuance pursuant
     to Section 9.6; or

          (b) the Regular Trustees elect after consultation with the Sponsor to
     terminate the Book-Entry system through the Clearing Agency with respect to
     the Capital Securities;

     then:

          (c) Definitive Capital Security Certificates shall be prepared by the
     Regular Trustees on behalf of the Trust with respect to such Capital
     Securities; and

          (d) upon surrender of the Global Securities by the Clearing Agency,
     accompanied by registration instructions, the Regular Trustees shall cause
     Definitive Capital Security Certificates to be delivered to Capital
     Security Beneficial Owners in accordance with the instructions of the
     Clearing Agency. Neither the Trustees nor the Trust shall be liable for any
     delay in delivery of such instructions and each of them may conclusively
     rely on and shall be protected in relying on, said instructions of the
     Clearing Agency. The Definitive Capital Security Certificates shall be
     typed, printed, lithographed or engraved or may be produced in any other
     manner as is reasonably acceptable to the Regular Trustees, as evidenced by
     their execution thereof, and may have such letters, numbers or other marks
     of identification or designation and such legends or endorsements as the
     Regular Trustees may deem appropriate, or as may be required to comply with
     any law or with any rule or regulation made pursuant thereto or with any
     rule or regulation of any stock exchange on which Capital Securities may be
     listed, or to conform to usage.

     Otherwise, Definitive Capital Security Certificates will not be issued.

     SECTION 9.8 Mutilated, Destroyed, Lost or Stolen Certificates.
                 -------------------------------------------------

     If:

          (a) any mutilated Certificates should be surrendered to the Regular
     Trustees, or if the Regular Trustees shall receive evidence to their
     satisfaction of the destruction, loss or theft of any Certificate; and

          (b) there shall be delivered to the Regular Trustees such security or
     indemnity as may be required by them to keep each of them harmless,

then, in the absence of notice that such Certificate shall have been acquired by
a bona fide purchaser, any Regular Trustee on behalf of the Trust shall execute
and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost
or stolen Certificate, a new Certificate of like

                                       35

<PAGE>

denomination. In connection with the issuance of any new Certificate under this
Section 9.8, the Regular Trustees may require the payment of a sum sufficient to
cover any tax or other governmental charge that may be imposed in connection
therewith. Any duplicate Certificate issued pursuant to this Section shall
constitute conclusive evidence of an ownership interest in the relevant
Securities, as if originally issued, whether or not the lost, stolen or
destroyed Certificate shall be found at any time.

                                   ARTICLE 10
                           LIMITATION OF LIABILITY OF
                    HOLDERS OF SECURITIES, TRUSTEES OR OTHERS

     SECTION 10.1 Liability.
                  ---------

          (a)     Except as expressly set forth in this Declaration, the
     Securities Guarantees and the terms of the Securities, the Sponsor shall
     not:

              (i)   be personally liable for the return of any portion of the
          capital contributions (or any return thereon) of the Holders of the
          Securities which shall be made solely from assets of the Trust; and

              (ii)  be required to pay to the Trust or to any Holder of
          Securities any deficit upon dissolution of the Trust or otherwise.

          (b)     Pursuant to Section 3803(a) of the Business Trust Act, the
     Holders of the Capital Securities shall be entitled to the same limitation
     of personal liability extended to stockholders of private corporations
     organized for profit under the General Corporation Law of the State of
     Delaware.

     SECTION 10.2 Exculpation.
                  -----------

          (a)     No Indemnified Person shall be liable, responsible or
     accountable in damages or otherwise to the Trust or any Covered Person for
     any loss, damage or claim incurred by reason of any act or omission
     performed or omitted by such Indemnified Person in good faith on behalf of
     the Trust and in a manner such Indemnified Person reasonably believed to be
     within the scope of the authority conferred on such Indemnified Person by
     this Declaration or by law, except that an Indemnified Person shall be
     liable for any such loss, damage or claim incurred by reason of such
     Indemnified Person's gross negligence (or negligence in the case of the
     Property Trustee) or willful misconduct with respect to such acts or
     omissions.

          (b)     An Indemnified Person shall be fully protected in relying in
     good faith upon the records of the Trust and upon such information,
     opinions, reports or statements presented to the Trust by any Person as to
     matters the Indemnified Person reasonably believes are within such other
     Person's professional or expert competence and who has been selected with
     reasonable care by or on behalf of the Trust, including information,
     opinions, reports or statements as to the value and amount of the assets,
     liabilities, profits, losses, or any other facts pertinent to the existence
     and amount of assets from which Distributions to Holders of Securities
     might properly be paid.

                                       36

<PAGE>

         SECTION 10.3 Fiduciary Duty.
                      --------------

               (a)    To the extent that, at law or in equity, an Indemnified
         Person has duties (including fiduciary duties) and liabilities relating
         thereto to the Trust or to any other Covered Person, an Indemnified
         Person acting under this Declaration shall not be liable to the Trust
         or to any other Covered Person for its good faith reliance on the
         provisions of this Declaration. The provisions of this Declaration, to
         the extent that they restrict the duties and liabilities of an
         Indemnified Person otherwise existing at law or in equity (other than
         the duties imposed on the Property Trustee under the Trust Indenture
         Act), are agreed by the parties hereto to replace such other duties and
         liabilities of such Indemnified Person.

         (b)   Unless otherwise expressly provided herein:

                    (i)  whenever a conflict of interest exists or arises
               between any Covered Persons; or

                    (ii) whenever this Declaration or any other agreement
               contemplated herein or therein provides that an Indemnified
               Person shall act in a manner that is, or provides terms that are,
               fair and reasonable to the Trust or any Holder of Securities;

the Indemnified Person shall resolve such conflict of interest, take such action
or provide such terms, considering in each case the relative interest of each
party (including its own interest) to such conflict, agreement, transaction or
situation and the benefits and burdens relating to such interests, any customary
or accepted industry practices, and any applicable generally accepted accounting
practices or principles. In the absence of bad faith by the Indemnified Person,
the resolution, action or term so made, taken or provided by the Indemnified
Person shall not constitute a breach of this Declaration or any other agreement
contemplated herein or of any duty or obligation of the Indemnified Person at
law or in equity or otherwise.

               (c)    Whenever in this Declaration an Indemnified Person is
         permitted or required to make a decision:

                    (i)  in its "discretion" or under a grant of similar
               authority, the Indemnified Person shall be entitled to consider
               such interests and factors as it desires, including its own
               interests, and shall have no duty or obligation to give any
               consideration to any interest of or factors affecting the Trust
               or any other Person; or

                    (ii) in its "good faith" or under another express standard,
               the Indemnified Person shall act under such express standard and
               shall not be subject to any other or different standard imposed
               by this Declaration or by applicable law.

                                       37

<PAGE>

     SECTION 10.4  Indemnification.
                   ---------------

                (a) (i) The Note Issuer shall indemnify, to the full extent
          permitted by law, any Company Indemnified Person who was or is a party
          or is threatened to be made a party to any threatened, pending or
          completed action, suit or proceeding, whether civil, criminal,
          administrative or investigative (other than an action by or in the
          right of the Trust) by reason of the fact that he is or was a Company
          Indemnified Person against expenses (including attorneys' fees and
          expenses), judgments, fines and amounts paid in settlement actually
          and reasonably incurred by him in connection with such action, suit or
          proceeding if he acted in good faith and in a manner he reasonably
          believed to be in or not opposed to the best interests of the Trust,
          and, with respect to any criminal action or proceeding, had no
          reasonable cause to believe his conduct was unlawful. The termination
          of any action, suit or proceeding by judgment, order, settlement,
          conviction, or upon a plea of nolo contendere or its equivalent, shall
          not, of itself, create a presumption that the Company Indemnified
          Person did not act in good faith and in a manner which he reasonably
          believed to be in or not opposed to the best interests of the Trust,
          and, with respect to any criminal action or proceeding, had reasonable
          cause to believe that his conduct was unlawful.

                (ii)    The Note Issuer shall indemnify, to the full extent
          permitted by law, any Company Indemnified Person who was or is a party
          or is threatened to be made a party to any threatened, pending or
          completed action or suit by or in the right of the Trust to procure a
          judgment in its favor by reason of the fact that he is or was a
          Company Indemnified Person against expenses (including attorneys' fees
          and expenses) actually and reasonably incurred by him in connection
          with the defense or settlement of such action or suit if he acted in
          good faith and in a manner he reasonably believed to be in or not
          opposed to the best interests of the Trust and except that no such
          indemnification shall be made in respect of any claim, issue or matter
          as to which such Company Indemnified Person shall have been adjudged
          to be liable to the Trust unless and only to the extent that the Court
          of Chancery of Delaware or the court in which such action or suit was
          brought shall determine upon application that, despite the
          adjudication of liability but in view of all the circumstances of the
          case, such person is fairly and reasonably entitled to indemnity for
          such expenses which such Court of Chancery or such other court shall
          deem proper.

                (iii)   To the extent that a Company Indemnified Person shall be
          successful on the merits or otherwise (including dismissal of an
          action without prejudice or the settlement of an action without
          admission of liability) in defense of any action, suit or proceeding
          referred to in paragraphs (i) and (ii) of this Section 10.4(a), or in
          defense of any claim, issue or matter therein, he shall be
          indemnified, to the full extent permitted by law, against expenses
          (including attorneys' fees) actually and reasonably incurred by him in
          connection therewith.

                (iv)    Any indemnification under paragraphs (i) and (ii) of
          this Section 10.4(a) (unless ordered by a court) shall be made by the
          Note Issuer only as

                                       38

<PAGE>

               authorized in the specific case upon a determination that
               indemnification of the Company Indemnified Person is proper in
               the circumstances because he has met the applicable standard of
               conduct set forth in paragraphs (i) and (ii). Such determination
               shall be made (1) by the Regular Trustees by a majority vote of a
               quorum consisting of such Regular Trustees who were not parties
               to such action, suit or proceeding, (2) if such a quorum is not
               obtainable, or, even if obtainable, if a quorum of disinterested
               Regular Trustees so directs, by independent legal counsel in a
               written opinion, or (3) by the Holders of the Common Securities.

                    (v)  Expenses (including reasonable attorneys' fees and
               expenses) incurred by a Company Indemnified Person in defending a
               civil, criminal, administrative or investigative action, suit or
               proceeding referred to in paragraphs (i) and (ii) of this Section
               10.4(a) shall be paid by the Note Issuer in advance of the final
               disposition of such action, suit or proceeding upon receipt of an
               undertaking by or on behalf of such Company Indemnified Person to
               repay such amount if it shall ultimately be determined that he is
               not entitled to be indemnified by the Note Issuer as authorized
               in this Section 10.4(a). Notwithstanding the foregoing, no
               advance shall be made by the Note Issuer if a determination is
               reasonably and promptly made (i) by the Regular Trustees by a
               majority vote of a quorum of disinterested Regular Trustees, (ii)
               if such a quorum is not obtainable, or, even if obtainable, if a
               quorum of disinterested Regular Trustees so directs, by
               independent legal counsel in a written opinion or (iii) the
               Common Security Holder of the Trust, that, based upon the facts
               known to the Regular Trustees, counsel or the Common Security
               Holder at the time such determination is made, such Company
               Indemnified Person acted in bad faith or in a manner that such
               person did not believe to be in or not opposed to the best
               interests of the Trust, or, with respect to any criminal
               proceeding, that such Company Indemnified Person believed or had
               reasonable cause to believe his conduct was unlawful. In no event
               shall any advance be made in instances where the Regular
               Trustees, independent legal counsel or Common Security Holder
               reasonably determine that such person deliberately breached his
               duty to the Trust or to the Holders of the Common or Capital
               Securities.

                    (vi) The indemnification and advancement of expenses
               provided by, or granted pursuant to, the other paragraphs of this
               Section 10.4(a) shall not be deemed exclusive of any other rights
               to which those seeking indemnification and advancement of
               expenses may be entitled under any agreement, vote of
               stockholders or disinterested directors of the Note Issuer or
               Capital Security Holders of the Trust or otherwise, both as to
               action in his official capacity and as to action in another
               capacity while holding such office. All rights to indemnification
               under this Section 10.4(a) shall be deemed to be provided by a
               contract between the Note Issuer and each Company Indemnified
               Person who serves in such capacity at any time while this Section
               10.4(a) is in effect. Any repeal or modification of this Section
               10.4(a) shall not affect any rights or obligations then existing.

                                       39

<PAGE>

                   (vii)  The Note Issuer or the Trust may purchase and maintain
               insurance on behalf of any person who is or was a Company
               Indemnified Person against any liability asserted against him and
               incurred by him in any such capacity, or arising out of his
               status as such, whether or not the Note Issuer would have the
               power to indemnify him against such liability under the
               provisions of this Section 10.4(a).

                   (viii) For purposes of this Section 10.4(a), references to
               "the Trust" shall include, in addition to the resulting or
               surviving entity, any constituent entity (including any
               constituent of a constituent) absorbed in a consolidation or
               merger, so that any person who is or was a director, trustee,
               officer or employee of such constituent entity, or is or was
               serving at the request of such constituent entity as a director,
               trustee, officer, employee or agent of another entity, shall
               stand in the same position under the provisions of this Section
               10.4(a) with respect to the resulting or surviving entity as he
               would have with respect to such constituent entity if its
               separate existence had continued.

                   (ix)   The indemnification and advancement of expenses
               provided by, or granted pursuant to, this Section 10.4(a) shall,
               unless otherwise provided when authorized or ratified, continue
               as to a  person who has ceased to be a Company Indemnified Person
               and shall inure to the benefit of the heirs, executors and
               administrators of such a person.

               (b)    The Note Issuer agrees to indemnify the (i) Property
         Trustee, (ii) the Delaware Trustee, (iii) any Affiliate of the Property
         Trustee or the Delaware Trustee, and (iv) any officers, directors,
         shareholders, members, partners, employees, representatives,
         custodians, nominees or agents of the Property Trustee or the Delaware
         Trustee (each of the Persons in (i) through (iv) being referred to as a
         "Fiduciary Indemnified Person") for, and to hold each Fiduciary
         Indemnified Person harmless against, any and all loss, liability,
         damage, claim or expense including taxes (other than taxes based on the
         income of such Fiduciary Indemnified Person) incurred without
         negligence or bad faith on its part, arising out of or in connection
         with the acceptance or administration of the trust or trusts hereunder,
         including the costs and expenses (including reasonable legal fees and
         expenses) of defending itself against or investigating any claim or
         liability in connection with the exercise or performance of any of its
         powers or duties hereunder. The obligation to indemnify as set forth in
         this Section 10.4(b) shall survive the satisfaction and discharge of
         this Declaration.

                                       40

<PAGE>

         SECTION 10.5 Outside Businesses.
                      ------------------

         Any Covered Person, the Sponsor, the Delaware Trustee and the Property
Trustee may engage in or possess an interest in other business ventures of any
nature or description, independently or with others, similar or dissimilar to
the business of the Trust, and the Trust and the Holders of Securities shall
have no rights by virtue of this Declaration in and to such independent ventures
or the income or profits derived therefrom, and the pursuit of any such venture,
even if competitive with the business of the Trust, shall not be deemed wrongful
or improper. No Covered Person, the Sponsor, the Delaware Trustee, or the
Property Trustee shall be obligated to present any particular investment or
other opportunity to the Trust even if such opportunity is of a character that,
if presented to the Trust, could be taken by the Trust, and any Covered Person,
the Sponsor, the Delaware Trustee and the Property Trustee shall have the right
to take for its own account (individually or as a partner or fiduciary) or to
recommend to others any such particular investment or other opportunity. Any
Covered Person, the Delaware Trustee and the Property Trustee may engage or be
interested in any financial or other transaction with the Sponsor or any
Affiliate of the Sponsor, or may act as depositary for, trustee or agent for, or
act on any committee or body of holders of, securities or other obligations of
the Sponsor or its Affiliates.

                                   ARTICLE 11
                                   ACCOUNTING

         SECTION 11.1 Fiscal Year.
                      -----------

         The fiscal year ("Fiscal Year") of the Trust shall be the calendar year
or such other year as is required by the Code.

         SECTION 11.2 Certain Accounting Matters.
                      --------------------------

              (a)    At all times during the existence of the Trust, the Regular
         Trustees shall keep, or cause to be kept, full books of account,
         records and supporting documents, which shall reflect in reasonable
         detail each transaction of the Trust.

              (b)    The Regular Trustees shall cause to be duly prepared and
         delivered to each of the Holders of Securities any annual United States
         federal income tax information statement, required by the Code,
         containing such information with regard to the Securities held by each
         Holder as is required by the Code and the Treasury Regulations. The
         Regular Trustees shall endeavor to deliver all such statements within
         such period after the end of each Fiscal Year of the Trust as required
         by the Treasury Regulations; and

              (c)    The Regular Trustees shall cause to be duly prepared and
         filed with the appropriate taxing authority, an annual United States
         federal income tax return, on a Form 1041 or such other form required
         by United States federal income tax law, and any other annual income
         tax returns required to be filed by the Regular Trustees on behalf of
         the Trust with any state or local taxing authority.

                                       41

<PAGE>

         SECTION 11.3 Banking.
                      -------

         The Trust shall maintain one or more bank accounts in the name and for
the sole benefit of the Trust; provided, however, that all payments of funds in
                               --------  -------
respect of the Notes held by the Property Trustee shall be made directly to the
Property Trustee Account and no other funds of the Trust shall be deposited in
the Property Trustee Account. The sole signatories for such accounts shall be
designated by the Regular Trustees; provided, however, that the Property Trustee
                                    --------  -------
shall designate the signatories for the Property Trustee Account.

         SECTION 11.4 Withholding.
                      -----------

         The Trust and the Regular Trustees shall comply with all withholding
requirements under United States federal, state and local law. The Trust shall
request, and the Holders shall provide to the Trust, such forms or certificates
as are necessary to establish an exemption from withholding with respect to each
Holder, and any representations and forms as shall reasonably be requested by
the Trust to assist it in determining the extent of, and in fulfilling, its
withholding obligations. The Regular Trustees shall file required forms with
applicable jurisdictions and, unless an exemption from withholding is properly
established by a Holder, shall remit amounts withheld with respect to the Holder
to applicable jurisdictions. To the extent that the Trust is required to
withhold and pay over any amounts to any authority with respect to distributions
or allocations to any Holder, the amount withheld shall be deemed to be a
distribution in the amount of the withholding to the Holder. In the event of any
claim over withholding, the Holders shall be limited to an action against the
applicable jurisdiction. If the amount required to be withheld was not withheld
from actual Distributions made, the Trust may reduce subsequent Distributions by
the amount of such withholding.

                                   ARTICLE 12
                             AMENDMENTS AND MEETINGS

         SECTION 12.1 Amendments.
                      ----------

             (a)     Except as otherwise provided in this Declaration or by any
         applicable terms of the Securities, this Declaration may only be
         amended by a written instrument approved and executed by:

                   (i)   the Regular Trustees (or, if there are more than two
             Regular Trustees a majority of the Regular Trustees);

                   (ii)  if the amendment affects the rights, powers, duties,
             obligations or immunities of the Property Trustee, the Property
             Trustee; and

                   (iii) if the amendment affects the rights, powers, duties,
             obligations or immunities of the Delaware Trustee, the Delaware
             Trustee.

             (b)     No amendment shall be made, and any such purported
         amendment shall be void and ineffective:

                                       42

<PAGE>

                 (i)   unless, in the case of any proposed amendment, the
             Property Trustee shall have first received an Officers' Certificate
             from each of the Trust and the Sponsor that such amendment is
             permitted by, and conforms to, the terms of this Declaration
             (including the terms of the Securities);

                 (ii)  unless, in the case of any proposed amendment which
             affects the rights, powers, duties, obligations or immunities of
             the Property Trustee, the Property Trustee shall have first
             received:

                       (A) an Officers' Certificate from each of the Trust and
                  the Sponsor that such amendment is permitted by, and conforms
                  to, the terms of this Declaration (including the terms of the
                  Securities); and

                       (B) an opinion of counsel (who may be counsel to the
                  Sponsor or the Trust) that such amendment is permitted by, and
                  conforms to, the terms of this Declaration (including the
                  terms of the Securities); and

                 (iii) to the extent the result of such amendment would be to:

                       (A) cause the Trust to fail to continue to be classified
                  for purposes of United States federal income taxation as a
                  grantor trust;

                       (B) reduce or otherwise adversely affect the powers of
                  the Property Trustee in contravention of the Trust Indenture
                  Act; or

                       (C) cause the Trust to be deemed to be an Investment
                  Company required to be registered under the Investment Company
                  Act.

             (c)  At such time after the Trust has issued any Securities that
         remain outstanding, any amendment that would adversely affect the
         rights, privileges or preferences of any Holder of Securities may be
         effected only with such additional requirements as may be set forth in
         the terms of such Securities.

             (d)  Section 10.1(b) and this Section 12.1 shall not be amended
         without the consent of all of the Holders of the Securities.

             (e)  Article IV shall not be amended without the consent of the
         Holders of a Majority in liquidation amount of the Common Securities.

             (f)  The rights of the holders of the Common Securities under
         Article V to increase or decrease the number of, and appoint and remove
         Trustees, shall not be amended without the consent of the Holders of a
         Majority in liquidation amount of the Common Securities.

             (g)  Notwithstanding Section 12.1(c), this Declaration may be
         amended without the consent of the Holders of the Securities to:

                 (i)   cure any ambiguity;

                                       43

<PAGE>

               (ii)   correct or supplement any provision in this Declaration
          that may be defective or inconsistent with any other provision of this
          Declaration;

               (iii)  add to the covenants, restrictions or obligations of the
          Sponsor;

               (iv)   conform to any change in Rule 3a-5 or any written change
          in interpretation or application of Rule 3a-5 by any legislative body,
          court, government agency or regulatory authority which amendment does
          not have a material adverse effect on the right, preferences or
          privileges of the Holders; and

               (v)    modify, eliminate and add to any provision of the
          Declaration to such extent as may be necessary to carry out its
          provisions, including making any redemption of the Notes or
          dissolution of the Trust and distribution of the Notes to the Holders
          of the Securities in exchange for all of the Securities.

     SECTION 12.2 Meetings of the Holders of Securities; Action by Written
                  ---------------------------------------------------------
                  Consent.
                  -------

          (a) Meetings of the Holders of any class of Securities may be called
     at any time by the Regular Trustees (or as provided in the terms of the
     Securities) to consider and act on any matter on which Holders of such
     class of Securities are entitled to act under the terms of this
     Declaration, the terms of the Securities or the rules of any stock exchange
     on which the Capital Securities are listed or admitted for trading. The
     Regular Trustees shall call a meeting of the Holders of such class if
     directed to do so by the Holders of at least 10% in liquidation amount of
     such class of Securities. Such direction shall be given by delivering to
     the Regular Trustees one or more calls in a writing stating that the
     signing Holders of Securities wish to call a meeting and indicating the
     general or specific purpose for which the meeting is to be called. Any
     Holders of Securities calling a meeting shall specify in writing the
     Security Certificates held by the Holders of Securities exercising the
     right to call a meeting and only those Securities specified shall be
     counted for purposes of determining whether the required percentage set
     forth in the second sentence of this paragraph has been met.

          (b) Except to the extent otherwise provided in the terms of the
     Securities, the following provisions shall apply to meetings of Holders of
     Securities:

               (i) notice of any such meeting shall be given to all the Holders
          of Securities having a right to vote thereat at least seven days and
          not more than 60 days before the date of such meeting. Whenever a
          vote, consent or approval of the Holders of Securities is permitted or
          required under this Declaration or the rules of any stock exchange on
          which the Capital Securities are listed or admitted for trading, such
          vote, consent or approval may be given at a meeting of the Holders of
          Securities. Any action that may be taken at a meeting of the Holders
          of Securities may be taken without a meeting if a consent in writing
          setting forth the action so taken is signed by the Holders of
          Securities owning not less than the minimum amount of Securities in
          liquidation amount that would be necessary to authorize or take such
          action at a meeting at which all Holders of Securities having a right
          to vote thereon were present and voting. Prompt notice of the

                                       44

<PAGE>

               taking of action without a meeting shall be given to the Holders
               of Securities entitled to vote who have not consented in writing.
               The Regular Trustees may specify that any written ballot
               submitted to the Security Holder for the purpose of taking any
               action without a meeting shall be returned to the Trust within
               the time specified by the Regular Trustees;

                    (ii)  each Holder of a Security may authorize any Person to
               act for it by proxy on all matters in which a Holder of
               Securities is entitled to participate, including waiving notice
               of any meeting, or voting or participating at a meeting. No proxy
               shall be valid after the expiration of 11 months from the date
               thereof unless otherwise provided in the proxy. Every proxy shall
               be revocable at the pleasure of the Holder of Securities
               executing it. Except as otherwise provided herein, all matters
               relating to the giving, voting or validity of proxies shall be
               governed by the General Corporation Law of the State of Delaware
               relating to proxies, and judicial interpretations thereunder, as
               if the Trust were a Delaware corporation and the Holders of the
               Securities were stockholders of a Delaware corporation;

                    (iii) each meeting of the Holders of the Securities shall be
               conducted by the Regular Trustees or by such other Person that
               the Regular Trustees may designate; and

                    (iv)  unless the Business Trust Act, this Declaration, the
               terms of the Securities, the Trust Indenture Act or the listing
               rules of any stock exchange on which the Capital Securities are
               then listed or trading otherwise provide, the Regular Trustees,
               in their sole discretion, shall establish all other provisions
               relating to meetings of Holders of Securities, including notice
               of the time, place or purpose of any meeting at which any matter
               is to be voted on by any Holders of Securities, waiver of any
               such notice, action by consent without a meeting, the
               establishment of a record date, quorum requirements, voting in
               person or by proxy or any other matter with respect to the
               exercise of any such right to vote.

                                   ARTICLE 13
                       REPRESENTATIONS OF PROPERTY TRUSTEE
                              AND DELAWARE TRUSTEE

     SECTION 13.1  Representations and Warranties of Property Trustee.
                   --------------------------------------------------

     The Trustee that acts as initial Property Trustee represents and warrants
to the Trust and to the Sponsor at the date of this Declaration, and each
Successor Property Trustee represents and warrants to the Trust and the Sponsor
at the time of the Successor Property Trustee's acceptance of its appointment as
Property Trustee, that:

               (a)  the Property Trustee is a state or federal banking
     corporation with trust powers and the authority to execute and deliver, and
     to carry out and perform its obligations under the terms of, this
     Declaration;

                                       45

<PAGE>

          (b)  the execution, delivery and performance by the Property Trustee
     of the Declaration has been duly authorized by all necessary corporate
     action on the part of the Property Trustee. The Declaration has been duly
     executed and delivered by the Property Trustee, and it constitutes a legal,
     valid and binding obligation of the Property Trustee, enforceable against
     it in accordance with its terms, subject to applicable bankruptcy,
     reorganization, moratorium, insolvency, and other similar laws affecting
     creditors' rights generally and to general principles of equity and the
     discretion of the court (regardless of whether the enforcement of such
     remedies is considered in a proceeding in equity or at law);

          (c)  the execution, delivery and performance of this Declaration by
     the Property Trustee does not conflict with or constitute a breach of the
     charter or by-laws of the Property Trustee; and

          (d)  no consent, approval or authorization of, or registration with or
     notice to, any New York State or federal banking authority is required for
     the execution, delivery or performance by the Property Trustee of this
     Declaration.

     SECTION 13.2   Representations and Warranties of Delaware Trustee.
                    --------------------------------------------------

     The Trustee that acts as initial Delaware Trustee represents and warrants
to the Trust and to the Sponsor at the date of this Declaration, and each
Successor Delaware Trustee represents and warrants to the Trust and the Sponsor
at the time of the Successor Delaware Trustee's acceptance of its appointment as
Delaware Trustee, that:

          (a)  the Delaware Trustee is duly organized, validly existing and in
     good standing under the laws of the State of Delaware, with trust powers
     and the authority to execute and deliver, and to carry out and perform its
     obligations under the terms of, this Declaration;

          (b)  the Delaware Trustee has been authorized to perform its
     obligations under the Certificate of Trust and the Declaration. The
     Declaration under Delaware law constitutes a legal, valid and binding
     obligation of the Delaware Trustee, enforceable against it in accordance
     with its terms, subject to applicable bankruptcy, reorganization,
     moratorium, insolvency, and other similar laws affecting creditors' rights
     generally and to general principles of equity and the discretion of the
     court (regardless of whether the enforcement of such remedies is considered
     in a proceeding in equity or at law);

          (c)  no consent, approval or authorization of, or registration with
     or notice to, any federal banking authority is required for the execution,
     delivery or performance by the Delaware Trustee of this Declaration; and

          (d)  the Delaware Trustee is an entity which has its principal place
     of business in the State of Delaware.

                                       46

<PAGE>

                                   ARTICLE 14
                                  MISCELLANEOUS

     SECTION 14.1  Notices.
                   -------

     All notices provided for in this Declaration shall be in writing, duly
signed by the party giving such notice, and shall be delivered, telecopied or
mailed by first class mail, as follows:

          (a) if given to the Trust, in care of the Regular Trustees at the
     Trust's mailing address set forth below (or such other address as the Trust
     may give notice of to the Holders of the Securities):

                             BAC Capital Trust [__]
                             c/o Bank of America Corporation
                             Attention: Corporate Treasury
                             Bank of America Corporate Center
                             100 North Tryon Street
                             NC1-007-23-01
                             Charlotte, North Carolina 28255
                             Telecopy: (704) 386-0270

          (b) if given to the Delaware Trustee, at the mailing address set forth
     below (or such other address as the Delaware Trustee may give notice of to
     the Holders of the Securities):

                             The Bank of New York (Delaware)
                             White Clay Center, Route 273
                             Newark, Delaware 19711
                             Attention: Corporate Trust Trustee Administration

          (c) if given to the Property Trustee, at the Property Trustee's
     mailing address set forth below (or such other address as the Property
     Trustee may give notice of to the Holders of the Securities):

                             The Bank of New York
                             101 Barclay Street, 21 West
                             New York, New York 10286
                             Attention: Corporate Trust Trustee Administration

          (d) if given to the Holder of the Common Securities, at the mailing
     address of the Sponsor set forth below (or such other address as the Holder
     of the Common Securities may give notice to the Trust):

                             Bank of America Corporation
                             Bank of America Corporate Center
                             100 North Tryon Street
                             NC1-007-23-01

                                       47

<PAGE>

                             Charlotte, North Carolina 28255
                             Attention: Corporate Treasury

          (e) if given to any other Holder, at the address set forth on the
     books and records of the Trust.

     All such notices shall be deemed to have been given when received in
person, telecopied with receipt confirmed, or mailed by first class mail,
postage prepaid except that if a notice or other document is refused delivery or
cannot be delivered because of a changed address of which no notice was given,
such notice or other document shall be deemed to have been delivered on the date
of such refusal or inability to deliver.

     SECTION 14.2 Governing Law.
                  -------------

     This Declaration and the rights of the parties hereunder shall be governed
by and interpreted in accordance with the laws of the State of Delaware and all
rights and remedies shall be governed by such laws without regard to principles
of conflict of laws.

     SECTION 14.3 Intention of the Parties.
                  ------------------------

     It is the intention of the parties hereto that the Trust be classified for
United States federal income tax purposes as a grantor trust. The provisions of
this Declaration shall be interpreted to further this intention of the parties.

     SECTION 14.4 Headings.
                  --------

     Headings contained in this Declaration are inserted for convenience of
reference only and do not affect the interpretation of this Declaration or any
provision hereof.

     SECTION 14.5 Successors and Assigns.
                  ----------------------

     Whenever in this Declaration any of the parties hereto is named or referred
to, the successors and assigns of such party shall be deemed to be included, and
all covenants and agreements in this Declaration by the Sponsor and the Trustees
shall bind and inure to the benefit of their respective successors and assigns,
whether so expressed.

     SECTION 14.6 Partial Enforceability.
                  ----------------------

     If any provision of this Declaration, or the application of such provision
to any Person or circumstance, shall be held invalid, the remainder of this
Declaration, or the application of such provision to persons or circumstances
other than those to which it is held invalid, shall not be affected thereby.

     SECTION 14.7 Counterparts; Acceptance.
                  ------------------------

     This Declaration may contain more than one counterpart of the signature
page and this Declaration may be executed by the affixing of the signature of
each of the Trustees to one of such counterpart signature pages. All of such
counterpart signature pages shall be read as though

                                       48

<PAGE>

one, and they shall have the same force and effect as though all of the signers
had signed a single signature page.

     Each Trustee, by its execution of a counterpart of this Declaration,
acknowledges and accepts its appointment as Trustee.

                                       49

<PAGE>

     IN WITNESS WHEREOF, the undersigned has caused these presents to be
executed as of the day and year first above written.

                                ___________________________________________
                                Karen A. Gosnell, as Regular Trustee

                                ___________________________________________
                                James T. Houghton, as Regular Trustee

                                THE BANK OF NEW YORK (DELAWARE), as
                                Delaware Trustee

                                By: _______________________________________
                                    Name:
                                    Title:

                                THE BANK OF NEW YORK,
                                as Property Trustee

                                By: _______________________________________
                                    Name:
                                    Title:

                                BANK OF AMERICA CORPORATION, as Sponsor

                                By: _______________________________________
                                    Name:
                                    Title:

                                       50

<PAGE>

                                     ANNEX I

                             BAC CAPITAL TRUST [__]
                             DESIGNATION OF TERMS OF
                           __% CAPITAL SECURITIES AND
                              __% COMMON SECURITIES

         Pursuant to Section 7.1 of the Amended and Restated Declaration of
Trust, dated as of [_________, ____] (as amended from time to time, the
"Declaration"), the designation, rights, privileges, restrictions, preferences
and other terms and provisions of the Capital Securities and the Common
Securities are set out below (each capitalized term used but not defined herein
has the meaning set forth in the Declaration);

         1.     Designation and Number.
                ----------------------

         (a)    Capital Securities. [_________] Capital Securities of the Trust
                ------------------
(liquidation amount of $[__] per Security) with an aggregate liquidation amount
with respect to the assets of the Trust of [$_________], are hereby designated
for purposes of identification only as "BAC Capital Trust [__] [__]% Capital
Securities" (the "Capital Securities"). The Capital Security Certificates
evidencing the Capital Securities shall be substantially in the form of Exhibit
A-1 to the Declaration, with such changes and additions thereto or deletions
therefrom as may be required by ordinary usage, custom or practice or to conform
to the rules of any stock exchange on which the Capital Securities are listed.

         (b)    Common Securities. [_________] Common Securities of the Trust
                -----------------
(liquidation amount of $[__] per Security) with an aggregate liquidation amount
with respect to the assets of the Trust of [$_________], are hereby designated
for purposes of identification only as "BAC Capital Trust [__] [__]% Common
Securities" (the "Common Securities"). The Common Security Certificates
evidencing the Common Securities shall be substantially in the form of Exhibit
A-2 to the Declaration, with such changes and additions thereto or deletions
therefrom as may be required by ordinary usage, custom or practice.

         2.     Distributions.
                -------------

         (a)    Distributions payable on each Security will be fixed at a rate
per annum of __% (the "Coupon Rate") of the stated liquidation amount of $[__]
per Security, such rate being the rate of interest payable on the Notes to be
held by the Property Trustee. Distributions in arrears for more than one
quarterly [semi-annual] period will bear interest thereon compounded quarterly
[semi-annual] at the Coupon Rate (to the extent permitted by applicable law). A
Distribution is payable only to the extent that payments are made in respect of
the Notes held by the Property Trustee and to the extent the Property Trustee
has funds available therefor. The amount of Distributions payable for any period
will be computed on the basis of a 360-day year of twelve 30-day months. The
amount of Distributions payable for any period shorter than a full distribution
period will be computed on the basis of the actual number of days elapsed in a
360-day year of twelve 30-day months.

                                      I-1

<PAGE>

         (b)    Distributions on the Securities will be cumulative, will accrue
from [_________, ____] and will be payable quarterly [semi-annual] in arrears,
on [January __, April __, July __ and October __] [January __ and July__] of
each year, commencing on [___________, ____], except as otherwise described
below. The Note Issuer has the right under the Indenture to defer payments of
interest on the Notes by extending the interest payment period from time to time
on the Notes for a period not exceeding 20 [10] consecutive quarterly
[semi-annual] periods (each an "Extension Period"), during which Extension
Period no interest shall be due and payable on the Notes, provided that no
                                                          -------- ----
Extension Period may extend beyond the Stated Maturity. As a consequence of such
deferral, Distributions also will be deferred on the Capital Securities for the
same period. Despite such deferral, quarterly [semi-annual] Distributions will
continue to accrue with interest thereon (to the extent permitted by applicable
law) at the Coupon Rate compounded quarterly [semi-annually] during any such
Extension Period. Prior to the termination of any such Extension Period, the
Note Issuer may extend further such Extension Period; provided that such
                                                      -------- ----
Extension Period together with all such previous and further extensions thereof
may not exceed 20 [10] consecutive quarterly [semi-annual] periods or extend
beyond the Stated Maturity. Payments of accrued Distributions will be payable to
Holders as they appear on the books and records of the Trust or the Clearing
Agency, as the case may be, on the first record date after the end of the
Extension Period. Upon the termination of any Extension Period and the payment
of all amounts then due, the Note Issuer may commence a new Extension Period,
subject to the above requirements. No interest shall be due and payable during
an Extension Period, except at the end thereof, but the Note Issuer may repay at
any time all or any portion of the interest accrued during an Extension Period.

         (c)    Distributions on the Securities will be payable to the Holders
thereof as they appear on the books and records of the Trust on the relevant
record dates. While the Capital Securities remain in Book-Entry only form, the
relevant record dates shall be one Business Day prior to the relevant payment
dates which payment dates correspond to the interest payment dates on the Notes.
Payment of Distributions on the Securities held in Book-Entry only form will be
made to the Depositary in immediately available funds. The Depositary's practice
is to credit Clearing Agency Participants' accounts on the relevant payment date
in accordance with their respective holdings shown on the Depositary's records
unless the Depositary has reason to believe that it will not receive payments on
such payment date. Payments by (i) Clearing Agency Participants and (ii)
securities brokers and dealers, banks and trust companies and other entities
that clear transactions through or maintain a direct or indirect custodial
relationship with a Clearing Agency Participant (an "Indirect Participant") to
Capital Security Beneficial Owners will be governed by standing instructions and
customary practices and will be the responsibility of such Clearing Agency
Participants and Indirect Participants and not of the Depositary, the Trust or
the Corporation, subject to any statutory or regulatory requirements as may be
in effect from time to time. Payment of distributions to the Depositary is the
responsibility of the Trust, disbursement of such payments to Clearing Agency
Participants is the responsibility of the Depositary, and disbursement of such
payments to the Capital Security Beneficial Owners is the responsibility of the
Clearing Agency Participants and Indirect Participants. The relevant record
dates for the Common Securities shall be the same record date as for the Capital
Securities. If the Capital Securities shall not continue to remain in Book-Entry
only form, the regular record dates for the Capital Securities shall be the
[January 1, April 1, July 1 and October 1] [January 1 and July 1] prior to the
relevant payment dates, which payment dates correspond to the interest payment
dates on the Notes. Distributions payable on any Securities that are not
punctually paid

                                      I-2

<PAGE>

on any Distribution payment date, as a result of the Note Issuer having failed
to make a payment under the Notes, will cease to be payable to the Person in
whose name such Securities are registered on the relevant record date, and such
defaulted Distribution will instead be payable to the Person in whose name such
Securities are registered on the special record date or other specified date
determined in accordance with the Indenture. If any date on which Distributions
are payable on the Securities is not a Business Day, then payment of the
Distribution payable on such date will be made on the next succeeding day that
is a Business Day (and without any interest or other payment in respect of any
such delay) except that, if such Business Day is in the next succeeding calendar
year, such payment shall be made on the immediately preceding Business Day, in
each case with the same force and effect as if made on such date.

         (d)    In the event that there is any money or other property held by
or for the Trust that is not accounted for hereunder, such property shall be
distributed Pro Rata (as defined herein) among the Holders of the Securities.

         3.     Liquidation Distribution Upon Dissolution.
                -----------------------------------------

         In the event of any voluntary or involuntary dissolution, winding-up or
termination of the Trust, the Holders of the Securities on the date of the
dissolution, winding-up or termination, as the case may be, will be entitled to
receive out of the assets of the Trust available for distribution to Holders of
Securities after satisfaction of liabilities of creditors an amount equal to the
aggregate of the stated liquidation amount of $[__] per Security plus accrued
and unpaid Distributions thereon to the date of payment (such amount being the
"Liquidation Distribution"), unless, in connection with such dissolution,
winding-up or termination, Notes in an aggregate stated principal amount equal
to the aggregate stated liquidation amount of such Securities, with an interest
rate equal to the Coupon Rate of, and bearing accrued and unpaid interest in an
amount equal to the accrued and unpaid Distributions on, such Securities, shall
be distributed on a Pro Rata basis to the Holders of the Securities in exchange
for such Securities.

         If, upon any such dissolution, the Liquidation Distribution can be paid
only in part because the Trust has insufficient assets available to pay in full
the aggregate Liquidation Distribution, then the amounts payable directly by the
Trust on the Securities shall be paid on a Pro Rata basis. Holders of the Common
Securities will be entitled to receive distributions upon any such dissolution
Pro Rata with Holders of the Capital Securities, except that if an Event of
Default has occurred and is continuing, the Capital Securities shall have a
preference over the Common Securities with respect to such distributions.

         4.     Redemption and Distribution.
                ---------------------------

         (a)    The Securities are subject to redemption at the Stated Maturity,
at any time after [__________, ____] and in certain circumstances, following the
occurrence of a Special Event as follows:

                (i) Upon payment of the Notes at a payment price equal to the
         principal amount of, plus any accrued and unpaid interest thereon at
         the Stated Maturity, the proceeds from such payment shall be applied
         simultaneously to redeem the Securities at the Maturity Redemption
         Price.

                                      I-3

<PAGE>

                (ii) In the event of a Special Event Prepayment prior to
         [_________,____], the proceeds from such Special Event Prepayment shall
         be applied simultaneously to redeem the Capital Securities at the
         Special Event Redemption Price.

                (iii) The Securities also may be redeemed in whole or in part
         on or after [_________, ____], contemporaneously with an optional
         prepayment of the Notes at a redemption price equal to the Optional
         Redemption Price. If fewer than all the outstanding Securities are to
         be so redeemed, the Common Securities and the Capital Securities will
         be redeemed Pro Rata and the Capital Securities to be redeemed will be
         as described in Section 4(d)(ii) below.

         (b)    If the Sponsor has given a notice of its election to terminate
the Trust, the Regular Trustees shall dissolve the Trust and, after satisfaction
of creditors, cause Notes held by the Property Trustee, having an aggregate
principal amount equal to the aggregate stated liquidation amount of the
Securities, with an interest rate equal to the Coupon Rate of, and bearing
accrued and unpaid interest in an amount equal to the accrued and unpaid
Distributions on, and having the same record date for payment as, the
Securities, to be distributed to the Holders of the Securities in liquidation of
such Holders' interests in the Securities within 90 days following receipt of
the Sponsor's notice of election.

         (c)    On and from the date fixed by the Regular Trustees for any
distribution of Notes and dissolution of the Trust: (i) the Securities will no
longer be deemed to be outstanding, (ii) the Depositary or its nominee as the
record Holder of the Capital Securities, will receive a registered Global
Security or Securities representing the Notes to be delivered upon such
distribution and any certificates representing Securities, except for
certificates representing Capital Securities held by the Depositary or its
nominee (or any successor Clearing Agency or its nominee), will be deemed to
represent beneficial interests in the Notes having an aggregate principal amount
equal to the aggregate stated liquidation amount of, with an identical interest
rate, and accrued and unpaid interest equal to accrued and unpaid Distributions
on such Securities until such certificates are presented to the Note Issuer or
its agent for transfer or reissue. The Trust may not redeem fewer than all the
outstanding Securities unless all accrued and unpaid Distributions have been
paid on all Securities for all quarterly Distribution periods terminating on or
before the date of redemption. If the Notes are distributed to holders of the
Securities, pursuant to the terms of the Indenture, the Note Issuer will use its
best efforts to have the Notes listed on the securities exchange, if any, on
which the Capital Securities were listed immediately prior to the distribution
of the Notes.

         (d)    Redemption or Distribution Procedures shall be as follows:

                (i) A Redemption/Distribution Notice will be given by the
         Trust by mail to each Holder of Securities to be redeemed or exchanged
         not fewer than 15 nor more than 60 days before the redemption date or
         exchange date which, in the case of a redemption, will be the date
         fixed for redemption of the Notes. For purposes of the calculation of
         the redemption date or exchange date and the dates on which notices are
         given pursuant to this Section 4(d)(i), a Redemption/ Distribution
         Notice shall be deemed to be given on the day such notice is first
         mailed by first-class mail, postage prepaid, to Holders of Securities.
         Each Redemption/Distribution Notice shall be addressed to the Holders
         of

                                      I-4

<PAGE>

         Securities at the address of each such Holder appearing in the books
         and records of the Trust. No defect in the Redemption/Distribution
         Notice or in the mailing of either with respect to any Holder shall
         affect the validity of the redemption or exchange proceedings with
         respect to any other Holder.

                (ii)  In the event that fewer than all the outstanding
         Securities are to be redeemed, the Securities to be redeemed shall be
         redeemed Pro Rata from each Holder of Capital Securities, it being
         understood that, in respect of Capital Securities registered in the
         name of and held of record by the Depositary or its nominee (or any
         successor Clearing Agency or its nominee) or any nominee, the
         distribution of the proceeds of such redemption will be made to each
         Clearing Agency Participant (or Person on whose behalf such nominee
         holds such securities) in accordance with the procedures applied by
         such agency or nominee.

                (iii) If Securities are to be redeemed and the Trust gives a
         Redemption/Distribution Notice, which notice may only be issued if the
         Notes are repaid as set out in this Section 4 (which notice will be
         irrevocable), then (A) while the Capital Securities are in Book-Entry
         only form, with respect to the Capital Securities, by 12:00 noon, New
         York City time, on the redemption date, provided that the Note Issuer
         has paid the Property Trustee a sufficient amount of cash in connection
         with the related prepayment or maturity of the Notes, the Property
         Trustee will deposit irrevocably with the Depositary or its nominee (or
         successor Clearing Agency or its nominee) funds sufficient to pay the
         applicable Redemption Price with respect to the Capital Securities and
         will give the Depositary irrevocable instructions and authority to pay
         the Redemption Price to the Holders of the Capital Securities, and (B)
         with respect to Capital Securities issued in definitive form and Common
         Securities, provided that the Note Issuer has paid the Property Trustee
         a sufficient amount of cash in connection with the related prepayment
         or maturity of the Notes, the Property Trustee will pay the relevant
         Redemption Price to the Holders of such Securities by check mailed to
         the address of the relevant Holder appearing on the books and records
         of the Trust on the redemption date. If a Redemption/Distribution
         Notice shall have been given and funds deposited as required, if
         applicable, then immediately prior to the close of business on the date
         of such deposit, or on the redemption date, as applicable,
         Distributions will cease to accrue on the Securities so called for
         redemption and all rights of Holders of such Securities so called for
         redemption will cease, except the right of the Holders of such
         Securities to receive the Redemption Price, but without interest on
         such Redemption Price. Neither the Regular Trustees nor the Trust shall
         be required to register or cause to be registered the transfer of any
         Securities that have been so called for redemption. If any date fixed
         for redemption of Securities is not a Business Day, then payment of the
         Redemption Price payable on such date will be made on the next
         succeeding day that is a Business Day (and without any interest or
         other payment in respect of any such delay) except that, if such
         Business Day falls in the next calendar year, such payment will be made
         on the immediately preceding Business Day, in each case with the same
         force and effect as if made on such date fixed for redemption. If
         payment of the Redemption Price in respect of any Securities is
         improperly withheld or refused and not paid either by the Property
         Trustee or by the Sponsor as guarantor pursuant to the relevant
         Securities Guarantee, Distributions on such Securities will continue to
         accrue from the original redemption date

                                      I-5

<PAGE>

         to the actual date of payment, in which case the actual payment date
         will be considered the date fixed for redemption for purposes of
         calculating the Redemption Price.

                (iv) Redemption/Distribution Notices shall be sent by the
         Regular Trustees on behalf of the Trust to (A) in respect of the
         Capital Securities, the Depositary or its nominee (or any successor
         Clearing Agency or its nominee) if the Global Securities have been
         issued or, if Definitive Capital Security Certificates have been
         issued, to the Holder thereof, and (B) in respect of the Common
         Securities to the Holder thereof.

                (v)  Subject to the foregoing and applicable law (including,
         without limitation, United States federal securities laws), provided
         the acquiror is not the Holder of the Common Securities or the obligor
         under the Indenture, the Sponsor or any of its subsidiaries may at any
         time and from time to time purchase outstanding Capital Securities by
         tender, in the open market or by private agreement.

         5.     Voting Rights - Capital Securities.
                ----------------------------------

         (a)    Except as provided under Sections 5(b) and 7 of this Designation
of Terms and as otherwise required by law and the Declaration, the Holders of
the Capital Securities will have no voting rights.

         (b)    Subject to the requirements set forth in this paragraph, the
Holders of a Majority in aggregate liquidation amount of the Capital Securities,
voting separately as a class may direct the time, method, and place of
conducting any proceeding for any remedy available to the Property Trustee, or
exercising any trust or power conferred upon the Property Trustee under the
Declaration, including the right to direct the Property Trustee, as holder of
the Notes, to (i) exercise the remedies available under the Indenture conducting
any proceeding for any remedy available to the Note Trustee, or exercising any
trust or power conferred on the Note Trustee with respect to the Notes, (ii)
waive any past Event of Default and its consequences that is waivable under
Section 5.01 of the Indenture, (iii) exercise any right to rescind or annul a
declaration that the principal of all the Notes shall be due and payable, or
(iv) consent to any amendment, modification or termination of the Indenture as a
holder of the Notes provided, however, that, where a consent or action under the
                    --------  -------
Indenture would require the consent or act of the Holders of a Super Majority
affected thereby the Property Trustee may only give such consent or take such
action at the written direction of the Holders of at least the proportion in
liquidation amount of the Capital Securities which the relevant Super Majority
represents of the aggregate principal amount of the Notes outstanding. The
Property Trustee shall not revoke any action previously authorized or approved
by a vote of the Holders of the Capital Securities. Other than with respect to
directing the time, method and place of conducting any remedy available to the
Property Trustee or the Note Trustee as set forth above, the Property Trustee
shall not take any action in accordance with the directions of the Holders of
the Capital Securities under this paragraph unless the Property Trustee has
obtained an opinion of tax counsel to the effect that for the purposes of United
States federal income tax the Trust will not be classified as other than a
grantor trust on account of such action. If a Nonpayment occurs on the date such
interest or principal is otherwise payable (or in the case of redemption, on the
redemption date), and such Nonpayment is continuing, a Holder of Capital
Securities may institute a Direct Action after the respective due date specified
in the Notes. In connection with

                                      I-6

<PAGE>

such Direct Action, the rights of the Holders of the Common Securities will be
subrogated to the rights of such Holder of Capital Securities to the extent of
any payment made by the Note Issuer to such Holder of Capital Securities in such
Direct Action. If the Property Trustee fails to enforce its rights under the
Declaration, any Holder of Capital Securities may, to the extent permitted by
applicable law, institute a legal proceeding directly against any Person to
enforce the Property Trustee's rights under the Declaration, without first
instituting a legal proceeding against the Property Trustee or any other Person.

         Except as provided in this Section, the Holders of Capital Securities
will not be able to exercise directly any other remedy available to the holders
of the Notes.

         Any approval or direction of Holders of Capital Securities may be given
at a separate meeting of Holders of Capital Securities convened for such
purpose, at a meeting of all of the Holders of Securities or pursuant to written
consent. The Regular Trustees will cause a notice of any meeting at which
Holders of Capital Securities are entitled to vote, or of any matter upon which
action by written consent of such Holders is to be taken, to be mailed to each
Holder of record of Capital Securities. Each such notice will include a
statement setting forth (i) the date of such meeting or the date by which such
action is to be taken, (ii) a description of any resolution proposed for
adoption at such meeting on which such Holders are entitled to vote or of such
matter upon which written consent is sought, and (iii) instructions for the
delivery of proxies or consents.

         No vote or consent of the Holders of the Capital Securities will be
required for the Trust to redeem and cancel Capital Securities or to distribute
the Notes in accordance with the Declaration and the terms of the Securities.

         Notwithstanding that Holders of Capital Securities are entitled to vote
or consent under any of the circumstances described above, any of the Capital
Securities that are owned by the Sponsor or any Affiliate of the Sponsor shall
not be entitled to vote or consent and shall, for purposes of such vote or
consent, be treated as if they were not outstanding.

         6.     Voting Rights - Common Securities.
                ---------------------------------

         (a)    Except as provided under Sections 6(b) and (c), 7(a) and (b) and
8 of this Designation of Terms or as otherwise required by law and the
Declaration, the Holders of the Common Securities will have no voting rights.

         (b)    The Holders of the Common Securities are entitled, in accordance
with Article V of the Declaration, to vote to appoint, remove or replace any
Trustee or to increase or decrease the number of Trustees.

         (c)    Subject to Section 2.6 of the Declaration and only after the
Event of Default with respect to the Capital Securities has been cured, waived,
or otherwise eliminated and subject to the requirements of the second to last
sentence of this paragraph, the Holders of a Majority in liquidation amount of
the Common Securities, voting separately as a class, may direct the time,
method, and place of conducting any proceeding for any remedy available to the
Property Trustee, or exercising any trust or power conferred upon the Property
Trustee under the Declaration, including (i) directing the time, method, place
of conducting any proceeding for any

                                      I-7

<PAGE>

remedy available to the Note Trustee, or exercising any trust or power conferred
on the Note Trustee with respect to the Notes, (ii) waive any past default and
its consequences that is waivable under Section 5.01 of the Indenture, or (iii)
exercise any right to rescind or annul a declaration that the principal of all
the Notes shall be due and payable, provided that, where a consent or action
                                    -------- ----
under the Indenture would require the consent or act of the Holders of a Super
Majority, the Property Trustee only may give such consent or take such action at
the written direction of the Holders of at least the proportion in liquidation
amount of the Common Securities which the relevant Super Majority represents of
the aggregate principal amount of the Notes outstanding. Pursuant to this
Section 6(c), the Property Trustee shall not revoke any action previously
authorized or approved by a vote of the Holders of the Capital Securities. Other
than with respect to directing the time, method and place of conducting any
remedy available to the Property Trustee or the Note Trustee as set forth above,
the Property Trustee shall not take any action in accordance with the directions
of the Holders of the Common Securities under this paragraph unless the Property
Trustee has obtained an opinion of tax counsel to the effect that for purposes
of United States federal income tax the Trust will not be classified as other
than a grantor trust on account of such action. If the Property Trustee fails to
enforce its rights under the Declaration, any Holder of Common Securities may,
to the extent permitted by applicable law, institute a legal proceeding directly
against any Person to enforce the Property Trustee's rights under the
Declaration, without first instituting a legal proceeding against the Property
Trustee or any other Person.

         Any approval or direction of Holders of Common Securities may be given
at a separate meeting of Holders of Common Securities convened for such purpose,
at a meeting of all of the Holders of Securities in the Trust or pursuant to
written consent. The Regular Trustees will cause a notice of any meeting at
which Holders of Common Securities are entitled to vote, or of any matter upon
which action by written consent of such Holders is to be taken, to be mailed to
each Holder of record of Common Securities. Each such notice will include a
statement setting forth (i) the date of such meeting or the date by which such
action is to be taken, (ii) a description of any resolution proposed for
adoption at such meeting on which such Holders are entitled to vote or of such
matter upon which written consent is sought and (iii) instructions for the
delivery of proxies or consents.

         No vote or consent of the Holders of the Common Securities will be
required for the Trust to redeem and cancel Common Securities or to distribute
the Notes in accordance with the Declaration and the terms of the Securities.

         7.     Amendments to Declaration and Indenture.
                ---------------------------------------

         (a)    In addition to any requirements under Section 12.1 of the
Declaration, if any proposed amendment to the Declaration provides for, or the
Regular Trustees otherwise propose to effect, (i) any action that would
adversely affect the powers, preferences or special rights of the Securities,
whether by way of amendment to the Declaration or otherwise, or (ii) the
dissolution, winding-up or termination of the Trust, other than as described in
Section 8.1 of the Declaration, then the Holders of outstanding Securities
voting together as a single class, will be entitled to vote on such amendment or
proposal (but not on any other amendment or proposal) and such amendment or
proposal shall not be effective except with the approval of the Holders of at
least as a Majority in liquidation amount of the Securities, affected thereby,
provided,

                                      I-8

<PAGE>

however, if any amendment or proposal referred to in clause (i) above would
adversely affect only the Capital Securities or only the Common Securities, then
only the affected class will be entitled to vote on such amendment or proposal
and such amendment or proposal shall not be effective except with the approval
of a Majority in liquidation amount of such class of Securities.

         (b)    In the event the consent of the Property Trustee as the holder
of the Notes is required under the Indenture with respect to any amendment,
modification or termination of the Indenture or the Notes, the Property Trustee
shall request the written direction of the Holders of the Securities with
respect to such amendment, modification or termination and shall vote with
respect to such amendment, modification or termination as directed by a Majority
in liquidation amount of the Securities voting together as a single class;
provided, however, that where as a consent under the Indenture would require the
--------  -------
consent of the holders of as a Super Majority, the Property Trustee may only
give such consent at the direction of the Holders of at least the proportion in
liquidation amount of the Securities which the relevant Super Majority
represents of the aggregate principal amount of the Notes outstanding; provided,
                                                                       --------
further, that the Property Trustee shall not take any action in accordance with
-------
the directions of the Holders of the Securities under this Section 7(b) unless
the Property Trustee has obtained an opinion of tax counsel to the effect that
for the purposes of United States federal income tax the Trust will not be
classified as other than a grantor trust on account of such action.

         8.     Pro Rata.
                --------

         A reference in these terms of the Securities to any payment,
distribution or treatment as being "Pro Rata" shall mean pro rata to each Holder
of Securities according to the aggregate liquidation amount of the Securities
held by the relevant Holder in relation to the aggregate liquidation amount of
all Securities outstanding unless, in relation to a payment, an Event of Default
has occurred and is continuing, in which case any funds available to make such
payment shall be paid first to each Holder of the Capital Securities pro rata
according to the aggregate liquidation amount of Capital Securities held by the
relevant Holder relative to the aggregate liquidation amount of all Capital
Securities outstanding, and only after satisfaction of all amounts owed to the
Holders of the Capital Securities, to each Holder of Common Securities pro rata
according to the aggregate liquidation amount of Common Securities held by the
relevant Holder relative to the aggregate liquidation amount of all Common
Securities outstanding.

         9.     Ranking.
                -------

         The Capital Securities rank pari passu and payment thereon shall be
                                     ---- -----
made pro rata with the Common Securities except that, where an Event of Default
occurs and is continuing, the rights of Holders of the Common Securities to
payment in respect of Distributions and payments upon liquidation, redemption
and otherwise are subordinated to the rights to payment of the Holders of the
Capital Securities.

         10.    Listing.
                -------

         Unless otherwise determined by the Regular Trustees, the Capital
Securities shall not be listed for quotation on any stock exchange.

                                      I-9

<PAGE>

         11.    Acceptance of Securities Guarantee and Indenture.
                ------------------------------------------------

         Each Holder of Capital Securities and Common Securities, by the
acceptance thereof, agrees to the provisions of the Capital Securities Guarantee
and the Common Securities Guarantee, respectively, including the subordination
provisions therein and to the provisions of the Indenture.

         12.    No Preemptive Rights.
                --------------------

         The Holders of the Securities shall have no preemptive rights to
subscribe for any additional securities.

         13.    Miscellaneous.
                -------------

         These terms constitute a part of the Declaration.

         The Sponsor will provide a copy of the Declaration and the Capital
Securities Guarantee or the Common Securities Guarantee (as may be appropriate),
and the Indenture to a Holder without charge on written request to the Sponsor
at its principal place of business.

                                      I-10

<PAGE>

         Dated:   __________, [____]

                                        BANK OF AMERICA CORPORATION
                                        as Sponsor

                                        By:  ________________________________
                                                     [________________]
                                                   Senior Vice President

         Accepted:

         BAC Capital Trust [__]

         _________________________
         James T. Houghton
         Regular Trustee

         _________________________
         Karen A. Gosnell
         Regular Trustee

                                      I-11

<PAGE>

                                   EXHIBIT A-1

                      FORM OF CAPITAL SECURITY CERTIFICATE

         This Capital Security is a Global Security within the meaning of the
Declaration hereinafter referred to and is registered in the name of The
Depository Trust Company (the "Depositary") or a nominee of the Depositary. This
Capital Security is exchangeable for Capital Securities registered in the name
of a person other than the Depositary or its nominee only in the limited
circumstances described in the Declaration and no transfer of this Capital
Security (other than a transfer of this Capital Security as a whole by the
Depositary to a nominee of the Depositary or by a nominee of the Depositary to
the Depositary or to another nominee of the Depositary) may be registered except
in limited circumstances.

         Unless this Capital Security is presented by an authorized
representative of The Depository Trust Company (55 Water Street, New York, New
York) to the Trust or its agent for registration of transfer, exchange or
payment, and any Capital Security 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.

         THIS INSTRUMENT IS NOT A SAVINGS ACCOUNT OR A BANK DEPOSIT, IS NOT AN
OBLIGATION OF OR GUARANTEED BY ANY BANKING AFFILIATE OF BANK OF AMERICA
CORPORATION AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR
ANY OTHER GOVERNMENTAL AGENCY AND INVOLVES INVESTMENT RISKS, INCLUDING POSSIBLE
LOSS OF PRINCIPAL.

         Certificate Number

         __-R-_____________                               CUSIP NO. [_________]

                Certificate Evidencing ______ Capital Securities
                      (aggregate liquidation amount $[__])

                                       of

                             BAC CAPITAL TRUST [__]

                             ___% Capital Securities
                 (liquidation amount $[__] per Capital Security)

         BAC CAPITAL TRUST [__], a statutory business trust formed under the
laws of the State of Delaware (the "Trust"), hereby certifies that CEDE & CO.
(the "Holder") is the registered owner of _______ Capital Securities of the
Trust representing undivided preferred beneficial interests in the assets of the
Trust designated the ___% Capital Securities (liquidation amount $[__] per
Capital Security) (the "Capital Securities"). The Capital Securities are
transferable on the books and records of the Trust, in person or by a duly
authorized attorney,

                                      A1-1

<PAGE>

upon surrender of this certificate duly endorsed and in proper form for
transfer. The designation, rights, privileges, restrictions, preferences and
other terms and provisions of the Capital Securities represented hereby are
issued and shall in all respects be subject to the provisions of the Amended and
Restated Declaration of Trust of the Trust dated as of [__________, ____], as
the same may be amended from time to time (the "Declaration"), including the
designation of the terms of the Capital Securities as set forth in Annex I to
the Declaration. Capitalized terms used herein but not defined shall have the
meaning given them in the Declaration. The Holder is entitled to the benefits of
the Capital Securities Guarantee to the extent provided therein. The Declaration
permits the Sponsor to dissolve the Trust at any time. The Sponsor will provide
a copy of the Declaration, the Capital Securities Guarantee and the Indenture to
a Holder without charge upon written request to the Sponsor at its principal
place of business.

         Upon receipt of this certificate, the Holder is bound by the
Declaration and is entitled to the benefits thereunder.

         By acceptance, the Holder agrees to treat, for United States federal
income tax purposes, the Notes as indebtedness and the Capital Securities as
evidence of indirect beneficial ownership of the Notes.

         IN WITNESS WHEREOF, the Trust has executed this certificate as of
[________, ____].

                             BAC CAPITAL TRUST [__]

                             By:________________________________
                             Name: Karen A. Gosnell
                             Title: Regular Trustee

                                      A1-2

<PAGE>

                          [FORM OF REVERSE OF SECURITY]

         Distributions payable on each Capital Security will be fixed at a rate
per annum of ___% (the "Coupon Rate") of the stated liquidation amount of $[__]
per Capital Security, such rate being the rate of interest payable on the Notes
to be held by the Property Trustee on behalf of the Trust. Distributions in
arrears for more than one quarter period will bear interest thereon compounded
quarterly [semi-annually] at the Coupon Rate (to the extent permitted by
applicable law). A Distribution is payable only to the extent that payments are
made in respect of the Notes held by the Property Trustee and to the extent the
Property Trustee has funds available therefor. The amount of Distributions
payable for any period will be computed on the basis of a 360-day year of twelve
30-day months.

         Except as otherwise described below, Distributions on the Capital
Securities will be cumulative, will accrue from the date of original issuance
and will be payable quarterly [semi-annually] in arrears on [January __, April
__, July __ and October __] [January __ and July __] of each year, commencing on
[__________, _____] to the person in whose name the Capital Security is
registered at the close of business on the regular record date for such
installment, which shall be the close of business on the Business Day next
preceding such payment date -- IF PURSUANT TO THE TERMS OF THE DECLARATION, THE
SECURITIES ARE NO LONGER REPRESENTED BY A GLOBAL SECURITY -- which shall be the
close of business on [January 1, April 1, July 1 or October 1] [January 1 and
July 1]. The Note Issuer has the right under the Indenture to defer payments of
interest by extending the interest payment period from time to time on the Notes
for a period not exceeding 20 [10] consecutive quarterly [semi-annual] periods
(each an "Extension Period"), provided that no Extension Period shall last
                              -------- ----
beyond the date of the maturity of the Notes. As a consequence of such deferral,
Distributions will also be deferred hereunder for the same period. Despite such
deferral, quarterly [semi-annual] Distributions will continue to accrue with
interest thereon (to the extent permitted by applicable law) at the Coupon Rate
compounded quarterly [semi-annually] during any such Extension Period. Prior to
the termination of any such Extension Period, the Note Issuer may further extend
such Extension Period; provided that such Extension Period together with all
                       -------- ----
such previous and further extensions thereof may not exceed 20 [10] consecutive
quarterly [semi-annual] periods or extend beyond the maturity date of the Notes.
Payments of accrued Distributions will be payable to Holders as they appear on
the books and records of the Trust on the first record date after the end of the
Extension Period. Upon the termination of any Extension Period and the payment
of all amounts then due, the Note Issuer may commence a new Extension Period,
subject to the above requirements.

   THE CAPITAL SECURITIES SHALL BE REDEEMABLE AS PROVIDED IN THE DECLARATION.

                                      A1-3

<PAGE>

                              _____________________

                                   ASSIGNMENT

         FOR VALUE RECEIVED, the undersigned assigns and transfers this Capital
Security Certificate to:

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

        (Insert assignee's social security or tax identification number)

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

                    (Insert address and zip code of assignee)

and irrevocably appoints
_________________________________________________________________

_________________________________________________________________

___________________________________________________________ agent to transfer
this Capital Security Certificate on the books of the Trust. The agent may
substitute another to act for him or her.

Date: _______________________

Signature: __________________
(Sign exactly as your name appears on the other side of this Capital Security
Certificate)

Signature Guarantee*:            ________________________________

____________________________
*   Signature must be guaranteed by an "eligible guarantor institution" that is
    a bank, stockbroker, savings and loan association or credit union meeting
    the requirements of the Registrar, which requirements include membership or
    participation in the Securities Transfer Agents Medallion Program ("STAMP")
    or such other "signature guarantee program" as may be determined by the
    Registrar in addition to, or in substitution for, STAMP, all in accordance
    with the Securities and Exchange Act of 1934, as amended.

                                      A1-4

<PAGE>

                                   EXHIBIT A-2

                       FORM OF COMMON SECURITY CERTIFICATE

         THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), AND ARE "RESTRICTED
SECURITIES" AS THAT TERM IS DEFINED IN RULE 144A UNDER THE ACT. THE SECURITIES
MAY NOT BE OFFERED FOR SALE, SOLD OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR PURSUANT TO AN EXEMPTION FROM
REGISTRATION UNDER THE ACT, THE AVAILABILITY OF WHICH IS TO BE ESTABLISHED TO
THE SATISFACTION OF THE TRUST.

         THE COMMON SECURITIES REPRESENTED BY THIS CERTIFICATE ARE BENEFICIALLY
OWNED BY A PERSON WHO MAY BE AN "AFFILIATE" WITHIN THE MEANING OF RULE 144 UNDER
THE ACT. CONSEQUENTLY, THE SECURITIES MAY NOT BE TRANSFERRED UNLESS SUCH
TRANSFER IS IN COMPLIANCE WITH SAID RULE OR UNLESS MADE PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT FOR SUCH SECURITIES UNDER THE ACT OR AN OPINION OF
COUNSEL FOR THE TRUST THAT REGISTRATION IS NOT REQUIRED UNDER THE ACT.

         THIS INSTRUMENT IS NOT A SAVINGS ACCOUNT OR A BANK DEPOSIT, IS NOT AN
OBLIGATION OF OR GUARANTEED BY ANY BANKING AFFILIATE OF BANK OF AMERICA
CORPORATION AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR
ANY OTHER GOVERNMENTAL AGENCY AND INVOLVES INVESTMENT RISKS, INCLUDING POSSIBLE
LOSS OF PRINCIPAL.

Certificate Number

__-R_____________

                 Certificate Evidencing ______ Common Securities
                      (aggregate liquidation amount $[__])

                                       of

                             BAC CAPITAL TRUST [__]

                             ___% Common Securities
                 (liquidation amount $[__] per Common Security)

         BAC CAPITAL TRUST [__], a statutory business trust formed under the
laws of the State of Delaware (the "Trust"), hereby certifies that BANK OF
AMERICA CORPORATION (the "Holder") is the registered owner of ______ common
securities of the Trust representing

                                      A2-1

<PAGE>

undivided common beneficial interests in the assets of the Trust designated the
___% Common Securities (liquidation amount $[__] per Common Security) (the
"Common Securities"). The Common Securities are transferable on the books and
records of the Trust, in person or by a duly authorized attorney, upon surrender
of this certificate duly endorsed and in proper form for transfer. The
designation, rights, privileges, restrictions, preferences and other terms and
provisions of the Common Securities represented hereby are issued and shall in
all respects be subject to the provisions of the Amended and Restated
Declaration of Trust of the Trust dated as of [________, ____], as the same may
be amended from time to time (the "Declaration"), including the designation of
the terms of the Common Securities as set forth in Annex I to the Declaration.
Capitalized terms used herein but not defined shall have the meaning given them
in the Declaration. The Holder is entitled to the benefits of the Common
Securities Guarantee to the extent provided therein. The Declaration permits the
Sponsor to dissolve the Trust at any time. The Sponsor will provide a copy of
the Declaration, the Common Securities Guarantee and the Indenture to a Holder
without charge upon written request to the Sponsor at its principal place of
business.

         Upon receipt of this certificate, the Sponsor is bound by the
Declaration and is entitled to the benefits thereunder.

         By acceptance, the Holder agrees to treat, for United States federal
income tax purposes, the Notes as indebtedness and the Common Securities as
evidence of indirect beneficial ownership in the Notes.

         IN WITNESS WHEREOF, the Trust has executed this certificate as of
[________, ____].

                                BAC CAPITAL TRUST [__]

                                By:________________________________
                                Name: Karen A. Gosnell
                                Title: Regular Trustee

                                      A2-2

<PAGE>

                          [FORM OF REVERSE OF SECURITY]

         Distributions payable on each Common Security will be fixed at a rate
per annum of ____% (the "Coupon Rate") of the stated liquidation amount of $[__]
per Common Security, such rate being the rate of interest payable on the Notes
to be held by the Property Trustee. Distributions in arrears will continue to
accumulate at the same rate compounded quarterly [semi-annually]. A Distribution
is payable only to the extent that payments are made in respect of the Notes
held by the Property Trustee and to the extent the Property Trustee has funds
available therefor. The amount of Distributions payable for any period will be
computed on the basis of a 360-day year of twelve 30-day months.

         Except as otherwise described below, Distributions on the Common
Securities will be cumulative, will accrue from the date of original issuance
and will be payable quarterly [semi-annually] in arrears on [January __, April
__, July __ and October __] [January __ and July __] of each year, commencing on
[_________, _____], to Holders of record 15 days prior to such payment dates,
which payment dates shall correspond to the interest payment dates on the Notes.
The Note Issuer has the right under the Indenture to defer payments of interest
by extending the interest payment period from time to time on the Notes for a
period not exceeding 20 [10] consecutive quarterly [semi-annual] periods (each
an "Extension Period"), provided that no Extension Period shall last beyond the
                        -------- ----
date of the maturity of the Notes. As a consequence of such deferral,
[semi-annual] Distributions will also be deferred hereunder for the same period.
Despite such deferral, quarterly [semi-annual] Distributions will continue to
accrue with interest thereon (to the extent permitted by applicable law) at the
Coupon Rate compounded quarterly [semi-annually] during any such Extension
Period. Prior to the termination of any such Extension Period, the Note Issuer
may further extend such Extension Period; provided that such Extension Period
                                          -------- ----
together with all such previous and further extensions thereof may not exceed 20
[10] consecutive quarterly [semi-annual] periods or extend beyond the maturity
date of the Notes. Payments of accrued Distributions will be payable to Holders
as they appear on the books and records of the Trust on the first record date
after the end of the Extension Period. Upon the termination of any Extension
Period and the payment of all amounts then due, the Note Issuer may commence a
new Extension Period, subject to the above requirements.

         THE COMMON SECURITIES SHALL BE REDEEMABLE AS PROVIDED IN THE
DECLARATION.

                                      A2-3

<PAGE>

                              _____________________

                                   ASSIGNMENT

         FOR VALUE RECEIVED, the undersigned assigns and transfers this Common
Security Certificate to:

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

         (Insert assignee's social security or tax identification number)

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________
         (Insert address and zip code of assignee)

and irrevocably appoints ________________________________________

________________________________________________________________________________

__________________________________________agent to transfer this Common Security
Certificate on the books of the Trust. The agent may substitute another to act
for him or her.

Date: _______________________

Signature:______________________________________________________________________
(Sign exactly as your name appears on the other side of this Common Security
Certificate)

Signature Guarantee/1/: _________________________________

________________________
/1/  Signature must be guaranteed by an "eligible guarantor institution" that is
     a bank, stockbroker, savings and loan association or credit union meeting
     the requirements of the Registrar, which requirements include membership or
     participation in the Securities Transfer Agents medallion Program ("STAMP")
     or such other "signature guarantee program" as may be determined by the
     Registrar in addition to, or in substitution for, STAMP, all in accordance
     with the Securities and Exchange Act of 1934, as amended.

                                      A2-4<PAGE>

                                                                  EXHIBIT 4.10
                          BANK OF AMERICA CORPORATION

                         ______________________________

                         ______________________________

                               RESTATED INDENTURE

                          Dated as of November 1, 2001

                         ______________________________

                              THE BANK OF NEW YORK

                                   as Trustee

                         ______________________________

                      JUNIOR SUBORDINATED DEBT SECURITIES

<PAGE>

                                    TIE-SHEET

         of provisions of Trust Indenture Act of 1939 with Indenture dated as of
November 1, 2001 between Bank of America Corporation and The Bank of New York,
as Trustee:

<TABLE>
<CAPTION>

ACT SECTION                                                             INDENTURE SECTION
<S>                                                                     <C>
310(a)(1) ......................................................................     6.09
(a)(2) .........................................................................     6.09
310(a)(3) .....................................................................      N.A.
(a)(4) .........................................................................     N.A.
310(b) ........................................................  6.08; 6.10(a)(b) and (d)
310(c) .........................................................................     N.A.
311(a) and (b) .................................................................     6.13
311(c) .........................................................................     N.A.
312(a) ..................................................................   4.01; 4.02(a)
312(b) and (c) .......................................................... 4.02(b) and (c)
313(a) .........................................................................  4.04(a)
313(b)(1) ......................................................................     N.A.
313(b)(2) ......................................................................     N.A.
313(c) .........................................................................     N.A.
313(d) .........................................................................  4.04(b)
314(a) .........................................................................     4.03
314(b) .........................................................................     N.A.
314(c)(1) and (2) ..............................................................    13.06
314(c)(3) ......................................................................     N.A.
314(d) .........................................................................     N.A.
314(e) .........................................................................    13.06
314(f) .........................................................................     N.A.
315(a)(c) and (d) ..............................................................     6.01
315(b) .........................................................................     5.08
315(e) .........................................................................     5.09
316(a)(1) ...................................................................  5.01; 5.07
316(a)(2) ......................................................................  Omitted
316(a) last sentence ...........................................................     7.04
316(b) .........................................................................     5.04
317(a) .........................................................................     5.02
317(b) .........................................................................  3.04(a)
318(a) .........................................................................    13.08
</TABLE>

         THIS TIE-SHEET IS NOT PART OF THE INDENTURE AS EXECUTED.

<PAGE>

                               TABLE OF CONTENTS
<TABLE>
<CAPTION>
                                    ARTICLE 1
                                   DEFINITIONS

<S>                                                                                 <C>
SECTION 1.01.    Definitions ....................................................    1

                                    ARTICLE 2
                                   SECURITIES

SECTION 2.01.    Forms Generally ................................................    8
SECTION 2.02.    Form of Trustee's Certificate of Authentication ................    8
SECTION 2.03.    Amount Unlimited; Issuable in Series ...........................    8
SECTION 2.04.    Authentication and Dating ......................................   10
SECTION 2.05.    Date and Denomination of Securities ............................   12
SECTION 2.06.    Execution of Securities ........................................   13
SECTION 2.07.    Exchange and Registration of Transfer of Securities ............   14
SECTION 2.08.    Mutilated, Destroyed, Lost or Stolen Securities ................   15
SECTION 2.09.    Temporary Securities ...........................................   15
SECTION 2.10.    Cancellation of Securities Paid, etc ...........................   16
SECTION 2.11.    Global Securities ..............................................   16
SECTION 2.12.    CUSIP Numbers ..................................................   17
SECTION 2.13.    Extension of Interest Payment Period ...........................   18

                                    ARTICLE 3
                        PARTICULAR COVENANTS OF THE COMPANY

SECTION 3.01.    Payment of Principal, Premium and Interest .....................   19
SECTION 3.02.    Offices for Notices and Payments, etc ..........................   19
SECTION 3.03.    Appointments to Fill Vacancies in Trustee's Office .............   20
SECTION 3.04.    Provision as to Paying Agent ...................................   20
SECTION 3.05.    Certificate to Trustee .........................................   21
SECTION 3.06.    Compliance with Consolidation Provisions .......................   21
SECTION 3.07.    Limitation on Dividends ........................................   21
SECTION 3.08.    Covenants as to Trusts .........................................   22
SECTION 3.09.    Calculation of Original Issue Discount .........................   22

                                    ARTICLE 4
          SECURITYHOLDERS' LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE

SECTION 4.01.    Securityholders' Lists .........................................   22
SECTION 4.02.    Preservation and Disclosure of Lists ...........................   23
SECTION 4.03.    Reports by Company .............................................   24
SECTION 4.04.    Reports by the Trustee .........................................   24

                                    ARTICLE 5
                  REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS

SECTION 5.01.    Events of Default ..............................................   25
SECTION 5.02.    Payment of Securities on Default; Suit Therefor ................   26
SECTION 5.03.    Application of Moneys Collected by Trustee .....................   29
SECTION 5.04.    Proceedings by Securityholders .................................   29
SECTION 5.05.    Proceedings by Trustee .........................................   30
</TABLE>

                                       i

<PAGE>

                               TABLE OF CONTENTS
<TABLE>
<S>                                                                                          <C>
SECTION 5.06.    Remedies Cumulative and Continuing .......................................  30
SECTION 5.07.    Direction of Proceedings and Waiver of Defaults
                 by Majority of Securityholders ...........................................  30
SECTION 5.08.    Notice of Defaults and Nonpayments .......................................  31
SECTION 5.09.    Undertaking to Pay Costs .................................................  32

                                       ARTICLE 6
                                 CONCERNING THE TRUSTEE

SECTION 6.01.    Duties and Responsibilities of Trustee ...................................  32
SECTION 6.02.    Reliance on Documents, Opinions, etc .....................................  33
SECTION 6.03.    No Responsibility for Recitals, etc ......................................  34
SECTION 6.04.    Trustee, Authenticating Agent, Paying Agents,
                 Transfer Agents or Registrar May Own Securities ..........................  35
SECTION 6.05.    Moneys to be Held in Trust ...............................................  35
SECTION 6.06.    Compensation and Expenses of Trustee .....................................  35
SECTION 6.07.    Officers' Certificate as Evidence ........................................  36
SECTION 6.08.    Conflicting Interest of Trustee ..........................................  36
SECTION 6.09.    Eligibility of Trustee ...................................................  36
SECTION 6.10.    Resignation or Removal of Trustee ........................................  36
SECTION 6.11.    Acceptance by Successor Trustee ..........................................  38
SECTION 6.12.    Succession by Merger, etc ................................................  39
SECTION 6.13.    Limitation on Rights of Trustee as a Creditor ............................  39
SECTION 6.14.    Authenticating Agents ....................................................  39

                                       ARTICLE 7
                            CONCERNING THE SECURITYHOLDERS

SECTION 7.01.    Action by Securityholders ................................................  41
SECTION 7.02.    Proof of Execution by Securityholders ....................................  41
SECTION 7.03.    Who Are Deemed Absolute Owners ...........................................  42
SECTION 7.04.    Securities Owned by Company Deemed Not Outstanding .......................  42
SECTION 7.05.    Revocation of Consents; Future Holders Bound .............................  42

                                       ARTICLE 8
                               SECURITYHOLDERS' MEETINGS

SECTION 8.01.    Purposes of Meetings .....................................................  43
SECTION 8.02.    Call of Meetings by Trustee ..............................................  43
SECTION 8.03.    Call of Meetings by Company or Securityholders ...........................  43
SECTION 8.04.    Qualifications for Voting ................................................  44
SECTION 8.05.    Regulations ..............................................................  44
SECTION 8.06.    Voting ...................................................................  44

                                       ARTICLE 9
                                SUPPLEMENTAL INDENTURES

SECTION 9.01.    Supplemental Indentures without Consent of Securityholders ...............  45
SECTION 9.02.    Supplemental Indentures with Consent of Securityholders ..................  47
SECTION 9.03.    Compliance with Trust Indenture Act; Effect of Supplemental Indentures ...  48
</TABLE>

                                       ii

<PAGE>

                                   TABLE OF CONTENTS
<TABLE>
<S>                                                                                           <C>
SECTION 9.04.     Notation on Securities ..................................................   48
SECTION 9.05.     Evidence of Compliance of Supplemental Indenture to be
                  Furnished Trustee .......................................................   48

                                    ARTICLE 10
                   CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE

SECTION 10.01.    Company May Consolidate, etc., on Certain Terms .........................   49
SECTION 10.02.    Successor Corporation to be Substituted for Company .....................   49
SECTION 10.03.    Opinion of Counsel to be Given Trustee ..................................   50

                                    ARTICLE 11
                   SATISFACTION AND DISCHARGE OF INDENTURE; DEFEASANCE

SECTION 11.01.    Discharge of Indenture ..................................................   50
SECTION 11.02.    Deposited Moneys and U.S. Government Obligations to be Held in
                  Trust by Trustee ........................................................   50
SECTION 11.03.    Paying Agent to Repay Moneys Held .......................................   51
SECTION 11.04.    Return of Unclaimed Moneys ..............................................   51
SECTION 11.05.    Defeasance and Discharge Upon Deposit of Moneys or U.S.
                  Government Obligations ..................................................   51

                                    ARTICLE 12
               IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS

SECTION 12.01.    Indenture and Securities Solely Corporate Obligations ...................   53

                                    ARTICLE 13
                              MISCELLANEOUS PROVISIONS

SECTION 13.01.    Successors ..............................................................   53
SECTION 13.02.    Official Acts by Successor Corporation ..................................   53
SECTION 13.03.    Surrender of Company Powers .............................................   53
SECTION 13.04.    Addresses for Notices, etc ..............................................   54
SECTION 13.05.    Governing Law ...........................................................   54
SECTION 13.06.    Evidence of Compliance with Conditions Precedent ........................   54
SECTION 13.07.    Legal Holidays ..........................................................   54
SECTION 13.08.    Trust Indenture Act to Control ..........................................   55
SECTION 13.09.    Table of Contents, Headings, etc ........................................   55
SECTION 13.10.    Execution in Counterparts ...............................................   55
SECTION 13.11.    Separability ............................................................   55
SECTION 13.12.    Assignment ..............................................................   55
SECTION 13.13.    Acknowledgment of Rights ................................................   55

                                    ARTICLE 14
                              REDEMPTION OF SECURITIES

SECTION 14.01.    Applicability of Article ................................................   56
SECTION 14.02.    Notice of Redemption; Selection of Securities ...........................   56
SECTION 14.03.    Payment of Securities Called for Redemption .............................   57
</TABLE>

                                      iii

<PAGE>

                               TABLE OF CONTENTS

<TABLE>
                                      ARTICLE 15
                              SUBORDINATION OF SECURITIES

<S>                                                                                      <C>
SECTION 15.01.    Agreement to Subordinate .........................................     57
SECTION 15.02.    Default on Senior Obligations ....................................     58
SECTION 15.03.    Liquidation; Dissolution; Bankruptcy .............................     58
SECTION 15.04.    Subrogation ......................................................     59
SECTION 15.05.    Trustee to Effectuate Subordination ..............................     60
SECTION 15.06.    Notice by the Company ............................................     60
SECTION 15.07.    Rights of the Trustee; Holders of Senior Obligations .............     61
SECTION 15.08.    Subordination May Not Be Impaired ................................     61
</TABLE>

                                       iv

<PAGE>

         THIS RESTATED INDENTURE, dated as of November 1, 2001, between BANK OF
AMERICA CORPORATION, a Delaware corporation (the "Company"), and THE BANK OF NEW
YORK, a New York banking corporation, as trustee (the "Trustee"),

                              W I T N E S S E T H:

         WHEREAS, for its lawful corporate purposes, the Company has duly
authorized the issue from time to time of its subordinated unsecured debentures,
notes or other evidence of indebtedness to be issued in one or more series (the
"Securities") up to such principal amount or amounts as may from time to time be
authorized by the Company and, to provide the terms and conditions upon which
the Securities are to be authenticated, issued and delivered, the Company has
duly authorized the execution of this Indenture; and

         WHEREAS, in connection with the proposed issuance of the Securities,
the Company and the Trustee entered into that certain Indenture dated as of
October 1, 2001 (the "Original Indenture"); and

         WHEREAS, the Company has not yet issued any Securities under the
Original Indenture and the Company and the Trustee now desire to make certain
changes and additions to the Original Indenture by restating the Original
Indenture in its entirety; and

         WHEREAS, the Company has duly authorized the execution of this
Indenture; and

         WHEREAS, all acts and things necessary to make this Indenture a valid
agreement according to its terms, have been done and performed;

         NOW, THEREFORE:

         In consideration of the premises, and the purchase of the Securities by
the holders thereof, the Company covenants and agrees with the Trustee for the
equal and proportionate benefit of the respective holders from time to time of
the Securities or of a series thereof, as follows:

                                   ARTICLE 1

                                   DEFINITIONS

         SECTION 1.01.     Definitions.

         The terms defined in this Section 1.01 (except as herein otherwise
expressly provided or unless the context otherwise requires) for all purposes of
this Indenture and of any indenture supplemental hereto shall have the
respective meanings specified in this Section 1.01. All other terms used in this
Indenture which are defined in the Trust Indenture Act of 1939, as amended (the
"Trust Indenture Act"), or which are by reference therein defined in the
Securities Act of 1933, as amended (the "Securities Act"), shall (except as
herein otherwise expressly provided or unless the context otherwise requires)
have the meanings assigned to such terms in the Trust Indenture Act and in the
Securities Act as in force at the date of this Indenture as originally executed.
All accounting terms used herein and not expressly defined shall have the
meanings

<PAGE>

assigned to such terms in accordance with generally accepted accounting
principles and the term "generally accepted accounting principles" means such
accounting principles as are generally accepted at the time of any computation.
The words "herein", "hereof" and "hereunder" and other words of similar import
refer to this Indenture as a whole and not to any particular Article, Section or
other subdivision.

         "Affiliate" 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" shall mean any agent or agents of the Trustee
which at the time shall be appointed and acting pursuant to Section 6.14.

         "Bankruptcy Law" shall mean Title 11, U.S. Code, or any similar federal
or state law for the relief of debtors.

         "Board of Directors" shall mean the Board of Directors or the Executive
Committee or any other duly authorized designated officers of the Company.

         "Board Resolution" shall mean a resolution certified by the Secretary
or an Assistant Secretary of the Company to have been duly adopted by the Board
of Directors or by a committee acting under authority of or appointment by the
Board of Directors and to be in full force and effect on the date of such
certification.

         "Business Day" shall mean, with respect to any series of Securities,
any day other than a day on which federal or state banking institutions in New
York, New York, or Charlotte, North Carolina, are authorized or obligated by
law, executive order or regulation to close.

         "Capital Securities" shall mean undivided preferred beneficial
interests in the assets of a Trust having the liquidation value specified in a
supplemental indenture.

         "Capital Securities Guarantee" shall mean any guarantee that the
Company may enter into with the Trustee or other Persons that operate directly
or indirectly for the benefit of holders of Capital Securities of a Trust.

         "Certificate" shall mean a certificate signed by the Chief Executive
Officer, President, Chief Financial Officer, any Vice President, Treasurer,
Assistant Treasurer or Associate General Counsel of the Company (each, an
"Authorized Officer").

         "Commission" shall mean the Securities and Exchange Commission.

                                       2

<PAGE>

         "Common Securities" shall mean undivided common beneficial interests in
the assets of a Trust having the liquidation value specified in a supplemental
indenture.

         "Common Securities Guarantee" shall mean any guarantee that the Company
may enter into with any Person or Persons that operates directly or indirectly
for the benefit of holders of Common Securities of a particular Trust.

         "Company" shall mean Bank of America Corporation, a Delaware
corporation, and, subject to the provisions of Article 10, shall include its
successors and assigns.

         "Company Common Stock" shall mean the Common Stock of the Company or
any other class of stock resulting from changes or reclassifications of such
Common Stock consisting solely of changes in par value, or from par value to no
par value, or from no par value to par value. Subject to the anti-dilution
provisions of any convertible Security, however, shares of Company Common Stock
issuable on conversion of a Security shall include only shares of the class
designated as Common Stock of the Company at the date of the supplemental
indenture, Board Resolution or other instrument authorizing such Security or
shares of any class or classes resulting from any reclassification or
reclassifications thereof and which have no preference in respect of the payment
of dividends or the distribution of assets upon any voluntary or involuntary
liquidation, dissolution or winding-up of the Company and which are not subject
to redemption by the Company, provided that if at any time there shall be more
than one such resulting class, the shares of each such class then so issuable
shall be substantially in the proportion which the total number of shares of
such class resulting from all such reclassifications bears to the total number
of shares of such classes resulting from all such reclassifications.

         "Compounded Interest" shall have the meaning set forth in Section 2.13.

         "Custodian" shall mean any receiver, trustee, assignee, liquidator, or
similar official under any Bankruptcy Law.

         "Declaration", with respect to a specific Trust, shall mean the Amended
and Restated Declaration of Trust of that Trust or the equivalent governing
instrument of a Trust.

         "Default" means any event, act or condition that with notice or lapse
of time, or both, would constitute an Event of Default.

         "Deferred Interest" shall have the meaning set forth in Section 2.13.

         "Depositary" shall mean, with respect to Securities of any series, for
which the Company shall determine that such Securities will be issued as a
Global Security, The Depository Trust Company, New York, New York, another
clearing agency, or any successor registered as a clearing agency pursuant to
Section 17A of the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), or other applicable statute or regulation, which, in each case, shall be
designated by the Company pursuant to either Section 2.04 or 2.11.

         "Event of Default" shall mean any event specified in Section 5.01,
continued for the period of time, if any, and after the giving of the notice, if
any, therein designated.

                                       3

<PAGE>

         "Extended Interest Payment Period" shall have the meaning set forth in
Section 2.13.

         "Global Security" means, with respect to any series of Securities, a
Security executed by the Company and delivered by the Trustee to the Depositary
or pursuant to the Depositary's instruction, all in accordance with the
Indenture, which shall be registered in the name of the Depositary or its
nominee.

         "Indenture" shall mean this instrument as originally executed or, if
amended or supplemented as herein provided, as so amended or supplemented, or
both, and shall include the form and terms of particular series of Securities
established as contemplated hereunder.

         "Interest" shall mean, when used with respect to non-interest bearing
Securities, interest payable after maturity.

         "Interest Payment Date", when used with respect to any installment of
interest on a Security of a particular series, shall mean the date specified in
such Security or in a Board Resolution or in an indenture supplemental hereto
with respect to such series as the fixed date on which an installment of
interest with respect to Securities of that series is due and payable.

         "Maturity Date" shall mean the date on which any Securities mature and
on which the principal shall be due and payable together with all accrued and
unpaid interest thereon.

         "Mortgage" shall mean and include any mortgage, pledge, lien, security
interest, conditional sale or other title retention agreement or other similar
encumbrance.

         "Nonpayment" shall have the meaning set forth in Section 5.08.

         "Officers' Certificate" shall mean a certificate signed by an
Authorized Officer and delivered to the Trustee. Each such certificate shall
include the statements provided for in Section 13.06 if and to the extent
provided by the provisions of such Section.

         "Opinion of Counsel" shall mean an opinion in writing signed by legal
counsel, who may be an employee of or counsel to the Company, or may be other
counsel satisfactory to the Trustee.

         "Original Issue Date" of any Security (or any portion thereof) shall
mean the earlier of (a) the date of such Security or (b) the date of any
Security (or portion thereof) for which such Security was issued (directly or
indirectly) on registration of transfer, exchange or substitution of the first
such Security.

         "Original Issue Discount Security" shall mean 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 5.01.

         The term "outstanding", when used with reference to Securities, shall,
subject to the provisions of Section 7.04, mean, as of any particular time, all
Securities authenticated and delivered by the Trustee or the Authenticating
Agent under this Indenture, except

                                       4

<PAGE>

               (a)   Securities theretofore canceled by the Trustee or the
                     Authenticating Agent or delivered to the Trustee for
                     cancellation;

               (b)   Securities, or portions thereof, for the payment or
                     redemption of which moneys in the necessary amount
                     shall have been deposited in trust with the Trustee
                     or with any paying agent (other than the Company) or
                     shall have been set aside and segregated in trust by
                     the Company (if the Company shall act as its own
                     paying agent); provided that, if such Securities, or
                     portions thereof, are to be redeemed prior to
                     maturity thereof, notice of such redemption shall
                     have been given as provided in Article 14 or
                     provision satisfactory to the Trustee shall have been
                     made for giving such notice; and

               (c)   Securities paid pursuant to Section 2.08 or in lieu
                     of or in substitution for which other Securities
                     shall have been authenticated and delivered pursuant
                     to the terms of Section 2.08 unless proof
                     satisfactory to the Company and the Trustee is
                     presented that any such Securities are held by bona
                     fide holders in due course.

         In determining whether the holders of the requisite principal amount of
outstanding Securities have given any request, demand, authorization, direction,
notice, consent or waiver hereunder, the principal amount of an Original Issue
Discount Security 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 5.01.

         "Person" shall mean any individual, corporation, estate, partnership,
joint venture, association, joint stock company, limited liability company,
trust, unincorporated association or government or any agency or political
subdivision thereof.

         "Predecessor Security" of any particular Security means every previous
Security evidencing all or a portion of the same debt and as that evidenced by
such particular Security; and, for the purposes of this definition, any Security
authenticated and delivered under Section 2.08 in lieu of a lost, destroyed or
stolen Security shall be deemed to evidence the same debt as the lost, destroyed
or stolen Security.

         "Principal Office of the Trustee", or other similar term, shall mean
the principal office of the Trustee, at which at any particular time its
corporate trust business shall be administered.

         "Property Trustee" has the meaning set forth in the Declaration of the
applicable Trust.

         "Responsible Officer", when used with respect to the Trustee, shall
mean the chairman and vice chairman of the board of directors, the chairman or
vice chairman of the executive committee of the board of directors, the
president, any vice president, any assistant vice president, the cashier, any
assistant cashier, the secretary, any assistant secretary, the treasurer, any
assistant treasurer, any senior trust officer, any trust officer, the
controller, any assistant controller or any other officer or assistant officer
of the Trustee customarily performing functions similar to those performed by
the persons who at the time shall be such officers,

                                       5

<PAGE>

respectively, or to whom any corporate trust matter is referred because of his
knowledge of and familiarity with the particular subject.

         "Security" or "Securities" shall have the meaning stated in the first
recital of this Indenture and more particularly means any and all debentures,
notes or other evidence of indebtedness authenticated and delivered under this
Indenture.

         "Securityholder", "holder of Securities", or other similar terms, shall
mean any person in whose name at the time a particular Security is registered on
the register kept by the Company or the Trustee for that purpose in accordance
with the terms hereof.

         "Senior Obligations" means, with respect to the Company, (i) the
principal, premium, if any, and interest in respect of (A) indebtedness of such
obligor for money borrowed or purchased and similar obligations (whether or not
denominated as senior or subordinated), and (B) indebtedness evidenced by
securities, debentures, bonds or other similar instruments (whether or not
denominated as senior or subordinated) issued by such obligor; (ii) all capital
lease obligations of such obligor; (iii) all obligations of such obligor issued
or assumed as the deferred purchase price of property, all conditional sale
obligations of such obligor and all obligations of such obligor under any title
retention agreement (but excluding trade accounts payable arising in the
ordinary course of business); (iv) all obligations of such obligor for the
reimbursement on any letter of credit, banker's acceptance or similar credit
transaction; (v) all obligations of the Company arising from off-balance sheet
guarantees by the Company and direct credit substitutes and obligations of the
Company associated with derivative products such as interest and foreign
exchange rate contracts, commodity contracts, swap agreements (including
interest rate and foreign exchange swap agreements), cap agreements, floor
agreements, collar agreements, interest rate agreements, foreign exchange rate
agreements, options, commodity futures contracts and commodity option contracts;
(vi) all obligations and financial instruments of the type referred to in
clauses (i) through (v) of other Persons for the payment of which such obligor
is responsible or liable as obligor, guarantor or otherwise; and (vii) all
obligations of the type referred to in clauses (i) through (vi) of other Persons
secured by any lien on any property or asset of such obligor (whether or not
such obligation is assumed by such obligor), except for (1) any such
indebtedness that is by its terms subordinated to or pari passu with the
Securities, and (2) any indebtedness between or among such obligor and its
Affiliates, including all other debt securities and guarantees in respect of
those debt securities, which is issued to (x) any Trust or trustee for such
Trust, or (y) any other trust, or a trustee of such trust, partnership or other
entity affiliated with the Company or its predecessor entities which is a
financing vehicle of the Company or its predecessor entities (a "Financing
Entity") in connection with the issuance by such Financing Entity of preferred
securities or other securities that rank equally with, or junior to, the Capital
Securities.

         "Subsidiary" shall mean with respect to any Person, (i) any corporation
at least a majority of whose outstanding voting stock of which is owned,
directly or indirectly, by such Person or by one or more of its Subsidiaries, or
by such Person and one or more of its Subsidiaries, (ii) any general
partnership, joint venture or similar entity, at least a majority of whose
outstanding partnership or similar interests shall at the time be owned by such
Person, or by one or more of its Subsidiaries, or by such Person and one or more
of its Subsidiaries and (iii) any limited partnership of which such Person or
any of its Subsidiaries is a general partner. For the purposes

                                       6

<PAGE>

of this definition, "voting stock" means shares, interests, participations or
other equivalents in the equity interest (however designated) in such Person
having ordinary voting power for the election of a majority of the directors (or
the equivalent) of such Person, other than shares, interests, participations or
other equivalents having such power only by reason of the occurrence of a
contingency.

         "Trust" shall mean each of the BAC Capital Trust I, BAC Capital Trust
II, BAC Capital Trust III and BAC Capital Trust IV, each a Delaware business
trust, as well as any other similar trust created for the purpose of issuing
Trust Securities in connection with the issuance of Securities under this
Indenture.

         "Trust Indenture Act" shall mean the Trust Indenture Act of 1939 as in
force at the date of execution of this Indenture, except as provided in Section
9.03.

         "Trust Securities" shall mean the Common Securities and the Capital
Securities of a Trust or any equivalent security issued by a Trust.

         "Trustee" shall mean The Bank of New York, and, subject to the
provisions of Article 6 hereof, shall also include its successors and assigns as
Trustee hereunder. The term "Trustee" as used with respect to a particular
series of the Securities shall mean the trustee with respect to that series.

         "U.S. Government Obligations" shall mean 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, and shall also include a depository receipt issued by a bank or trust
company as custodian with respect to any such U.S. Government Obligation or a
specific payment of interest on or principal of any such U.S. Government
Obligation held by such custodian for the account of the holder of a depository
receipt, provided that (except as required by law) such custodian is not
authorized to make any deduction from the amount payable to the holder of such
depository receipt from any amount received by the custodian in respect of the
U.S. Government Obligation or the specific payment of interest on or principal
of the U.S. Government Obligation evidenced by such depository receipt.

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

         "Yield to Maturity" shall mean the yield to maturity on a series of
Securities, calculated at the time of issuance of such series of Securities, or
if applicable, at the most recent redetermination of interest on such series and
calculated in accordance with accepted financial practice.

                                       7

<PAGE>

                                   ARTICLE 2

                                   SECURITIES

         SECTION 2.01.     Forms Generally.

         The Securities of each series shall be in substantially the form as
shall be authorized by or pursuant to (1) a Board Resolution and as set forth in
an Officers' Certificate of the Company or (2) 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 any law or with any rules made pursuant thereto or with any rules of any
securities exchange or all as may, consistently herewith, be determined by the
officers executing such Securities, as evidenced by their execution of the
Securities.

         In the event the Securities are issued in definitive form pursuant to
this Indenture, such Securities shall be typewritten, printed, lithographed or
engraved on steel engraved borders or may be produced in any other manner, all
as determined by the officers executing such Securities, as evidenced by their
execution of such Securities.

         SECTION 2.02.     Form of Trustee's Certificate of Authentication.

         The Trustee's certificate of authentication on all Securities shall be
in substantially the following form:

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

                                       The Bank of New York
                                       as Trustee

                                       By_________________________________
                                         Authorized Signatory

         SECTION 2.03.     Amount Unlimited; Issuable in Series.

         The aggregate principal amount of Securities which may be authenticated
and delivered under this Indenture or otherwise by the Company is unlimited.

         The Securities may be issued in one or more series up to the aggregate
principal amount of securities of that series from time to time authorized by or
pursuant to a Board Resolution of the Company or pursuant to one or more
indentures supplemental hereto. Prior to the initial issuance of Securities of
any series, there shall be established in or pursuant to a Board Resolution of
the Company and set forth in an Officers' Certificate of the Company or
established in one or more indentures supplemental hereto:

                                       8

<PAGE>

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

           (2)   any limit upon the aggregate principal amount of the Securities
                 of the series which may be authenticated and delivered under
                 this Indenture (except for Securities authenticated and
                 delivered upon registration of transfer of, or in exchange for,
                 or in lieu of, other Securities of the series pursuant to
                 Section 2.07, 2.08, 2.09 or 14.03);

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

           (4)   the rate or rates at which the Securities of the series shall
                 bear interest, if any, or the method by which such interest may
                 be determined; whether the interest rate is fixed or floating;
                 the interest payment period (whether quarterly, semi-annual or
                 otherwise); the date or dates from which such interest shall
                 accrue, the Interest Payment Dates on which such interest shall
                 be payable or the manner of determination of such Interest
                 Payment Dates and the record dates for the determination of
                 holders to whom interest is payable on any such Interest
                 Payment Dates;

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

           (6)   the right, if any, to extend the interest payment periods and
                 the duration of such extension;

           (7)   the price or prices at which, the period or periods within
                 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, pursuant to any sinking fund or otherwise;

           (8)   the obligation, if any, of the Company to redeem, purchase or
                 repay Securities of the series at the option of a
                 Securityholder thereof and the price or prices at which and the
                 period or periods within which, and the terms and conditions
                 upon which Securities of the series shall be redeemed,
                 purchased or repaid, in whole or in part, pursuant to such
                 obligation;

           (9)   if other than in denominations of $25 and any integral multiple
                 thereof, the denominations in which Securities of the series
                 shall be issuable;

           (10)  if other than the principal amount thereof, the portion of the
                 principal amount of Securities of the series which shall be
                 payable upon declaration of acceleration of the maturity
                 thereof pursuant to Section 5.01 or provable in bankruptcy
                 pursuant to Section 5.02;

                                       9

<PAGE>

           (11)  any Events of Default with respect to the Securities of a
                 particular series, if not set forth herein;

           (12)  the form of the Securities of the series including the form of
                 the Certificate of Authentication of such series;

           (13)  any trustee, authenticating or paying agents, warrant agents,
                 transfer agents or registrars with respect to the Securities of
                 such series;

           (14)  whether the Securities of the series shall be issued in whole
                 or in part in the form of one or more Global Securities and, in
                 such case, the Depositary for such Global Security or
                 Securities, and whether beneficial owners of interests in any
                 such Global Securities may exchange such interests for other
                 Securities of such series in the manner provided in Section
                 2.07, and the manner and the circumstances under which and the
                 place or places where any such exchanges may occur if other
                 than in the manner provided in Section 2.07, and any other
                 terms of the series relating to the global nature of the Global
                 Securities of such series and the exchange, registration or
                 transfer thereof and the payment of any principal thereof, or
                 interest or premium, if any, thereon;

           (15)  any right of the Company to shorten or extend the Maturity Date
                 of the Securities of such series, as well as the method for
                 determining a Maturity Date;

           (16)  any subordination terms of the Securities of a series which may
                 be different from those contained in Article 15; and

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

      All Securities of any one series shall be substantially identical except
as to denomination and except as may otherwise be provided in or pursuant to
such Board Resolution or in any such indenture supplemental hereto.

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

      SECTION 2.04. Authentication and Dating.

      At any time and from time to time after the execution and delivery of this
Indenture, the Company may deliver Securities of any series executed by the
Company to the Trustee for authentication, and the Trustee shall thereupon
authenticate and make available for delivery said Securities to or upon the
written order of the Company, signed by any Authorized Officer, without any
further action by the Company hereunder. In authenticating such Securities, and
accepting the additional responsibilities under this Indenture in relation to
such Securities, the

                                       10

<PAGE>

Trustee shall be entitled to receive, and (subject to Section 6.01) shall be
fully protected in relying upon:

            (1)   a copy of any Board Resolution or Resolutions relating thereto
                  and, if applicable, an appropriate record of any action taken
                  pursuant to such resolution, in each case certified by the
                  Secretary or an Assistant Secretary of the Company;

            (2)   an executed supplemental indenture, if any;

            (3)   an Officers' Certificate setting forth the form and terms of
                  the Securities as required pursuant to Sections 2.01 and 2.03,
                  respectively; and

            (4)   an Opinion of Counsel which shall also state:

                  (a)   that the form of such Securities has been established by
                        or pursuant to a Board Resolution or by a supplemental
                        indenture as permitted by Section 2.01 in conformity
                        with the provisions of this Indenture;

                  (b)   that the terms of such Securities have been established
                        by or pursuant to a Board Resolution or by a
                        supplemental indenture as permitted by Section 2.03 in
                        conformity with the provisions of this Indenture;

                  (c)   that such Securities, when authenticated and delivered
                        by the Trustee and issued by the Company in the manner
                        and subject to any conditions specified in such Opinion
                        of Counsel, will constitute valid and legally binding
                        obligations of the Company;

                  (d)   that all laws and requirements in respect of the
                        execution and delivery by the Company of the Securities
                        have been complied with in all material respects and
                        that authentication and delivery of the Securities by
                        the Trustee will not violate the terms of the Indenture;
                        and

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

     The Trustee shall have the right to decline to authenticate and deliver any
Securities under this Section if the Trustee, being advised by counsel,
determines that such action may not lawfully be taken or if the Trustee in good
faith by its board of directors or trustees, executive committee, or a trust
committee of directors or trustees and/or vice presidents shall determine that
such action would expose the Trustee to personal liability to existing holders.

                                       11

<PAGE>

         SECTION 2.05.     Date and Denomination of Securities.

         The Securities shall be issuable as registered Securities without
coupons and in such denominations as shall be specified or established under
Section 2.03. In the absence of any such specification pursuant to Section 2.03
with respect to the Securities of any series, the Securities of a series shall
be issuable in the denominations of $25 and any multiple thereof. The Securities
shall be numbered, lettered, or otherwise distinguished in such manner or in
accordance with such plans as the officers of the Company executing the same may
determine with the approval of the Trustee as evidenced by the execution and
authentication thereof.

         Every Security shall be dated the date of its authentication, shall
bear interest, if any, from such date and shall be payable on such dates, in
each case, as contemplated by Section 2.03. The interest installment on any
Security that is payable, and is punctually paid or duly provided for, on any
Interest Payment Date for Securities of that series shall be paid to the Person
in whose name said Security (or one or more Predecessor Securities) is
registered at the close of business on the regular record date for such interest
installment. In the event that any Security of a particular series or portion
thereof is called for redemption and the redemption date is subsequent to a
regular record date with respect to any Interest Payment Date and prior to such
Interest Payment Date, interest on such Security will be paid upon presentation
and surrender of such Security as provided in Section 3.02.

         Any interest on any Security that is payable, but is not punctually
paid or duly provided for, on any Interest Payment Date for Security of the same
series (herein called "Defaulted Interest") shall forthwith cease to be payable
to the registered holder on the relevant regular record date by virtue of having
been such holder; and such Defaulted Interest shall be paid by the Company, at
its election, as provided in clause (1) or clause (2) below:

                  (1) The Company may make payment of any Defaulted Interest on
         Securities to the Persons in whose names such Securities (or their
         respective Predecessor Securities) are registered at the close of
         business on a special record date for the payment of such Defaulted
         Interest, which shall be fixed in the following manner: the Company
         shall notify the Trustee in writing of the amount of Defaulted Interest
         proposed to be paid on each such Security and the date of the proposed
         payment, and at the same time the Company shall deposit with the
         Trustee an amount of money equal to the aggregate amount proposed to be
         paid in respect of such Defaulted Interest or shall make arrangements
         satisfactory to the Trustee for such deposit prior to the date of the
         proposed payment, such money when deposited to be held in trust for the
         benefit of the Persons entitled to such Defaulted Interest as in this
         clause provided. Thereupon the Trustee shall fix a special record date
         for the payment of such Defaulted Interest which shall not be more than
         15 nor less than 10 days prior to the date of the proposed payment and
         not less than 10 days after the receipt by the Trustee of the notice of
         the proposed payment. The Trustee shall promptly notify the Company of
         such special record date and, in the name and at the expense of the
         Company, shall cause notice of the proposed payment of such Defaulted
         Interest and the special record date therefor to be mailed, first class
         postage prepaid, to each Securityholder at his or her address as it
         appears in the Security Register (as hereinafter defined), not less
         than 10 days prior to such special record date. Notice of the proposed
         payment of such Defaulted Interest and the special record date therefor

                                       12

<PAGE>

         having been mailed as aforesaid, such Defaulted Interest shall be paid
         to the Persons in whose names such Securities (or their respective
         Predecessor Securities) are registered on such special record date and
         shall be no longer payable pursuant to the following clause (2).

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

         Unless otherwise set forth in a Board Resolution or one or more
indentures supplemental hereto establishing the terms of any series of
Securities pursuant to Section 2.01 hereof, the term "regular record date" as
used in this Section with respect to a series of Securities with respect to any
Interest Payment Date for such series shall mean either the fifteenth day of the
month immediately preceding the month in which an Interest Payment Date
established for such series pursuant to Section 2.01 hereof shall occur, if such
Interest Payment Date is the first day of a month, or the last day of the month
immediately preceding the month in which an Interest Payment Date established
for such series pursuant to Section 2.01 hereof shall occur, if such Interest
Payment Date is the fifteenth day of a month, whether or not such date is a
Business Day.

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

         SECTION 2.06. Execution of Securities.

         The Securities shall be signed in the name and on behalf of the Company
by the manual or facsimile signature of its Chief Executive Officer, President
or one of its Vice-Presidents and, at the option of the Company, may be attested
by the manual or facsimile signature of its Secretary or one of its Assistant
Secretaries, under its corporate seal which may be affixed thereto or printed,
engraved or otherwise reproduced thereon, by facsimile or otherwise, and which
need not be attested. Only such Securities as shall bear thereon a certificate
of authentication substantially in the form hereinbefore recited, executed by
the Trustee or the Authenticating Agent, shall be entitled to the benefits of
this Indenture or be valid or obligatory for any purpose. Such certificate by
the Trustee or the Authenticating Agent upon any Security executed by the
Company shall be conclusive evidence that the Security so authenticated has been
duly authenticated and delivered hereunder and that the holder is entitled to
the benefits of this Indenture.

         In case any officer of the Company who shall have signed any of the
Securities shall cease to be such officer before the Securities so signed shall
have been authenticated and delivered by the Trustee or the Authenticating
Agent, or disposed of by the Company, such Securities nevertheless may be
authenticated and delivered or disposed of as though the person

                                       13

<PAGE>

who signed such Securities had not ceased to be such officer of the Company; and
any Security may be signed on behalf of the Company by such persons as, at the
actual date of the execution of such Security, shall be the proper officers of
the Company, although at the date of the execution of this Indenture any such
person was not such an officer.

         SECTION 2.07. Exchange and Registration of Transfer of Securities.

         Subject to Section 2.05, Securities of any series may be exchanged for
a like aggregate principal amount of Securities of the same series of other
authorized denominations. Securities to be exchanged may be surrendered at the
principal corporate trust office of the Trustee or at any office or agency to be
maintained by the Company for such purpose as provided in Section 3.02, and the
Company or the Trustee shall execute and register and the Trustee or the
Authenticating Agent shall authenticate and make available for delivery in
exchange therefor the Security or Securities which the Securityholder making the
exchange shall be entitled to receive. Upon due presentment for registration of
transfer of any Security of any series at the principal corporate trust office
of the Trustee or at any office or agency of the Company maintained for such
purpose as provided in Section 3.02, the Company or the Trustee shall execute
and register and the Trustee or the Authenticating Agent shall authenticate and
make available for delivery in the name of the transferee or transferees a new
Security or Securities of the same series for a like aggregate principal amount.
Registration or registration of transfer of any Security by the Trustee or by
any agent of the Company appointed pursuant to Section 3.02, and delivery of
such Security, shall be deemed to complete the registration or registration of
transfer of such Security.

         The Company or the Trustee shall keep, at the Principal Office of the
Trustee, a register for each series of Securities issued hereunder in which,
subject to such reasonable regulations as it may prescribe, the Company or the
Trustee shall register all Securities and shall register the transfer of all
Securities as in this Article 2 provided. Such register shall be in written form
or in any other form capable of being converted into written form within a
reasonable time.

         All Securities presented for registration of transfer or for exchange
or payment shall (if so required by the Company or the Trustee or the
Authenticating Agent) be duly endorsed by, or be accompanied by a written
instrument or instruments of transfer in form satisfactory to the Company and
the Trustee or the Authenticating Agent duly executed by, the holder or his
attorney duly authorized in writing.

         No service charge shall be made for any exchange or registration of
transfer of Securities, but the Company or the Trustee may require payment of a
sum sufficient to cover any tax, fee or other governmental charge that may be
imposed in connection therewith.

         The Company or the Trustee shall not be required to exchange or
register a transfer of (a) any Security for a period of 15 days next preceding
the date of selection of Securities of such series for redemption, or (b) any
Securities of any series selected, called or being called for redemption in
whole or in part, except in the case of any Securities of any series to be
redeemed in part, the portion thereof not so to be redeemed.

                                       14

<PAGE>

         SECTION 2.08. Mutilated, Destroyed, Lost or Stolen Securities.

         In case any temporary or definitive Security shall become mutilated or
be destroyed, lost or stolen, the Company shall execute, and upon its request
the Trustee shall authenticate and deliver, a new Security of the same series
bearing a number not contemporaneously outstanding, in exchange and substitution
for the mutilated Security, or in lieu of and in substitution for the Security
so destroyed, lost or stolen. In every case the applicant for a substituted
Security shall furnish to the Company and the Trustee such security or indemnity
as may be required by them to save each of them harmless, and, in every case of
destruction, loss or theft, the applicant shall also furnish to the Company and
the Trustee evidence to their satisfaction of the destruction, loss or theft of
such Security and of the ownership thereof.

         The Trustee may authenticate any such substituted Security and deliver
the same upon the written request or authorization of any officer of the
Company. Upon the issuance of any substituted Security, 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 connected
therewith. In case any Security which has matured or is about to mature or has
been called for redemption in full shall become mutilated or be destroyed, lost
or stolen, the Company may, instead of issuing a substitute Security, pay or
authorize the payment of the same (without surrender thereof except in the case
of a mutilated Security) if the applicant for such payment shall furnish to the
Company and the Trustee such security or indemnity as may be required by them to
save each of them harmless and, in case of destruction, loss or theft, evidence
satisfactory to the Company and to the Trustee of the destruction, loss or theft
of such Security and of the ownership thereof.

         Every substituted Security of any series issued pursuant to the
provisions of this Section 2.08 by virtue of the fact that any such Security is
destroyed, lost or stolen shall constitute an additional contractual obligation
of the Company, whether or not the destroyed, lost or stolen Security shall be
found at any time, and shall be entitled to all the benefits of this Indenture
equally and proportionately with any and all other Securities of the same series
duly issued hereunder. All Securities shall be held and owned upon the express
condition that, to the extent permitted by applicable law, the foregoing
provisions are exclusive with respect to the replacement or payment of
mutilated, destroyed, lost or stolen Securities and shall preclude any and all
other rights or remedies notwithstanding any law or statute existing or
hereafter enacted to the contrary with respect to the replacement or payment of
negotiable instruments or other securities without their surrender.

         SECTION 2.09. Temporary Securities.

         Pending the preparation of definitive Securities of any series the
Company may execute and the Trustee shall authenticate and make available for
delivery temporary Securities (typed, printed or lithographed). Temporary
Securities shall be issuable in any authorized denomination, and substantially
in the form of the definitive Securities but with such omissions, insertions and
variations as may be appropriate for temporary Securities, all as may be
determined by the Company. Every such temporary Security shall be executed by
the Company and be authenticated by the Trustee upon the same conditions and in
substantially the same manner, and with the same effect, as the definitive
Securities. Without unreasonable delay the

                                       15

<PAGE>

Company will execute and deliver to the Trustee or the Authenticating Agent
definitive Securities and thereupon any or all temporary Securities of such
series may be surrendered in exchange therefor, at the principal corporate trust
office of the Trustee or at any office or agency maintained by the Company for
such purpose as provided in Section 3.02, and the Trustee or the Authenticating
Agent shall authenticate and make available for delivery in exchange for such
temporary Securities a like aggregate principal amount of such definitive
Securities. Such exchange shall be made by the Company at its own expense and
without any charge therefor except that in case of any such exchange involving a
registration of transfer the Company may require payment of a sum sufficient to
cover any tax, fee or other governmental charge that may be imposed in relation
thereto. 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 the same series authenticated and delivered hereunder.

         SECTION 2.10. Cancellation of Securities Paid, etc.

         All Securities surrendered for the purpose of payment, redemption,
exchange or registration of transfer, shall, if surrendered to the Company or
any paying agent, be surrendered to the Trustee and promptly cancelled by it,
or, if surrendered to the Trustee or any Authenticating Agent, shall be promptly
cancelled by it, and no Securities shall be issued in lieu thereof except as
expressly permitted by any of the provisions of this Indenture. All Securities
cancelled by any Authenticating Agent shall be delivered to the Trustee. The
Trustee shall deliver all cancelled Securities to the Company. If the Company
shall acquire any of the Securities, however, such acquisition shall not operate
as a redemption or satisfaction of the indebtedness represented by such
Securities unless and until the same are surrendered to the Trustee for
cancellation.

         SECTION 2.11. Global Securities.

         (a) If the Company shall establish pursuant to Section 2.03 that the
Securities of a particular series are to be issued as a Global Security, then
the Company shall execute and the Trustee shall, in accordance with Section
2.04, authenticate and deliver, one or more Global Securities that (i) shall
represent, and shall be denominated in an amount equal to the aggregate
principal amount of, all of the outstanding Securities of such series, (ii)
shall be registered in the name of the Depositary or its nominee, (iii) shall be
delivered by the Trustee to the Depositary or pursuant to the Depositary's
instruction and (iv) shall bear a legend substantially to the following effect:

         This Security is a global security 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 Security is not exchangeable for
         Securities registered in the name of a person other than the Depositary
         or its nominee, except in the limited circumstances described in the
         Indenture, and no transfer of this Security (other than a transfer of
         this Security 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 the
         limited circumstances described in the Indenture.

                                       16

<PAGE>

         (b) Notwithstanding the provisions of Section 2.07, the Global Security
of a series may be transferred, in whole but not in part and in the manner
provided in Section 2.07, only to another nominee of the Depositary for such
series, or to a successor Depositary for such series selected or approved by the
Company or to a nominee of such successor Depositary.

         (c) If at any time the Depositary for a series of the Securities
notifies the Company that it is unwilling or unable to continue as Depositary
for such series or if at any time the Depositary for such series shall no longer
be registered or in good standing under the Exchange Act, or other applicable
statute or regulation, and a successor Depositary for such series is not
appointed by the Company within 90 days after the Company receives such notice
or becomes aware of such condition, as the case may be, this Section 2.11 shall
no longer be applicable to the Securities of such series and the Company will
execute, and subject to Section 2.07, the Trustee will authenticate and make
available for delivery the Securities of such series in definitive registered
form without coupons, in authorized denominations, and in an aggregate principal
amount equal to the principal amount of the Global Security of such series in
exchange for such Global Security. In addition, the Company may at any time
determine that the Securities of any series shall no longer be represented by a
Global Security and that the provisions of this Section 2.11 shall no longer
apply to the Securities of such series. In such event the Company will execute
and subject to Section 2.07, the Trustee, upon receipt of an Officers'
Certificate evidencing such determination by the Company, will authenticate and
make available for delivery the Securities of such series in definitive
registered form without coupons, in authorized denominations, and in an
aggregate principal amount equal to the principal amount of the Global Security
of such series in exchange for such Global Security. Upon the exchange of the
Global Security for such Securities in definitive registered form without
coupons, in authorized denominations, the Global Security shall be cancelled by
the Trustee. Such Securities in definitive registered form issued in exchange
for the Global Security pursuant to this Section 2.11(c) shall be registered in
such names and in such authorized denominations as the Depositary, pursuant to
instructions from its direct or indirect participants or otherwise, shall
instruct the Trustee. The Trustee shall deliver such Securities to the
Depositary for delivery to the Persons in whose names such Securities are so
registered.

         So long as the system of registration described in this Section 2.11 is
in effect, the Depositary, or its nominee, will be considered the sole owner of
the Securities and (a) the records of the Depositary will be determinative for
all purposes and (b) neither the Company, the Trustee nor any paying agent,
Security registrar or transfer agent for such Securities will have any
responsibility or liability for (i) any aspect of the records relating to or
payments made on account of owners of beneficial interests in the Securities of
such series, (ii) maintaining, supervising or reviewing any records relating to
such beneficial interests, (iii) receipt of notices, voting and requesting or
directing the Trustee to take, or not to take, or consenting to, certain actions
hereunder, or (iv) the records and procedures of the Depositary.

         SECTION 2.12. 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 Securityholders; 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

                                       17

<PAGE>

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.

         SECTION 2.13. Extension of Interest Payment Period.

         The Company shall have the right, at any time and from time to time
during the term of any series of the Securities, to defer payments of interest
by extending the interest payment period of all Securities of that series for
that number of periods established and described in a supplemental indenture or
Board Resolution establishing the series (the "Extended Interest Payment
Period"), during which Extended Interest Payment Period no interest shall be due
and payable; provided that no Extended Interest Payment Period may extend beyond
             -------- ----
the Maturity Date. To the extent permitted by applicable law, interest, the
payment of which has been deferred because of the extension of the interest
payment period pursuant to this Section 2.13, will bear interest thereon at the
rate of interest specified in the applicable Security compounded periodically
for each interest payment period of the Extended Interest Payment Period
("Compounded Interest"). At the end of the Extended Interest Payment Period, the
Company shall pay all interest accrued and unpaid on the Notes, including any
Compounded Interest (together, "Deferred Interest"), together with all other
amounts due thereon, that shall be payable to the Holders of the Notes in whose
names the Notes are registered in the Security Register on the first record date
after the end of the Extended Interest Payment Period. Before the termination of
any Extended Interest Payment Period, the Company may further extend such
period, provided that such period together with all such further extensions
thereof shall not exceed the maximum Extended Interest Payment Period
established and described in the supplemental indenture or Board Resolution
establishing a series of Securities, or extend beyond the Maturity Date of the
Notes. Upon the termination of any Extended Interest Payment Period and upon the
payment of all Deferred Interest then due, the Company may commence a new
Extended Interest Payment Period. No interest shall be due and payable during an
Extended Interest Payment Period, except at the end thereof, but the Company may
prepay at any time all or any portion of the interest accrued during an Extended
Interest Payment Period.

         (a) If the Property Trustee (as defined in the Declaration) is the only
registered holder of the Notes at the time the Company selects an Extended
Interest Payment Period, the Company shall give written notice to the Regular
Trustees (as defined in the Declaration), the Property Trustee and the Trustee
of its selection of such Extended Interest Payment Period one Business Day
before the earlier of (i) the next succeeding date on which Distributions on the
Trust Securities issued by the Trust are payable, or (ii) the date the Trust is
required to give notice of the record date, or the date such Distributions are
payable, to the New York Stock Exchange or any other exchange upon which the
Securities or Trust Securities are listed or other applicable self-regulatory
organization or to holders of the Capital Securities issued by the Trust, but in
any event at least one Business Day before such record date.

         (b) If the Property Trustee is not the only holder of the Notes at the
time the Company selects an Extended Interest Payment Period, the Company shall
give the holders of the Securities and the Trust Securities and the Trustee
written notice of its selection of such Extended Interest Payment Period at
least 10 Business Days before the earlier of (i) the next

                                       18

<PAGE>

succeeding Interest Payment Date, or (ii) the date the Company is required to
give notice of the record or payment date of such interest payment to the New
York Stock Exchange or any other exchange upon which the Securities or Trust
Securities are listed or other applicable self-regulatory organization or to
holders of the Securities.

         (c) The interest payment period in which any notice is given pursuant
to paragraphs (a) or (b) of this Section 2.13 shall be counted as one of the
interest payment periods permitted in computing the maximum Extended Interest
Payment Period.

                                   ARTICLE 3

                      PARTICULAR COVENANTS OF THE COMPANY.

         SECTION 3.01. Payment of Principal, Premium and Interest.

         The Company covenants and agrees for the benefit of each series of
Securities that it will duly and punctually pay or cause to be paid the
principal of, premium, if any, and interest on each of the Securities of that
series at the place, at the respective times and in the manner provided in such
Securities. Each installment of interest on the Securities of any series may be
paid by mailing checks for such interest payable to the order of the holders of
Securities entitled thereto as they appear on the registry books of the Company.

         SECTION 3.02. Offices for Notices and Payments, etc.

         So long as any of the Securities remains outstanding, the Company will
maintain in New York, New York, an office or agency where the Securities of each
series may be presented for payment, an office or agency where the Securities of
that series may be presented for registration of transfer and for exchange as in
this Indenture provided and an office or agency where notices and demands to or
upon the Company in respect of the Securities of that series or of this
Indenture may be served. The Company will give to the Trustee written notice of
the location of any such office or agency and of any change of location thereof.
Until otherwise designated from time to time by the Company in a notice to the
Trustee, or specified as contemplated by Section 2.03, any such office or agency
for all of the above purposes shall be the office or agency of the Trustee. In
case the Company shall fail to maintain any such office or agency in New York,
New York, or shall fail to give such notice of the location or of any change in
the location thereof, presentations and demands may be made and notices may be
served at the principal corporate trust office of the Trustee.

         In addition to any such office or agency, the Company may from time to
time designate one or more offices or agencies outside New York, New York, where
the Securities may be presented for registration of transfer and for exchange in
the manner provided in this Indenture, and the Company may from time to time
rescind such designation, as the Company may deem desirable or expedient;
provided, however, that no such designation or rescission shall in any manner
relieve the Company of its obligation to maintain any such office or agency in
New York, New York, for the purposes above mentioned. The Company will give to
the Trustee prompt written notice of any such designation or rescission thereof.

                                       19

<PAGE>

         SECTION 3.03. Appointments to Fill Vacancies in Trustee's Office.

         The Company, whenever necessary to avoid or fill a vacancy in the
office of Trustee, will appoint, in the manner provided in Section 6.10, a
Trustee, so that there shall at all times be a Trustee hereunder.

         SECTION 3.04. Provision as to Paying Agent.

         (a) If the Company shall appoint a paying agent other than the Trustee
with respect to the Securities of any series, it will cause such paying agent to
execute and deliver to the Trustee an instrument in which such agent shall agree
with the Trustee, subject to the provision of this Section 3.04,

                      (1)  that it will hold all sums held by it as such agent
                           for the payment of the principal of and premium, if
                           any, or interest, if any, on the Securities of such
                           series (whether such sums have been paid to it by the
                           Company or by any other obligor on the Securities of
                           such series) in trust for the benefit of the holders
                           of the Securities of such series; and

                      (2)  that it will give the Trustee notice of any failure
                           by the Company (or by any other obligor on the
                           Securities of such series) to make any payment of the
                           principal of and premium, if any, or interest, if
                           any, on the Securities of such series when the same
                           shall be due and payable.

         (b) If the Company shall act as its own paying agent, it will, on or
before each due date of the principal of and premium, if any, or interest, if
any, on the Securities of any series, set aside, segregate and hold in trust for
the benefit of the holders of the Securities of such series a sum sufficient to
pay such principal, premium or interest so becoming due and will notify the
Trustee of any failure to take such action and of any failure by the Company (or
by any other obligor under the Securities of such series) to make any payment of
the principal of and premium, if any, or interest, if any, on the Securities of
such series when the same shall become due and payable.

         (c) Anything in this Section 3.04 to the contrary notwithstanding, the
Company may, at any time, for the purpose of obtaining a satisfaction and
discharge with respect to one or more or all series of Securities hereunder, or
for any other reason, pay or cause to be paid to the Trustee all sums held in
trust for any such series by the Trustee or any paying agent hereunder, as
required by this Section 3.04, such sums to be held by the Trustee upon the
trusts herein contained.

         (d) Anything in this Section 3.04 to the contrary notwithstanding, the
agreement to hold sums in trust as provided in this Section 3.04 is subject to
Sections 11.03 and 11.04.

                                       20

<PAGE>

         SECTION 3.05. Certificate to Trustee.

         The Company will deliver to the Trustee on or before 120 days after the
end of each fiscal year in each year, so long as Securities of any series are
outstanding hereunder, a Certificate stating that in the course of the
performance by the signers of their duties as officers of the Company they would
normally have knowledge of any default by the Company in the performance of any
covenants contained herein, stating whether or not they have knowledge of any
such default and, if so, specifying each such default of which the signers have
knowledge and the nature thereof.

         SECTION 3.06. Compliance with Consolidation Provisions.

         The Company will not, while any of the Securities remain outstanding,
consolidate with, or merge into, or merge into itself, or sell or convey all or
substantially all of its property to any other company unless the provisions of
Article 10 are complied with.

         SECTION 3.07. Limitation on Dividends.

         (a) If Securities are held by a Trust or a trustee of such trust in
connection with the issuance of Trust Securities by such Trust and (i) there
shall have occurred and be continuing any event that would constitute an Event
of Default or Nonpayment or (ii) the Company shall be in default with respect to
its payment of any obligations under the Capital Securities Guarantee or Common
Securities Guarantee relating to such Trust, then:

         (x) the Company shall not declare or pay any dividend on, make any
distributions with respect to, or redeem, purchase, acquire or make a
liquidation payment with respect to, any of its capital stock or make any
guarantee payment with respect thereto (other than (i) purchases or acquisitions
of shares of its common stock in connection with the satisfaction by the Company
of its obligations under any employee benefit plans, (ii) as a result of a
reclassification of its capital stock or the exchange or conversion of one class
or series of Company capital stock for another class or series of its capital
stock or (iii) the purchase of fractional interests in shares of its capital
stock pursuant to an acquisition or the conversion or exchange provisions of
such capital stock or security being converted or exchanged) or make any
guarantee payments with respect to the foregoing, and

         (y) the Company shall not make any payment of interest, principal or
premium, if any, on or repay, repurchase or redeem any debt securities
(including guarantees) issued by the Company which rank pari passu with or
junior to such Securities.

         (b) If the Company shall exercise its right to defer payment of
interest as provided in Section 2.13, and such Extended Interest Payment Period
is continuing, then (a) the Company shall not declare or pay any dividend on,
make any distributions with respect to, or redeem, purchase, acquire or make a
liquidation payment with respect to, any of its capital stock or make any
guarantee payment with respect thereto (other than (i) purchases or acquisitions
of shares of its common stock in connection with the satisfaction by the Company
of its obligations under any employee benefit plans, (ii) as a result of a
reclassification of its capital stock or the exchange or conversion of one class
or series of Company capital stock for another class or series of Company
capital stock or (iii) the purchase of fractional interests in shares of its
capital

                                       21

<PAGE>

stock pursuant to an acquisition or the conversion or exchange provisions of
such capital stock or security being converted or exchanged) or make any
guarantee payments with respect thereto and (b) the Company shall not make any
payment of interest, principal or premium, if any, on or repay, repurchase or
redeem any debt securities (including guarantees) issued by the Company which
rank pari passu with or junior to the Securities.

         SECTION 3.08. Covenants as to Trusts.

         In the event Securities are issued to a Trust or a trustee of such
trust in connection with the issuance of Trust Securities by such Trust, for so
long as such Trust Securities remain outstanding, the Company will (i) maintain
100% direct or indirect ownership of the Common Securities of such Trust, (ii)
use its reasonable efforts to cause such Trust (a) to remain a business trust,
except in connection with a distribution of Securities, the redemption of all of
the Trust Securities of such Trust or certain mergers, consolidations or
amalgamations, each as permitted by the Declaration of such Trust, and (b) to
otherwise continue not to be treated as an association taxable as a corporation
or partnership for United States federal income tax purposes and (iii) use its
reasonable efforts to cause each holder of Trust Securities to be treated as
owning an undivided beneficial interest in the Securities.

         SECTION 3.09. Calculation of Original Issue Discount.

         The Company shall file with the Trustee promptly at the end of each
calendar year a written notice specifying the amount of any original issue
discount (including daily rates and accrual periods) accrued on outstanding
Securities as of the end of such year.

                                   ARTICLE 4

       SECURITYHOLDERS' LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE.

         SECTION 4.01. Securityholders' Lists.

         The Company covenants and agrees that it will furnish or cause to be
furnished to the Trustee:

               (a)  on a monthly basis on each regular record date for each
                    series of Securities, a list, in such form as the Trustee
                    may reasonably require, of the names and addresses of the
                    Securityholders of such series of Securities as of such
                    record date (and on dates to be determined pursuant to
                    Section 2.03 for non-interest bearing securities in each
                    year); and

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

                                       22

<PAGE>

         SECTION 4.02. Preservation and Disclosure of Lists.

         (a) The Trustee shall preserve, in as current a form as is reasonably
practicable, all information as to the names and addresses of the holders of
each series of Securities (1) contained in the most recent list furnished to it
as provided in Section 4.01 or (2) received by it in the capacity of Securities
registrar (if so acting) hereunder. The Trustee may destroy any list furnished
to it as provided in Section 4.01 upon receipt of a new list so furnished.

         (b) In case three or more holders of Securities of any series
(hereinafter referred to as "applicants") apply in writing to the Trustee and
furnish to the Trustee reasonable proof that 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 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:

             (1)  afford such applicants access to the information preserved at
                  the time by the Trustee in accordance with the provisions of
                  subsection (a) of this Section 4.02, or

             (2)  inform such applicants as to the approximate number of holders
                  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 the provisions of
                  subsection (a) of this Section 4.02, and as to the approximate
                  cost of mailing to such Securityholders 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 Securityholder of such series or all Securities, as the case may
be, whose name and address appear in the information preserved at the time by
the Trustee in accordance with the provisions of subsection (a) of this Section
4.02 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
interests 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 Securityholders with reasonable
promptness after the entry of such order and the renewal of such

                                       23

<PAGE>

tender; otherwise the Trustee shall be relieved of any obligation or duty to
such applicants respecting their application.

         (c) Each and every holder of Securities, by receiving and holding the
same, agrees with Company and the Trustee that neither the Company nor the
Trustee nor any paying agent 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 the provisions of subsection (b) of this
Section 4.02, 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 subsection 4.02(b).

          SECTION 4.03. Reports by Company.

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

         (b) The Company covenants and agrees to file with the Trustee and the
Commission, in accordance with the rules and regulations prescribed from time to
time by the Commission, such additional information, documents and reports with
respect to compliance by the Company with the conditions and covenants provided
for in this Indenture as may be required from time to time by such rules and
regulations.

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

         SECTION 4.04.  Reports by the Trustee.

         (a) The Trustee shall transmit to Securityholders such reports
concerning the Trustee and its actions under this Indenture as may be required
pursuant to the Trust Indenture Act at the times and in the manner provided
pursuant thereto. If required by Section 313(a) of the Trust Indenture Act, the
Trustee shall, within 60 days after each March 31 following the date of this
Indenture deliver to Securityholders a brief report, dated as of such March 31,
which complies with the provisions of such Section 313(a).

                                       24

<PAGE>

         (b)  A copy of each such report shall, at the time of such transmission
to Securityholders, 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.

                                   ARTICLE 5

                   REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS

         SECTION 5.01. Events of Default.

         In case one or more of the following Events of Default with respect to
Securities of any series or such other events as may be established with respect
to the Securities of that series as contemplated by Section 2.03 hereof shall
have occurred and be continuing:

              (a)   a court having jurisdiction in the premises shall enter a
                    decree or order for relief in respect of the Company in an
                    involuntary case under any applicable bankruptcy, insolvency
                    or other similar law now or hereafter in effect, or
                    appointing a receiver, liquidator, assignee, custodian,
                    trustee, sequestrator (or similar official) of the Company
                    or for any substantial part of its property, or ordering the
                    winding-up or liquidation of its affairs and such decree or
                    order shall remain unstayed and in effect for a period of 90
                    consecutive days; or

              (b)   the Company shall commence a voluntary case under any
                    applicable bankruptcy, insolvency or other similar law now
                    or hereafter in effect, shall consent to the entry of an
                    order for relief in an involuntary case under any such law,
                    or shall consent to the appointment of or taking possession
                    by a receiver, liquidator, assignee, trustee, custodian,
                    sequestrator (or other similar official) of the Company or
                    of any substantial part of its property, or shall make any
                    general assignment for the benefit of creditors, or shall
                    fail generally to pay its debts as they become due; or

              (c)   in the event Securities are held by a Trust or a trustee of
                    such Trust, such Trust shall have voluntarily or
                    involuntarily dissolved, wound-up its business or otherwise
                    terminated its existence except in connection with (i) the
                    distribution of Securities to holders of Trust Securities in
                    liquidation of their interests in such Trust, (ii) the
                    redemption of all of the outstanding Trust Securities of
                    such Trust or (iii) certain mergers, consolidations or
                    amalgamations, each as permitted by the Declaration of such
                    Trust;

then, and in each and every such case, unless the principal of all of the
Securities of such series shall have already become due and payable, either the
Trustee or the holders of not less than 25% in aggregate principal amount of the
Securities of that series then outstanding hereunder, by notice in writing to
the Company (and to the Trustee if given by Securityholders), may declare the
entire principal (or, if the Securities of that series are Original Issue
Discount Securities, such

                                       25

<PAGE>

portion of the principal amount as may be specified in the terms of that series)
of all Securities of that series and the interest accrued thereon, if any, to be
due and payable immediately, and upon any such declaration the same shall become
immediately due and payable.

         The foregoing provisions, however, are subject to the condition that
if, at any time after the principal (or, if the Securities are Original Issue
Discount Securities, such portion of the principal as may be specified in the
terms thereof) of the Securities of any series (or of all the Securities, as the
case may be) shall have been so declared due and payable, and before any
judgment or decree for the payment of the moneys due shall have been obtained or
entered as hereinafter provided, the Company shall pay or shall deposit with the
Trustee a sum sufficient to pay all matured installments of interest upon all
the Securities of such series (or of all the Securities, as the case may be) and
the principal of and premium, if any, on any and all Securities of such series
(or of all the Securities, as the case may be) which shall have become due
otherwise than by acceleration (with interest upon such principal and premium,
if any, and, to the extent that payment of such interest is enforceable under
applicable law, on overdue installments of interest, at the same rate as the
rate of interest or Yield to Maturity (in the case of Original Issue Discount
Securities) specified in the Securities of such series, (or at the respective
rates of interest or Yields to Maturity of all the Securities, as the case may
be) to the date of such payment or deposit) and such amount as shall be
sufficient to cover reasonable compensation to the Trustee and each predecessor
Trustee, their respective agents, attorneys and counsel, and all other expenses
and liabilities incurred, and all advances made, by the Trustee and each
predecessor Trustee except as a result of negligence or bad faith, and if any
and all Events of Default under the Indenture, shall have been cured, waived or
otherwise remedied as provided herein -- then and in every such case the holders
of a majority in aggregate principal amount of the Securities of such series (or
of all the Securities, as the case may be) then outstanding, by written notice
to the Company and to the Trustee, may waive all defaults with respect to that
series (or with respect to all Securities, as the case may be, in such case,
treated as a single class) and rescind and annul such declaration and its
consequences, but no such waiver or rescission and annulment shall extend to or
shall affect any subsequent default or shall impair any right consequent
thereon.

         In case the Trustee shall have proceeded to enforce any right under
this Indenture and such proceedings shall have been discontinued or abandoned
because of such rescission or annulment or for any other reason or shall have
been determined adversely to the Trustee, then and in every such case the
Company, the Trustee and the holders of the Securities shall be restored
respectively to their several positions and rights hereunder, and all rights,
remedies and powers of the Company, the Trustee and the holders of the
Securities shall continue as though no such proceeding had been taken.

         SECTION 5.02. Payment of Securities on Default; Suit Therefor.

         The Company covenants that:

              (a)  in case of nonpayment of any installment of interest upon any
                   of the Securities of any series as and when the same shall
                   become due and payable, and such nonpayment shall have
                   continued for a period of 30 days, or

                                       26

<PAGE>

              (b)   in case of nonpayment of any of the principal of or premium,
                    if any, on any of the Securities of any series as and when
                    the same shall have become due and payable, whether at
                    maturity of the Securities of that series or upon redemption
                    or by declaration or otherwise, or

              (c)   in case there shall have occurred a failure in the
                    performance, or breach, of any covenant or warranty of the
                    Company in this Indenture (other than those set forth
                    exclusively in terms of any particular series of Securities
                    established as contemplated in this Indenture), and
                    continuance of such failure or breach for a period of 90
                    days after there has been given, by registered or certified
                    mail, to the Company by the Trustee or to the Company and
                    the Trustee by the holders of at least 25% in aggregate
                    principal amount of the outstanding Securities a written
                    notice specifying such failure or breach and requiring it to
                    be remedied and stating that such notice is a "Notice of
                    Default" hereunder;

then, upon demand of the Trustee, the Company will pay to the Trustee, for the
benefit of the holders of the Securities of that series, the amount that then
shall have become due and payable on all such Securities of that series for
principal and premium, if any, or interest, or both, as the case may be, with
interest upon the overdue principal and premium, if any, and (to the extent that
payment of such interest is enforceable under applicable law and, if the
Securities are held by a Trust or a trustee of such trust, without duplication
of any other amounts paid by a Trust or trustee in respect thereof) upon the
overdue installments of interest at the rate or Yield to Maturity (in the case
of Original Issue Discount Securities) borne by the Securities of that series;
and, in addition thereto, such further amount as shall be sufficient to cover
the costs and expenses of collection, including a reasonable compensation to the
Trustee, its agents, attorneys and counsel, and any expenses or liabilities
incurred by the Trustee hereunder other than through its negligence or bad
faith.

         In case the Company shall fail forthwith to pay such amounts upon such
demand, the Trustee, in its own name and as trustee of an express trust, shall
be entitled and empowered to institute any actions or proceedings at law or in
equity for the collection of the sums so due and unpaid, and may prosecute any
such action or proceeding to judgment or final decree, and may enforce any such
judgment or final decree against the Company or any other obligor on such
Securities and collect in the manner provided by law out of the property of the
Company or any other obligor on such Securities wherever situated the moneys
adjudged or decreed to be payable.

         In case there shall be pending proceedings for the bankruptcy or for
the reorganization of the Company or any other obligor on the Securities of any
series under the Bankruptcy Law, or any other applicable law, or in case a
receiver or trustee shall have been appointed for the property of the Company or
such other obligor, or in the case of any other similar judicial proceedings
relative to the Company or other obligor upon the Securities of any series, or
to the creditors or property of the Company or such other obligor, the Trustee,
irrespective of whether the principal of the Securities of any series shall then
be due and payable as therein expressed or by declaration or otherwise and
irrespective of whether the Trustee shall have made any demand pursuant to the
provisions of this Section 5.02, shall be entitled and empowered, by
intervention

                                       27

<PAGE>

in such proceedings or otherwise, to file and prove a claim or claims for the
whole amount of principal and interest (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) owing and unpaid in respect of the
Securities of such series and, in case of any judicial proceedings, to file such
proofs of claim and other papers or documents as may be necessary or advisable
in order to have the claims of the Trustee (including any claim for reasonable
compensation to the Trustee and each predecessor Trustee, and their respective
agents, attorneys and counsel, and for reimbursement of all expenses and
liabilities incurred, and all advances made, by the Trustee and each predecessor
Trustee, except as a result of negligence or bad faith) and of the
Securityholders allowed in such judicial proceedings relative to the Company or
any other obligor on the Securities of any series, or to the creditors or
property of the Company or such other obligor, unless prohibited by applicable
law and regulations, to vote on behalf of the holders of the Securities or any
series in any election of a trustee or a standby trustee in arrangement,
reorganization, liquidation or other bankruptcy or insolvency proceedings or
person performing similar functions in comparable proceedings, and to collect
and receive any moneys or other property payable or deliverable on any such
claims, and to distribute the same after the deduction of its charges and
expenses; and any receiver, assignee or trustee in bankruptcy or reorganization
is hereby authorized by each of the Securityholders to make such payments to the
Trustee, and, in the event that the Trustee shall consent to the making of such
payments directly to the Securityholders, to pay to the Trustee such amounts as
shall be sufficient to cover reasonable compensation to the Trustee, each
predecessor Trustee and their respective agents, attorneys and counsel, and all
other expenses and liabilities incurred, and all advances made, by the Trustee
and each predecessor Trustee except as a result of negligence or bad faith.

         Nothing herein contained shall be construed to authorize the Trustee to
authorize or consent to or accept or adopt on behalf of any Securityholder any
plan of reorganization, arrangement, adjustment or composition affecting the
Securities of any series or the rights of any holder thereof or to authorize the
Trustee to vote in respect of the claim of any Securityholder in any such
proceeding.

         All rights of action and of asserting claims under this Indenture, or
under any of the Securities, may be enforced by the Trustee without the
possession of any of the Securities, or the production thereof on any trial or
other proceeding relative thereto, and any such suit or proceeding instituted by
the Trustee shall be brought in its own name as trustee of an express trust, and
any recovery of judgment shall be for the ratable benefit of the holders of the
Securities.

         In any proceedings brought by the Trustee (and also any proceedings
involving the interpretation of any provision of this Indenture to which the
Trustee shall be a party) the Trustee shall be held to represent all the holders
of the Securities, and it shall not be necessary to make any holders of the
Securities parties to any such proceedings.

         Notwithstanding any provision in this Section 5.02, neither the Trustee
nor the Securityholders shall have the right to accelerate payment of any series
of the Securities or otherwise to declare such Securities due and payable except
as specifically set forth in Section 5.01.

                                       28

<PAGE>

         SECTION 5.03.  Application of Moneys Collected by Trustee.

         Any moneys collected by the Trustee shall be applied in the following
order, at the date or dates fixed by the Trustee for the distribution of such
moneys, upon presentation of the several Securities in respect of which moneys
have been collected, and stamping thereon the payment, if only partially paid,
and upon surrender thereof if fully paid:

         First: To the payment of costs and expenses of collection applicable to
such series and reasonable compensation to the Trustee, its agents, attorneys
and counsel, and of all other expenses and liabilities incurred, and all
advances made, by the Trustee except as a result of its negligence or bad faith;

         Second: To the payment of all Senior Obligations of the Company if and
to the extent required by Article 15;

         Third: In case the principal of the outstanding Securities in respect
of which moneys have been collected shall not have become due and be unpaid, to
the payment of the amounts then due and unpaid upon Securities of such series
for principal (and premium, if any), and interest on the Securities of such
series, in respect of which or for the benefit of which money has been
collected, ratably, without preference or priority of any kind, according to the
amounts due on such Securities for principal (and premium, if any) and interest,
respectively.

         SECTION 5.04.  Proceedings by Securityholders.

         Subject to the rights granted to the holder of a series under Section
13.13, no holder of any Security of any series shall have any right by virtue of
or by availing of any provision of this Indenture to institute any suit, action
or proceeding in equity or at law upon or under or with respect to this
Indenture or for the appointment of a receiver or trustee, or for any other
remedy hereunder, unless (i) such holder previously shall have given to the
Trustee written notice of an Event of Default and of the continuance thereof
with respect to the Securities of such series specifying such Event of Default,
as hereinbefore provided; (ii) the holders of not less than 25% in aggregate
principal amount of the Securities of that series then outstanding shall have
made written request upon the Trustee to institute such action, suit or
proceeding in its own name as Trustee hereunder; (iii) such holder or holders
shall have offered to the Trustee such reasonable indemnity as it may require
against the costs, expenses and liabilities to be incurred therein or thereby;
(iv) the Trustee for 60 days after its receipt of such notice, request and offer
of indemnity shall have failed to institute any such action, suit or proceeding,
and (v) during such 60 day period the holders of a majority in principal amount
of the Securities of that series do not give the Trustee a direction
inconsistent with the request; it being understood and intended, and being
expressly covenanted by the taker and holder of every Security with every other
taker and holder and the Trustee, that no one or more holders of Securities of
any 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 holder of Securities, or to obtain or seek to obtain
priority over or preference to any other such holder, or to enforce any right
under this Indenture, except in the manner herein provided and for the equal,
ratable and common benefit of all holders of Securities of the applicable
series.

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<PAGE>

         Notwithstanding any other provisions in this Indenture, however, the
right of any holder of any Security to receive payment of the principal of
(premium, if any) and interest, if any, on such Security, on or after the same
shall have become due and payable, or to institute suit for the enforcement of
any such payment, shall not be impaired or affected without the consent of such
holder and by accepting a Security hereunder it is expressly understood,
intended and covenanted by the taker and holder of every Security of such series
with every other such taker and holder and the Trustee, that no one or more
holders of Securities of such series shall have any right in any manner
whatsoever by virtue or by availing of any provision of this Indenture to
affect, disturb or prejudice the rights of the holders of any other such
Securities, or to obtain or seek to obtain priority over or preference to any
other such holder, or to enforce any right under this Indenture, except in the
manner herein provided and for the equal, ratable and common benefit of all
holders of Securities of series. For the protection and enforcement of the
provisions of this Section, each and every Securityholder and the Trustee shall
be entitled to such relief as can be given either at law or in equity.

         SECTION 5.05.  Proceedings by Trustee.

         In case of an Event of Default hereunder the Trustee may in its
discretion proceed to protect and enforce the rights vested in it by this
Indenture by such appropriate judicial proceedings as the Trustee shall deem
most effectual to protect and enforce any of such rights, either by suit in
equity or by action at law or by proceeding in bankruptcy or otherwise, whether
for the specific enforcement of any covenant or agreement contained in this
Indenture or in aid of the exercise of any power granted in this Indenture, or
to enforce any other legal or equitable right vested in the Trustee by this
Indenture or by law.

         SECTION 5.06.  Remedies Cumulative and Continuing.

         Except as otherwise provided in Section 2.08, all powers and remedies
given by this Article 5 to the Trustee or to the Securityholders shall, to the
extent permitted by law, be deemed cumulative and not exclusive of any other
powers and remedies available to the Trustee or the holders of the Securities,
by judicial proceedings or otherwise, to enforce the performance or observance
of the covenants and agreements contained in this Indenture or otherwise
established with respect to such series, and no delay or omission of the Trustee
or of any holder of any of the Securities to exercise any right or power
accruing upon any Event of Default occurring and continuing as aforesaid shall
impair any such right or power, or shall be construed to be a waiver of any such
default or an acquiescence therein; and, subject to the provisions of Section
5.04, every power and remedy given by this Article 5 or by law to the Trustee or
to the Securityholders may be exercised from time to time, and as often as shall
be deemed expedient, by the Trustee or by the Securityholders.

         SECTION 5.07.  Direction of Proceedings and Waiver of Defaults by
Majority of Securityholders.

         The holders of a majority in aggregate principal amount of the
Securities of any or all series affected (voting as one class) at the time
outstanding shall have the right to direct the time, method, and place of
conducting any proceeding for any remedy available to the Trustee, or exercising
any trust or power conferred on the Trustee; provided, however, that (subject to
the

                                       30

<PAGE>

provisions of Section 6.01) the Trustee shall have the right to decline to
follow any such direction if the Trustee shall determine that the action so
directed would be unjustly prejudicial to the holders not taking part in such
direction or if the Trustee being advised by counsel determines that the action
or proceeding so directed may not lawfully be taken or if the Trustee in good
faith by its board of directors or trustees, executive committee, or a trust
committee of directors or trustees and/or Responsible Officers shall determine
that the action or proceedings so directed would involve the Trustee in personal
liability. Prior to any declaration accelerating the maturity of any series of
the Securities, or of all the Securities, as the case may be, the holders of a
majority in aggregate principal amount of the Securities of that series at the
time outstanding may on behalf of the holders of all of the Securities of such
series waive any past default or Event of Default including any default
established pursuant to Section 2.03 and its consequences except a default (a)
in the payment of principal of, premium, if any, or interest on any of the
Securities, (b) in respect of covenants or provisions hereof which cannot be
modified or amended without the consent of the holder of each Security affected,
or (c) a default of the covenants contained in Section 3.07; provided, however,
that if the Securities of such series are held by a Trust or a trustee of such
trust, such waiver or modification to such waiver shall not be effective until
the holders of a majority in liquidation preference of Trust Securities of the
applicable Trust shall have consented to such waiver or modification to such
waiver; provided further, that if the consent of the Holder of each outstanding
Security is required, such waiver shall not be effective until each holder of
the Trust Securities of the applicable Trust shall have consented to such
waiver. Upon any such waiver, the default covered thereby shall be deemed to be
cured for all purposes of this Indenture and the Company, the Trustee and the
holders of the Securities of such series shall be restored to their former
positions and rights hereunder, respectively; but no such waiver shall extend to
any subsequent or other default or impair any right consequent thereon. Upon any
such waiver the Company, the Trustee and the holders of the Securities of that
series (or of all Securities, as the case may be) shall be restored to their
former positions and rights hereunder, respectively; but no such waiver shall
extend to any subsequent or other default or Event of Default or impair any
right consequent thereon. Whenever any default or Event of Default hereunder
shall have been waived as permitted by this Section 5.07, such default or Event
of Default shall for all purposes of the Securities of that series (or of all
Securities, as the case may be) and this Indenture be deemed to have been cured
and to be not continuing.

     SECTION 5.08. Notice of Defaults and Nonpayments.

     The Trustee shall, within 90 days after the occurrence of a default with
respect to the Securities of any series, mail to all Securityholders of that
series, as the names and addresses of such holders appear upon the Security
register, notice of all defaults with respect to that series and notice of
nonpayment of principal, premium, if any, or interest, when due on the
Securities of such series ("Nonpayments") known to the Trustee, unless such
defaults or Nonpayments shall have been cured before the giving of such notice
(the term "defaults" for the purpose of this Section 5.08 being hereby defined
to be the events specified in clauses (a) and (b) of Section 5.01, not including
periods of grace, if any, provided for therein).

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<PAGE>

     SECTION 5.09. Undertaking to Pay Costs.

     All parties to this Indenture agree, and each holder of any Security by his
acceptance thereof shall be deemed to have agreed, that any court may in its
discretion require, in any suit for the enforcement of any right or remedy under
this Indenture, or in any suit against the Trustee for any action taken or
omitted by it as Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit, and that such court may in its
discretion assess reasonable costs, including reasonable attorneys' fees 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 5.09 shall not apply to any suit instituted by
the Trustee, to any suit instituted by any Securityholder, or group of
Securityholders of any series, holding in the aggregate more than 10% in
principal amount of the Securities of that series outstanding, or to any suit
instituted by any Securityholder for the enforcement of the payment of the
principal of (or premium, if any) or interest on any Security against the
Company on or after the same shall have become due and payable.

                                    ARTICLE 6

                             CONCERNING THE TRUSTEE

     SECTION 6.01. Duties and Responsibilities of Trustee.

     With respect to the holders of any series of Securities issued hereunder,
the Trustee, prior to the occurrence of an Event of Default with respect to
Securities of that series and after the curing or waiving of all Events of
Default which may have occurred, with respect to Securities of that series,
undertakes to perform such duties and only such duties as are specifically set
forth in this Indenture. In case an Event of Default with respect to the
Securities of a series has occurred (which has not been cured or waived) the
Trustee shall exercise such of the rights and powers vested in it by this
Indenture, and use the same degree of care and skill in their exercise, as a
prudent man would exercise or use under the circumstances in the conduct of his
own affairs.

     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

          (a)  prior to the occurrence of an Event of Default with respect to
               Securities of a series and after the curing or waiving of all
               Events of Default with respect to that series which may have
               occurred

               (1)  the duties and obligations of the Trustee with respect to
                    Securities of a series shall be determined solely by the
                    express provisions of this Indenture, and the Trustee shall
                    not be liable except for the performance of such duties and
                    obligations with respect to such series as are specifically
                    set forth in this Indenture, and no implied covenants or
                    obligations shall be read into this Indenture against the
                    Trustee; and

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<PAGE>

               (2)  in the absence of bad faith on the part of the Trustee, the
                    Trustee may conclusively rely, as to the truth of the
                    statements and the correctness of the opinions expressed
                    therein, upon any 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)  the Trustee shall not be liable for any error of judgment made in
               good faith by a Responsible Officer or Officers of the Trustee,
               unless it shall be proved that the Trustee was negligent in
               ascertaining the pertinent facts; and

          (c)  the Trustee shall not be liable with respect to any action taken
               or omitted to be taken by it in good faith, in accordance with
               the direction of the Securityholders pursuant to Section 5.07,
               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.

     None of the provisions contained in this Indenture shall require the
Trustee to expend or risk its own funds or otherwise incur personal financial
liability in the performance of any of its duties or in the exercise of any of
its rights or powers, if there is reasonable ground for believing that the
repayment of such funds or liability is not reasonably assured to it under the
terms of this Indenture or adequate indemnity against such risk is not
reasonably assured to it.

     SECTION 6.02. Reliance on Documents, Opinions, etc.

     Except as otherwise provided in Section 6.01:

          (a)  the Trustee may rely and shall be protected in acting or
               refraining from acting upon any resolution, certificate,
               statement, instrument, opinion, report, notice, request, consent,
               order, bond, note, debenture 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, direction, order or demand of the Company mentioned
               herein shall be sufficiently evidenced by an Officers'
               Certificate (unless other evidence in respect thereof be herein
               specifically prescribed); and any Board Resolution may be
               evidenced to the Trustee by a copy thereof certified by the
               Secretary or an Assistant Secretary of the Company;

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

                                       33

<PAGE>

          (d)  the Trustee shall be under no obligation to exercise any of the
               rights or powers vested in it by this Indenture at the request,
               order or direction of any of the Securityholders, pursuant to the
               provisions of this Indenture, unless such Securityholders shall
               have offered to the Trustee reasonable security or indemnity
               against the costs, expenses and liabilities which may be incurred
               therein or thereby;

          (e)  the Trustee shall not be liable for any action taken or omitted
               by it in good faith and believed by it to be authorized or within
               the discretion or rights or powers conferred upon it by this
               Indenture; nothing contained herein shall, however, relieve the
               Trustee of the obligation, upon the occurrence of an Event of
               Default with respect to a series of the Securities (that has not
               been cured or waived) to exercise with respect to Securities of
               that series such of the rights and powers vested in it by this
               Indenture, and to use the same degree of care and skill in their
               exercise, as a prudent man would exercise or use under the
               circumstances in the conduct of his own affairs;

          (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, consent,
               order, approval, bond, debenture, coupon or other paper or
               document, unless requested in writing to do so by the holders of
               not less than a majority in principal amount of the outstanding
               Securities of the series affected thereby; provided, however,
               that if the payment within a reasonable time to the Trustee of
               the costs, expenses or liabilities likely to be incurred by it in
               the making of such investigation is, in the opinion of the
               Trustee, not reasonably assured to the Trustee by the security
               afforded to it by the terms of this Indenture, the Trustee may
               require reasonable indemnity against such expense or liability as
               a condition to so proceeding; and

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

     SECTION 6.03. No Responsibility for Recitals, etc.

     The recitals contained herein and in the Securities (except in the
certificate of authentication of the Trustee or the Authenticating Agent) shall
be taken as the statements of the Company and the Trustee and the Authenticating
Agent assume no responsibility for the correctness of the same. The Trustee and
the Authenticating Agent make no representations as to the validity or
sufficiency of this Indenture or of the Securities. The Trustee and the
Authenticating Agent shall not be accountable for the use or application by the
Company of any Securities or the proceeds of any Securities authenticated and
delivered by the Trustee or the Authenticating Agent in conformity with the
provisions of this Indenture.

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<PAGE>

     SECTION 6.04. Trustee, Authenticating Agent, Paying Agents, Transfer Agents
or Registrar May Own Securities.

     The Trustee or any Authenticating Agent or any paying agent or any transfer
agent or any Security registrar, in its individual or any other capacity, may
become the owner or pledgee of Securities with the same rights it would have if
it were not Trustee, Authenticating Agent, paying agent, transfer agent or
Security registrar.

     SECTION 6.05. Moneys to be Held in Trust.

     Subject to the provisions of Section 11.04, all moneys received by the
Trustee or any paying agent shall, until used or applied as herein provided, be
held in trust for the purpose for which they were received, but need not be
segregated from other funds except to the extent required by law. The Trustee
and any paying agent shall be under no liability for interest on any money
received by it hereunder except as otherwise agreed in writing with the Company.
So long as no Event of Default shall have occurred and be continuing, all
interest allowed on any such moneys shall be paid from time to time upon the
written order of the Company, signed by any Authorized Officer.

     SECTION 6.06. Compensation and Expenses of Trustee.

     The Company covenants and agrees to pay to the Trustee from time to time,
and the Trustee shall be entitled to, such compensation as shall be agreed to in
writing between the Company and the Trustee (which shall not be limited by any
provision of law in regard to the compensation of a trustee of an express
trust), and the Company will pay or reimburse the Trustee upon its request for
all reasonable expenses, disbursements and advances incurred or made by the
Trustee in accordance with any of the provisions of this Indenture (including
the reasonable compensation and the expenses and disbursements of its counsel
and of all persons not regularly in its employ) except any such expense,
disbursement or advance as may arise from its negligence or bad faith. The
Company also covenants to indemnify each of the Trustee or any predecessor
Trustee (and its officers, agents, directors and employees) for, and to hold it
harmless against, any and all loss, damage, claim, liability or expense
including taxes (other than taxes based on the income of the Trustee) incurred
without negligence or bad faith on the part of the Trustee and arising out of or
in connection with the acceptance or administration of this trust, including the
costs and expenses of defending itself against any claim of liability in the
premises. The obligations of the Company under this Section 6.06 to compensate
and indemnify the Trustee and to pay or reimburse the Trustee for expenses,
disbursements and advances shall constitute additional indebtedness hereunder.
Such additional indebtedness shall be secured by a lien prior to that of the
Securities upon all property and funds held or collected by the Trustee as such,
except funds held in trust for the benefit of the holders of particular
Securities.

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

                                       35

<PAGE>

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

     SECTION 6.07. Officers' Certificate as Evidence.

     Except as otherwise provided in Sections 6.01 and 6.02, whenever in the
administration of the provisions of this Indenture the Trustee shall deem it
necessary or desirable that a matter be proved or established prior to taking or
omitting any action hereunder, such matter (unless other evidence in respect
thereof be herein specifically prescribed) may, in the absence of negligence or
bad faith on the part of the Trustee, be deemed to be conclusively proved and
established by an Officers' Certificate delivered to the Trustee, and such
certificate, in the absence of negligence or bad faith on the part of the
Trustee, shall be full warrant to the Trustee for any action taken or omitted by
it under the provisions of this Indenture upon the faith thereof.

     SECTION 6.08. Conflicting Interest of Trustee.

     If the Trustee has or shall acquire any "conflicting interest" within the
meaning of Section 310(b) of the Trust Indenture Act, the Trustee and the
Company shall in all respects comply with the provisions of Section 310(b) of
the Trust Indenture Act.

     SECTION 6.09. Eligibility of Trustee.

     The Trustee hereunder shall at all times be a corporation organized and
doing business under the laws of the United States of America or any state or
territory thereof or of the District of Columbia or a corporation or other
Person permitted to act as trustee by the Commission authorized under such laws
to exercise corporate trust powers, having a combined capital and surplus of at
least $50,000,000 and subject to supervision or examination by federal, state,
territorial, or District of Columbia authority. If such corporation 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 6.09 the combined capital and surplus of such corporation shall be
deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published.

     The Company may not, nor may any Person directly or indirectly controlling,
controlled by, or under common control with the Company, serve as Trustee.

     In case at any time the Trustee shall cease to be eligible in accordance
with the provisions of this Section 6.09, the Trustee shall resign immediately
in the manner and with the effect specified in Section 6.10.

     SECTION 6.10. Resignation or Removal of Trustee.

     (a)  The Trustee, or any trustee or trustees hereafter appointed, may at
any time resign with respect to one or more or all series of Securities by
giving written notice of such resignation to the Company and by mailing notice
thereof to the holders of the applicable series of Securities at their addresses
as they shall appear on the Security register. Upon receiving such notice of
resignation, the Company shall promptly appoint a successor trustee or trustees
with respect to the applicable series by written instrument, in duplicate,
executed under the authority of a Board Resolution, one copy of which instrument
shall be delivered to the resigning Trustee and one

                                       36

<PAGE>

copy to the successor trustee. If no successor trustee shall have been so
appointed with respect to any series of Securities and have accepted appointment
within 60 days after the mailing of such notice of resignation to the affected
Securityholders, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor trustee, or any Securityholder
who has been a bona fide holder of a Security or Securities of the applicable
series for at least six months may, subject to the provisions of Section 5.09,
on behalf of himself and all others similarly situated, petition any such court
for the appointment of a successor trustee. Such court may thereupon, after such
notice, if any, as it may deem proper and prescribe, appoint a successor
trustee.

         (b)      In case at any time any of the following shall occur --

                  (1)      the Trustee shall fail to comply with the provisions
                           of Section 6.08 after written request therefor by the
                           Company or by any Securityholder who has been a bona
                           fide holder of a Security or Securities for at least
                           six months, or

                  (2)      the Trustee shall cease to be eligible in accordance
                           with the provisions of Section 6.09 and shall fail to
                           resign after written request therefor by the Company
                           or by any such Securityholder, or

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

then, in any such case, the Company may remove the Trustee and appoint a
successor trustee by written instrument, in duplicate, executed under the
authority of a Board Resolution, one copy of which instrument shall be delivered
to the Trustee so removed and one copy to the successor trustee, or, subject to
the provisions of Section 5.09, any Securityholder who has been a bona fide
holder of a Security or Securities of the applicable 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 and the
appointment of a successor trustee. Such court may thereupon, after such notice,
if any, as it may deem proper and prescribe, remove the Trustee and appoint a
successor trustee.

         (c)      The holders of a majority in aggregate principal amount of the
Securities of any series at the time outstanding may at any time remove the
Trustee with respect to such series and nominate a successor trustee with
respect to the applicable series of Securities or all series, as the case may
be, which shall be deemed appointed as successor trustee with respect to the
applicable series unless within 10 days after such nomination the Company
objects thereto, in which case the Trustee so removed or any Securityholder of
the applicable series, upon the terms and conditions and otherwise as in
subsection (a) of this Section 6.10 provided, may petition any court of
competent jurisdiction for an appointment of a successor trustee with respect to
such series.

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<PAGE>

         (d) Any resignation or removal of the Trustee and appointment of a
successor trustee pursuant to any of the provisions of this Section 6.10 shall
become effective upon acceptance of appointment by the successor trustee as
provided in Section 6.11.

         SECTION 6.11.     Acceptance by Successor Trustee.

         Any successor trustee appointed as provided in Section 6.10 shall
execute, acknowledge and deliver to the Company and to its predecessor trustee
an instrument accepting such appointment hereunder, and thereupon the
resignation or removal of the retiring trustee with respect to all or any
applicable series shall become effective and such successor trustee, without any
further act, deed or conveyance, shall become vested with all the rights,
powers, duties and obligations with respect to such series of its predecessor
hereunder, with like effect as if originally named as trustee herein; but,
nevertheless, on the written request of the Company or of the successor trustee,
the trustee ceasing to act shall, upon payment of any amounts then due it
pursuant to the provisions of Section 6.06, execute and deliver an instrument
transferring to such successor trustee all the rights and powers of the trustee
so ceasing to act and shall duly assign, transfer and deliver to such successor
trustee all property and money held by such retiring trustee thereunder. Upon
request of any such successor trustee, the Company shall execute any and all
instruments in writing for more fully and certainly vesting in and confirming to
such successor trustee all such rights and powers. Any trustee ceasing to act
shall, nevertheless, retain a lien upon all property or funds held or collected
by such trustee to secure any amounts then due it pursuant to the provisions of
Section 6.06.

         If a successor trustee is appointed 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 any applicable series shall
execute and deliver an indenture supplemental hereto which 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 any series as to which the predecessor trustee is not retiring
shall continue to be vested in the predecessor trustee, and 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 trustee 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.

         No successor trustee shall accept appointment as provided in this
Section 6.11 unless at the time of such acceptance such successor trustee shall
be in compliance with the provisions of Section 6.08 and eligible under the
provisions of Section 6.09.

         Upon acceptance of appointment by a successor trustee as provided in
this Section 6.11, the Company shall mail notice of the succession of such
trustee hereunder to the holders of Securities of any applicable series at their
addresses as they shall appear on the Security register. If the Company fails to
mail such notice within 10 days after the acceptance of appointment by the
successor trustee, the successor trustee shall cause such notice to be mailed at
the expense of the Company.

                                       38

<PAGE>

         SECTION 6.12.     Succession by Merger, etc.

         Any corporation into which the Trustee may be merged or converted or
with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any
corporation succeeding to all or substantially all of the corporate trust
business of the Trustee, shall be the successor of the Trustee hereunder without
the execution or filing of any paper or any further act on the part of any of
the parties hereto.

         In case at the time such successor to the Trustee shall succeed to the
trusts created by this Indenture any of the Securities of any series shall have
been authenticated but not delivered, any such successor to the Trustee may
adopt the certificate of authentication of any predecessor trustee, and deliver
such Securities so authenticated; and in case at that time any of the Securities
of any series shall not have been authenticated, any successor to the Trustee
may authenticate such Securities either in the name of any predecessor hereunder
or in the name of the successor trustee; and in all such cases such certificates
shall have the full force which it is anywhere in the Securities of such series
or in this Indenture provided that the certificate of the Trustee shall have;
provided, however, that the right to adopt the certificate of authentication of
any predecessor Trustee or authenticate Securities of any series in the name of
any predecessor Trustee shall apply only to its successor or successors by
merger, conversion or consolidation.

         SECTION 6.13.     Limitation on Rights of Trustee as a Creditor.

         The Trustee shall comply with Section 311(a) of the Trust Indenture
Act, excluding any creditor relationship described in Section 311(b) of the
Trust Indenture Act. A Trustee who has resigned or been removed shall be subject
to Section 311(a) of the Trust Indenture Act to the extent included therein.

         SECTION 6.14.     Authenticating Agents.

         The Trustee may appoint one or more Authenticating Agents upon the
request of the Company with power to act on its behalf and subject to its
direction in the authentication and delivery of Securities of any series issued
upon exchange or transfer thereof as fully to all intents and purposes as though
any such Authenticating Agent had been expressly authorized to authenticate and
deliver Securities of such series; provided, that the Trustee shall have no
liability to the Company for any acts or omissions of the Authenticating Agent
with respect to the authentication and delivery of Securities of any series.
Securities authenticated by an Authenticating Agent shall be entitled to the
benefits of this Indenture and shall be valid and obligatory for all purposes as
if authenticated by the Trustee. Each Authenticating Agent shall at all times be
a corporation organized and doing business under the laws of the United States
or of any state or territory thereof or of the District of Columbia authorized
under such laws to act as Authenticating Agent, having a combined capital and
surplus of at least $50,000,000 and being subject to supervision or examination
by federal, state, territorial or District of Columbia authority. If such
corporation publishes reports of condition at least annually pursuant to law or
the requirements of such authority, then for the purposes of this Section 6.14
the combined capital and surplus of such corporation shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition
so published. If at any time an Authenticating

                                       39

<PAGE>

Agent shall cease to be eligible in accordance with the provisions of this
Section, it shall resign immediately in the manner and with the effect herein
specified in this Section.

         Any corporation into which any Authenticating Agent may be merged or
converted or with which it may be consolidated, or any corporation resulting
from any merger, consolidation or conversion to which any Authenticating Agent
shall be a party, or any corporation succeeding to the corporate trust business
of any Authenticating Agent, shall be the successor of such Authenticating Agent
hereunder, if such successor corporation is otherwise eligible under this
Section 6.14 without the execution or filing of any paper or any further act on
the part of the parties hereto or such Authenticating Agent.

         Any Authenticating Agent may at any time resign with respect to one or
more or all series of Securities by giving written notice of resignation to the
Trustee and to the Company. The Trustee may at any time terminate the agency of
any Authenticating Agent with respect to one or more or all series of Securities
by giving written notice of termination to such Authenticating Agent and to the
Company. Upon receiving such a notice of resignation or upon such a termination,
or in case at any time any Authenticating Agent shall cease to be eligible under
this Section 6.14, the Trustee may, and upon the request of the Company shall,
promptly appoint a successor Authenticating Agent with respect to the applicable
series eligible under this Section 6.14, shall give written notice of such
appointment to the Company and shall mail notice of such appointment to all
holders of the applicable series of Securities as the names and addresses of
such holders appear on the Security register. Any successor Authenticating Agent
with respect to all or any series upon acceptance of its appointment hereunder
shall become vested with all rights, powers, duties and responsibilities with
respect to such series of its predecessor hereunder, with like effect as if
originally named as Authenticating Agent herein.

         The Company shall pay to any Authenticating Agent from time to time
reasonable compensation for its services as may be periodically agreed by them
in writing. Any Authenticating Agent shall have no responsibility or liability
for any action taken by it as such in accordance with the directions of the
Trustee.

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

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

                                   THE BANK OF NEW YORK
                                   As Trustee

                                   By:_____________________________________
                                          As Authenticating Agent

                                   By:_____________________________________
                                          Authorized Officer"

                                       40

<PAGE>

                                   ARTICLE 7

                         CONCERNING THE SECURITYHOLDERS

         SECTION 7.01.     Action by Securityholders.

         Whenever in this Indenture it is provided that the holders of a
specified percentage in aggregate principal amount of the Securities of any or
all series may take any action (including the making of any demand or request,
the giving of any notice, consent or waiver or the taking of any other action)
the fact that at the time of taking any such action the holders of such
specified percentage have joined therein may be evidenced (a) by any instrument
or any number of instruments of similar tenor executed by such Securityholders
in person or by agent or proxy appointed in writing, or (b) by the record of
such holders of Securities voting in favor thereof at any meeting of such
Securityholders duly called and held in accordance with the provisions of
Article 8, or (c) by a combination of such instrument or instruments and any
such record of such a meeting of such Securityholders.

         If the Company shall solicit from the Securityholders of any series any
request, demand, authorization, direction, notice, consent, waiver or other
action, the Company may, at its option, as evidenced by an Officers'
Certificate, fix in advance a record date for such series for the determination
of Securityholders entitled to give such request, demand, authorization,
direction, notice, consent, waiver or other action, but the Company shall have
no obligation to do so. If such a record date is fixed, such request, demand,
authorization, direction, notice, consent, waiver or other action may be given
before or after the record date, but only the Securityholders of record at the
close of business on the record date shall be deemed to be Securityholders for
the purposes of determining whether Securityholders of the requisite proportion
of outstanding Securities of that series have authorized or agreed or consented
to such request, demand, authorization, direction, notice, consent, waiver or
other action, and for that purpose the outstanding Securities of that series
shall be computed as of the record date; provided, however, that no such
authorization, agreement or consent by such Securityholders on the record date
shall be deemed effective unless it shall become effective pursuant to the
provisions of this Indenture not later than six months after the record date.

         SECTION 7.02.     Proof of Execution by Securityholders.

         Subject to the provisions of Section 6.01, 6.02 and 8.05, proof of the
execution of any instrument by a Securityholder or his agent or proxy shall be
sufficient if made in accordance with such reasonable rules and regulations as
may be prescribed by the Trustee or in such manner as shall be satisfactory to
the Trustee. The ownership of Securities shall be proved by the Security
register or by a certificate of the Security registrar. The Trustee may require
such additional proof of any matter referred to in this Section as it shall deem
necessary.

         The record of any Securityholders' meeting shall be proved in the
manner provided in Section 8.06.

                                       41

<PAGE>

         SECTION 7.03.     Who Are Deemed Absolute Owners.

         Prior to due presentment for registration of transfer of any Security,
the Company, the Trustee, any Authenticating Agent, any paying agent, any
transfer agent and any Security registrar may deem the Person in whose name such
Security shall be registered upon the Security register (including a Depositary
in the case of a Global Security) to be, and may treat him as, the absolute
owner of such Security (whether or not such Security shall be overdue) for the
purpose of receiving payment of or on account of the principal of, premium, if
any, and interest on such Security and for all other purposes; and neither the
Company nor the Trustee nor any Authenticating Agent nor any paying agent nor
any transfer agent nor any Security registrar shall be affected by any notice to
the contrary. All such payments so made to any holder for the time being or upon
his order shall be valid, and, to the extent of the sum or sums so paid,
effectual to satisfy and discharge the liability for moneys payable upon any
such Security.

         SECTION 7.04.     Securities Owned by Company Deemed Not Outstanding.

         In determining whether the holders of the requisite aggregate principal
amount of Securities have concurred in any direction, consent or waiver under
this Indenture, Securities which are owned by the Company or any other obligor
on the Securities or by any person directly or indirectly controlling or
controlled by or under direct or indirect common control with the Company or any
other obligor on the Securities shall be disregarded and deemed not to be
outstanding for the purpose of any such determination; provided that for the
purposes of determining whether the Trustee shall be protected in relying on any
such direction, consent or waiver, only Securities which the Trustee actually
knows are so owned shall be so disregarded. Securities so owned which have been
pledged in good faith may be regarded as outstanding for the purposes of this
Section 7.04 if the pledgee shall establish to the satisfaction of the Trustee
the pledgee's right to vote such Securities and that the pledgee is not the
Company or any such other obligor or person directly or indirectly controlling
or controlled by or under direct or indirect common control with the Company or
any such other obligor. In the case of a dispute as to such right, any decision
by the Trustee taken upon the advice of counsel shall be full protection to the
Trustee.

         SECTION 7.05. Revocation of Consents; Future Holders Bound.

         At any time prior to (but not after) the evidencing to the Trustee, as
provided in Section 7.01, of the taking of any action by the holders of the
percentage in aggregate principal amount of the Security specified in this
Indenture in connection with such action, any holder of a Security (or any
Security issued in whole or in part in exchange or substitution therefor) the
serial number of which is shown by the evidence to be included in the Securities
the holders of which have consented to such action may, by filing written notice
with the Trustee at its principal office and upon proof of holding as provided
in Section 7.02, revoke such action so far as concerns such Security (or so far
as concerns the principal amount represented by any exchanged or substituted
Security). Except as aforesaid any such action taken by the holder of any
Security shall be conclusive and binding upon such holder and upon all future
holders and owners of such Security, and of any Security issued in exchange or
substitution therefor, irrespective of whether or not any notation in regard
thereto is made upon such Security or any Security issued in exchange or
substitution therefor.

                                       42

<PAGE>

                                   ARTICLE 8

                            SECURITYHOLDERS' MEETINGS

     SECTION 8.01. Purposes of Meetings.

     A meeting of Securityholders of any or all series may be called at any time
and from time to time pursuant to the provisions of this Article 8 for any of
the following purposes:

          (a)  to give any notice to the Company or to the Trustee, or to give
               any directions to the Trustee, or to consent to the waiving of
               any default hereunder and its consequences, or to take any other
               action authorized to be taken by Securityholders pursuant to any
               of the provisions of Article 5;

          (b)  to remove the Trustee and nominate a successor trustee pursuant
               to the provisions of Article 6;

          (c)  to consent to the execution of an indenture or indentures
               supplemental hereto pursuant to the provisions of Section 9.02;
               or

          (d)  to take any other action authorized to be taken by or on behalf
               of the holders of any specified aggregate principal amount of
               such Securities under any other provision of this Indenture or
               under applicable law.

     SECTION 8.02. Call of Meetings by Trustee.

     The Trustee may at any time call a meeting of Securityholders of any or all
series to take any action specified in Section 8.01, to be held at such time and
in the Borough of Manhattan, New York, New York, or such other location as the
Trustee shall determine. Notice of every meeting of the Securityholders of any
or all series, setting forth the time and the place of such meeting and in
general terms the action proposed to be taken at such meeting, shall be mailed
to holders of Securities of each series affected at their addresses as they
shall appear on the Securities of each series affected register. Such notice
shall be mailed not less than 20 nor more than 180 days prior to the date fixed
for the meeting.

     SECTION 8.03. Call of Meetings by Company or Securityholders.

     In case at any time the Company pursuant to a Board Resolution, or the
holders of at least 10% in aggregate principal amount of the Securities of any
or all series, as the case may be, then outstanding, shall have requested the
Trustee to call a meeting of Securityholders of any or all series, as the case
may be, by written request setting forth in reasonable detail the action
proposed to be taken at the meeting, and the Trustee shall not have mailed the
notice of such meeting within 20 days after receipt of such request, then the
Company or such Securityholders may determine the time and the place in the
Borough of Manhattan, City of New York for such meeting and may call such
meeting to take any action authorized in Section 8.01, by mailing notice thereof
as provided in Section 8.02.

                                       43

<PAGE>

     SECTION 8.04. Qualifications for Voting.

     To be entitled to vote at any meeting of Securityholders a person shall (a)
be a holder of one or more Securities with respect to which the meeting is being
held or (b) a person appointed by an instrument in writing as proxy by a holder
of one or more such Securities. The only persons who shall be entitled to be
present or to speak at any meeting of Securityholders shall be the persons
entitled to vote at such meeting and their counsel, any representatives of the
Trustee and its counsel and any representatives of the Company and its counsel.

     SECTION 8.05. Regulations.

     Notwithstanding any other provisions of this Indenture, the Trustee may
make such reasonable regulations as it may deem advisable for any meeting of
Securityholders, in regard to proof of the holding of Securities and of the
appointment of proxies, and in regard to the appointment and duties of
inspectors of votes, the submission and examination of proxies, certificates and
other evidence of the right to vote, and such other matters concerning the
conduct of the meeting as it shall think fit.

     The Trustee shall, by an instrument in writing, appoint a temporary
chairman of the meeting, unless the meeting shall have been called by the
Company or by Securityholders as provided in Section 8.03, in which case the
Company or the Securityholders calling the meeting, as the case may be, shall in
like manner appoint a temporary chairman. A permanent chairman and a permanent
secretary of the meeting shall be elected by majority vote of the meeting.

     Subject to the provisions of Section 7.04 and unless otherwise provided in
a Board Resolution or an indenture supplemental hereto, at any meeting each
holder of Securities with respect to which such meeting is being held or proxy
therefor shall be entitled to one vote for each $25 principal amount (in the
case of Original Issue Discount Securities, such principal amount to be
determined as provided in the definition "outstanding") of Securities held or
represented by him; provided, however, that no vote shall be cast or counted at
any meeting in respect of any Security challenged as not outstanding and ruled
by the chairman of the meeting to be not outstanding. The chairman of the
meeting shall have no right to vote other than by virtue of Securities held by
him or instruments in writing as aforesaid duly designating him as the person to
vote on behalf of other Securityholders. Any meeting of Securityholders duly
called pursuant to the provisions of Section 8.02 or 8.03 may be adjourned from
time to time by a majority of those present, whether or not constituting a
quorum, and the meeting may be held as so adjourned without further notice.

     SECTION 8.06. Voting.

     The vote upon any resolution submitted to any meeting of holders of
Securities with respect to which such meeting is being held shall be by written
ballots on which shall be subscribed the signatures of such holders or of their
representatives by proxy and the serial number or numbers of the Securities held
or represented by them. The permanent chairman of the meeting shall appoint two
inspectors of votes who shall count all votes cast at the meeting for or against
any resolution and who shall make and file with the secretary of the meeting
their verified written reports in triplicate of all votes cast at the meeting. A
record in duplicate of the

                                       44

<PAGE>

proceedings of each meeting of Securityholders shall be prepared by the
secretary of the meeting and there shall be attached to said record the original
reports of the inspectors of votes on any vote by ballot taken thereat and
affidavits by one or more persons having knowledge of the facts setting forth a
copy of the notice of the meeting and showing that the notice was mailed as
provided in Section 8.02. The record shall show the serial numbers of the
Securities voting in favor of or against any resolution. The record shall be
signed and verified by the affidavits of the permanent chairman and secretary of
the meeting and one of the duplicates shall be delivered to the Company and the
other to the Trustee to be preserved by the Trustee, the latter to have attached
thereto the ballots voted at the meeting.

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

                                   ARTICLE 9

                             SUPPLEMENTAL INDENTURES

     SECTION 9.01. Supplemental Indentures without Consent of Securityholders.

     The Company and the Trustee may from time to time and at any time enter
into an indenture or indentures supplemental hereto (which shall conform to the
provisions of the Trust Indenture Act as then in effect), without the consent of
the Securityholders, for one or more of the following purposes:

          (a)  to evidence the succession of another corporation to the Company,
               or successive successions, and the assumption by the successor
               corporation of the covenants, agreements and obligations of the
               Company pursuant to Article 10 hereof;

          (b)  to add to the covenants of the Company such further covenants,
               restrictions or conditions for the protection 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 for the benefit
               of such series) as the Company and the Trustee shall consider to
               be for the protection of the holders of such Securities, and to
               make the occurrence, or the occurrence and continuance, of a
               default in any of such additional covenants, restrictions or
               conditions a default or an Event of Default permitting the
               enforcement of all or any of the several remedies provided in
               this Indenture as herein set forth; provided, however, that in
               respect of any such additional covenant, restriction or condition
               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 immediate enforcement upon such default or may limit the
               remedies available to the Trustee upon such default;

                                       45

<PAGE>

          (c)  to provide for the issuance under this Indenture of Securities in
               coupon form (including Securities registrable as to principal
               only) and to provide for exchangeability of such Securities with
               the Securities issued hereunder in fully registered form and to
               make all appropriate changes for such purpose;

          (d)  to cure any ambiguity or to correct or supplement any provision
               contained herein or in any supplemental indenture which may be
               defective or inconsistent with any other provision contained
               herein or in any supplemental indenture, or to make such other
               provisions in regard to matters or questions arising under this
               Indenture; provided that any such action shall not adversely
               affect the interests of the holders of the Securities;

          (e)  to add to, delete from, or revise the terms of Securities of any
               series as permitted by Section 2.01 and 2.03, including, without
               limitation, any terms relating to the issuance, exchange,
               registration or transfer of Securities issued in whole or in part
               in the form of one or more Global Securities and the payment of
               any principal thereof, or interest or premium, if any, thereon;

          (f)  to evidence and provide for the acceptance of appointment
               hereunder by a successor trustee with respect to the Securities
               of one or more series and to add to or change any of the
               provisions of this Indenture as shall be necessary to provide for
               or facilitate the administration of the trusts hereunder by more
               than one trustee, pursuant to the requirements of Section 6.11;

          (g)  to provide for uncertificated Securities in addition to or in
               place of certificated Securities;

          (h)  to make any change that does not adversely affect the rights of
               any Securityholder in any material respect; or

          (i)  to provide for the issuance of and establish the form and terms
               and conditions of the Securities of any series, to establish the
               form of any certifications required to be furnished pursuant to
               the terms of this Indenture or any series of Securities, or to
               add to the rights of the holders of any series of Securities.

     The Trustee is hereby authorized to join with the Company in the execution
of any such supplemental indenture, to make any further appropriate agreements
and stipulations which may be therein contained and to accept the conveyance,
transfer and assignment of any property thereunder, but the Trustee shall not be
obligated to, but may in its discretion, enter into any such supplemental
indenture which affects the Trustee's own rights, duties or immunities under
this Indenture or otherwise.

                                       46

<PAGE>

     Any supplemental indenture authorized by the provisions of this Section
9.01 may be executed by the Company and the Trustee without the consent of the
holders of any of the Securities at the time outstanding, notwithstanding any of
the provisions of Section 9.02.

     SECTION 9.02. Supplemental Indentures with Consent of Securityholders.

     With the consent (evidenced as provided in Section 7.01) of the holders of
not less than a majority in aggregate principal amount of the Securities at the
time outstanding of all series affected by such supplemental indenture (voting
as a class), the Company and the Trustee may from time to time and at any time
enter into an indenture or indentures supplemental hereto (which shall conform
to the provisions of the Trust Indenture Act then in effect) for the purpose of
adding any provisions to or changing in any manner or eliminating any of the
provisions of this Indenture or of any supplemental indenture or of modifying in
any manner the rights of the holders of the Securities of each series so
affected; provided, however, that no such supplemental indenture shall without
the consent of the holders of each security then outstanding and affected
thereby (i) extend the fixed maturity of any Security of any series (except as
set forth in the terms of the particular series of Securities), or reduce the
rate or extend the time of payment of interest thereon, or reduce the principal
amount thereof or any premium thereon, or reduce any amount payable on
redemption thereof or make the principal thereof or any interest or premium
thereon payable in any coin or currency other than that provided in the
Securities, or reduce the amount of the principal of an Original Issue Discount
Security that would be due and payable upon an acceleration of the maturity
thereof pursuant to Section 5.01 or the amount thereof provable in bankruptcy
pursuant to Section 5.02, or impair or affect the right of any Securityholder to
institute suit for payment thereof or the right of repayment, if any, at the
option of the holder, without the consent of the holder of each Security so
affected, or (ii) reduce the aforesaid percentage of Securities the holders of
which are required to consent to any such supplemental indenture, without the
consent of the holders of each Security then affected provided, further, that if
the Securities of such series are held by a Trust or a trustee of such trust,
such supplemental indenture shall not be effective until the holders of a
majority in liquidation preference of Trust Securities of the applicable Trust
shall have consented to such supplemental indenture; provided further, that if
the consent of the Holder of each outstanding Security is required, such
supplemental indenture shall not be effective until each holder of the Trust
Securities of the applicable Trust shall have consented to such supplemental
indenture.

     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 Securityholders of such series with respect to such covenant or
provision, shall be deemed not to affect the rights under this Indenture or the
Securityholders of any other series.

     Upon the request of the Company accompanied by a copy of a Board Resolution
authorizing the execution of any such supplemental indenture, and upon the
filing with the Trustee of evidence of the consent of Securityholders as
aforesaid, the Trustee shall join with the Company in the execution of such
supplemental indenture unless such supplemental indenture affects the Trustee's
own rights, duties or immunities under this Indenture or otherwise, in which
case the Trustee may in its discretion, but shall not be obligated to, enter
into such supplemental indenture. The Trustee may receive an Opinion of Counsel
as conclusive evidence that any

                                       47

<PAGE>

supplemental indenture executed pursuant to this Article 9 is authorized or
permitted by, and conforms to, the terms of this Article 9 and that it is proper
for the Trustee under the provisions of this Article 9 to join in the execution
thereof.

     Promptly after the execution by the Company and the Trustee of any
supplemental indenture pursuant to the provisions of this Section, the Trustee
shall transmit by mail, first class postage prepaid, a notice, prepared by the
Company, setting forth in general terms the substance of such supplemental
indenture, to the Securityholders of all series affected thereby as their names
and addresses appear upon the Security register. Any failure of the Trustee to
mail such notice, or any defect therein, shall not, however, in any way impair
or affect the validity of any such supplemental indenture.

     It shall not be necessary for the consent of the Securityholders under this
Section 9.02 to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such consent shall approve the
substance thereof.

     SECTION 9.03. Compliance with Trust Indenture Act; Effect of Supplemental
Indentures.

     Any supplemental indenture executed pursuant to the provisions of this
Article 9 shall comply with the Trust Indenture Act, as then in effect. Upon the
execution of any supplemental indenture pursuant to the provisions of this
Article 9, this Indenture shall be and be deemed to be modified and amended in
accordance therewith and the respective rights, limitations of rights,
obligations, duties and immunities under this Indenture of the Trustee, the
Company and the holders of Securities of each series affected thereby shall
thereafter be determined, exercised and enforced hereunder subject in all
respects to such modifications and amendments and all the terms and conditions
of any such supplemental indenture shall be and be deemed to be part of the
terms and conditions of this Indenture for any and all purposes.

     SECTION 9.04. Notation on Securities.

     Securities of any series authenticated and delivered after the execution of
any supplemental indenture affecting such series pursuant to the provisions of
this Article 9 may bear a notation in form approved by the Trustee as to any
matter provided for in such supplemental indenture. If the Company or the
Trustee shall so determine, new Securities of any series so modified as to
conform, in the opinion of the Trustee and the Board of Directors, to any
modification of this Indenture contained in any such supplemental indenture may
be prepared and executed by the Company, authenticated by the Trustee or the
Authenticating Agent and delivered in exchange for the Securities of any series
then outstanding.

     SECTION 9.05. Evidence of Compliance of Supplemental Indenture to be
Furnished Trustee.

     The Trustee, subject to the provisions of Sections 6.01 and 6.02, may
receive an Officers' Certificate and an Opinion of Counsel as conclusive
evidence that any supplemental indenture executed pursuant hereto complies with
the requirements of this Article 9.

                                       48

<PAGE>

                                   ARTICLE 10

               CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE.

     SECTION 10.01. Company May Consolidate, etc., on Certain Terms.

     The Company covenants that it will not merge into or consolidate with any
other corporation or sell or convey all or substantially all of its assets to
any person, firm or corporation, unless (1) either the Company shall be the
continuing corporation, or the successor corporation (if other than the Company)
shall be a corporation organized and existing under the laws of the United
States of America or a state thereof or the District of Columbia and such
corporation shall expressly assume the due and punctual payment of the principal
of (and premium, if any, on) and any interest on all Securities, according to
their tenor, and the due and punctual performance and observance of all of the
covenants and conditions of this Indenture to be performed by the Company by
supplemental indenture satisfactory to the Trustee, executed and delivered to
the Trustee by such corporation, and (2) the Company or such successor
corporation, as the case may be, shall not, immediately after such merger or
consolidation, or such sale or conveyance, be in default in the performance of
any such covenant or condition.

     SECTION 10.02. Successor Corporation to be Substituted for Company.

     In case of any such consolidation, merger, conveyance or transfer and upon
any required assumption by the successor corporation, by supplemental indenture,
executed and delivered to the Trustee and satisfactory in form to the Trustee,
of the due and punctual payment of the principal of and premium, if any, and
interest on all of the Securities and the due and punctual performance and
observance of all of the covenants and conditions of this Indenture or the
applicable Declaration to be performed or observed by the Company, such
successor corporation shall succeed to and be substituted for the Company, with
the same effect as if it had been named herein as the party of the first part,
and the Company thereupon shall be relieved of any further liability or
obligation hereunder or upon the Securities. Such successor corporation
thereupon 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 or the Authenticating Agent; 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 or the Authenticating
Agent shall authenticate and deliver any Securities which previously shall have
been signed and delivered by the officers of the Company to the Trustee or the
Authenticating Agent for authentication, and any Securities which such successor
corporation thereafter shall cause to be signed and delivered to the Trustee or
the Authenticating Agent for that purpose. 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 Indentures had been issued at the date of the
execution hereof.

                                       49

<PAGE>

     SECTION 10.03. Opinion of Counsel to be Given Trustee.

     The Trustee, subject to the provisions of Sections 6.01 and 6.02, may
receive an Opinion of Counsel as conclusive evidence that any consolidation,
merger, conveyance or transfer, and any assumption, permitted or required by the
terms of this Article 10 complies with the provisions of this Article 10.

                                   ARTICLE 11

              SATISFACTION AND DISCHARGE OF INDENTURE; DEFEASANCE.

     SECTION 11.01. Discharge of Indenture.

     When (a) the Company shall deliver to the Trustee for cancellation all
Securities theretofore authenticated (other than any Securities which shall have
been destroyed, lost or stolen and which shall have been replaced or paid as
provided in Section 2.08) and not theretofore canceled, or (b) all the
Securities not theretofore canceled or delivered to the Trustee for cancellation
shall have become due and payable, or are by their terms to become due and
payable within one year or are to be called for redemption within one year under
arrangements satisfactory to the Trustee for the giving of notice of redemption,
and the Company shall deposit with the Trustee, in trust, funds sufficient to
pay at maturity or upon redemption all of the Securities (other than any
Securities which shall have been destroyed, lost or stolen and which shall have
been replaced or paid as provided in Section 2.08) not theretofore canceled or
delivered to the Trustee for cancellation, including principal and premium, if
any, and interest due or to become due to such date of maturity or redemption
date, as the case may be, but excluding, however, the amount of any moneys for
the payment of principal of, and premium, if any, or interest on the Securities
(1) theretofore repaid to the Company in accordance with the provisions of
Section 11.04, or (2) paid to any state or to the District of Columbia pursuant
to its unclaimed property or similar laws, and if in either case the Company
shall also pay or cause to be paid all other sums payable hereunder by the
Company, then this Indenture shall cease to be of further effect except that the
provisions of Sections 6.06, 6.10, 11.04 and 11.05 (with respect to the
obligations of the Trustee) hereof shall survive until such Securities shall
mature and be paid. Thereafter, Sections 6.06 and 11.04 shall survive, and the
Trustee, on demand of the Company accompanied by any Officers' Certificate and
an Opinion of Counsel and at the cost and expense of the Company, shall execute
proper instruments acknowledging satisfaction of and discharging this Indenture,
the Company, however, hereby agreeing to reimburse the Trustee for any costs or
expenses thereafter reasonably and properly incurred by the Trustee in
connection with this Indenture or the Securities.

     SECTION 11.02. Deposited Moneys and U.S. Government Obligations to be Held
in Trust by Trustee.

     Subject to the provisions of the last paragraph of Section 3.04, all moneys
and U.S. Government Obligations deposited with the Trustee pursuant to Sections
11.01 or 11.05 shall be held in trust and applied by it to the payment, either
directly or through any paying agent (including the Company if acting as its own
paying agent), to the holders of the particular Securities for the payment of
which such moneys or U.S. Government Obligations have been

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<PAGE>

deposited with the Trustee, of all sums due and to become due thereon for
principal, premium, if any, and interest.

     The Company shall pay and indemnify the Trustee against any tax, fee or
other charge imposed on or assessed against the U.S. Government Obligations
deposited pursuant to Section 11.05 or the principal and interest received in
respect thereof other than any such tax, fee or other charge which by law is for
the account of the holders of outstanding Securities.

     SECTION 11.03. Paying Agent to Repay Moneys Held.

     In connection with the satisfaction and discharge of this Indenture with
respect to the Securities and the payment of all amounts due to the Trustee
under Section 6.06, all moneys with respect to such Securities then held by any
paying agent under the provisions of this Indenture shall, upon demand of the
Company, be repaid to it or paid to the Trustee, and thereupon such paying agent
shall be released from all further liability with respect to such moneys.

     SECTION 11.04. Return of Unclaimed Moneys.

     Subject to the terms of any state escheat or unclaimed property laws, any
moneys deposited with or paid to the Trustee or any paying agent for payment of
the principal of, and premium, if any, or interest on Securities and not applied
but remaining unclaimed by the holders of Securities for three years after the
date upon which the principal of, and premium, if any, or interest on such
Securities, as the case may be, shall have become due and payable, shall be
repaid to the Company by the Trustee or such paying agent on written demand; and
the holder of any of the Securities shall thereafter, as an unsecured general
creditor, look only to the Company for any payment which such holder may be
entitled to collect and all liability of the Trustee or such paying agent with
respect to such moneys shall thereupon cease.

     SECTION 11.05. Defeasance and Discharge Upon Deposit of Moneys or U.S.
Government Obligations.

     The Company shall be deemed to have been Discharged (as defined below) from
its respective obligations with respect to any series of Securities on the 91st
day after the applicable conditions set forth below have been satisfied with
respect to that series of Securities:

          (1)  the Company shall have deposited or caused to be deposited
               irrevocably with the Trustee or the Defeasance Agent (as defined
               below) as trust funds in trust, specifically pledged as security
               for, and dedicated solely to, the benefit of the holders of the
               Securities of such series (i) money in an amount, or (ii) U.S.
               Government Obligations which through the payment of interest and
               principal in respect thereof in accordance with their terms will
               provide, not later than one day before the due date of any
               payment, money in an amount, or (iii) a combination of (i) and
               (ii), sufficient, in the opinion (with respect to (ii) and (iii))
               of a nationally recognized firm of independent public accountants
               expressed in a written certification thereof delivered to the
               Trustee and the Defeasance Agent, if any, to pay and discharge
               each installment of principal (including any mandatory sinking
               fund payments) of, and interest and premium, if any, on, the
               outstanding Securities of such

                                       51

<PAGE>

               series on the dates such installments of principal, interest or
               premium are due;

          (2)  if the Securities of such series are then listed on any national
               securities exchange, the Company shall have delivered to the
               Trustee and the Defeasance Agent, if any, an Opinion of Counsel
               to the effect that the exercise of the option under this Section
               11.05 would not cause such Securities to be delisted from such
               exchange;

          (3)  no Event of Default or event which with notice or lapse of time
               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; and

          (4)  the Company shall have delivered to the Trustee and the
               Defeasance Agent, if any, an Opinion of Counsel to the effect
               that holders of the Securities of such series will not recognize
               income, gain or loss for United States federal income tax
               purposes as a result of the exercise of the option under this
               Section 11.05 and will be subject to United States federal income
               tax on the same amount and in the same manner and at the same
               times as would have been the case if such option had not been
               exercised.

     "Discharged" means that the Company shall be deemed to have paid and
discharged the entire indebtedness represented by, and obligations under, the
Securities of such series and to have satisfied all the obligations under this
Indenture relating to the Securities of such series (and the Trustee, at the
expense of the Company, shall execute proper instruments acknowledging the
same), except (A) the rights of holders of Securities of such series to receive,
from the trust fund described in clause (1) above, payment of the principal of
and the interest and premium, if any, on such Securities when such payments are
due; (B) the Company's obligations with respect to such Securities under
Sections 2.07, 2.08, 3.02 and 3.04; (C) this Section 11.05; and (D) the rights,
powers, trusts, duties and immunities of the Trustee hereunder. Following a
defeasance, payment of the Securities may not be accelerated because of an Event
of Default.

     "Defeasance Agent" means another financial institution which is eligible to
act as Trustee hereunder and which assumes all of the obligations of the Trustee
necessary to enable the Trustee to act hereunder. In the event a Defeasance
Agent is appointed pursuant to this section, the following conditions shall
apply:

          1.   The Trustee shall have approval rights over the document
               appointing such Defeasance Agent and the document setting forth
               such Defeasance Agent's rights and responsibilities;

          2.   The Defeasance Agent shall provide verification to the Trustee
               acknowledging receipt of sufficient money and/or U. S. Government
               Obligations to meet the applicable conditions set forth in this
               Section 11.05;

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<PAGE>

          3.   The Trustee shall determine whether the Company shall be deemed
               to have been Discharged from its respective obligations with
               respect to any series of Securities.

                                   ARTICLE 12

        IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS.

     SECTION 12.01. Indenture and Securities Solely Corporate Obligations.

     No recourse for the payment of the principal of or premium, if any, or
interest on any Security, or for any claim based thereon or otherwise in respect
thereof, and no recourse under or upon any obligation, covenant or agreement of
the Company in this Indenture or in any supplemental indenture, or in any
Security, or because of the creation of any indebtedness represented thereby,
shall be had against any incorporator, stockholder, officer or director, as
such, past, present or future, of the Company or of any successor corporation of
the Company, either directly or through the Company or any successor corporation
of 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 all such liability is hereby expressly waived and
released as a condition of, and as a consideration for, the execution of this
Indenture and the issue of the Securities.

                                   ARTICLE 13

                            MISCELLANEOUS PROVISIONS.

     SECTION 13.01. Successors.

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

     SECTION 13.02. Official Acts by Successor Corporation.

     Any act or proceeding by any provision of this Indenture authorized or
required to be done or performed by any board, committee or officer of the
Company shall and may be done and performed with like force and effect by the
like board, committee or officer of any corporation that shall at the time be
the lawful sole successor of the Company.

     SECTION 13.03. Surrender of Company Powers.

     The Company by instrument in writing executed by appropriate authority of
its Board of Directors and delivered to the Trustee may surrender any of the
powers reserved to the Company, and thereupon such power so surrendered shall
terminate both as to the Company, as the case may be, and as to any successor
corporation.

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<PAGE>

     SECTION 13.04. Addresses for Notices, etc.

     Any notice or demand which by any provision of this Indenture is required
or permitted to be given or served by the Trustee or by the holders of
Securities on the Company may be given or served by being deposited postage
prepaid by registered or certified mail in a post office letter box addressed
(until another address is filed by the Company with the Trustee for the purpose)
to the Company, Bank Of America Corporation, Bank Of America Corporate Center,
NC1-007-23-01, 100 North Tryon Street, Charlotte, North Carolina 28255,
Attention: Corporate Treasury. Any notice, direction, request or demand by any
Securityholder to or upon the Trustee shall be deemed to have been sufficiently
given or made, for all purposes, if given or made in writing at the office of
the Trustee, addressed to the Trustee, The Bank of New York, 101 Barclay Street,
21 West, New York, New York 10286, Attention: Corporate Trust Trustee
Administration.

     SECTION 13.05. Governing Law.

     This Indenture and each Security shall be deemed to be a contract made
under the laws of the State of New York, and for all purposes shall be governed
by and construed in accordance with the laws of said State, without regard to
conflicts of laws principles thereof.

     SECTION 13.06. Evidence of Compliance with Conditions Precedent.

     Upon any application or demand by the Company to the Trustee to take any
action under any of the provisions of this Indenture, the Company shall furnish
to the Trustee an Officers' Certificate stating that in the opinion of the
signers all conditions precedent, if any, provided for in this Indenture
relating to the proposed action have been complied with and an Opinion of
Counsel stating that, in the opinion of such counsel, all such conditions
precedent have been complied with.

     Each certificate or opinion of the Company provided for in this Indenture
and delivered to the Trustee with respect to compliance with a condition or
covenant provided for in this Indenture shall include (1) a statement that the
person making such certificate or opinion has read such covenant or condition;
(2) a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such
certificate or opinion are based; (3) a statement that, in the opinion of such
person, 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 or not, in
the opinion of such person, such condition or covenant has been complied with.

     SECTION 13.07. Legal Holidays.

     In any case where the date of payment of interest on or principal of the
Securities will be in New York, New York or in Charlotte, North Carolina a legal
holiday or a day on which banking institutions are authorized or obligated by
law, executive order or regulation to close, the payment of such interest on or
principal of the Securities need not be made on such date but may be made on the
next succeeding Business Day, with the same force and effect as if made on the
date of payment and no interest shall accrue for the period from and after such
date, except

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<PAGE>

that, if the next Business Day is in the next succeeding calendar year, payment
or interest shall be made on the immediately preceding Business Day with the
same force and effect.

         SECTION 13.08. Trust Indenture Act to Control.

         If and to the extent that any provision of this Indenture limits,
qualifies or conflicts with another provision included in this Indenture which
is required to be included in this Indenture by any of Sections 310 to 317,
inclusive, of the Trust Indenture Act, such required provision shall control.

         SECTION 13.09. Table of Contents, Headings, etc.

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

         SECTION 13.10. Execution in Counterparts.

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

         SECTION 13.11. Separability.

         In case any one or more of the provisions contained in this Indenture
or in the Securities of any series (or the Board Resolution or supplemental
indenture establishing the series) shall for any reason be held to be invalid,
illegal or unenforceable in any respect, such invalidity, illegality or
unenforceability shall not affect any other provisions of this Indenture or of
such Securities, but this Indenture and such Securities shall be construed as if
such invalid or illegal or unenforceable provision had never been contained
herein or therein.

         SECTION 13.12. Assignment.

         The Company will have the right at all times to assign any of its
respective rights or obligations under this Indenture to a direct or indirect
wholly owned Subsidiary of the Company, provided that, in the event of any such
                                        --------
assignment, the Company, as the case may be, will remain liable for all such
obligations. Otherwise, this Indenture may not be assigned by the parties
thereto. Subject to the foregoing, the Indenture is binding upon and inures to
the benefit of the parties thereto and their respective successors and assigns.

         SECTION 13.13. Acknowledgment of Rights.

         The Company acknowledges that, with respect to any Securities held by a
Trust or a trustee of such trust, if the Property Trustee of such Trust fails to
enforce its rights under this Indenture as the holder of the series of
Securities held as the assets of such Trust, any holder of Capital Securities
may institute legal proceedings directly against the Company to enforce such
Property Trustee's rights under this Indenture without first instituting any
legal proceedings against such Property Trustee or any other person or entity.
Notwithstanding the foregoing, if a Nonpayment has occurred and is continuing,
the Company acknowledges that a holder of Capital

                                       55

<PAGE>

Securities may directly institute a proceeding for enforcement of payment to
such holder of the principal of or interest on the applicable series of
Securities having a principal amount equal to the aggregate liquidation amount
of the Capital Securities of such holder on or after the respective due date
specified in the applicable series of Securities.

                                   ARTICLE 14

                            REDEMPTION OF SECURITIES

         SECTION 14.01. Applicability of Article.

         The provisions of this Article shall be applicable to the Securities of
any series which are redeemable before their maturity or to any sinking fund for
the retirement of Securities of a series except as otherwise specified as
contemplated by Section 2.03 for Securities of such series.

         SECTION 14.02. Notice of Redemption; Selection of Securities.

         In case the Company shall desire to exercise the right to redeem all,
or, as the case may be, any part of the Securities of any series in accordance
with their terms, it shall fix a date for redemption and shall mail a notice of
such redemption at least 30 and not more than 60 days prior to the date fixed
for redemption to the holders of Securities of such series so to be redeemed as
a whole or in part at their last addresses as the same appear on the Security
register. Such mailing shall be by first class mail. The notice if mailed in the
manner herein provided shall be conclusively presumed to have been duly given,
whether or not the holder receives such notice. In any case, failure to give
such notice by mail or any defect in the notice to the holder of any Security of
a series designated for redemption as a whole or in part shall not affect the
validity of the proceedings for the redemption of any other Security of such
series.

         Each such notice of redemption shall specify the CUSIP number of the
Securities to be redeemed, the date fixed for redemption, the redemption price
at which Securities of such series are to be redeemed, the place or places of
payment, that payment will be made upon presentation and surrender of such
Securities, that interest accrued to the date fixed for redemption will be paid
as specified in said notice, and that on and after said date interest thereon or
on the portions thereof to be redeemed will cease to accrue. If less than all
the Securities of such series are to be redeemed the notice of redemption shall
specify the numbers of the Securities of that series to be redeemed. In case any
Security of a series is to be redeemed in part only, the notice of redemption
shall state the portion of the principal amount thereof to be redeemed and shall
state that on and after the date fixed for redemption, upon surrender of such
Security, a new Security or Securities of that series in principal amount equal
to the unredeemed portion thereof will be issued.

         Prior to the redemption date specified in the notice of redemption
given as provided in this Section, the Company will deposit with the Trustee or
with one or more paying agents an amount of money sufficient to redeem on the
redemption date all the Securities so called for redemption at the appropriate
redemption price, together with accrued interest to the date fixed for
redemption.

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<PAGE>

         If all, or less than all, the Securities of a series are to be
redeemed, the Company will give the Trustee notice not less than 45 or 60 days,
respectively, prior to the redemption date as to the aggregate principal amount
of Securities of that series to be redeemed; and, if less than all, Securities
of a series are held in the form of a Global Security, the Trustee shall select,
in such manner as in its sole discretion it shall deem appropriate and fair, the
Securities of that series or portions thereof (in integral multiples of $25,
except as otherwise set forth in the applicable form of Security, a Board
Resolution or an indenture supplemental hereto) to be redeemed.

         SECTION 14.03. Payment of Securities Called for Redemption.

         If notice of redemption has been given as provided in Section 14.02,
the Securities or portions of Securities of the series with respect to which
such notice has been given shall become due and payable on the date and at the
place or places stated in such notice at the applicable redemption price,
together with interest accrued to the date fixed for redemption, and on and
after said date (unless the Company shall default in the payment of such
Securities at the redemption price, together with interest accrued to said date)
interest on the Securities or portions of Securities of any series so called for
redemption shall cease to accrue. On presentation and surrender of such
Securities at a place of payment specified in said notice, the said Securities
or the specified portions thereof shall be paid and redeemed by the Company at
the applicable redemption price, together with interest accrued thereon to the
date fixed for redemption.

         Upon presentation of any Security of any series redeemed in part only,
the Company shall execute and the Trustee shall authenticate and make available
for delivery to the holder thereof, at the expense of the Company, a new
Security or Securities of such series of authorized denominations, in principal
amount equal to the unredeemed portion of the Security so presented.

                                   ARTICLE 15

                           SUBORDINATION OF SECURITIES

         SECTION 15.01. Agreement to Subordinate.

         The Company covenants and agrees, and each holder of Securities issued
hereunder and under any supplemental indenture or by any resolutions by the
Board of Directors ("Additional Provisions") by such Securityholder's acceptance
thereof likewise covenants and agrees, that all Securities shall be issued
subject to the provisions of this Article 15; and each holder of a Security,
whether upon original issue or upon transfer or assignment thereof, accepts and
agrees to be bound by such provisions.

         The payment by the Company of the principal of, premium, if any, and
interest on all Securities issued hereunder and under any Additional Provisions
shall, to the extent and in the manner hereinafter set forth, be subordinated
and junior in right of payment to the prior payment in full of all Senior
Obligations of the Company, whether outstanding at the date of this Indenture or
thereafter incurred.

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<PAGE>

         No provision of this Article 15 shall prevent the occurrence of any
default or Event of Default hereunder.

         SECTION 15.02. Default on Senior Obligations.

         In the event and during the continuation of any default by the Company
in the payment of principal, premium, interest or any other payment due on any
Senior Obligations of the Company, as the case may be, or in the event that the
maturity of any Senior Obligations of the Company, as the case may be, has been
accelerated because of a default, then, in either case, no payment shall be made
by the Company with respect to the principal (including redemption payments) of,
or premium, if any, or interest on the Securities.

         Notwithstanding the foregoing, if any payment is received by the
Trustee when such payment is prohibited by the preceding paragraph of this
Section 15.02, such payment shall be held in trust for the benefit of, and shall
be paid over or delivered to, the holders of Senior Obligations or their
respective representatives, or to the trustee or trustees under any indenture
pursuant to which any of such Senior Obligations may have been issued, as their
respective interests may appear, but only to the extent that the holders of the
Senior Obligations (or their representative or representatives or a trustee)
notify the Trustee in writing within 90 days of such payment of the amounts then
due and owing on the Senior Obligations and only the amounts specified in such
notice to the Trustee shall be paid to the holders of Senior Obligations.

         SECTION 15.03. Liquidation; Dissolution; Bankruptcy.

         Upon any payment by the Company or distribution of assets of the
Company of any kind or character, whether in cash, property or securities, to
creditors upon any dissolution or winding-up or liquidation or reorganization of
the Company, whether voluntary or involuntary or in bankruptcy, insolvency,
receivership or other proceedings, all amounts due upon all Senior Obligations
of the Company shall first be paid in full, or payment thereof provided for in
money in accordance with its terms, before any payment is made by the Company on
account of the principal (and premium, if any) or interest on the Securities;
and upon any such dissolution or winding-up or liquidation or reorganization,
any payment by the Company, or distribution of assets of the Company of any kind
or character, whether in cash, property or securities, to which the
Securityholders or the Trustee would be entitled to receive from the Company,
except for the provisions of this Article 15, shall be paid by the Company or by
any receiver, trustee in bankruptcy, liquidating trustee, agent or other Person
making such payment or distribution, or by the Securityholders or by the Trustee
under the Indenture if received by them or it, directly to the holders of Senior
Obligations of the Company (pro rata to such holders on the basis of the
                            --- ----
respective amounts of Senior Obligations held by such holders, as calculated by
the Company) or their representative or representatives, or to the trustee or
trustees under any indenture pursuant to which any instruments evidencing such
Senior Obligations may have been issued, as their respective interests may
appear, to the extent necessary to pay such Senior Obligations in full, in money
or money's worth, after giving effect to any concurrent payment or distribution
to or for the holders of such Senior Obligations, before any payment or
distribution is made to the Securityholders or to the Trustee.

                                       58

<PAGE>

         In the event that, notwithstanding the foregoing, any payment or
distribution of assets of the Company of any kind or character, whether in cash,
property or securities, prohibited by the foregoing, shall be received by the
Trustee before all Senior Obligations of the Company is paid in full, or
provision is made for such payment in money in accordance with its terms, such
payment or distribution shall be held in trust for the benefit of and shall be
paid over or delivered to the holders of such Senior Obligations or their
representative or representatives, or to the trustee or trustees under any
indenture pursuant to which any instruments evidencing such Senior Obligations
may have been issued, and their respective interests may appear, as calculated
by the Company, for application to the payment of all Senior Obligations of the
Company, as the case may be, remaining unpaid to the extent necessary to pay
such Senior Obligations in full in money in accordance with its terms, after
giving effect to any concurrent payment or distribution to or for the benefit of
the holders of such Senior Obligations.

         For purposes of this Article 15, the words "cash, property or
securities" shall not be deemed to include shares of stock of the Company as
reorganized or readjusted, or securities of the Company or any other corporation
provided for by a plan of reorganization or readjustment, the payment of which
is subordinated at least to the extent provided in this Article 15 with respect
to the Securities to the payment of all Senior Obligations of the Company, as
the case may be, that may at the time be outstanding, provided that (i) such
Senior Obligations is assumed by the new corporation, if any, resulting from any
such reorganization or readjustment, and (ii) the rights of the holders of such
Senior Obligations are not, without the consent of such holders, altered by such
reorganization or readjustment. The consolidation of the Company with, or the
merger of the Company into, another corporation or the liquidation or
dissolution of the Company following the conveyance or transfer of its property
as an entirety, or substantially as an entirety, to another corporation upon the
terms and conditions provided for in Article 10 of this Indenture shall not be
deemed a dissolution, winding-up, liquidation or reorganization for the purposes
of this Section 15.03 if such other corporation shall, as a part of such
consolidation, merger, conveyance or transfer, comply with the conditions stated
in Article 10 of this Indenture. Nothing in Section 15.02 or in this Section
15.03 shall apply to claims of, or payments to, the Trustee under or pursuant to
Section 6.05 of this Indenture.

         SECTION 15.04.    Subrogation.

         Subject to the payment in full of all Senior Obligations of the
Company, the rights of the Securityholders shall be subrogated to the rights of
the holders of such Senior Obligations to receive payments or distributions of
cash, property or securities of the Company, as the case may be, applicable to
such Senior Obligations until the principal of (and premium, if any) and
interest on the Senior Obligation are paid in full; and, for the purposes of
such subrogation, no payments or distributions to the holders of such Senior
Obligations of any cash, property or securities to which the Securityholders or
the Trustee would be entitled except for the provisions of this Article 15, and
no payment over pursuant to the provisions of this Article 15 to or for the
benefit of the holders of such Senior Obligations by Securityholders or the
Trustee, shall, as between the Company, its creditors other than holders of
Senior Obligations of the Company, and the holders of the Securities, be deemed
to be a payment by the Company to or on account of such Senior Obligations. It
is understood that the provisions of this Article 15 are and are intended solely
for the purposes of defining the relative rights of the holders of the
Securities, on the one hand, and the holders of such Senior Obligations on the
other hand.

                                       59

<PAGE>

         Nothing contained in this Article 15 or elsewhere in this Indenture or
in the Securities is intended to or shall impair, as between the Company, its
creditors other than the holders of Senior Obligations of the Company, and the
holders of the Securities, the obligation of the Company, which is absolute and
unconditional, to pay to the holders of the Securities the principal of (and
premium, if any) and interest on the Securities as and when the same shall
become due and payable in accordance with their terms, or is intended to or
shall affect the relative rights of the holders of the Securities and creditors
of the Company, as the case may be, other than the holders of Senior Obligations
of the Company, as the case may be, nor shall anything herein or therein prevent
the Trustee or the holder of any Security from exercising all remedies otherwise
permitted by applicable law upon default under the Indenture, subject to the
rights, if any, under this Article 15 of the holders of such Senior Obligations
in respect of cash, property or securities of the Company, as the case may be,
received upon the exercise of any such remedy.

         Upon any payment or distribution of assets of the Company referred to
in this Article 15, the Trustee, subject to the provisions of Article 6 of this
Indenture, and the Securityholders shall be entitled to conclusively rely upon
any order or decree made by any court of competent jurisdiction in which such
dissolution, winding-up, liquidation or reorganization proceedings are pending,
or a certificate of the receiver, trustee in bankruptcy, liquidation trustee,
agent or other Person making such payment or distribution, delivered to the
Trustee or to the Securityholders, for the purposes of ascertaining the Persons
entitled to participate in such distribution, the holders of Senior Obligations
and other indebtedness of the Company, as the case may be, the amount thereof or
payable thereon, the amount or amounts paid or distributed thereon and all other
facts pertinent thereto or to this Article 15.

         SECTION 15.05.    Trustee to Effectuate Subordination.

         Each Securityholder by such Securityholder's acceptance thereof
authorizes and directs the Trustee on such Securityholder's behalf to take such
action as may be necessary or appropriate to effectuate the subordination
provided in this Article 15 and appoints the Trustee such Securityholder's
attorney-in-fact for any and all such purposes.

         SECTION 15.06.    Notice by the Company.

         The Company shall give prompt written notice to a Responsible Officer
of the Trustee of any fact known to the Company that would prohibit the making
of any payment of monies to or by the Trustee in respect of the Securities
pursuant to the provisions of this Article 15. Notwithstanding the provisions of
this Article 15 or any other provision of this Indenture, the Trustee shall not
be charged with knowledge of the existence of any facts that would prohibit the
making of any payment of monies to or by the Trustee in respect of the
Securities pursuant to the provisions of this Article 15, unless and until a
Responsible Officer of the Trustee shall have received written notice thereof
from the Company or a holder or holders of Senior Obligations or from any
trustee therefor; and before the receipt of any such written notice, the
Trustee, subject to the provisions of Article 6 of this Indenture, shall be
entitled in all respects to assume that no such facts exist; provided, however,
                                                             --------  -------
that if the Trustee shall not have received the notice provided for in this
Section 15.06 at least two Business Days prior to the date upon which by the
terms hereof any money may become payable for any purpose (including, without
limitation, the

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<PAGE>

payment of the principal of (or premium, if any) or interest on any Debenture),
then, anything herein contained to the contrary notwithstanding, the Trustee
shall have full power and authority to receive such money and to apply the same
to the purposes for which they were received, and shall not be affected by any
notice to the contrary that may be received by it within two Business Days prior
to such date.

         The Trustee, subject to the provisions of Article 6 of this Indenture,
shall be entitled to conclusively rely on the delivery to it of a written notice
by a Person representing himself to be a holder of Senior Obligations of the
Company, as the case may be (or a trustee on behalf of such holder), to
establish that such notice has been given by a holder of such Senior Obligations
or a trustee on behalf of any such holder or holders. In the event that the
Trustee determines in good faith that further evidence is required with respect
to the right of any Person as a holder of such Senior Obligations to participate
in any payment or distribution pursuant to this Article 15, the Trustee may
request such Person to furnish evidence to the reasonable satisfaction of the
Trustee as to the amount of such Senior Obligations held by such Person, the
extent to which such Person is entitled to participate in such payment or
distribution and any other facts pertinent to the rights of such Person under
this Article 15, and, if such evidence is not furnished, the Trustee may defer
any payment to such Person pending judicial determination as to the right of
such Person to receive such payment.

         SECTION 15.07.    Rights of the Trustee; Holders of Senior Obligations.

         The Trustee in its individual capacity shall be entitled to all the
rights set forth in this Article 15 in respect of any Senior Obligations at any
time held by it, to the same extent as any other holder of Senior Obligations,
and nothing in this Indenture or any Additional Provisions shall deprive the
Trustee of any of its rights as such holder.

         With respect to the holders of Senior Obligations of the Company, the
Trustee undertakes to perform or to observe only such of its covenants and
obligations as are specifically set forth in this Article 15, and no implied
covenants or obligations with respect to the holders of such Senior Obligations
shall be read into this Indenture against the Trustee. The Trustee shall not be
deemed to owe any fiduciary duty to the holders of such Senior Obligations and,
subject to the provisions of Article 6 of this Indenture, the Trustee shall not
be liable to any holder of such Senior Obligations if it shall pay over or
deliver to Securityholders, the Company or any other Person money or assets to
which any holder of such Senior Obligations shall be entitled by virtue of this
Article 15 or otherwise.

         Nothing in this Article 15 shall apply to claims of, or payments to,
the Trustee under or pursuant to Section 6.06.

         SECTION 15.08.    Subordination May Not Be Impaired.

         No right of any present or future holder of any Senior Obligations of
the Company to enforce subordination as herein provided shall at any time in any
way be prejudiced or impaired by any act or failure to act on the part of the
Company, as the case may be, or by any act or failure to act, in good faith, by
any such holder, or by any noncompliance by the Company, as

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the case may be, with the terms, provisions and covenants of this Indenture,
regardless of any knowledge thereof that any such holder may have or otherwise
be charged with.

         Without in any way limiting the generality of the foregoing paragraph,
the holders of Senior Obligations of the Company may, at any time and from time
to time, without the consent of or notice to the Trustee or the Securityholders,
without incurring responsibility to the Securityholders and without impairing or
releasing the subordination provided in this Article 15 or the obligations
hereunder of the holders of the Securities to the holders of such Senior
Obligations, do any one or more of the following: (i) change the manner, place
or terms of payment or extend the time of payment of, or renew or alter, such
Senior Obligations, or otherwise amend or supplement in any manner such Senior
Obligations or any instrument evidencing the same or any agreement under which
such Senior Obligations is outstanding; (ii) sell, exchange, release or
otherwise deal with any property pledged, mortgaged or otherwise securing such
Senior Obligations; (iii) release any Person liable in any manner for the
collection of such Senior Obligations; and (iv) exercise or refrain from
exercising any rights against the Company, as the case may be, and any other
Person.

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         The Bank of New York hereby accepts the trusts in this Indenture
declared and provided, upon the terms and conditions hereinabove set forth.

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

                              BANK OF AMERICA CORPORATION

                              By /s/ Karen A. Gosnell
                                  ------------------------------
                                  Name:  Karen A. Gosnell
                                  Title: Senior Vice President

                              THE BANK OF NEW YORK,
                              as Trustee

                              By   /s/ Derek Kettel
                                   -----------------------------
                                   Name:  Derek Kettel
                                   Title: Agent

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