Document:

Exhibit 4.5

                                   SEI TRUST I

                              AMENDED AND RESTATED

                                 TRUST AGREEMENT

                                      among

                      SOUTHERN ENERGY, INC., as Depositor,

                   BANKERS TRUST COMPANY, as Property Trustee,

                 BANKERS TRUST (DELAWARE), as Delaware Trustee,

                                       and

       ELIZABETH B. CHANDLER, J. WILLIAM HOLDEN, III and DOUGLAS L. MILLER
                           as Administrative Trustees

                           Dated as of October 1, 2000

<PAGE>

                                   SEI TRUST I

              Certain Sections of this Trust Agreement relating to
                         Sections 310 through 318 of the
                          Trust Indenture Act of 1939:

      Trust Indenture                                         Trust Agreement
        Act Section                                               Section

Section 310(a)(1)......................................................8.07
         (a)(2)........................................................8.07
         (a)(3)........................................................8.09
         (a)(4)..............................................Not Applicable
         (b)...........................................................8.08
Section 311(a).........................................................8.13
         (b)...........................................................8.13
Section 312(a).........................................................5.07
         (b)...........................................................5.07
         (c)...........................................................5.07
Section 313(a)......................................................8.14(a)
         (a)(4).....................................................8.14(b)
         (b)........................................................8.14(b)
         (c)........................................................8.14(a)
         (d)...............................................8.14(a), 8.14(b)
Section 314(a).........................................................8.15
         (b).................................................Not Applicable
         (c)(1)..................................................8.15, 8.16
         (c)(2)........................................................8.16
         (c)(3)........................................................8.16
         (d).................................................Not Applicable
         (e)...........................................................8.16
Section 315(a).........................................................8.01
         (b)..................................................8.02, 8.14(b)
         (c)........................................................8.01(a)
         (d).....................................................8.01, 8.03
         (e).................................................Not Applicable
Section 316(a)...............................................Not Applicable
         (a)(1)(A).....................................................8.19
         (a)(1)(B).....................................................8.19
         (a)(2)..............................................Not Applicable
         (b).................................................Not Applicable
         (c).................................................Not Applicable
Section 317(a)(1)............................................Not Applicable
         (a)(2)..............................................Not Applicable
         (b)...........................................................5.09
Section 318(a)........................................................10.10

         Note: This Cross-Reference Table does not constitute part of the Trust
Agreement and shall not affect the interpretation of any of its terms and
provisions.

<PAGE>

                                TABLE OF CONTENTS

ARTICLE I.................................................2

Defined Terms.............................................2
         Section 1.01 Definitions.........................2

ARTICLE II...............................................10

Establishment of the Trust...............................10
         Section 2.01 Name...............................10
         Section 2.02 Offices of the Trustees;
                  Principal Place of Business............10
         Section 2.03 Initial Contribution of
                  Trust Property; Organizational
                  Expenses...............................11
         Section 2.04 Issuance of the Preferred
                  Securities.............................11
         Section 2.05 Subscription and Purchase
                  of Junior Subordinated Notes;
                  Issuance of the Common
                  Securities.............................11
         Section 2.06 Declaration of Trust...............11
         Section 2.07 Authorization to Enter
                  into Certain Transactions..............12
         Section 2.08 Assets of Trust....................16
         Section 2.09 Title to Trust Property............16
         Section 2.10 Mergers and Consolidations
                  of the Trust...........................16

ARTICLE III..............................................17

Payment Account..........................................17
         Section 3.01 Payment Account....................17

ARTICLE IV...............................................18

Distributions; Redemption; Conversion....................18
         Section 4.01 Distributions......................18
         Section 4.02 Redemption.........................19
         Section 4.03 Subordination of Common
                  Securities.............................21
         Section 4.04 Payment Procedures.................21
         Section 4.05 Conversion.........................21
         Section 4.06 Tax Returns and Reports............24

ARTICLE V................................................24

Trust Securities Certificates............................24
         Section 5.01 Initial Ownership..................24
         Section 5.02 The Trust Securities
                  Certificates...........................24
         Section 5.03 Authentication of Trust
                  Securities Certificates................25
         Section 5.04 Registration of Transfer
                  and Exchange of Preferred
                  Securities Certificates................25
         Section 5.05 Mutilated, Destroyed, Lost
                  or Stolen Trust Securities
                  Certificates...........................26
         Section 5.06 Persons Deemed

                  Securityholders........................26
         Section 5.07 Access to List of
                  Securityholders' Names and
                  Addresses..............................26
         Section 5.08 Maintenance of Office or
                  Agency.................................27
         Section 5.09 Appointment of Paying Agent........27
         Section 5.10 Ownership of Common
                  Securities by Depositor................27
         Section 5.11 Book-Entry Preferred
                  Securities Certificates;
                  Common Securities Certificate..........28
         Section 5.12 Notices to Clearing Agency.........29
         Section 5.13 Definitive Preferred
                  Securities Certificates................29
         Section 5.14 Rights of Securityholders..........29

ARTICLE VI...............................................30

Acts of Securityholders; Meetings; Voting................30
         Section 6.01 Limitations on Voting
                  Rights.................................30
         Section 6.02 Notice of Meetings.................31
         Section 6.03 Meetings of Preferred
                  Securityholders........................31
         Section 6.04 Voting Rights......................31
         Section 6.05 Proxies, etc.......................31
         Section 6.06 Securityholder Action by
                  Written Consent........................32
         Section 6.07 Record Date for Voting and
                  Other Purposes.........................32
         Section 6.08 Acts of Securityholders............32
         Section 6.09 Inspection of Records..............33

ARTICLE VII..............................................33

Representations and Warranties of the Trustees...........33
         Section 7.01 Representations and
                  Warranties of Property Trustee.........33
         Section 7.02 Representations and
                  Warranties of Delaware Trustee.........34

ARTICLE VIII.............................................35

The Trustees.............................................35
         Section 8.01 Certain Duties and
                  Responsibilities.......................35
         Section 8.02 Notice of Defaults.................35
         Section 8.03 Certain Rights of Property
                  Trustee................................36
         Section 8.04 Not Responsible for
                  Recitals or Issuance of
                  Securities.............................37
         Section 8.05 May Hold Securities................37
         Section 8.06 Compensation; Fees;
                  Indemnity..............................37
         Section 8.07 Trustees Required;
                  Eligibility............................38
         Section 8.08 Conflicting Interests..............39
         Section 8.09 Co-Trustees and Separate
                  Trustee................................39
         Section 8.10 Resignation and Removal;
                  Appointment of Successor...............40
         Section 8.11 Acceptance of Appointment
                  by Successor...........................41
         Section 8.12 Merger, Conversion,
                  Consolidation or Succession to
                  Business...............................42
         Section 8.13 Preferential Collection of
                  Claims Against Depositor or
                  Trust..................................42
         Section 8.14 Reports by Property Trustee........43
         Section 8.15 Reports to the Property
                  Trustee................................43
         Section 8.16 Evidence of Compliance
                  with Conditions Precedent..............43
         Section 8.17 Number of Trustees.................43
         Section 8.18 Delegation of Power................44
         Section 8.19 Enforcement of Rights of
                  Property Trustee by
                  Securityholders........................44

ARTICLE IX...............................................45

Termination and Liquidation..............................45
         Section 9.01 Termination Upon
                  Expiration Date........................45
         Section 9.02 Early Termination..................45
         Section 9.03 Termination........................45
         Section 9.04 Liquidation........................46
         Section 9.05 Bankruptcy.........................47

ARTICLE X................................................47

Miscellaneous Provisions.................................47
         Section 10.01 Guarantee by the Depositor........47
         Section 10.02 Limitation of Rights of
                  Securityholders........................47
         Section 10.03 Amendment.........................48
         Section 10.04 Separability......................49
         Section 10.05 Governing Law.....................49
         Section 10.06 Successors........................49
         Section 10.07 Headings..........................49
         Section 10.08 Notice and Demand.................49
         Section 10.09 Agreement Not to Petition.........50
         Section 10.10 Conflict with Trust
                  Indenture Act..........................50

EXHIBIT A.........         Form of Notice of Conversion
EXHIBIT B.........         [INTENTIONALLY RESERVED]
EXHIBIT C.........         Form of Common Securities Certificate
EXHIBIT D.........         Form of Expense Agreement
EXHIBIT E.........         Form of Preferred Securities Certificate

<PAGE>

                      AMENDED AND RESTATED TRUST AGREEMENT

         THIS AMENDED AND RESTATED TRUST AGREEMENT is made as of October 1,
2000, by and among (i) Southern Energy, Inc., a Delaware corporation (the
"Depositor" or the "Company"), (ii) Bankers Trust Company, a banking corporation
duly organized and existing under the laws of New York, as trustee (the
"Property Trustee" and, in its separate corporate capacity and not in its
capacity as Trustee, the "Bank"), (iii) Bankers Trust (Delaware), a banking
corporation duly organized under the laws of Delaware, as Delaware trustee (the
"Delaware Trustee" and, in its separate corporate capacity and not in its
capacity as Delaware Trustee, the "Delaware Bank"), (iv) Elizabeth B. Chandler,
an individual, J. William Holden, III, an individual, and Douglas L. Miller, an
individual, as administrative trustees (each an "Administrative Trustee" and
together the "Administrative Trustees") (the Property Trustee, the Delaware
Trustee and the Administrative Trustees referred to collectively as the
"Trustees") and (v) the several Holders, as hereinafter defined.

                                   WITNESSETH:

         WHEREAS, the Depositor and the Delaware Trustee have heretofore duly
declared and established a business trust pursuant to the Delaware Business
Trust Act by the entering into that certain Trust Agreement, dated as of June
30, 2000 (the "Original Trust Agreement"), and by the execution and filing by
the Delaware Trustee with the Secretary of State of the State of Delaware of the
Certificate of Trust, dated June 30, 2000; and

         WHEREAS, the parties hereto desire to amend and restate the Original
Trust Agreement in its entirety as set forth herein to provide for, among other
things, (i) the addition of the Bank, Elizabeth B. Chandler, John W. Holden, III
and Douglas L. Miller as trustees of the Trust, (ii) the acquisition by the
Trust from the Depositor of all of the right, title and interest in the Junior
Subordinated Notes, (iii) the issuance of the Common Securities by the Trust to
the Depositor, and (iv) the issuance and sale of the Preferred Securities by the
Trust pursuant to the Underwriting Agreement.

         NOW THEREFORE, in consideration of the agreements and obligations set
forth herein and for other good and valuable consideration, the sufficiency of
which is hereby acknowledged, each party, for the benefit of the other parties
and for the benefit of the Securityholders, hereby amends and restates the
Original Trust Agreement in its entirety and agrees as follows:

<PAGE>

                                    ARTICLE I

                                  Defined Terms

         Section 1.01 Definitions. For all purposes of this Trust Agreement,
except as otherwise expressly provided or unless the context otherwise requires:

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

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

         (c)......unless the context otherwise requires, any reference to an
"Article" or a "Section" refers to an Article or a Section, as the case may be,
of this Trust Agreement; and

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

         "Act" has the meaning specified in Section 6.08.

         "Additional Amount" means, with respect to Trust Securities of a given
Liquidation Preference and/or a given period, an amount equal to the Additional
Interest (as defined in clause (ii) of the definition of "Additional Interest"
in the Subordinated Indenture) paid by the Depositor on a Like Amount of Junior
Subordinated Notes for such period.

         "Administrative Trustee" means each of the individuals identified as an
"Administrative Trustee" in the preamble to this Trust Agreement solely in their
capacities as Administrative Trustees of the Trust formed and continued
hereunder and not in their individual capacities, or such trustee's successor(s)
in interest in such capacity, or any successor "Administrative Trustee"
appointed as herein provided.

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

         "Bank" has the meaning specified in the preamble to this Trust
Agreement.

         "Bankruptcy Event" means, with respect to any Person:

                  (i) the entry of a decree or order by a court having
         jurisdiction in the premises judging such Person a bankrupt or
         insolvent, or approving as properly filed a petition seeking
         reorganization, arrangement, adjudication or composition of or in
         respect of such Person under federal bankruptcy law or any other
         applicable federal or state law, or appointing a receiver, liquidator,
         assignee, trustee, sequestrator or other similar official of such
         Person or of any substantial part of its property, or ordering the
         winding up or liquidation of its affairs, and the continuance of such
         decree or order unstayed and in effect for a period of 60 consecutive
         days; or

                  (ii) the institution by such Person of proceedings to be
         adjudicated a bankrupt or insolvent, or the consent by it to the
         institution of bankruptcy or insolvency proceedings against it, or the
         filing by it of a petition or answer or consent seeking reorganization
         or relief under federal bankruptcy law or any other applicable federal
         or state law, or the consent by it to the filing of such petition or to
         the appointment of a receiver, liquidator, assignee, trustee,
         sequestrator or similar official of such Person or of any substantial
         part of its property, or the making by it of an assignment for the
         benefit of creditors, or the admission by it in writing of its
         inability to pay its debts generally as they become due, or the taking
         of action by such Person in furtherance of any such action.

         "Bankruptcy Laws" has the meaning specified in Section 10.09.

         "Board Resolution" means a copy of a resolution certified by the
Secretary or an Assistant Secretary of the Depositor to have been duly adopted
by the Depositor's Board of Directors or a duly authorized committee thereof and
to be in full force and effect on the date of such certification, and delivered
to the Trustees.

         "Book-Entry Preferred Securities Certificates" means certificates
representing Preferred Securities issued in global, fully registered form to the
Clearing Agency as described in Section 5.11.

         "Business Day" means a day other than (i) a Saturday or a Sunday, (ii)
a day on which banks in New York, New York are authorized or obligated by law or
executive order to remain closed or (iii) a day on which the Corporate Trust
Office or the Indenture Trustee's principal corporate trust office is closed for
business.

         "Certificate Depository Agreement" means the agreement among the Trust,
the Property Trustee and The Depository Trust Company, as the initial Clearing
Agency, dated October 2, 2000, relating to the Preferred Securities
Certificates, as the same may be amended and supplemented from time to time.

         "Clearing Agency" means an organization registered as a "clearing
agency" pursuant to Section 17A of the Securities Exchange Act of 1934, as
amended. The Depository Trust Company will be the initial Clearing Agency.

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

         "Closing Price" of the Common Stock on any date means the price, as of
the close of business on such date, of the Common Stock, as reported on the New
York Stock Exchange Consolidated Tape, or if the Common Stock is not then listed
on the New York Stock Exchange, as reported by the principal securities exchange
or interdealer quotation system on which the Common Stock is then traded.

         "Code" means the Internal Revenue Code of 1986, as amended.

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

         "Common Security" means an undivided beneficial ownership interest in
the assets of the Trust having a Liquidation Preference of $50 and having the
rights provided therefor in this Trust Agreement, including the right to receive
Distributions and a Liquidation Distribution as provided herein.

         "Common Securities Certificate" means a certificate evidencing
ownership of a Common Security or Securities, substantially in the form attached
as Exhibit C.

         "Common Stock" means common stock, par value $.01 per share, of the
Depositor.

         "Company" means Southern Energy, Inc.

         "Conversion Agent" has the meaning specified in Section 4.05.

         "Conversion Date" has the meaning specified in Section 4.05.

         "Conversion Price" has the meaning specified in Section 4.05.

         "Corporate Trust Office" means the office of the Property Trustee at
which its corporate trust business shall be principally administered.

         "Current Market Price", with respect to Common Stock, means for any day
the last reported sale price, regular way, on such day, or, if no sale takes
place on such day, the average of the reported closing bid and asked prices on
such day, regular way, in either case as reported on the New York Stock Exchange
Consolidated Transactions Tape, or, if Common Stock is not listed or admitted to
trading on the New York Stock Exchange on such day, on the principal national
securities exchange on which Common Stock is listed or admitted to trading, if
Common Stock is listed on a national securities exchange, or the Nasdaq National
Market, or, if Common Stock is not quoted or admitted to trading on such
quotation system, on the principal quotation system on which Common Stock may be
listed or admitted to trading or quoted, or, if not listed or admitted to
trading or quoted on any national securities exchange or quotation system, the
average of the closing bid and asked prices of Common Stock in the
over-the-counter market on the day in question as reported by the National
Quotation Bureau Incorporated, or a similar generally accepted reporting
service, or, if not so available in such manner, as furnished by any New York
Stock Exchange member firm selected from time to time by the Board of Directors
for that purpose or, if not so available in such manner, as otherwise determined
in good faith by the Board of Directors.

         "Definitive Preferred Securities Certificates" means either or both (as
the context requires) of (i) Preferred Securities Certificates issued in
certificated, fully registered form as provided in Section 5.11(a) and (ii)
Preferred Securities Certificates issued in certificated, fully registered form
as provided in Section 5.13.

         "Delaware Bank" has the meaning specified in the preamble to this Trust
Agreement.

         "Delaware 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.

         "Delaware Trustee" means the commercial bank or trust company or any
other Person identified as the "Delaware Trustee" and has the meaning specified
in the preamble to this Trust Agreement solely in its capacity as Delaware
Trustee of the Trust formed and continued hereunder and not in its individual
capacity, or its successor in interest in such capacity, or any successor
Delaware Trustee appointed as herein provided.

         "Depositor" means Southern Energy, Inc., in its capacity as "Depositor"
under this Trust Agreement.

         "Distribution Date" has the meaning specified in Section 4.01(a).

         "Distributions" means amounts payable in respect of the Trust
Securities as provided in Section 4.01.

         "Event of Default" means the occurrence of an Indenture Event of
Default.

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

         "Expense Agreement" means the Agreement as to Expenses and Liabilities
between the Company and the Trust, substantially in the form attached as Exhibit
D, as amended from time to time.

         "Guarantee" means the Guarantee Agreement executed and delivered by the
Company and Bankers Trust Company, as Guarantee Trustee, contemporaneously with
the execution and delivery of this Trust Agreement, for the benefit of the
Holders of the Preferred Securities, as amended from time to time.

         "Indenture Event of Default" means an "Event of Default" as defined in
the Subordinated Indenture.

         "Indenture Redemption Date" means "Redemption Date," as defined in the
Subordinated Indenture.

         "Indenture Trustee" means the trustee under the Subordinated Indenture.

         "Investment Company Act" means the Investment Company Act of 1940, as
amended.

         "Issue Date" means the date of the delivery of the Trust Securities.

         "Junior Subordinated Notes" means the $355,670,150 aggregate principal
amount of the Depositor's Series A 6-1/4% Junior Convertible Subordinated Notes,
Series due 2030, issued pursuant to the Subordinated Indenture.

         "Legal Action" has the meaning specified in Section 2.07(A)(iv).

         "Lien" means any lien, pledge, charge, encumbrance, mortgage, deed of
trust, adverse ownership interest, hypothecation, assignment, security interest
or preference, priority or other security agreement or preferential arrangement
of any kind or nature whatsoever.

         "Like Amount" means (i) Trust Securities having a Liquidation
Preference equal to the principal amount of Junior Subordinated Notes to be
contemporaneously redeemed in accordance with the Subordinated Indenture and the
proceeds of which will be used to pay the Redemption Price of such Trust
Securities and (ii) Junior Subordinated Notes having a principal amount equal to
the Liquidation Preference of the Trust Securities of the Holder to whom such
Junior Subordinated Notes are distributed.

         "Liquidation Date" means the date on which Junior Subordinated Notes
are to be distributed to Holders of Trust Securities in connection with a
dissolution and liquidation of the Trust pursuant to Section 9.04.

         "Liquidation Distribution" has the meaning specified in Section 9.05.

         "Liquidation Preference" means the stated amount of $50 per Trust
Security.

         "Notice of Conversion" means the notice given by a Holder of Preferred
Securities to the Conversion Agent directing the Conversion Agent to exchange
such Preferred Security for Junior Subordinated Notes and to convert such Junior
Subordinated Notes and to convert such Junior Subordinated Notes into Common
Stock on behalf of such Holder. Such notice is substantially in the form set
forth in Exhibit A.

         "Officers' Certificate" means a certificate signed by the Chairman of
the Board, a Vice Chairman of the Board, the President or a Vice President, and
by the Treasurer, an Assistant Treasurer, the Secretary or an Assistant
Secretary, of the Depositor, and delivered to the appropriate Trustee. One of
the officers signing an Officers' Certificate given pursuant to Section 8.16
shall be the principal executive, financial or accounting officer of the
Depositor. An Officers' Certificate delivered with respect to compliance with a
condition or covenant provided for in this Trust Agreement shall include:

                  (a) a statement that each officer signing the Officers'
         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 Officers' Certificate;

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

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

         "Opinion of Counsel" means a written opinion of counsel, who may be
counsel for the Trust, the Trustees or the Depositor, but not an employee of the
Trust or the Trustees, and who shall be reasonably acceptable to the Property
Trustee. Any Opinion of Counsel pertaining to federal income tax matters may
rely on published rulings of the Internal Revenue Service.

         "Original Trust Agreement" has the meaning specified in the recitals to
this Trust Agreement.

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

                  (i) Preferred Securities theretofore cancelled by the
         Administrative Trustees or delivered to the Administrative Trustees for
         cancellation or tendered for conversion;

                  (ii) Preferred Securities for whose payment or redemption
         money in the necessary amount has been theretofore deposited with the
         Property Trustee or any Paying Agent for the Holders of such Preferred
         Securities; provided that if such Preferred Securities are to be
         redeemed, notice of such redemption has been duly given pursuant to
         this Trust Agreement; and

                  (iii) Preferred Securities in exchange for or in lieu of which
         other Preferred Securities have been authenticated and delivered
         pursuant to this Trust Agreement;

provided, however, that in determining whether the Holders of the requisite
Liquidation Preference of the Outstanding Preferred Securities have given any
request, demand, authorization, direction, notice, consent or waiver hereunder,
Preferred Securities owned by the Depositor, the Holder of the Common
Securities, any Administrative Trustee or any Affiliate of the Depositor or any
Administrative Trustee shall be disregarded and deemed not to be Outstanding,
except that (a) in determining whether any Trustee shall be protected in relying
upon any such request, demand, authorization, direction, notice, consent or
waiver, only Preferred Securities which such Trustee knows to be so owned shall
be so disregarded and (b) the foregoing shall not apply at any time when all of
the outstanding Preferred Securities are owned by the Depositor, the Holder of
the Common Securities, one or more Administrative Trustees and/or any such
Affiliate. Preferred Securities so owned which have been pledged in good faith
may be regarded as Outstanding if the pledgee establishes to the satisfaction of
the Administrative Trustees the pledgee's right so to act with respect to such
Preferred Securities and that the pledgee is not the Depositor or any Affiliate
of the Depositor.

         "Owner" means each Person who is the beneficial owner of a Book-Entry
Preferred Securities Certificate as reflected in the records of the Clearing
Agency or, if a Clearing Agency Participant is not the Owner, then as reflected
in the records of a Person maintaining an account with such Clearing Agency
(directly or indirectly, in accordance with the rules of such Clearing Agency).

         "Paying Agent" means any paying agent or co-paying agent appointed
pursuant to Section 5.09 and shall initially be the Property Trustee.

         "Payment Account" means a segregated non-interest-bearing corporate
trust account maintained by the Property Trustee for the benefit of the
Securityholders in which all amounts paid in respect of the Junior Subordinated
Notes will be held and from which the Property Trustee shall make payments to
the Securityholders in accordance with Section 4.01.

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

         "Preferred Security" means an undivided beneficial ownership interest
in the assets of the Trust having a Liquidation Preference of $50 and having
rights provided therefor in this Trust Agreement, including the right to receive
Distributions and a Liquidation Distribution as provided herein.

         "Preferred Securities Certificate" means a certificate evidencing
ownership of a Preferred Security or Securities, substantially in the form
attached as Exhibit E.

         "Property Trustee" means the commercial bank or trust company
identified as the "Property Trustee" in the preamble to this Trust Agreement
solely in its capacity as Property Trustee of the Trust formed and continued
hereunder and not in its individual capacity, or its successor in interest in
such capacity, or any successor "Property Trustee" as herein provided.

         "Redemption Date" means, with respect to any Trust Security to be
redeemed, the date fixed for such redemption by or pursuant to this Trust
Agreement; provided that each Indenture Redemption Date shall be a Redemption
Date for a Like Amount of Trust Securities.

         "Redemption Price" means, with respect to any date fixed for redemption
of any Trust Security, the Liquidation Preference of such Trust Security, plus
accrued and unpaid Distributions to such date, plus the related amount of the
premium, if any, paid by the Depositor upon the concurrent redemption or
repayment of a Like Amount of Junior Subordinated Notes.

         "Relevant Trustee" shall have the meaning specified in Section 8.10.

         "Securities Register" and "Securities Registrar" are described in
Section 5.04.

         "Securityholder" or "Holder" means a Person in whose name a Trust
Security or Securities is registered in the Securities Register; any such Person
is a beneficial owner within the meaning of the Delaware Business Trust Act.

         "Spin-Off" means the distribution by The Southern Company of all of its
shares of the Common Stock to the holders of its common stock.

         "Subordinated Indenture" means the Subordinated Note Indenture, dated
as of October 1, 2000, between the Depositor and the Indenture Trustee, as
supplemented by the Supplemental Indenture.

         "Supplemental Indenture" means the First Supplemental Indenture, dated
as of October 2, 2000, by and between the Depositor and the Indenture Trustee.

         "Trading Day" means any day on which Common Stock (i) is not suspended
from trading on the principal securities exchange or interdealer quotation
system on which it is traded at the close of business and (ii) has traded at
least once on such principal securities exchange or interedealer quotation
system.

         "Trust" means the Delaware business trust continued hereby and
identified on the cover page to this Trust Agreement.

         "Trust Agreement" means this Amended and Restated Trust Agreement, as
the same may be modified, amended or supplemented in accordance with the
applicable provisions hereof, including all exhibits hereto, including, for all
purposes of this Amended and Restated Trust Agreement and any modification,
amendment or supplement, the provisions of the Trust Indenture Act that are
deemed to be a part of and govern this Amended and Restated Trust Agreement and
any such modification, amendment or supplement, respectively.

         "Trustees" means the Persons identified as "Trustees" in the preamble
to this Trust Agreement solely in their capacities as Trustees of the Trust
formed and continued hereunder and not in their individual capacities, or their
successor in interest in such capacity, or any successor trustee appointed as
herein provided.

         "Trust Indenture Act" means the Trust Indenture Act of 1939 as in force
at the date as of which this instrument was executed; provided, however, that in
the event the Trust Indenture Act of 1939 is amended after such date, "Trust
Indenture Act" means, to the extent required by any such amendment, the Trust
Indenture Act of 1939 as so amended.

         "Trust Property" means (i) the Junior Subordinated Notes, (ii) any cash
on deposit in, or owing to, the Payment Account, and (iii) all proceeds and
rights in respect of the foregoing and any other property and assets for the
time being held or deemed to be held by the Property Trustee pursuant to this
Trust Agreement.

         "Trust Securities Certificate" means any one of the Common Securities
Certificates or the Preferred Securities Certificates.

         "Trust Security" means any one of the Common Securities or the
Preferred Securities.

         "Underwriting Agreement" means the Underwriting Agreement, dated
September 26, 2000, among the Trust, the Depositor and the underwriters named
therein.

                                   ARTICLE II

                           Establishment of the Trust

         Section 2.01 Name. The Trust continued hereby shall be known as "SEI
Trust I", in which name the Trustees may conduct the business of the Trust, make
and execute contracts and other instruments on behalf of the Trust and sue and
be sued. The Administrative Trustees may change the name of the Trust from time
to time following written notice to the Holders.

         Section 2.02 Offices of the Trustees; Principal Place of Business. The
address of the Property Trustee is Bankers Trust Company, Four Albany Street,
New York, New York 10006, or at such other address as the Property Trustee may
designate by written notice to the Securityholders and the Depositor. The
principal place of business of the Delaware Trustee is E.A. Delle Donne
Corporate Center, Montgomery Building, 1011 Centre Road, Suite 200, Wilmington,
Delaware, 19805-1266, or at such other address in Delaware as the Delaware
Trustee may designate by notice to the Depositor. The address of the
Administrative Trustees is c/o Southern Energy, Inc., 900 Ashwood Parkway, Suite
500, Atlanta, Georgia 30338, Attention: Treasurer. The principal place of
business of the Trust is c/o Southern Energy, Inc., 1403 Foulk Road, Suite 102,
Wilmington, Delaware 19803. The Depositor may change the principal place of
business of the Trust at any time by giving notice thereof to the Trustees.

         Section 2.03 Initial Contribution of Trust Property; Organizational
Expenses. The Delaware Trustee acknowledges receipt in trust from the Depositor
in connection with the Original Trust Agreement of the sum of $10, which
constituted the initial Trust Property. The Depositor shall pay organizational
expenses of the Trust as they arise or shall, upon request of the Trustees,
promptly reimburse the Trustees for any such expenses paid by the Trustees. The
Depositor shall make no claim upon the Trust Property for the payment of such
expenses.

         Section 2.04 Issuance of the Preferred Securities. Contemporaneously
with the execution and delivery of this Trust Agreement, the Administrative
Trustees, on behalf of the Trust, shall execute and deliver to the Underwriters
Preferred Securities Certificates, registered in the name of the nominee of the
initial Clearing Agency, in an aggregate amount of 6,900,000 Preferred
Securities having an aggregate Liquidation Preference of $345,000,000, against
receipt of the aggregate purchase price of such Preferred Securities of
$345,000,000, which amount the Administrative Trustees shall promptly deliver to
the Property Trustee.

         Section 2.05 Subscription and Purchase of Junior Subordinated Notes;
Issuance of the Common Securities. Contemporaneously with the execution and
delivery of this Trust Agreement, the Administrative Trustees, on behalf of the
Trust, shall execute and deliver to the Depositor Common Securities
Certificates, registered in the name of the Depositor, in an aggregate amount of
213,403 Common Securities having an aggregate Liquidation Preference of
$10,670,150, against payment by the Depositor of such amount. Contemporaneously
therewith, the Administrative Trustees, on behalf of the Trust, shall subscribe
to and purchase from the Depositor Junior Subordinated Notes, registered in the
name of the Property Trustee, on behalf of the Trust and the Holders, and having
an aggregate principal amount equal to $355,670,150, and, in satisfaction of the
purchase price for such Junior Subordinated Notes, the Property Trustee, on
behalf of the Trust, shall deliver to the Depositor the sum of $355,670,150.

         Section 2.06 Declaration of Trust. The exclusive purposes and functions
of the Trust are (i) to issue and sell the Trust Securities and use the proceeds
from such sale to acquire the Junior Subordinated Notes, and (ii) to engage in
those activities necessary, incidental, appropriate or convenient thereto. The
Depositor hereby appoints each of the Bank, the Delaware Bank, Elizabeth B.
Chandler, J. William Holden, III and Douglas L. Miller as trustees of the Trust,
to have all the rights, powers and duties to the extent set forth herein. The
Property Trustee hereby declares that it will hold the Trust Property in trust
upon and subject to the conditions set forth herein for the benefit of the Trust
and the Securityholders. The Trustees shall have all rights, powers and duties
set forth herein and in accordance with applicable law with respect to
accomplishing the purposes of the Trust. 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 Property Trustee or the Administrative
Trustees set forth herein. The Delaware Trustee shall be one of the Trustees for
the sole and limited purpose of fulfilling the requirements of the Delaware
Business Trust Act.

         Section 2.07 Authorization to Enter into Certain Transactions. The
Trustees shall conduct the affairs of the Trust in accordance with the terms of
this Trust Agreement. Subject to the limitations set forth in paragraph C of
this Section, and in accordance with the following paragraphs A and B, the
Trustees shall have the authority to enter into all transactions and agreements
determined by the Trustees to be appropriate in exercising the authority,
express (in the case of the Property Trustee) or implied, otherwise granted to
the Trustees under this Trust Agreement, and to perform all acts in furtherance
thereof, including without limitation, the following:

         A........As among the Trustees, the Administrative Trustees, acting
singly or jointly, shall have the exclusive power, duty and authority to act on
behalf of the Trust with respect to the following matters:

                  (i) to acquire the Junior Subordinated Notes with the proceeds
         of the sale of the Trust Securities; provided, however, the
         Administrative Trustees shall cause legal title to all of the Junior
         Subordinated Notes to be vested in, and the Junior Subordinated Notes
         to be held of record in the name of, the Property Trustee for the
         benefit of the Trust and Holders of the Trust Securities;

                  (ii) to give the Depositor and the Property Trustee prompt
         written notice of the occurrence of any Special Event (as defined in
         the Supplemental Indenture) and to take any ministerial actions in
         connection therewith; provided, that the Administrative Trustees shall
         consult with the Depositor and the Property Trustee before taking or
         refraining to take any ministerial action in relation to a Special
         Event;

                  (iii) to establish a record date with respect to all actions
         to be taken hereunder that require a record date to be established,
         including for the purposes of ss. 316(c) of the Trust Indenture Act and
         with respect to Distributions, voting rights, redemptions and
         exchanges, and to issue relevant notices to Holders of the Trust
         Securities as to such actions and applicable record dates;

                  (iv) 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"), unless pursuant to Section
         2.07(B)(iii), the Property Trustee has the power to bring such Legal
         Action;

                  (v) 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;

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

                  (vii) to give the certificate to the Property Trustee required
         by ss. 314(a)(4) of the Trust Indenture Act, which certificate may be
         executed by any Administrative Trustee;

                  (viii) to take all actions and perform such duties as may be
         required of the Administrative Trustees pursuant to the terms of this
         Trust Agreement;

                  (ix) 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 Trust Securities or to enable
         the Trust to effect the purposes for which the Trust has been created;

                  (x) 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 any
         Administrative Trustee, on behalf of the Trust;

                  (xi)     to issue and sell the Trust Securities;

                  (xii) to cause the Trust to enter into, and to execute,
         deliver and perform on behalf of the Trust, the Expense Agreement and
         the Certificate Depository Agreement and such other agreements as may
         be necessary or desirable in connection with the consummation hereof;

                  (xiii) to assist in the registration of the Preferred
         Securities under the Securities Act of 1933, as amended, and under
         state securities or blue sky laws, and the qualification of this Trust
         Agreement as a trust indenture under the Trust Indenture Act;

                  (xiv) to assist in the listing of the Preferred Securities
         upon such securities exchange or exchanges as shall be determined by
         the Depositor and the registration of the Preferred Securities under
         the Exchange Act, and the preparation and filing of all periodic and
         other reports and other documents pursuant to the foregoing;

                  (xv) to send notices (other than notices of default) and other
         information regarding the Trust Securities and the Junior Subordinated
         Notes to the Securityholders in accordance with this Trust Agreement;

                  (xvi) to appoint a Paying Agent (subject to Section 5.09),
         authenticating agent and Securities Registrar in accordance with this
         Trust Agreement;

                  (xvii) to register transfers of the Trust Securities in
         accordance with this Trust Agreement;

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

                  (xix) to assist in, to the extent provided in this Trust
         Agreement, the winding up of the affairs of and termination of the
         Trust and the preparation, execution and filing of the certificate of
         cancellation with the Secretary of State of the State of Delaware; and

                  (xx) to take any action incidental to the foregoing as the
         Administrative Trustees may from time to time determine is necessary,
         appropriate, convenient or advisable to protect and conserve the Trust
         Property for the benefit of the Securityholders (without consideration
         of the effect of any such action on any particular Securityholder).

         B........The Property Trustee shall:

                  (i) engage in such ministerial activities as shall be
         necessary or appropriate to effect the redemption of the Trust
         Securities to the extent the Junior Subordinated Notes are redeemed or
         mature;

                  (ii) upon notice of distribution issued by the Administrative
         Trustees in accordance with the terms of this Trust Agreement, engage
         in such ministerial activities as shall be necessary or appropriate to
         effect the distribution pursuant to the terms of this Trust Agreement
         of Junior Subordinated Notes to Holders of Trust Securities;

                  (iii) subject to the terms hereof, 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 Trust Agreement or
         the Trust Indenture Act; and

                  (iv) take all actions and perform such duties as may be
         specifically required of the Property Trustee pursuant to the terms of
         this Trust Agreement.

         C........So long as this Trust Agreement remains in effect, the Trust
(or the Trustees acting on behalf of the Trust) shall not undertake any
business, activities or transaction except as expressly provided herein or
contemplated hereby. In particular, the Trustees shall not (i) acquire any
investments or engage in any activities not authorized by this Trust Agreement,
(ii) sell, assign, transfer, exchange, pledge, set-off or otherwise dispose of
any of the Trust Property or interests therein, including to Securityholders,
except as expressly provided herein, (iii) take any action that would cause the
Trust to fail or cease to qualify as a grantor trust for United States federal
income tax purposes, (iv) incur any indebtedness for borrowed money, (v) take or
consent to any action that would result in the placement of a Lien on any of the
Trust Property, (vi) issue any securities other than the Trust Securities, or
(vii) have any power to, or agree to any action by the Depositor that would,
vary the investment (within the meaning of Treasury Regulation Section
301.7701-4(c)) of the Trust or of the Securityholders. The Trustees shall defend
all claims and demands of all Persons at any time claiming any Lien on any of
the Trust Property adverse to the interest of the Trust or the Securityholders
in their capacity as Securityholders.

         D........In connection with the issue and sale of the Preferred
Securities, the Depositor shall have the right and responsibility to assist the
Trust with respect to, or effect on behalf of the Trust, the following (and any
actions taken by the Depositor in furtherance of the following prior to the date
of this Trust Agreement are hereby ratified and confirmed in all respects):

                  (i) to prepare for filing by the Trust with the Commission a
         registration statement on Form S-1 under the Securities Act of 1933, as
         amended, in relation to the Preferred Securities, including any
         amendments thereto;

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

                  (iii) to prepare for filing by the Trust an application to the
         New York Stock Exchange or any other national stock exchange or the
         NASDAQ National Market for listing upon notice of issuance of any
         Preferred Securities;

                  (iv) to prepare for filing by the Trust with the Commission a
         registration statement on Form 8-A relating to the registration of the
         Preferred Securities under Section 12(b) of the Exchange Act, including
         any amendments thereto;

                  (v) to negotiate the terms of the Underwriting Agreement
         providing for the sale of the Preferred Securities and to execute,
         deliver and perform the Underwriting Agreement on behalf of the Trust;
         and

                  (vi) any other actions necessary, incidental, appropriate or
         convenient to carry out any of the foregoing activities.

         E........Notwithstanding anything herein to the contrary, the
Administrative Trustees are authorized and directed to conduct the affairs of
the Trust and to operate the Trust so that the Trust will not be deemed to be an
"investment company" required to be registered under the Investment Company Act
or taxed as other than a grantor trust for United States federal income tax
purposes and so that the Junior Subordinated Notes will be treated as
indebtedness of the Depositor for United States federal income tax purposes. In
this connection, the Depositor and the Administrative Trustees are authorized to
take any action, not inconsistent with applicable law, the Certificate of Trust
or this Trust Agreement, that each of the Depositor and the Administrative
Trustees determines in its discretion to be necessary or desirable for such
purposes, as long as such action does not materially and adversely affect the
interests of the Holders of the Preferred Securities.

         Section 2.08 Assets of Trust. The assets of the Trust shall consist of
the Trust Property.

         Section 2.09 Title to Trust Property. Legal title to all Trust Property
shall be vested at all times in the Property Trustee (in its capacity as such)
and shall be held and administered by the Property Trustee for the benefit of
the Securityholders and the Trust in accordance with this Trust Agreement. The
right, title and interest of the Property Trustee to the Junior Subordinated
Notes shall vest automatically in each Person who may thereafter be appointed as
Property Trustee in accordance with the terms hereof. Such vesting and cessation
of title shall be effective whether or not conveyancing documents have been
executed and delivered.

         Section 2.10 Mergers and Consolidations of the Trust. The Trust may not
consolidate, convert into, amalgamate, 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 below or otherwise
provided in this Trust Agreement. The Trust may at the request of the Company,
with the consent of the Administrative Trustees and without the consent of the
Holders of the Trust Securities, the Delaware Trustee or the Property Trustee,
consolidate, convert into, amalgamate, merge with or into, or be replaced by, or
convey, transfer or lease its properties and assets substantially as an entirety
to, a trust organized as such under the laws of any state; provided, that (i)
such successor entity either (x) expressly assumes all of the obligations of the
Trust with respect to the Trust Securities or (y) substitutes for the Trust
Securities other securities having substantially the same terms as the Trust
Securities (herein referred to as the "Successor Securities") so long as the
Successor Securities rank the same as the Trust Securities rank in priority with
respect to Distributions and payments upon liquidation, redemption and
otherwise, (ii) the Company expressly appoints a trustee of such successor
entity possessing the same powers and duties as the Property Trustee as the
holder of legal title to the Junior Subordinated Notes, (iii) the Successor
Securities are listed, or any Successor Securities will be listed upon
notification of issuance, on any national securities exchange or other
organization on which the Preferred Securities are then listed, (iv) such
merger, consolidation, amalgamation, replacement, conveyance, transfer or lease
does not cause the Preferred Securities (including any Successor Securities) to
be downgraded by any nationally recognized statistical rating organization, (v)
such merger, consolidation, amalgamation, replacement, conveyance, transfer or
lease does not adversely affect the rights, preferences and privileges of the
Holders of the Trust Securities (including any Successor Securities) in any
material respect (other than with respect to any dilution of the Holders), (vi)
such successor entity has a purpose substantially identical to that of the
Trust, (vii) prior to such merger, consolidation, amalgamation, replacement,
conveyance, transfer or lease, the Company and the Property Trustee have
received an Opinion of Counsel to the effect that (A) such merger,
consolidation, amalgamation, replacement, conveyance, transfer or lease does not
adversely affect the rights, preferences and privileges of the Holders of the
Trust Securities (including any Successor Securities) in any material respect
(other than with respect to any dilution of the Holders), (B) following such
merger, consolidation, amalgamation, replacement, conveyance, transfer or lease,
neither the Trust nor such successor entity will be required to register as an
investment company under the Investment Company Act, and (C) following such
merger, consolidation, amalgamation, replacement, conveyance, transfer or lease,
the Trust (or the successor entity) will be treated as a grantor trust for
United States federal income tax purposes, and (viii) the Company or its
permitted successor or assignee owns all of the common securities of such
successor entity and guarantees the obligations of such successor entity under
the Successor Securities at least to the extent provided by the Guarantee.
Notwithstanding the foregoing, the Trust shall not, except with the consent of
Holders of 100% in Liquidation Preference of the Trust Securities, consolidate,
amalgamate, merge with or into, convert into, or be replaced by, or convey,
transfer or lease its properties and assets as an entirety or substantially as
an entirety to, any other entity or permit any other entity to consolidate,
amalgamate, merge with or into, or replace it if such consolidation,
amalgamation, merger, conversion, replacement, conveyance, transfer or lease
would cause the Trust or the successor entity to be classified as other than a
grantor trust for United States federal income tax purposes.

                                   ARTICLE III

                                 Payment Account

         Section 3.01      Payment Account.

         (a)......On or prior to the Issue Date, the Property Trustee shall
establish the Payment Account. The Property Trustee and an agent of the Property
Trustee shall have exclusive control and sole right of withdrawal with respect
to the Payment Account for the purpose of making deposits in and withdrawals
from the Payment Account in accordance with this Trust Agreement. All monies and
other property deposited or held from time to time in the Payment Account shall
be held by the Property Trustee in the Payment Account for the exclusive benefit
of the Securityholders and for distribution as herein provided, including (and
subject to) any priority of payments provided for herein.

         (b)......The Property Trustee shall deposit in the Payment Account,
promptly upon receipt, all payments of principal or interest on, and any other
payments or proceeds with respect to, the Junior Subordinated Notes. Amounts
held in the Payment Account shall not be invested by the Property Trustee
pending distribution thereof.

                                   ARTICLE IV

                      Distributions; Redemption; Conversion

         Section 4.01      Distributions.

         (a)......Distributions on the Trust Securities shall be cumulative and
accrue from the Issue Date and, except in the event that the Depositor exercises
its right to extend the interest payment period for the Junior Subordinated
Notes pursuant to Section 104 of the Supplemental Indenture, shall be payable
quarterly in arrears on January 1, April 1, July 1 and October 1 of each year,
commencing on January 1, 2001. If any date on which Distributions are otherwise
payable on the Trust Securities is not a Business Day, then the payment of such
Distribution shall be made on the next succeeding day which 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, payment of
such Distribution shall be made on the immediately preceding Business Day, in
each case, with the same force and effect as if made on such date (each such
date, a "Distribution Date").

         (b)......Distributions payable on the Trust Securities shall be fixed
at a rate of 6-1/4% per annum of the Liquidation Preference of the Trust
Securities. The amount of Distributions payable for any full quarterly period
shall be computed on the basis of twelve 30-day months and a 360-day year. If
the interest payment period for the Junior Subordinated Notes is extended
pursuant to Section 104 of the Supplemental Indenture (an "Extension Period"),
then the rate per annum at which Distributions on the Trust Securities
accumulate shall be increased by an amount such that the aggregate amount of
Distributions that accumulate on all Trust Securities during any such Extension
Period is equal to the aggregate amount of interest (including interest payable
on unpaid interest at the percentage rate per annum set forth above, compounded
quarterly) that accrues during any such Extension Period on the Junior
Subordinated Notes. The payment of such deferred interest, together with
interest thereon, will be distributed to the Holders of the Trust Securities as
received at the end of any Extension Period. The amount of Distributions payable
for any period shall include the Additional Amounts, if any.

         (c)......Distributions on the Trust Securities shall be made and shall
be deemed payable on each Distribution Date only to the extent that the Trust
has legally and immediately available funds in the Payment Account for the
payment of such Distributions.

         (d)......Distributions, including Additional Amounts, if any, on the
Trust Securities on each Distribution Date shall be payable to the Holders
thereof as they appear on the Securities Register for the Trust Securities on
the relevant record date, which shall be the close of business on the fifteenth
calendar day prior to the relevant Distribution Date.

         Each Trust Security upon registration of transfer of or in exchange for
or in lieu of any other Trust Security shall carry the rights of Distributions
accrued (including Additional Amounts, if any) and unpaid, and to accrue
(including Additional Amounts, if any), which were carried by such other Trust
Security.

         Section 4.02      Redemption.

         (a)......On each Redemption Date with respect to the Junior
Subordinated Notes, the Trust will be required to redeem a Like Amount of Trust
Securities at the Redemption Price.

         (b)......Notice of redemption shall be given by the Property Trustee by
first-class mail, postage prepaid, mailed not less than 30 nor more than 60 days
prior to the Redemption Date to each Holder of Trust Securities to be redeemed,
at such Holder's address appearing in the Securities Register. All notices of
redemption shall state:

                  (i)      the Redemption Date;

                  (ii)     the Redemption Price;

                  (iii)    the CUSIP number;

                  (iv) if less than all the Outstanding Trust Securities are to
         be redeemed, the total Liquidation Preference of the Trust Securities
         to be redeemed;

                  (v) the Conversion Price and that a Holder of Preferred
         Securities who desires to convert such Preferred Securities called for
         redemption must satisfy the requirements for conversion contained in
         Section 4.05 below; and

                  (vi) that on the Redemption Date the Redemption Price will
         become due and payable upon each such Trust Security to be redeemed and
         that Distributions thereon will cease to accrue on and after such date.

         (c)......The Trust Securities redeemed on each Redemption Date shall be
redeemed at the Redemption Price with the proceeds from the contemporaneous
redemption of Junior Subordinated Notes. Redemptions of the Trust Securities
shall be made and the Redemption Price shall be deemed payable on each
Redemption Date only to the extent that the Trust has funds legally and
immediately available in the Payment Account for the payment of such Redemption
Price.

         (d)......If the Property Trustee gives a notice of redemption in
respect of any Preferred Securities, then, by 2:00 p.m. New York time, on the
Redemption Date, subject to Section 4.02(c), the Property Trustee will, so long
as the Preferred Securities are in book-entry only form, irrevocably deposit
with the Clearing Agency for the Preferred Securities funds sufficient to pay
the applicable Redemption Price. If the Preferred Securities are no longer in
book-entry only form, the Property Trustee, subject to Section 4.02(c), shall
irrevocably deposit with the Paying Agent funds sufficient to pay the applicable
Redemption Price and will give the Paying Agent irrevocable instructions to pay
the Redemption Price to the Holders thereof upon surrender of their Preferred
Securities Certificates. Notwithstanding the foregoing, Distributions payable on
or prior to the Redemption Date for any Trust Securities called for redemption
shall be payable to the Holders of such Trust Securities as they appear on the
Securities Register for the Trust Securities on the relevant record dates for
the related Distribution Dates. If notice of redemption shall have been given
and funds deposited as required, then upon the date of such deposit, all rights
of Securityholders holding Trust Securities so called for redemption will cease,
except (i) the right of such Securityholders to receive the Redemption Price,
but without interest, and (ii) the right to convert such Preferred Securities
into Common Stock or cash, as the case may be, in the manner provided in Section
4.05 hereof through the close of business on the Business Day prior to the
Redemption Date; and such Securities will cease to be outstanding. In the event
that any date on which any Redemption Price is payable is not a Business Day,
then payment of the Redemption Price payable on such date shall be made on the
next succeeding day which 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, payment of such Redemption Price shall be
made on the immediately preceding Business Day, in each case, with the same
force and effect as if made on such date. In the event that payment of the
Redemption Price in respect of Trust Securities is improperly withheld or
refused and not paid either by the Trust or by the Depositor pursuant to the
Guarantee, Distributions on such Trust Securities will continue to accrue at the
then applicable rate, from such Redemption Date originally established by the
Trust for such Preferred Securities to the date such Redemption Price is
actually paid.

         (e)......If less than all the Outstanding Trust Securities are to be
redeemed on a Redemption Date, then the aggregate Liquidation Preference of
Trust Securities to be redeemed shall be allocated 3% to the Common Securities
and 97% to the Preferred Securities, with such adjustments that each amount so
allocated shall be divisible by $50. The particular Preferred Securities to be
redeemed shall be selected not more than 60 days prior to the Redemption Date by
the Property Trustee from the Outstanding Preferred Securities not previously
called for redemption, by such method as the Property Trustee shall deem fair
and appropriate and which may provide for the selection for a redemption of
portions (equal to $50 or integral multiples thereof) of the Liquidation
Preference of Preferred Securities of a denomination larger than $50; provided,
however, that before undertaking redemption of the Preferred Securities on other
than a pro rata basis, the Property Trustee shall have received an Opinion of
Counsel that the status of the Trust as a grantor trust for United States
federal income tax purposes would not be adversely affected. The Property
Trustee shall promptly notify the Securities Registrar in writing of the
Preferred Securities selected for redemption and, in the case of any Preferred
Securities selected for partial redemption, the Liquidation Preference thereof
to be redeemed. For all purposes of this Trust Agreement, unless the context
otherwise requires, all provisions relating to the redemption of Preferred
Securities shall relate, in the case of any Preferred Securities redeemed or to
be redeemed only in part, to the portion of the Liquidation Preference of
Preferred Securities which has been or is to be redeemed.

         (f)......Subject to the foregoing provisions of Section 4.02 and to
applicable law (including, without limitation, United States federal securities
laws), the Company or its Affiliates may, at any time and from time to time,
purchase outstanding Preferred Securities by tender, in the open market or by
private agreement.

         Section 4.03      Subordination of Common Securities.

         (a)......Payment of Distributions (including Additional Amounts, if
applicable) on, and the Redemption Price of, the Trust Securities, as
applicable, shall be made pro rata based on the Liquidation Preference of the
Trust Securities; provided, however, that if on any Distribution Date or
Redemption Date an Indenture Event of Default shall have occurred and be
continuing, no payment of any Distribution (including Additional Amounts, if
applicable) on, or Redemption Price of, any Common Security, and no other
payment on account of the redemption, liquidation or other acquisition of Common
Securities, shall be made unless payment in full in cash of all accumulated and
unpaid Distributions (including Additional Amounts, if applicable) on all
Outstanding Preferred Securities for all distribution periods terminating on or
prior thereto, or in the case of payment of the Redemption Price the full amount
of such Redemption Price on all Outstanding Preferred Securities, shall have
been made or provided for, and all funds immediately available to the Property
Trustee shall first be applied to the payment in full in cash of all
Distributions (including Additional Amounts, if applicable) on, or Redemption
Price of, Preferred Securities then due and payable.

         (b)......In the case of the occurrence of any Indenture Event of
Default, the Holder of Common Securities will be deemed to have waived any such
Event of Default under this Trust Agreement until the effect of all such Events
of Default with respect to the Preferred Securities have been cured, waived or
otherwise eliminated. Until any such Events of Default under this Trust
Agreement with respect to the Preferred Securities have been so cured, waived or
otherwise eliminated, the Property Trustee shall act solely on behalf of the
Holders of the Preferred Securities and not the Holder of the Common Securities,
and only the Holders of the Preferred Securities will have the right to direct
the Property Trustee to act on their behalf.

         Section 4.04 Payment Procedures. Payments in respect of the Preferred
Securities shall be made by check mailed to the address of the Person entitled
thereto as such address shall appear on the Securities Register or, if the
Preferred Securities are held by a Clearing Agency, such Distributions shall be
made to the Clearing Agency, which shall credit the relevant Persons' accounts
at such Clearing Agency on the applicable distribution dates. Payments in
respect of the Common Securities shall be made in such manner as shall be
mutually agreed between the Property Trustee and the Holder of the Common
Securities.

         Section 4.05 Conversion. After October 2, 2001, the Holders of Trust
Securities, subject to the limitations set forth in this Section, shall have the
right, at their option, to cause the Conversion Agent to convert Trust
Securities, on behalf of the converting Holders, into shares of Common Stock in
the manner described herein on and subject to the following terms and
conditions:

                  (i) Subject to subparagraph (ii) below, the Trust Securities
         will be convertible into fully paid and nonassessable shares of Common
         Stock pursuant to the Holder's direction to the Conversion Agent to
         exchange such Trust Securities for a portion of the Junior Subordinated
         Notes having a principal amount equal to the aggregate Liquidation
         Preference of such Trust Securities, and immediately (unless the
         Spin-Off has not occurred, in which case within the time specified in
         subparagraph (ii) below) convert such amount of Junior Subordinated
         Notes into fully paid and nonassessable shares of Common Stock at an
         initial rate of 1.8182 shares of Common Stock for each Trust Security
         (which is equivalent to a conversion price of approximately $27.50 per
         share of Common Stock), subject to certain adjustments set forth in the
         Indenture (as so adjusted, "Conversion Price").

                  (ii) At any time after October 2, 2001 and prior to the
         Spin-Off, the Company may elect to make a cash settlement in respect of
         any Trust Security surrendered for exchange by delivering notice
         thereof to the tendering Holder not more than five Trading Days after
         such Trust Security is surrendered for exchange. Such cash settlement
         shall be in an amount, per $50 Liquidation Preference of Trust
         Securities delivered for exchange, equal to the product of (i) the
         then-prevailing Conversion Price (as specified in writing by the
         Company) and (ii) the average of the Closing Price of the Common Stock
         on the five Trading Days commencing two Trading Days after delivery by
         the Company of such notice to such Holder. The Company will pay such
         cash settlement amount as promptly as practicable after the completion
         of such five Trading Day period.

                  (iii) In order to convert Trust Securities into Common Stock
         or cash, as the case may be, the Holder of such Trust Securities shall
         submit to the Conversion Agent an irrevocable Notice of Conversion to
         convert Trust Securities on behalf of such Holder, together, if the
         Trust Securities are in certificated form, with such certificates. The
         Notice of Conversion shall (i) set forth the number of Trust Securities
         to be converted and the name or names, if other than the Holder, in
         which the shares of Common Stock or cash, as the case may be, should be
         issued and (ii) direct the Conversion Agent (a) to exchange such Trust
         Securities for a portion of the Junior Subordinated Notes held by the
         Property Trustee (at the rate of exchange specified in the preceding
         paragraph) and (b) to immediately (unless the Spin-Off has not
         occurred, in which case within the time specified in subparagraph (ii)
         below) convert such Junior Subordinated Notes, on behalf of such
         Holder, into Common Stock (at the conversion rate specified in the
         preceding paragraph) or cash, as the case may be. The Conversion Agent
         shall notify the Property Trustee in writing of the Holder's election
         to exchange Trust Securities for a portion of the Junior Subordinated
         Notes held by the Property Trustee and the Property Trustee shall, upon
         receipt of such written notice, deliver to the Conversion Agent the
         appropriate principal amount of Junior Subordinated Notes for exchange
         in accordance with this Section. The Conversion Agent shall thereupon
         notify the Depositor of the Holder's election to convert such Junior
         Subordinated Notes into shares of Common Stock. Holders of Trust
         Securities at the close of business on a Distribution payment record
         date will be entitled to receive the Distribution paid on such Trust
         Securities on the corresponding Distribution Date notwithstanding the
         conversion of such Trust Securities on or following such record date
         but prior to such Distribution Date. Except as provided above, neither
         the Trust nor the Depositor will make, or be required to make, any
         payment, allowance or adjustment upon any conversion on account of any
         accumulated and unpaid Distributions whether or not in arrears accrued
         on the Trust Securities surrendered for conversion, or on account of
         any accumulated and unpaid dividends on the shares of Common Stock
         issued upon such conversion. Trust Securities submitted for conversion
         prior to the expiration of conversion rights as provided in Section
         4.05(iv) shall be deemed to have been converted immediately prior to
         the close of business on the day on which an irrevocable Notice of
         Conversion relating to such Trust Securities is received by the
         Conversion Agent in accordance with the foregoing provision (the
         "Conversion Date"). The Person or Persons entitled to receive the
         Common Stock issuable upon conversion of the Junior Subordinated Notes
         shall be treated for all purposes as the record holder or holders of
         such Common Stock on the Conversion Date. As promptly as practicable on
         or after the Conversion Date, if applicable, the Depositor shall issue
         and deliver at the office of the Conversion Agent a certificate or
         certificates for the number of full shares of Common Stock issuable
         upon such conversion, together with the cash payment, if any, in lieu
         of any fraction of any share to the Person or Persons entitled to
         receive the same, unless otherwise directed by the Holder in the notice
         of conversion and the Conversion Agent shall distribute such
         certificate or certificates to such Person or Persons.

                  (iv) The conversion rights of holders of the Junior
         Subordinated Notes and the corresponding conversion rights of Holders
         of Trust Securities shall expire either (i) at the close of business on
         the Business Day prior to the date set for redemption of the Trust
         Securities upon the mandatory or optional redemption of the Junior
         Subordinated Notes or (ii) at the close of business on the Business Day
         prior to the maturity of the Junior Subordinated Notes.

                  (v) Each Holder of a Trust Security by its acceptance thereof
         initially appoints Bankers Trust Company not in its individual capacity
         but solely as conversion agent (the "Conversion Agent") for the purpose
         of effecting the conversion of Trust Securities in accordance with this
         Section. In effecting the conversion and transactions described in this
         Section, the Conversion Agent shall be acting as agent of the Holders
         of Trust Securities directing it to effect such conversion
         transactions. The Conversion Agent is hereby authorized (i) to exchange
         Trust Securities from time to time for Junior Subordinated Notes held
         by the Trust in connection with the conversion of such Trust Securities
         in accordance with this Section and (ii) to convert all or a portion of
         the Junior Subordinated Notes into Common Stock and thereupon to
         deliver such shares of Common Stock or cash, as the case may be, in
         accordance with the provisions of this Section and to deliver to the
         Property Trustee any new Junior Subordinated Note or Junior
         Subordinated Notes for any resulting unconverted principal amount
         delivered to the Conversion Agent by the Indenture Trustee.

                  (vi) No fractional shares of Common Stock will be issued as a
         result of conversion, but, in lieu thereof, such fractional interest
         will be paid in cash by the Depositor to the Conversion Agent in an
         amount equal to the Current Market Price of the fractional share of the
         Common Stock, and the Conversion Agent will in turn make such payment
         to the Holder or Holders of Trust Securities so converted.

                  (vii) Nothing in this Section 4.05 shall limit the requirement
         of the Trust to withhold taxes pursuant to the terms of the Trust
         Securities or as set forth in this Trust Agreement or otherwise
         required of the Property Trustee or the Trust to pay any amounts on
         account of such withholdings.

         Section 4.06 Tax Returns and Reports. The Administrative Trustee(s)
shall prepare (or cause to be prepared), at the Depositor's expense, and file
all United States federal, state and local tax and information returns and
reports required to be filed by or in respect of the Trust. The Administrative
Trustee(s) shall provide or cause to be provided on a timely basis to each
Holder any Internal Revenue Service form required to be so provided in respect
of the Trust Securities.

                                    ARTICLE V

                          Trust Securities Certificates

         Section 5.01 Initial Ownership. Upon the creation of the Trust by the
filing of the Certificate of Trust with the Delaware Secretary of State pursuant
to Section 2.03 and until the issuance of the Trust Securities, and at any time
during which no Trust Securities are Outstanding, the Depositor shall be the
sole beneficial owner of the Trust.

         Section 5.02 The Trust Securities Certificates. Each of the Preferred
and Common Securities Certificates shall be issued in minimum denominations of
$50 and integral multiples in excess thereof. The Trust Securities Certificates
shall be executed on behalf of the Trust by manual or facsimile signature of at
least one Administrative Trustee. Trust Securities Certificates bearing the
manual or facsimile signatures of individuals who were, at the time when such
signatures shall have been affixed, authorized to sign on behalf of the Trust,
shall be validly issued and entitled to the benefits of this Trust Agreement,
notwithstanding that such individuals or any of them shall have ceased to be so
authorized prior to the authentication and delivery of such Trust Securities
Certificates or did not hold such offices at the date of authentication and
delivery of such Trust Securities Certificates. A transferee of a Trust
Securities Certificate shall become a Securityholder, and shall be entitled to
the rights and subject to the obligations of a Securityholder hereunder, upon
due registration of such Trust Securities Certificate in such transferee's name
pursuant to Section 5.04.

         Section 5.03 Authentication of Trust Securities Certificates. On the
Issue Date, the Administrative Trustees shall cause Trust Securities
Certificates, in an aggregate Liquidation Preference as provided in Sections
2.04 and 2.05, to be executed on behalf of the Trust, authenticated and
delivered to or upon the written order of the Depositor signed by its Chairman
of the Board, its President or any Vice President, without further corporate
action by the Depositor, in authorized denominations. No Trust Securities
Certificate shall entitle its holder to any benefit under this Trust Agreement,
or shall be valid for any purpose, unless there shall appear on such Trust
Securities Certificate a certificate of authentication substantially in the form
set forth in Exhibit C or Exhibit E, as applicable, executed by at least one
Administrative Trustee by manual signature; such authentication shall constitute
conclusive evidence that such Trust Securities Certificate shall have been duly
authenticated and delivered hereunder. All Trust Securities Certificates shall
be dated the date of their authentication.

         Section 5.04 Registration of Transfer and Exchange of Preferred
Securities Certificates. The Securities Registrar shall keep or cause to be
kept, at the office or agency maintained pursuant to Section 5.08, a Securities
Register in which, subject to such reasonable regulations as it may prescribe,
the Securities Registrar shall provide for the registration of Preferred
Securities Certificates and the Common Securities Certificates (subject to
Section 5.10 in the case of the Common Securities Certificates) and registration
of transfers and exchanges of Preferred Securities Certificates as herein
provided. The Property Trustee shall be the initial Securities Registrar.

         Upon surrender for registration of transfer of any Preferred Securities
Certificate at the office or agency maintained pursuant to Section 5.08, the
Administrative Trustees shall execute, authenticate and deliver in the name of
the designated transferee or transferees one or more new Preferred Securities
Certificates in authorized denominations of a like aggregate Liquidation
Preference dated the date of authentication by the Administrative Trustee or
Trustees. The Securities Registrar shall not be required to register the
transfer of any Preferred Securities that have been called for redemption. At
the option of a Holder, Preferred Securities Certificates may be exchanged for
other Preferred Securities Certificates in authorized denominations of the same
class and of a like aggregate Liquidation Preference upon surrender of the
Preferred Securities Certificates to be exchanged at the office or agency
maintained pursuant to Section 5.08.

         Every Preferred Securities Certificate presented or surrendered for
registration of transfer or exchange shall be accompanied by a written
instrument of transfer in form satisfactory to the Administrative Trustees and
the Securities Registrar duly executed by the Holder or his attorney duly
authorized in writing. Each Preferred Securities Certificate surrendered for
registration of transfer or exchange shall be cancelled and subsequently
disposed of by the Securities Registrar in accordance with its customary
practice.

         No service charge shall be made for any registration of transfer or
exchange of Preferred Securities Certificates, but the Securities Registrar or
the Administrative Trustees may require payment of a sum sufficient to cover any
tax or governmental charge that may be imposed in connection with any transfer
or exchange of Preferred Securities Certificates.

         Section 5.05 Mutilated, Destroyed, Lost or Stolen Trust Securities
Certificates. If (a) any mutilated Trust Securities Certificate shall be
surrendered to the Securities Registrar, or if the Securities Registrar shall
receive evidence to its satisfaction of the destruction, loss or theft of any
Trust Securities Certificate and (b) there shall be delivered to the Securities
Registrar and the Administrative Trustees such security or indemnity as may be
required by them to save each of them harmless, then in the absence of notice
that such Trust Securities Certificate shall have been acquired by a bona fide
purchaser, the Administrative Trustees or any one of them on behalf of the Trust
shall execute and authenticate and make available for delivery, in exchange for
or in lieu of any such mutilated, destroyed, lost or stolen Trust Securities
Certificate, a new Trust Securities Certificate of like class, tenor and
denomination. In connection with the issuance of any new Trust Securities
Certificate under this Section, the Administrative Trustees or the Securities
Registrar 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
Trust Securities Certificate issued pursuant to this Section shall constitute
conclusive evidence of an ownership interest in the Trust, as if originally
issued, whether or not the lost, stolen or destroyed Trust Securities
Certificate shall be found at any time.

         Section 5.06 Persons Deemed Securityholders. Prior to due presentation
of a Trust Securities Certificate for registration of transfer, the Trustees or
the Securities Registrar shall treat the Person in whose name any Trust
Securities Certificate shall be registered in the Securities Register as the
owner of such Trust Securities Certificate for the purpose of receiving
Distributions (subject to Section 4.01(d)) and for all other purposes
whatsoever, and neither the Trustees nor the Securities Registrar shall be bound
by any notice to the contrary.

         Section 5.07 Access to List of Securityholders' Names and Addresses.
The Administrative Trustees shall furnish or cause to be furnished to (i) the
Depositor and the Property Trustee semi-annually, not later than June 1 and
December 1 in each year, and (ii) the Depositor or the Property Trustee, as the
case may be, within 30 days after receipt by any Administrative Trustee of a
request therefor from the Depositor or the Property Trustee, as the case may be,
in writing, a list, in such form as the Depositor or the Property Trustee, as
the case may be, may reasonably require, of the names and addresses of the
Securityholders as of a date not more than 15 days prior to the time such list
is furnished; provided, that the Administrative Trustees shall not be obligated
to provide such list at any time such list does not differ from the most recent
list given to the Depositor and the Property Trustee by the Administrative
Trustees or at any time the Property Trustee is the Securities Registrar. Each
Holder, by receiving and holding a Trust Securities Certificate, shall be deemed
to have agreed not to hold either the Depositor or the Administrative Trustees
accountable by reason of the disclosure of its name and address, regardless of
the source from which such information was derived. The Property Trustee shall
comply with its obligations under Sections 310(b), 311 and 312(b) of the Trust
Indenture Act.

         Section 5.08 Maintenance of Office or Agency. The Trust shall maintain
in the Borough of Manhattan, New York, an office or offices or agency or
agencies where Preferred Securities Certificates may be surrendered for
registration of transfer, exchange or conversion and where notices and demands
to or upon the Trustees in respect of the Trust Securities Certificates may be
served. The Administrative Trustees initially designate Bankers Trust Company,
Four Albany Street, New York, New York 10006, as its principal agency for such
purposes. The Administrative Trustees shall give prompt written notice to the
Depositor and to the Securityholders of any change in the location of the
Securities Register or any such office or agency.

         Section 5.09 Appointment of Paying Agent. The Paying Agent shall make
Distributions and other payments provided hereby to Securityholders from the
Payment Account and shall report the amounts of such Distributions and payments
to the Property Trustee and the Administrative Trustees. Any Paying Agent shall
have the revocable power to withdraw funds from the Payment Account for the
purpose of making the Distributions and payments provided hereby. The
Administrative Trustees may revoke such power and remove the Paying Agent if
such Trustees determine in their sole discretion that the Paying Agent shall
have failed to perform its obligations under this Agreement in any material
respect. The Paying Agent shall initially be the Property Trustee, and it may
choose any co-paying agent that is acceptable to the Administrative Trustees and
the Depositor. Any Person acting as Paying Agent shall be permitted to resign as
Paying Agent upon 30 days' written notice to the Administrative Trustees and the
Depositor. In the event that a Paying Agent shall resign or be removed, the
Administrative Trustees shall appoint a successor that is acceptable to the
Depositor to act as Paying Agent (which shall be a bank or trust company). The
Administrative Trustees shall cause such successor Paying Agent or any
additional Paying Agent appointed by the Administrative Trustees to execute and
deliver to the Trustees an instrument in which such successor Paying Agent or
additional Paying Agent shall agree with the Trustees that as Paying Agent, such
successor Paying Agent or additional Paying Agent will hold all sums, if any,
held by it for payment to the Securityholders in trust for the benefit of the
Securityholders entitled thereto until such sums shall be paid to such
Securityholders. The Paying Agent shall return all unclaimed funds to the
Property Trustee and upon removal of a Paying Agent such Paying Agent shall also
return all funds in its possession to the Property Trustee. The provisions of
Sections 8.01, 8.03 and 8.06 shall apply to the Property Trustee also in its
role as Paying Agent, for so long as the Property Trustee shall act as Paying
Agent and, to the extent applicable, to any other paying agent appointed
hereunder. Any reference in this Agreement to the Paying Agent shall include any
co-paying agent unless the context requires otherwise.

         Section 5.10 Ownership of Common Securities by Depositor. On the Issue
Date, the Depositor shall acquire, and thereafter retain, beneficial and record
ownership of the Common Securities. Any attempted transfer of the Common
Securities, except for transfers by operation of law or to an Affiliate of the
Guarantor or the Depositor or a permitted successor under Section 801 of the
Subordinated Indenture, shall be void. The Administrative Trustees shall cause
each Common Securities Certificate issued to the Depositor to contain a legend
stating "THIS CERTIFICATE IS NOT TRANSFERABLE EXCEPT AS PROVIDED IN THE TRUST
AGREEMENT REFERRED TO HEREIN".

         Section 5.11 Book-Entry Preferred Securities Certificates; Common
Securities Certificate.

         (a)......The Preferred Securities Certificates, upon original issuance,
will be issued in the form of a typewritten Preferred Securities Certificate or
Certificates representing Book-Entry Preferred Securities Certificates, to be
delivered to The Depository Trust Company, the initial Clearing Agency, by, or
on behalf of, the Trust. Such Preferred Securities Certificate or Certificates
shall initially be registered on the Securities Register in the name of Cede &
Co., the nominee of the initial Clearing Agency, and no Owner will receive a
definitive Preferred Securities Certificate representing such beneficial owner's
interest in such Preferred Securities, except as provided in Section 5.13.
Unless and until Definitive Preferred Securities Certificates have been issued
to Owners pursuant to Section 5.13:

                  (i) the provisions of this Section 5.11(a) shall be in full
         force and effect;

                  (ii) the Securities Registrar and the Trustees shall be
         entitled to deal with the Clearing Agency for all purposes of this
         Trust Agreement relating to the Book-Entry Preferred Securities
         Certificates (including the payment of principal of and interest on the
         Book-Entry Preferred Securities and the giving of instructions or
         directions to Owners of Book-Entry Preferred Securities) as the sole
         Holder of Book-Entry Preferred Securities and shall have no obligations
         to the Owners thereof;

                  (iii) to the extent that the provisions of this Section
         conflict with any other provisions of this Trust Agreement, the
         provisions of this Section shall control; and

                  (iv) the rights of the Owners of the Book-Entry Preferred
         Securities Certificates shall be exercised only through the Clearing
         Agency and shall be limited to those established by law and agreements
         between such Owners and the Clearing Agency and/or the Clearing Agency
         Participants. Pursuant to the Certificate Depository Agreement, unless
         and until Definitive Preferred Securities Certificates are issued
         pursuant to Section 5.13, the Clearing Agency will make book-entry
         transfers among the Clearing Agency Participants and receive and
         transmit payments on the Preferred Securities to such Clearing Agency
         Participants.

         (b)......A single Common Securities Certificate representing the Common
Securities shall be issued to the Depositor in the form of a definitive Common
Securities Certificate.

         Section 5.12 Notices to Clearing Agency. To the extent a notice or
other communication to the Owners is required under this Trust Agreement, unless
and until Definitive Preferred Securities Certificates shall have been issued to
Owners pursuant to Section 5.13, the Trustees shall give all such notices and
communications specified herein to be given to Owners to the Clearing Agency,
and shall have no obligations to the Owners.

         Section 5.13 Definitive Preferred Securities Certificates. If (i) the
Depositor advises the Trustees in writing that the Clearing Agency is no longer
willing or able to properly discharge its responsibilities with respect to the
Preferred Securities Certificates, and the Depositor is unable to locate a
qualified successor, or (ii) the Depositor at its option advises the Trustees in
writing that it elects to terminate the book-entry system through the Clearing
Agency, then the Administrative Trustees shall notify the Clearing Agency and
Holders of the Preferred Securities. Upon surrender to the Administrative
Trustees of the typewritten Preferred Securities Certificate or Certificates
representing the Book-Entry Preferred Securities Certificates by the Clearing
Agency, accompanied by registration instructions, the Administrative Trustees or
any one of them shall execute and authenticate the Definitive Preferred
Securities Certificates in accordance with the instructions of the Clearing
Agency. Neither the Securities Registrar nor the Trustees shall be liable for
any delay in delivery of such instructions and may conclusively rely on, and
shall be protected in relying on, such instructions. Upon the issuance of
Definitive Preferred Securities Certificates, the Trustees shall recognize the
Holders of the Definitive Preferred Securities Certificates as Securityholders.
The Definitive Preferred Securities Certificates shall be printed, lithographed
or engraved or may be produced in any other manner as is reasonably acceptable
to the Administrative Trustees, as evidenced by the execution thereof by the
Administrative Trustees or any one of them.

         Section 5.14 Rights of Securityholders. The legal title to the Trust
Property is vested exclusively in the Property Trustee (in its capacity as such)
in accordance with Section 2.09, and the Securityholders shall not have any
right or title therein other than the beneficial ownership interest in the
assets of the Trust conferred by their Trust Securities, and they shall have no
right to call for any partition or division of property, profits or rights of
the Trust except as described below. The Trust Securities shall be personal
property giving only the rights specifically set forth therein and in this Trust
Agreement. The Trust Securities shall have no preemptive or other similar rights
and when issued and delivered to Securityholders against payment of the purchase
price therefor, except as otherwise provided in the Expense Agreement and
Section 10.01 hereof, will be fully paid and nonassessable by the Trust. Except
as otherwise provided in the Expense Agreement and Section 10.01 hereof, the
Holders of the Trust Securities shall be entitled to the same limitation of
personal liability extended to stockholders of private corporations for profit
organized under the General Corporation Law of the State of Delaware.

                                   ARTICLE VI

                    Acts of Securityholders; Meetings; Voting

         Section 6.01 Limitations on Voting Rights.

         (a)......Except as provided in this Section, in Section 8.10 or Section
10.03 of this Trust Agreement, in the Subordinated Indenture and as otherwise
required by law, no Holder of Preferred Securities shall have any right to vote
or in any manner otherwise control the administration, operation and management
of the Trust or the obligations of the parties hereto, nor shall anything herein
set forth, or contained in the terms of the Trust Securities Certificates, be
construed so as to constitute the Securityholders from time to time as partners
or members of an association.

         (b)......So long as any Junior Subordinated Notes are held by the
Property Trustee, the Trustees shall not (i) direct the time, method and place
of conducting any proceeding for any remedy available to the Indenture Trustee,
or executing any trust or power conferred on the Indenture Trustee with respect
to such Junior Subordinated Notes, (ii) waive any past default which is waivable
under Section 513 of the Subordinated Indenture, or (iii) exercise any right to
rescind or annul a declaration that the principal of all the Junior Subordinated
Notes shall be due and payable, without, in each case, obtaining the prior
approval of the Holders of at least a majority in Liquidation Preference of the
Trust Securities; provided, however, that where a consent under the Subordinated
Indenture would require the consent of each holder of Junior Subordinated Notes
affected thereby, no such consent shall be given by the Trustees without the
prior written consent of each Holder of Preferred Securities. The Trustees shall
not revoke any action previously authorized or approved by a vote of the Holders
of Preferred Securities, except pursuant to a subsequent vote of the Holders of
Preferred Securities. The Property Trustee shall notify all Holders of the
Preferred Securities of any notice of default received from the Indenture
Trustee with respect to the Junior Subordinated Notes. In addition to obtaining
the foregoing approvals of the Holders of the Trust Securities, prior to taking
any of the foregoing actions, the Trustees shall, at the expense of the
Depositor, obtain an Opinion of Counsel experienced in such matters to the
effect that the Trust will not be classified as other than a grantor trust for
United States federal income tax purposes on account of such action.

         (c)......If any proposed amendment to this Trust Agreement provides
for, or the Trustees otherwise propose to effect, (i) any action that would
adversely affect the powers, preferences or special rights of the Trust
Securities, whether by way of amendment to this Trust Agreement or otherwise, or
(ii) the dissolution, winding-up or termination of the Trust, other than
pursuant to the terms of this Trust Agreement, then the Holders of Outstanding
Trust Securities as a 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 the Holders of at least a majority in Liquidation Preference of the
Outstanding Trust Securities. If any amendment or proposal referred to above
would adversely affect only the Preferred Securities or the Common Securities,
then only the affected class will be entitled to vote on the amendment or
proposal and the amendment or proposal will not be effective except without the
approval of a majority in liquidation amount of the Preferred Securities or
Common Securities. In addition to obtaining the foregoing approvals of the
Holders of the Preferred Securities, prior to taking any of the foregoing
actions, the Trustees shall, at the expense of the Depositor, obtain an Opinion
of Counsel experienced in such matters to the effect that the Trust will not be
classified as other than a grantor trust for United States federal income tax
purposes on account of such action.

         Section 6.02 Notice of Meetings. Notice of all meetings of the
Preferred Securityholders, stating the time, place and purpose of the meeting,
shall be given by the Administrative Trustees pursuant to Section 10.08 to each
Preferred Securityholder of record, at his registered address, at least 15 days
and not more than 90 days before the meeting. At any such meeting, any business
properly before the meeting may be so considered whether or not stated in the
notice of the meeting. Any adjourned meeting may be held as adjourned without
further notice.

         Section 6.03 Meetings of Preferred Securityholders. No annual meeting
of Securityholders is required to be held. The Administrative Trustees, however,
shall call a meeting of Securityholders to vote on any matter upon the written
request of the Preferred Securityholders of record of 25% of the Preferred
Securities (based upon their Liquidation Preference) and the Administrative
Trustees or the Property Trustee may, at any time in their discretion, call a
meeting of Preferred Securityholders to vote on any matters as to which
Preferred Securityholders are entitled to vote.

         Preferred Securityholders of record of 50% of the Preferred Securities
(based upon their Liquidation Preference), present in person or by proxy, shall
constitute a quorum at any meeting of Securityholders.

         If a quorum is present at a meeting, an affirmative vote by the
Preferred Securityholders of record present, in person or by proxy, holding more
than a majority of the Preferred Securities (based upon their Liquidation
Preference) held by the Preferred Securityholders of record present, either in
person or by proxy, at such meeting shall constitute the action of the
Securityholders, unless this Trust Agreement requires a greater number of
affirmative votes.

         Section 6.04 Voting Rights. Securityholders shall be entitled to one
vote for each $50 of Liquidation Preference represented by their Trust
Securities in respect of any matter as to which such Securityholders are
entitled to vote.

         Section 6.05 Proxies, etc. At any meeting of Securityholders, any
Securityholder entitled to vote may vote by proxy, provided that no proxy shall
be voted at any meeting unless it shall have been placed on file with the
Administrative Trustees, or with such other officer or agent of the Trust as the
Administrative Trustees may direct, for verification prior to the time at which
such vote shall be taken. Pursuant to a resolution of the Property Trustee,
proxies may be solicited in the name of the Property Trustee or one or more
officers of the Property Trustee. Only Securityholders of record shall be
entitled to vote. When Trust Securities are held jointly by several Persons, any
one of them may vote at any meeting in person or by proxy in respect of such
Trust Securities, but if more than one of them shall be present at such meeting
in person or by proxy, and such joint owners or their proxies so present
disagree as to any vote to be cast, such vote shall not be received in respect
of such Trust Securities. A proxy purporting to be executed by or on behalf of a
Securityholder shall be deemed valid unless challenged at or prior to its
exercise, and the burden of proving invalidity shall rest on the challenger. No
proxy shall be valid more than three years after its date of execution.

         Section 6.06 Securityholder Action by Written Consent. Any action which
may be taken by Securityholders at a meeting may be taken without a meeting if
Securityholders holding at least 66-2/3% of all outstanding Trust Securities
entitled to vote in respect of such action (or such other proportion thereof as
shall be required by any express provision of this Trust Agreement) shall
consent to the action in writing (based upon their Liquidation Preference).

         Section 6.07 Record Date for Voting and Other Purposes. For the
purposes of determining the Securityholders who are entitled to notice of and to
vote at any meeting or by written consent, or to participate in any Distribution
on the Trust Securities in respect of which a record date is not otherwise
provided for in this Trust Agreement, or for the purpose of any other action,
the Administrative Trustees may from time to time fix a date, not more than 90
days prior to the date of any meeting of Securityholders or the payment of
Distribution or other action, as the case may be, as a record date for the
determination of the identity of the Securityholders of record for such
purposes.

         Section 6.08 Acts of Securityholders. Any request, demand,
authorization, direction, notice, consent, waiver or other action provided or
permitted by this Trust Agreement to be given, made or taken by Securityholders
may be embodied in and evidenced by one or more instruments of substantially
similar tenor signed by such Securityholders in person or by an agent appointed
in writing; and, except as otherwise expressly provided herein, such action
shall become effective when such instrument or instruments are delivered to the
Administrative Trustees. Such instrument or instruments (and the action embodied
therein and evidenced thereby) are herein sometimes referred to as the "Act" of
the Securityholders signing such instrument or instruments. Proof of execution
of any such instrument or of a writing appointing any such agent shall be
sufficient for any purpose of this Trust Agreement and (subject to Section 8.01)
conclusive in favor of the Trustees, if made in the manner provided in this
Section.

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

         The ownership of Preferred Securities shall be proved by the Securities
Register.

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

         Without limiting the foregoing, a Securityholder entitled hereunder to
take any action hereunder with regard to any particular Trust Security may do so
with regard to all or any part of the Liquidation Preference of such Trust
Security or by one or more duly appointed agents each of which may do so
pursuant to such appointment with regard to all or any part of such Liquidation
Preference.

         If any dispute shall arise between the Securityholders of Trust
Securities and the Administrative Trustees or among such Securityholders or
Trustees with respect to the authenticity, validity or binding nature of any
request, demand, authorization, direction, consent, waiver or other Act of such
Securityholder or Trustee under this Article VI, then the determination of such
matter by the Property Trustee shall be conclusive with respect to such matter.

         Section 6.09 Inspection of Records. Upon reasonable notice to the
Trustees, the records of the Trust shall be open to inspection by
Securityholders during normal business hours for any purpose reasonably related
to such Securityholder's interest as a Securityholder.

                                   ARTICLE VII

                 Representations and Warranties of the Trustees

         Section 7.01 Representations and Warranties of Property Trustee. The
Trustee that acts as initial Property Trustee represents and warrants to the
Trust and to the Depositor at the date of this Trust Agreement, and each
Successor Property Trustee represents and warrants to the Trust and the
Depositor at the time of the Successor Property Trustee's acceptance of its
appointment as Property Trustee that:

         (a)......the Property Trustee is a New York banking corporation with
trust powers and authority to execute and deliver, and to carry out and perform
its obligations under the terms of, this Trust Agreement;

         (b)......The execution, delivery and performance by the Property
Trustee of this Trust Agreement has been duly authorized by all necessary
corporate action on the part of the Property Trustee. This Trust Agreement has
been duly executed and delivered by the Property Trustee and 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 Trust
Agreement 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 Trust
Agreement.

         Section 7.02      Representations and Warranties of Delaware Trustee.

         The Trustee that acts as initial Delaware Trustee represents and
warrants to the Trust and to the Depositor at the date of this Trust Agreement,
and each Successor Delaware Trustee represents and warrants to the Trust and the
Depositor 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 power and
authority to execute and deliver, and to carry out and perform its obligations
under the terms of, this Trust Agreement;

         (b)......The execution, delivery and performance by the Delaware
Trustee of this Trust Agreement has been duly authorized by all necessary
corporate action on the part of the Delaware Trustee. This Trust Agreement has
been duly executed and delivered by the Delaware Trustee and 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 Trust Agreement; and

         (d)......The Delaware Trustee is a natural person who is a resident of
the State of Delaware or, if not a natural person, an entity which has its
principal place of business in the State of Delaware.

                                  ARTICLE VIII

                                  The Trustees

         Section 8.01 Certain Duties and Responsibilities.

         (a)......The rights, duties and responsibilities of the Trustees shall
be as provided by this Trust Agreement and, in the case of the Property Trustee,
the Trust Indenture Act. Notwithstanding the foregoing, no provision of this
Trust Agreement shall require the Trustees to expend or risk their own funds or
otherwise incur any financial liability in the performance of any of their
duties hereunder, or in the exercise of any of their rights or powers, if they
shall have reasonable grounds for believing that repayment of such funds or
indemnity satisfactory to them against such risk or liability is not reasonably
assured to them. Whether or not therein expressly so provided, every provision
of this Trust Agreement relating to the conduct or affecting the liability of or
affording protection to the Trustees shall be subject to the provisions of this
Section.

         (b)......All payments made by the Property Trustee in respect of the
Trust Securities shall be made only from the income and proceeds from the Trust
Property and only to the extent that there shall be sufficient income or
proceeds from the Trust Property to enable the Property Trustee to make payments
in accordance with the terms hereof. Each Securityholder, by its acceptance of a
Trust Security, agrees that it will look solely to the income and proceeds from
the Trust Property to the extent available for distribution to it as herein
provided and that the Trustees are not personally liable to it for any amount
distributable in respect of any Trust Security or for any other liability in
respect of any Trust Security. This Section 8.01(b) does not limit the liability
of the Trustees expressly set forth elsewhere in this Trust Agreement or, in the
case of the Property Trustee, in the Trust Indenture Act.

         Section 8.02 Notice of Defaults. Within 90 days after the occurrence of
any Event of Default, the Property Trustee shall transmit, in the manner and to
the extent provided in Section 10.08, notice of any Event of Default known to
the Property Trustee to the Securityholders, the Administrative Trustees and the
Depositor, unless such Event of Default shall have been cured or waived.

         Section 8.03 Certain Rights of Property Trustee. Subject to the
provisions of Section 8.01 and except as provided by law:

                  (i) the Property Trustee may conclusively rely and shall be
                  protected in acting or refraining from acting in good faith
                  upon any resolution, Opinion of Counsel, certificate, written
                  representation of a Holder or transferee, certificate of
                  auditors or any other certificate, statement, instrument,
                  opinion, report, notice, request, consent, order, appraisal,
                  bond or other paper or document believed by it to be genuine
                  and to have been signed or presented by the proper party or
                  parties;

                  (ii) if (A) in performing its duties under this Trust
                  Agreement, the Property Trustee is required to decide between
                  alternative courses of action, (B) in construing any of the
                  provisions in this Trust Agreement, the Property Trustee finds
                  the same ambiguous or inconsistent with any other provisions
                  contained herein, or (C) the Property Trustee is unsure of the
                  application of any provision of this Trust Agreement, then,
                  except as to any matter as to which the Preferred
                  Securityholders are entitled to vote under the terms of this
                  Trust Agreement, the Property Trustee shall deliver a notice
                  to the Depositor requesting written instructions of the
                  Depositor as to the course of action to be taken. The Property
                  Trustee shall take such action, or refrain from taking such
                  action, as the Property Trustee shall be instructed in writing
                  to take, or to refrain from taking, by the Depositor;
                  provided, however, that if the Property Trustee does not
                  receive such instructions of the Depositor within ten Business
                  Days after it has delivered such notice, or such reasonably
                  shorter period of time set forth in such notice (which to the
                  extent practicable shall not be less than two Business Days),
                  it may, but shall be under no duty to, take or refrain from
                  taking such action not inconsistent with this Trust Agreement
                  as it shall deem advisable and in the best interests of the
                  Securityholders, in which event the Property Trustee shall
                  have no liability except for its own bad faith, negligence or
                  willful misconduct;

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

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

                  (v) 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, consent, order, approval, bond or
                  other document, unless requested in writing to do so by one or
                  more Securityholders;

                  (vi) the Property Trustee may execute any of the trusts or
                  powers hereunder or perform any duties hereunder either
                  directly or by or through its agents, attorneys, custodians or
                  nominees, provided that the Property Trustee shall be
                  responsible for any misconduct on the part of any agent,
                  attorney, custodian or nominee appointed by it hereunder; and

                  (vii) in no event shall the Property Trustee be liable for the
                  selection of investments or for investment losses incurred
                  thereon. The Property Trustee shall have no liability in
                  respect of losses incurred as a result of the liquidation of
                  any such investment prior to its stated maturity or the
                  failure of the party directing such investment to provide
                  timely written investment direction. The Property Trustee
                  shall have no obligation to invest or reinvest any amounts
                  held hereunder in the absence of such written investment
                  direction.

         Section 8.04 Not Responsible for Recitals or Issuance of Securities.
The recitals contained herein and in the Trust Securities Certificates shall be
taken as the statements of the Trust, and the Trustees do not assume any
responsibility for their correctness. The Trustees shall not be accountable for
the use or application by the Trust of the proceeds of the Trust Securities in
accordance with Section 2.05.

         The Property Trustee may conclusively assume that any funds held by it
hereunder are legally available unless a Responsible Officer shall have received
written notice from the Company, any Holder or any other Trustee that such funds
are not legally available.

         Section 8.05 May Hold Securities. Except as provided in the definition
of the term "Outstanding" in Article I, any Trustee or any other agent of the
Trustees or the Trust, in its individual or any other capacity, may become the
owner or pledgee of Trust Securities and may otherwise deal with the Trust with
the same rights it would have if it were not a Trustee or such other agent.

         Section 8.06      Compensation; Fees; Indemnity.

         The Depositor agrees:

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

         (2)......except as otherwise expressly provided herein, to reimburse
the Trustees upon request for all reasonable expenses, disbursements and
advances incurred or made by the Trustees in accordance with any provision of
this Trust Agreement (including the reasonable compensation and the expenses and
disbursements of their agents and counsel), except any such expense,
disbursement or advance as may be attributable to their willful misconduct,
negligence or bad faith; and

         (3)......to indemnify the Trustees and their respective officers,
directors, agents and employees for, and to hold the Trustees and their
respective officers, directors, agents and employees harmless against, any and
all loss, damage, claim, liability or expense (including the fees and expenses
of their agents and counsel) incurred without willful misconduct, negligence or
bad faith on their part, arising out of or in connection with the acceptance or
administration of this Trust Agreement, including the costs and expenses of
defending themselves against any claim or liability in connection with the
exercise or performance of any of their powers or duties hereunder.

         The provisions of this Section 8.06 shall survive the termination of
this Trust Agreement.

         Section 8.07      Trustees Required; Eligibility.

         (a)......There shall at all times be a Property Trustee hereunder with
respect to the Trust Securities. The Property Trustee shall be a Person that has
a combined capital and surplus of at least $50,000,000. If any such Person
publishes reports of condition at least annually, pursuant to law or to the
requirements of its supervising or examining authority, then for the purposes of
this Section, the combined capital and surplus of such Person shall be deemed to
be its combined capital and surplus as set forth in its most recent report of
condition so published. If at any time the Property Trustee with respect to the
Trust Securities shall cease to be eligible in accordance with the provisions of
this Section, it shall resign immediately in the manner and with the effect
hereinafter specified in this Article.

         (b)......There shall at all times be one or more Administrative
Trustees hereunder with respect to the Trust Securities. Each Administrative
Trustee shall be either a natural person who is at least 21 years of age or a
legal entity that shall act through one or more persons authorized to bind such
entity.

         (c)......There shall at all times be a Delaware Trustee with respect to
the Trust Securities. The Delaware Trustee shall either be (i) a natural person
who is at least 21 years of age and a resident of the State of Delaware or (ii)
a legal entity authorized to conduct a trust business and with its principal
place of business in the State of Delaware that shall act through one or more
persons authorized to bind such entity.

         Section 8.08      Conflicting Interests.

         If the Property Trustee has or shall acquire a conflicting interest
within the meaning of the Trust Indenture Act, the Property Trustee shall either
eliminate such interest or resign, to the extent and in the manner provided by,
and subject to the provisions of, the Trust Indenture Act and this Trust
Agreement. To the extent permitted by the Trust Indenture Act, the Property
Trustee shall not be deemed to have a conflicting interest by virtue of being
trustee under the Guarantee.

         Section 8.09      Co-Trustees and Separate Trustee.

         At any time or times, for the purpose of meeting the legal requirements
of the Trust Indenture Act or of any jurisdiction in which any part of the Trust
Property may at the time be located, the Holder of the Common Securities and the
Property Trustee shall have power to appoint, and upon the written request of
the Property Trustee, the Depositor shall for such purpose join with the
Property Trustee in the execution, delivery and performance of all instruments
and agreements necessary or proper to appoint, one or more Persons approved by
the Property Trustee either to act as co-trustee, jointly with the Property
Trustee, of all or any part of such Trust Property, or to act as separate
trustee of any such Trust Property, in either case with such powers as may be
provided in the instrument of appointment, and to vest in such Person or Persons
in the capacity aforesaid, any property, title, right or power deemed necessary
or desirable, subject to the other provisions of this Section. If the Depositor
does not join in such appointment within 15 days after the receipt by it of a
request so to do, or in case an Indenture Event of Default has occurred and is
continuing, the Property Trustee alone shall have power to make such
appointment. Any co-trustee or separate trustee appointed pursuant to this
Section shall satisfy the requirements of Section 8.07.

         Should any written instrument from the Depositor be required by any
co-trustee or separate trustee so appointed for more fully confirming to such
co-trustee or separate trustee such property, title, right or power, any and all
such instruments shall, on request, be executed, acknowledged, and delivered by
the Depositor.

         Every co-trustee or separate trustee shall, to the extent permitted by
law, but to such extent only, be appointed subject to the following terms,
namely:

                  (i) The Trust Securities shall be executed, authenticated and
         delivered and all rights, powers, duties and obligations hereunder in
         respect of the custody of securities, cash and other personal property
         held by, or required to be deposited or pledged with, the Trustees
         hereunder, shall be exercised, solely by the Trustees.

                  (ii) The rights, powers, duties and obligations hereby
         conferred or imposed upon the Property Trustee in respect of any
         property covered by such appointment shall be conferred or imposed upon
         and exercised or performed by the Property Trustee or by the Property
         Trustee and such co-trustee or separate trustee jointly, as shall be
         provided in the instrument appointing such co-trustee or separate
         trustee, except to the extent that under any law of any jurisdiction in
         which any particular act is to be performed, the Property Trustee shall
         be incompetent or unqualified to perform such act, in which event such
         rights, powers, duties and obligations shall be exercised and performed
         by such co-trustee or separate trustee.

                  (iii) The Property Trustee at any time, by an instrument in
         writing executed by it, with the written concurrence of the Depositor,
         may accept the resignation of or remove any co-trustee or separate
         trustee appointed under this Section, and, in case an Indenture Event
         of Default has occurred and is continuing, the Property Trustee shall
         have power to accept the resignation of, or remove, any such co-trustee
         or separate trustee without the concurrence of the Depositor. Upon the
         written request of the Property Trustee, the Depositor shall join with
         the Property Trustee in the execution, delivery and performance of all
         instruments and agreements necessary or proper to effectuate such
         resignation or removal. A successor to any co-trustee or separate
         trustee so resigned or removed may be appointed in the manner provided
         in this Section.

                  (iv) No co-trustee or separate trustee hereunder shall be
         personally liable by reason of any act or omission of the Property
         Trustee, or any other such trustee hereunder.

                  (v) The Trustees shall not be liable by reason of any act of a
         co-trustee or separate trustee.

                  (vi) Any Act of Holders delivered to the Property Trustee
         shall be deemed to have been delivered to each such co-trustee and
         separate trustee.

         Section 8.10 Resignation and Removal; Appointment of Successor. No
resignation or removal of any Trustee (the "Relevant Trustee") and no
appointment of a successor Relevant Trustee pursuant to this Article shall
become effective until the acceptance of appointment by the successor Relevant
Trustee in accordance with the applicable requirements of Section 8.11.

         The Relevant Trustee may resign at any time by giving written notice
thereof to the Securityholders. If the instrument of acceptance by a successor
Relevant Trustee required by Section 8.11 shall not have been delivered to the
Relevant Trustee within 30 days after the giving of such notice of resignation,
the resigning Relevant Trustee may petition any court of competent jurisdiction
for the appointment of a successor Relevant Trustee.

         Unless an Indenture Event of Default shall have occurred and be
continuing, the Relevant Trustee may be removed at any time by Act of the Holder
of the Common Securities. If an Indenture Event of Default shall have occurred
and be continuing, the Relevant Trustee may be removed at such time by Act of
the Securityholders of a majority in Liquidation Preference of the Preferred
Securities then Outstanding, delivered to the Relevant Trustee (in its
individual capacity and on behalf of the Trust).

         If the Relevant Trustee shall resign, be removed or become incapable of
continuing to act as Trustee at a time when no Indenture Event of Default shall
have occurred and be continuing, the Holder of the Common Securities, by Act of
the Holder of the Common Securities delivered to the retiring Relevant Trustee,
shall promptly appoint a successor Relevant Trustee or Trustees, and the
retiring Relevant Trustee shall comply with the applicable requirements of
Section 8.11. If the Relevant Trustee shall resign, be removed or become
incapable of continuing to act as the Relevant Trustee at a time when an
Indenture Event of Default shall have occurred and be continuing, the Holders of
Preferred Securities, by Act of the Securityholders of a majority in Liquidation
Preference of the Preferred Securities then Outstanding, delivered to the
retiring Relevant Trustee, shall promptly appoint a successor Relevant Trustee
or Trustees, and the Relevant Trustee shall comply with the applicable
requirements of Section 8.11. If no successor Relevant Trustee shall have been
so appointed in accordance with this Section 8.10 and accepted appointment in
the manner required by Section 8.11, any Securityholder who has been a
Securityholder of Trust Securities for at least six months may, on behalf of
himself and all others similarly situated, petition any court of competent
jurisdiction for the appointment of a successor Relevant Trustee.

         The retiring Relevant Trustee shall give notice of each resignation and
each removal of the Relevant Trustee, and each appointment of a successor
Trustee to all Securityholders in the manner provided in Section 10.08 and shall
give notice to the Depositor. Each notice shall include the name of the
successor Relevant Trustee and the address of its Corporate Trust Office if it
is the Property Trustee.

         Notwithstanding the foregoing or any other provision of this Trust
Agreement, in the event any Administrative Trustee or a Delaware Trustee who is
a natural person dies or becomes incompetent or incapacitated or resigns, the
vacancy created by such death, incompetence or incapacity or resignation may be
filled by (i) the act of the remaining Administrative Trustee or (ii) otherwise
by the Depositor (with the successor in each case being an individual who
satisfies the eligibility requirement for Administrative Trustees set forth in
Section 8.07). Additionally, notwithstanding the foregoing or any other
provision of this Trust Agreement, in the event the Depositor believes that any
Administrative Trustee has become incompetent or incapacitated, the Depositor,
by notice to the remaining Trustees, may terminate the status of such Person as
an Administrative Trustee (in which case the vacancy so created will be filled
in accordance with the preceding sentence).

         Section 8.11 Acceptance of Appointment by Successor. In case of the
appointment hereunder of a successor Relevant Trustee, every such successor
Relevant Trustee so appointed shall execute, acknowledge and deliver to the
Trust and to the retiring Relevant Trustee an instrument accepting such
appointment, and thereupon the resignation or removal of the retiring Relevant
Trustee shall become effective and such successor Relevant Trustee, without any
further act, deed or conveyance, shall become vested with all the rights,
powers, trusts and duties of the retiring Relevant Trustee; but, on the request
of the Depositor or the successor Relevant Trustee, such retiring Relevant
Trustee shall, upon payment of its charges, execute and deliver an instrument
transferring to such successor Relevant Trustee all the rights, powers and
trusts of the retiring Relevant Trustee and shall duly assign, transfer and
deliver to such successor Relevant Trustee all property and money held by such
retiring Relevant Trustee hereunder.

         Upon request of any such successor Relevant Trustee, the Trust shall
execute any and all instruments for more fully and certainly vesting in and
confirming to such successor Relevant Trustee all such rights, powers and trusts
referred to in the preceding paragraph.

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

         Section 8.12 Merger, Conversion, Consolidation or Succession to
Business. Any Person into which the Property Trustee, Delaware Trustee or any
Administrative Trustee which is not a natural person may be merged or converted
or with which it may be consolidated, or any Person resulting from any merger,
conversion or consolidation to which such Relevant Trustee shall be a party, or
any Person succeeding to all or substantially all the corporate trust business
of such Relevant Trustee, shall be the successor of such Relevant Trustee
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.

         Section 8.13 Preferential Collection of Claims Against Depositor or
Trust. If and when the Property Trustee shall be or become a creditor of the
Depositor or the Trust (or any other obligor upon the Junior Subordinated Notes
or the Trust Securities), the Property Trustee shall be subject to the
provisions of the Trust Indenture Act regarding the collection of claims against
the Depositor or Trust (or any such other obligor). For purposes of Section
311(b)(4) and (6) of the Trust Indenture Act:

         (a)......"cash transaction" means any transaction in which full payment
for goods or securities sold is made within seven days after delivery of the
goods or securities in currency or in checks or other orders drawn upon banks or
bankers and payable upon demand; and

         (b)......"self-liquidating paper" means any draft, bill of exchange,
acceptance or obligation which is made, drawn, negotiated or incurred by the
Depositor or the Trust (or any such obligor) for the purpose of financing the
purchase, processing, manufacturing, shipment, storage or sale of goods, wares
or merchandise and which is secured by documents evidencing title to, possession
of or a lien upon, the goods, wares or merchandise or the receivables or
proceeds arising from the sale of the goods, wares or merchandise previously
constituting the security, provided the security is received by the Property
Trustee simultaneously with the creation of the creditor relationship with the
Depositor or the Trust (or any such obligor) arising from the making, drawing,
negotiating or incurring of the draft, bill of exchange, acceptance or
obligation.

         Section 8.14      Reports by Property Trustee.

         (a)......Within 60 days after May 15 of each year commencing with May
15, 2001, if required by Section 313(a) of the Trust Indenture Act, the Property
Trustee shall transmit a brief report dated as of such May 15 with respect to
any of the events specified in such Section 313(a) that may have occurred since
the later of the date of this Trust Agreement or the preceding May 15.

         (b)......The Property Trustee shall transmit to Securityholders the
reports required by Section 313(b) of the Trust Indenture Act at the times
specified therein.

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

         Section 8.15 Reports to the Property Trustee. The Depositor and the
Administrative Trustees on behalf of the Trust shall provide to the Property
Trustee such documents, reports and information as required by Section 314 of
the Trust Indenture Act (if any) and, within 120 days after the end of each
fiscal year of the Depositor, the compliance certificate required by Section
314(a)(4) of the Trust Indenture Act in the form and in the manner required by
Section 314 of the Trust Indenture Act.

         Section 8.16 Evidence of Compliance with Conditions Precedent. Each of
the Depositor and the Administrative 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 Trust Agreement 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 pursuant to Section 314(c)(1) of the
Trust Indenture Act shall comply with Section 314(e) of the Trust Indenture Act.

         Section 8.17      Number of Trustees.

         (a)......The number of Trustees shall initially be five, provided that
the Depositor by written instrument may increase or decrease the number of
Administrative Trustees.

         (b)......If a Trustee ceases to hold office for any reason and the
number of Administrative Trustees is not reduced pursuant to Section 8.17(a), or
if the number of Trustees is increased pursuant to Section 8.17(a), a vacancy
shall occur. The vacancy shall be filled with a Trustee appointed in accordance
with Section 8.10.

         (c)......The death, resignation, retirement, removal, bankruptcy,
incompetence or incapacity to perform the duties of a Trustee shall not operate
to annul the Trust. Whenever a vacancy in the number of Administrative Trustees
shall occur, until such vacancy is filled by the appointment of an
Administrative Trustee in accordance with Section 8.10, the Administrative
Trustees in office, regardless of their number (and notwithstanding any other
provision of this Trust Agreement), shall have all powers granted to the
Administrative Trustees and shall discharge the duties imposed upon the
Administrative Trustees by this Trust Agreement.

         Section 8.18      Delegation of Power.

         (a)......Any Administrative 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 2.07(A), including any registration statement or
amendment thereto filed with the Commission, or making any other governmental
filing; and

         (b)......The Administrative Trustees shall have power to delegate from
time to time to such of their number the doing of such things and the execution
of such instruments either in the name of the Trust or the names of the
Administrative Trustees or otherwise as the Administrative Trustees may deem
expedient, to the extent such delegation is not prohibited by applicable law or
contrary to the provisions of the Trust, as set forth herein.

         Section 8.19 Enforcement of Rights of Property Trustee by
Securityholders. If (i) the Trust fails to pay Distributions in full on the
Preferred Securities for more than 20 consecutive quarterly distribution
periods, or (ii) an Event of Default occurs and is continuing, then the Holders
of Preferred Securities will rely on the enforcement by the Property Trustee of
its rights against the Company as the holder of the Junior Subordinated Notes.
In addition, the Holders of a majority in aggregate Liquidation Preference of
the Preferred Securities will have the right to direct the time, method and
place of conducting any proceeding for any remedy available to the Property
Trustee or to direct the exercise of any trust or power conferred upon the
Property Trustee under this Trust Agreement, including the right to direct the
Property Trustee to exercise the remedies available to it as the holder of the
Junior Subordinated Notes, provided that such direction shall not be in conflict
with any rule of law or with this Trust Agreement, and could not involve the
Property Trustee in personal liability in circumstances where reasonable
indemnity would not be adequate. If the Property Trustee fails to enforce its
rights under the Junior Subordinated Notes, a Holder of Preferred Securities
may, to the fullest extent permitted by applicable law, institute a legal
proceeding against the Company to enforce its rights under this Trust Agreement
without first instituting any legal proceeding against the Property Trustee or
any other Person, including the Trust; it being understood and intended that no
one or more of such Holders shall have any right in any manner whatsoever by
virtue of, or by availing of, any provision of this Trust Agreement to affect,
disturb or prejudice the rights of any other of such Holders or to obtain or to
seek to obtain priority or preference over any other of such Holders or to
enforce any right under this Trust Agreement, except in the manner herein
provided and for the equal and ratable benefit of all such Holders.
Notwithstanding the foregoing, a Holder of Preferred Securities may institute a
legal proceeding directly against the Company, without first instituting a legal
proceeding against or requesting or directing that action be taken by the
Property Trustee or any other Person, for enforcement of payment to such Holder
of principal of or interest on the Junior Subordinated Notes having a principal
amount equal to the aggregate stated liquidation preference of the Preferred
Securities of such Holder on or after the due dates therefor specified or
provided for in the Junior Subordinated Notes. The Company shall be subrogated
to all rights of the Holders of Preferred Securities in respect of any amounts
paid to such Holders by the Company pursuant to this Section.

                                   ARTICLE IX

                           Termination and Liquidation

         Section 9.01 Termination Upon Expiration Date. The Trust shall
automatically terminate on December 31, 2031 (the "Expiration Date") or earlier
pursuant to Section 9.02.

         Section 9.02 Early Termination. Upon the first to occur of any of the
following events (such first occurrence, an "Early Termination Event"), the
Trust shall be dissolved and terminated in accordance with the terms hereof:

                  (i) the occurrence of a Bankruptcy Event in respect of the
         Depositor, dissolution or liquidation of the Depositor, or the
         dissolution of the Trust pursuant to judicial decree;

                  (ii) the delivery of written direction to the Property Trustee
         by the Depositor at any time (which direction is optional and wholly
         within the discretion of the Depositor) to terminate the Trust and
         distribute the Junior Subordinated Notes to Securityholders as provided
         in Section 9.04;

                  (iii) the payment at maturity or redemption of all of the
         Junior Subordinated Notes, and the consequent payment of the Preferred
         Securities; and

                  (iv) the distribution of Common Stock or cash, as the case may
         be, to all Holders upon conversion of all outstanding Trust Securities.

         Section 9.03 Termination. The respective obligations and
responsibilities of the Trust and the Trustees created hereby shall terminate
upon the latest to occur of the following: (a) the distribution by the Property
Trustee to Securityholders upon the liquidation of the Trust pursuant to Section
9.04, or upon the redemption of all of the Trust Securities pursuant to Section
4.02, of all amounts or instruments required to be distributed hereunder upon
the final payment of the Trust Securities; (b) the payment of any expenses owed
by the Trust; and (c) the discharge of all administrative duties of the
Administrative Trustees, including the performance of any tax reporting
obligations with respect to the Trust or the Securityholders.

         Section 9.04 Liquidation.

         (a)......If any Early Termination Event specified in clause (ii) of
Section 9.02 occurs, the Trust shall be liquidated and the Property Trustee
shall distribute the Junior Subordinated Notes to the Securityholders as
provided in this Section 9.04.

         (b)......In connection with a distribution of the Junior Subordinated
Notes, each Holder of Trust Securities shall be entitled to receive, after the
satisfaction of liabilities to creditors of the Trust (as evidenced by a
certificate of the Administrative Trustees), a Like Amount of Junior
Subordinated Notes. Notice of liquidation shall be given by the Trustees by
first-class mail, postage prepaid, mailed not later than 30 nor more than 60
days prior to the Liquidation Date to each Holder of Trust Securities at such
Holder's address appearing in the Securities Register. All notices of
liquidation shall:

                  (i) state the Liquidation Date;

                  (ii) state that from and after the Liquidation Date, the Trust
         Securities will no longer be deemed to be Outstanding and any Trust
         Securities Certificates not surrendered for exchange will be deemed to
         represent a Like Amount of Junior Subordinated Notes; and

                  (iii) provide such information with respect to the mechanics
         by which Holders may exchange Trust Securities Certificates for Junior
         Subordinated Notes as the Administrative Trustees or the Property
         Trustee shall deem appropriate.

         (c)......In order to effect the liquidation of the Trust and
distribution of the Junior Subordinated Notes to Securityholders, the Property
Trustee shall establish a record date for such distribution (which shall be not
more than 45 days prior to the Liquidation Date) and, either itself acting as
exchange agent or through the appointment of a separate exchange agent, shall
establish such procedures as it shall deem appropriate to effect the
distribution of Junior Subordinated Notes in exchange for the Outstanding Trust
Securities Certificates.

         (d)......After the Liquidation Date, (i) the Trust Securities will no
longer be deemed to be Outstanding, (ii) certificates representing a Like Amount
of Junior Subordinated Notes will be issued to Holders of Trust Securities
Certificates, upon surrender of such certificates to the Administrative Trustees
or their agent for exchange, (iii) any Trust Securities Certificates not so
surrendered for exchange will be deemed to represent a Like Amount of Junior
Subordinated Notes, accruing interest at the rate provided for in the Junior
Subordinated Notes from the last Distribution Date on which a Distribution was
made on such Trust Certificates until such certificates are so surrendered (and
until such certificates are so surrendered, no payments of interest or principal
will be made to Holders of Trust Securities Certificates with respect to such
Junior Subordinated Notes) and (iv) all rights of Securityholders holding Trust
Securities will cease, except the right of such Securityholders to receive
Junior Subordinated Notes upon surrender of Trust Securities Certificates.

         (e)......The Depositor will use its best efforts to have the Junior
Subordinated Notes that are distributed in exchange for the Preferred Securities
to be listed on such securities exchange as the Preferred Securities are then
listed. The Depositor may elect to have the Junior Subordinated Notes issued in
book-entry form to the Clearing Agency or its nominee.

         Section 9.05 Bankruptcy. If an Early Termination Event specified in
clause (i) of Section 9.02 has occurred, the Trust shall be liquidated. The
Property Trustee shall distribute the Junior Subordinated Notes to the
Securityholders as provided in Section 9.04, unless such distribution is
determined by the Administrative Trustees not to be practical, in which event
the Holders will be entitled to receive out of the assets of the Trust available
for distribution to Securityholders, after satisfaction of liabilities to
creditors, an amount equal to the Liquidation Preference per Trust Security plus
accrued and unpaid Distributions thereon to the date of payment (such amount
being the "Liquidation Distribution"). If such Liquidation Distribution can be
paid only in part because the Trust has insufficient assets available to pay in
full the aggregate Liquidation Distribution, then, subject to the next
succeeding sentence, the amounts payable by the Trust on the Trust Securities
shall be paid on a pro rata basis (based upon Liquidation Preferences). The
Holder of the Common Securities will be entitled to receive Liquidation
Distributions upon any such dissolution, winding-up or termination pro rata
(determined as aforesaid) with Holders of Preferred Securities, except that, if
an Indenture Event of Default has occurred and is continuing, the Preferred
Securities shall have a priority over the Common Securities.

                                    ARTICLE X

                            Miscellaneous Provisions

         Section 10.01 Guarantee by the Depositor. Subject to the terms and
conditions hereof, the Depositor irrevocably and unconditionally guarantees to
each Person to whom the Trust is now or hereafter becomes indebted or liable
(the "Beneficiaries") the full payment, when and as due, of any and all
Obligations (as hereinafter defined) to such Beneficiaries. As used herein,
"Obligations" means any indebtedness, expenses or liabilities of the Trust,
other than obligations of the Trust to pay to Holders of any Preferred
Securities or other similar interests in the Trust the amounts due such Holders
pursuant to the terms of the Preferred Securities or such other similar
interests, as the case may be. This guarantee is intended to be for the benefit
of, and to be enforceable by, all such Beneficiaries, whether or not such
Beneficiaries have received notice hereof.

         Section 10.02 Limitation of Rights of Securityholders. The death or
incapacity of any Person having an interest, beneficial or otherwise, in a Trust
Security shall not operate to terminate this Trust Agreement, nor entitle the
legal representatives or heirs of such Person or any Securityholder for such
Person, to claim an accounting, take any action or bring any proceeding in and
for a partition or winding up of the arrangements contemplated hereby, nor
otherwise affect the rights, obligations and liabilities of the parties hereto
or any of them.

         Section 10.03     Amendment.

         (a)......This Trust Agreement may be amended from time to time by the
Trustees and the Depositor, without the consent of any Securityholders, (i) (A)
to cure any ambiguity, (B) to correct or supplement any provision herein which
may be defective or inconsistent with any other provision herein, (C) to make
any other provisions with respect to matters or questions arising under this
Trust Agreement, which shall not be inconsistent with the other provisions of
this Trust Agreement, (D) to add to the covenants, restrictions or obligations
of the Depositor or (E) to conform to changes in, or a change in interpretation
or application of, certain Investment Company Act requirements by the
Commission; provided, however, that any such amendment described in clause (i)
shall not adversely affect in any material respect the interests of any
Securityholder, (ii) to modify, eliminate or add to any provisions of this Trust
Agreement to such extent as shall be necessary to ensure that the Trust will not
be classified as other than a grantor trust for United States federal income tax
purposes at any time that any Trust Securities are outstanding or to ensure that
the Trust will not be required to register as an "investment company" under the
Investment Company Act, or (iii) to evidence the acceptance of the appointment
of a Successor Trustee or fill a vacancy created by an increase in the number of
Administrative Trustees; provided, however, that, except in the case of clause
(ii), such action shall not adversely affect in any material respect the
interests of any Securityholder and, in the case of clause (i), any amendments
of this Trust Agreement shall become effective when notice thereof is given to
the Securityholders.

         (b)......Except as provided in Section 10.03(c) hereof, any provision
in this Trust Agreement may be amended by the Trust or the Trustees with (i) the
consent of Trust Securityholders representing not less than a majority (based
upon Liquidation Preferences) of the Trust Securities then Outstanding and (ii)
receipt by the Trustees of an Opinion of Counsel to the effect that such
amendment or the exercise of any power granted to the Trustees in accordance
with such amendment will not affect the Trust's status as a grantor trust for
United States federal income tax purposes or the Trust's exemption from status
of an "investment company" under the Investment Company Act.

         (c)......In addition to and notwithstanding any other provision in this
Trust Agreement, without the consent of each affected Securityholder (such
consent being obtained in accordance with Section 6.03 or 6.06 hereof), this
Trust Agreement may not be amended to (i) change the amount or timing of any
Distribution on the Trust Securities or otherwise adversely affect the amount of
any Distribution required to be made in respect of the Trust Securities as of a
specified date, (ii) restrict the right of a Securityholder to institute suit
for the enforcement of any such payment on or after such date, or (iii) change
the consent required pursuant to Section 10.03.

         (d)......Notwithstanding any other provisions of this Trust Agreement,
the Trustees shall not enter into or consent to any amendment to this Trust
Agreement which would (i) cause the Trust to fail or cease to qualify for the
exemption from status of an "investment company" under the Investment Company
Act, afforded by Rule 3a-5 thereunder, (ii) reduce or otherwise adversely affect
the powers of the Property Trustee in contravention of the Trust Indenture Act
or (iii) cause the Trust to fail to continue to be classified for purposes of
the United States federal income taxation as a grantor trust.

         (e)......Without the consent of the Depositor, this Trust Agreement may
not be amended in a manner which imposes any additional obligation on the
Depositor. In executing any amendment permitted by this Trust Agreement, the
Trustees shall be entitled to receive, and (subject to Section 8.01) shall be
fully protected in relying upon an Opinion of Counsel stating that the execution
of such amendment is authorized or permitted by this Trust Agreement and an
Officers' Certificate stating that such amendment is permitted by, and conforms
to, the terms of this Trust Agreement. Any Trustee may, but shall not be
obligated to, enter into any such amendment which affects such Trustee's own
rights, duties, immunities or liabilities under this Trust Agreement or
otherwise.

         (f)......In the event that any amendment to this Trust Agreement is
made, the Administrative Trustees shall promptly provide to the Depositor a copy
of such amendment.

         Section 10.04 Separability. In case any provision in this Trust
Agreement or in the Trust Securities Certificates shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.

         Section 10.05 Governing Law. THIS TRUST AGREEMENT AND THE RIGHTS AND
OBLIGATIONS OF EACH OF THE SECURITYHOLDERS, THE TRUST AND THE TRUSTEES WITH
RESPECT TO THIS TRUST AGREEMENT AND THE TRUST SECURITIES SHALL BE CONSTRUED IN
ACCORDANCE WITH AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF DELAWARE;
PROVIDED THAT THE IMMUNITIES AND STANDARD OF CARE OF THE PROPERTY TRUSTEE SHALL
BE GOVERNED BY NEW YORK LAW.

         Section 10.06 Successors. This Trust Agreement shall be binding upon
and shall inure to the benefit of any successor to both the Trust and the
Trustees, including any successor by operation of law.

         Section 10.07 Headings. The Article and Section headings are for
convenience only and shall not affect the construction of this Trust Agreement.

         Section 10.08 Notice and Demand. Any notice, demand or other
communication which by any provision of this Trust Agreement is required or
permitted to be given or served to or upon any Securityholder or the Depositor
may be given or served in writing by deposit thereof, first-class postage
prepaid, in the United States mail, hand delivery or facsimile transmission, in
each case, addressed, (i) in the case of a Preferred Securityholder, to such
Preferred Securityholder as such Securityholder's name and address appear on the
Securities Register and (ii) in the case of the Common Securityholder or the
Depositor, to Southern Energy, Inc., 900 Ashwood Parkway, Suite 500, Atlanta,
Georgia 30338, Attention: Treasurer, Facsimile No. (404) 821-7000. Such notice,
demand or other communication to or upon a Securityholder shall be deemed to
have been sufficiently given or made, for all purposes, upon hand delivery,
mailing or transmission.

         Any notice, demand or other communication which by any provision of
this Trust Agreement is required or permitted to be given or served to or upon
the Trust or the Trustees shall be given in writing addressed (until another
address is published by the Trust) as follows: (i) with respect to the Property
Trustee and the Delaware Trustee, Bankers Trust Company, Four Albany Street, New
York, New York, 10006, Attention: Manager, Project Finance Group; Bankers Trust
(Delaware), E.A. Delle Donne Corporate Center, 1011 Centre Road, Suite 200,
Wilmington, Delaware 19805-1266, Attention: Lisa Wilkins, as the case may be;
and (ii) with respect to the Administrative Trustees, to them at the address
above for notices to the Depositor, marked Attention: Administrative Trustees of
SEI Trust I c/o Corporate Secretary. Such notice, demand or other communication
to or upon the Trust or the Trustees shall be deemed to have been sufficiently
given or made only upon actual receipt of the writing by the applicable Trustee.

         Section 10.09 Agreement Not to Petition. Each of the Trustees and the
Depositor agrees for the benefit of the Securityholders that, until at least one
year and one day after the Trust has been terminated in accordance with Article
IX, it shall not file, or join in the filing of, a petition against the Trust
under any bankruptcy, reorganization, arrangement, insolvency, liquidation or
other similar law (including, without limitation, the United States Bankruptcy
Code) (collectively, "Bankruptcy Laws") or otherwise join in the commencement of
any proceeding against the Trust under any Bankruptcy Law. In the event the
Depositor takes action in violation of this Section 10.09, the Property Trustee
agrees, for the benefit of Securityholders, that it shall file an answer with
the bankruptcy court or otherwise properly contest the filing of such petition
by the Depositor against the Trust or the commencement of such action and raise
the defense that the Depositor has agreed in writing not to take such action and
should be stopped and precluded therefrom and such other defenses, if any, as
counsel for the Trustees or the Trust may assert. The provisions of this Section
10.09 shall survive the termination of this Trust Agreement.

         Section 10.10 Conflict with Trust Indenture Act.

         (a)......This Trust Agreement is subject to the provisions of the Trust
Indenture Act that are required to be part of this Trust Agreement 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 any provision hereof limits, qualifies or conflicts with
another provision hereof which is required to be included in this Trust
Agreement by any of the provisions of the Trust Indenture Act, such required
provision shall control.

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

THE RECEIPT AND ACCEPTANCE OF A TRUST SECURITY OR ANY INTEREST THEREIN BY OR ON
BEHALF OF A SECURITYHOLDER OR ANY BENEFICIAL OWNER, WITHOUT ANY SIGNATURE OR
FURTHER MANIFESTATION OF ASSENT, SHALL CONSTITUTE THE UNCONDITIONAL ACCEPTANCE
BY THE SECURITYHOLDER AND ALL OTHERS HAVING A BENEFICIAL INTEREST IN SUCH TRUST
SECURITY OF ALL THE TERMS AND PROVISIONS OF THIS TRUST AGREEMENT AND AGREEMENT
TO THE SUBORDINATION PROVISIONS AND OTHER TERMS OF THE GUARANTEE AND THE
SUBORDINATED INDENTURE AND THE AGREEMENT OF THE TRUST, SUCH SECURITYHOLDER AND
SUCH OTHERS THAT THOSE TERMS AND PROVISIONS SHALL BE BINDING, OPERATIVE AND
EFFECTIVE AS BETWEEN THE TRUST AND SUCH SECURITYHOLDER AND SUCH OTHERS.

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have executed this Trust
Agreement or have caused this Trust Agreement to be executed on their behalf,
all as of the day and year first above written.

                          SOUTHERN ENERGY, INC.,
                                   as Depositor

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

                          BANKERS TRUST COMPANY,
                                   as Property Trustee

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

                          BANKERS TRUST (DELAWARE),
                                   as Delaware Trustee

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

                          Elizabeth B. Chandler, as Administrative Trustee

                          J. William Holden, III, as Administrative Trustee

                          Douglas L. Miller, as Administrative Trustee

<PAGE>

                                                                     EXHIBIT A

                              NOTICE OF CONVERSION

To:      Bankers Trust Company
         as Property Trustee of

         SEI Trust I

         The undersigned owner of these Preferred Securities hereby irrevocably
exercises the option to convert these Preferred Securities, or the portion below
designated, into Common Stock of Southern Energy, Inc. (the "Southern Energy
Common Stock") in accordance with the terms of the Amended and Restated Trust
Agreement (as amended from time to time, the "Trust Agreement"), dated as of
October 1, 2000, by Elizabeth B. Chandler, J. William Holden, III and Douglas L.
Miller, as Administrative Trustees, Bankers Trust (Delaware), as Delaware
Trustee, Bankers Trust Company, as Property Trustee, and Southern Energy, Inc.,
as Depositor. Pursuant to the aforementioned exercise of the option to convert
these Preferred Securities, the undersigned hereby directs the Conversion Agent
(as that term is defined in the Trust Agreement) to (i) exchange such Preferred
Securities for a portion of the Junior Subordinated Notes (as that term is
defined in the Trust Agreement) held by the Trust (at the rate of exchange
specified in the terms of the Preferred Securities set forth in the Trust
Agreement) and (ii) convert such Junior Subordinated Notes on behalf of the
undersigned, into Southern Energy Common Stock or cash, as the case may be, (at
the conversion rate specified in the terms of the Preferred Securities set forth
in the Trust Agreement).

<PAGE>

         The undersigned does also hereby direct the Conversion Agent that the
shares issuable and deliverable upon conversion, together with any check in
payment for fractional shares, be issued in the name of and delivered to the
undersigned, unless a different name has been indicated in the assignment below.
If shares are to be issued in the name of a person other than the undersigned,
the undersigned will pay all transfer taxes payable with respect thereto.

Date: _________________

in whole ________                  in part ________

                                   Number of Preferred
Securities to be converted:

                                    If a name or names other than the
                                    undersigned, please indicate in the spaces
                                    below the name or names in which the shares
                                    of Southern Energy Common Stock are to be
                                    issued, along with the address or addresses
                                    of such person or persons

                                    Signature (for conversion only) Please Print
                                    or Typewrite Name and Address, Including Zip
                                    Code, and Social Security or Other
                                    Identifying Number

Signature Guarantee:*
                     --------------------------------------------------

*        (Signature must be guaranteed by an institution which is a member of
         the following recognized Signature Guaranty Programs: (i) The
         Securities Transfer Agent Medallion Program (STAMP); (ii) The New York
         Stock Exchange Medallion Program (MSP); (iii) The Stock Exchange
         Medallion Program (SEMP); or (iv) in such other guarantee programs
         acceptable to the Trustee.

                                                                      EXHIBIT B

                            [INTENTIONALLY RESERVED]

<PAGE>

                                                                       EXHIBIT C

         THIS CERTIFICATE IS NOT TRANSFERABLE EXCEPT AS PROVIDED IN THE
                       TRUST AGREEMENT REFERRED TO HEREIN

Certificate Number                                  Number of Common Securities
      C-1                                                  ________

                    Certificate Evidencing Common Securities

                                       of

                                   SEI Trust I

                                Common Securities

                (Liquidation Preference $50 per Common Security)

         SEI Trust I, a statutory business trust created under the laws of the
State of Delaware (the "Trust"), hereby certifies that Southern Energy, Inc.
(the "Holder") is the registered owner of _____________ (_______) common
securities of the Trust representing undivided beneficial interests in the
assets of the Trust and designated the Common Securities (liquidation preference
$50 per Common Security) (the "Common Securities"). In accordance with Section
5.10 of the Trust Agreement (as defined below), the Common Securities are not
transferable, except by operation of law, and any attempted transfer hereof
shall be void. The designations, rights, privileges, restrictions, preferences
and other terms and provisions of the Common Securities are set forth in, and
this certificate and the Common Securities represented hereby are issued and
shall in all respects be subject to the terms and provisions of, the Amended and
Restated Trust Agreement of the Trust dated as of October 1, 2000, as the same
may be amended from time to time (the "Trust Agreement"), including the
designation of the terms of the Common Securities as set forth therein. The
Trust will furnish a copy of the Trust Agreement to the Holder without charge
upon written request to the Trust at its principal place of business or
registered office.

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

<PAGE>

         IN WITNESS WHEREOF, the Administrative Trustees of the Trust have
executed this certificate this ____ day of ________, 20__.

                    SEI TRUST I

                    By:
                             --------------------------------------------------
                             Elizabeth B. Chandler, as Administrative Trustee

                    By:
                             --------------------------------------------------
                             J. William Holden, III, as Administrative Trustee

                    By:
                             --------------------------------------------------
                             Douglas L. Miller, as Administrative Trustee

                          CERTIFICATE OF AUTHENTICATION

         This is one of the Common Securities referred to in the
within-mentioned Trust Agreement.

                                                    as Administrative Trustee

<PAGE>

                                                                      EXHIBIT D

                    AGREEMENT AS TO EXPENSES AND LIABILITIES

         THIS AGREEMENT AS TO EXPENSES AND LIABILITIES (this "Agreement") is
made as of October 1, 2000, between Southern Energy, Inc., a Delaware
corporation (the "Company"), and SEI Trust I, a Delaware business trust (the
"Trust").

         WHEREAS, the Trust intends to issue its Common Securities (the "Common
Securities") to and receive Junior Subordinated Notes from the Company and to
issue and sell SEI Trust I 6-1/4% Convertible Trust Preferred Securities, Series
A (the "Preferred Securities") with such powers, preferences and special rights
and restrictions as are set forth in the Amended and Restated Trust Agreement of
the Trust dated as of October 1, 2000, as the same may be amended from time to
time (the "Trust Agreement"); and

         WHEREAS, the Company is the issuer of the Junior Subordinated Notes.

         NOW, THEREFORE, in consideration of the purchase by each holder of the
Preferred Securities, which purchase the Company hereby agrees shall benefit the
Company and which purchase the Company acknowledges will be made in reliance
upon the execution and delivery of this Agreement, the Company and the Trust
hereby agree as follows:

                                    ARTICLE I

         Section 1.01. Guarantee by the Company. Subject to the terms and
conditions hereof, the Company hereby irrevocably and unconditionally guarantees
to each person or entity to whom the Trust is now or hereafter becomes indebted
or liable (the "Beneficiaries") the full payment, when and as due, of any and
all Obligations (as hereinafter defined) to such Beneficiaries. As used herein,
"Obligations" means any indebtedness, expenses or liabilities of the Trust,
other than obligations of the Trust to pay to holders of any Preferred
Securities or other similar interests in the Trust the amounts due such holders
pursuant to the terms of the Preferred Securities or such other similar
interests, as the case may be. This Agreement is intended to be for the benefit
of, and to be enforceable by, all such Beneficiaries, whether or not such
Beneficiaries have received notice hereof.

         Section 1.02. Term of Agreement. This Agreement shall terminate and be
of no further force and effect upon the date on which there are no Beneficiaries
remaining; provided, however, that this Agreement shall continue to be effective
or shall be reinstated, as the case may be, if at any time any holder of
Preferred Securities or any Beneficiary must restore payment of any sums paid
under the Preferred Securities, under any Obligation, under the Guarantee
Agreement dated the date hereof by the Company and Bankers Trust Company, as
guarantee trustee, or under this Agreement for any reason whatsoever. This
Agreement is continuing, irrevocable, unconditional and absolute.

         Section 1.03. Waiver of Notice. The Company hereby waives notice of
acceptance of this Agreement and of any Obligation to which it applies or may
apply, and the Company hereby waives presentment, demand for payment, protest,
notice of nonpayment, notice of dishonor, notice of redemption and all other
notices and demands.

         Section 1.04. No Impairment. The obligations, covenants, agreements and
duties of the Company under this Agreement shall in no way be affected or
impaired by reason of the happening from time to time of any of the following:

                  (a) the extension of time for the payment by the Trust of all
         or any portion of the Obligations or for the performance of any other
         obligation under, arising out of or in connection with, the
         Obligations;

                  (b) any failure, omission, delay or lack of diligence on the
         part of the Beneficiaries to enforce, assert or exercise any right,
         privilege, power or remedy conferred on the Beneficiaries with respect
         to the Obligations or any action on the part of the Trust granting
         indulgence or extension of any kind; or

                  (c) the voluntary or involuntary liquidation, dissolution,
         sale of any collateral, receivership, insolvency, bankruptcy,
         assignment for the benefit of creditors, reorganization, arrangement,
         composition or readjustment of debt of, or other similar proceedings
         affecting, the Trust or any of the assets of the Trust.

There shall be no obligation of the Beneficiaries to give notice to, or obtain
the consent of, the Company with respect to the happening of any of the
foregoing.

         Section 1.05. Enforcement. A Beneficiary may enforce this Agreement
directly against the Company and the Company waives any right or remedy to
require that any action be brought against the Trust or any other person or
entity before proceeding against the Company.

                                   ARTICLE II

         Section 2.01. Binding Effect. All guarantees and agreements contained
in this Agreement shall bind the successors, assigns, receivers, trustees and
representatives of the Company and shall inure to the benefit of the
Beneficiaries.

         Section 2.02. Amendment. So long as there remains any Beneficiary or
any Preferred Securities of any series are outstanding, this Agreement shall not
be modified or amended in any manner adverse to such Beneficiary or to the
holders of the Preferred Securities.

         Section 2.03. Notices. Any notice, request or other communication
required or permitted to be given hereunder shall be given in writing by
delivering the same against receipt therefor by facsimile transmission
(confirmed by mail), telex or by registered or certified mail, addressed as
follows (and if so given, shall be deemed given when mailed or upon receipt of
an answer-back, if sent by telex), to-wit:

                           SEI Trust I
                           c/o Bankers Trust Company
                           Four Albany Street
                           New York, New York 10006
                           Facsimile No.: (212) 669-0772
                           Attention: Manager, Project Finance Group

                           Southern Energy, Inc.
                           900 Ashwood Parkway, Suite 500
                           Atlanta, Georgia  30338
                           Facsimile No.: (770) 821-7000
                           Attention: Treasurer

         Section 2.04. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE.

<PAGE>

         THIS AGREEMENT is executed as of the date and year first above written.

              SOUTHERN ENERGY, INC.

              By:
                       ------------------------------------------------------
                       Elizabeth B. Chandler, Secretary and Vice President

              SEI TRUST I

              By:
                       ------------------------------------------------------
                       Elizabeth B. Chandler, Administrative Trustee

<PAGE>

                                                                      EXHIBIT E

         Unless this certificate is presented by an authorized representative of
The Depository Trust Company a New York corporation ("DTC"), to SEI Trust I or
its agent for registration of transfer, exchange or payment, and any certificate
issued is registered in the name of Cede & Co. or in such other name as is
requested by an authorized representative of DTC (and any payment made to Cede &
Co. or to such other entity as is requested by an authorized representative of
DTC), any transfer, pledge or other use hereof for value or otherwise by or to
any person is wrongful inasmuch as the registered owner thereof, Cede & Co., has
an interest herein.

Certificate Number                             Number of Preferred Securities

                                                        ---------

     P-1                                          CUSIP NO. 78411Y104

                   Certificate Evidencing Preferred Securities

                                       of

                                   SEI Trust I

             6-1/4% Convertible Trust Preferred Securities, Series A

               (Liquidation Preference $50 per Preferred Security)

         SEI Trust I, a statutory business trust created under the laws of the
State of Delaware (the "Trust"), hereby certifies that Cede & Co. (the "Holder")
is the registered owner of _____ (_______) preferred securities of the Trust
representing undivided beneficial interests in the assets of the Trust and
designated the SEI Trust I 6-1/4% Convertible Trust Preferred Securities, Series
A (liquidation preference $50 per Preferred Security) (the "Preferred
Securities"). The Preferred 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 as provided in Section
5.04 of the Trust Agreement (as defined below). The designations, rights,
privileges, restrictions, preferences and other terms and provisions of the
Preferred Securities are set forth in, and this certificate and the Preferred
Securities represented hereby are issued and shall in all respects be subject to
the terms and provisions of, the Amended and Restated Trust Agreement of the
Trust, dated as of October 1, 2000, as the same may be amended from time to time
(the "Trust Agreement"), including the designation of the terms of Preferred
Securities as set forth therein. The holder of this certificate is entitled to
the benefits of a guarantee by Southern Energy, Inc., a Delaware corporation
(the "Company"), pursuant to a Guarantee Agreement between the Company and
Bankers Trust Company, as guarantee trustee, dated as of October 1, 2000, as the
same may be amended from time to time (the "Guarantee"), to the extent provided
therein. The Trust will furnish a copy of the Trust Agreement and the Guarantee
to the holder of this certificate without charge upon written request to the
Trust at its principal place of business or registered office.

         Upon receipt of this certificate, the holder of this certificate is
bound by the Trust Agreement and is entitled to the benefits thereunder.

<PAGE>

         IN WITNESS WHEREOF, the Administrative Trustees of the Trust have
executed this certificate this ____ day of _________, 20__.

                  SEI TRUST I

                  By:
                           ---------------------------------------------------
                           Elizabeth B. Chandler, as Administrative Trustee

                  By:
                           ---------------------------------------------------
                           J. William Holden, III, as Administrative Trustee

                  By:
                           ---------------------------------------------------
                           Douglas L. Miller, as Administrative Trustee

                          CERTIFICATE OF AUTHENTICATION

         This is one of the Preferred Securities referred to in the
within-mentioned Trust Agreement.

                                                 as Administrative Trustee

<PAGE>

                                   ASSIGNMENT

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

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

(Insert address and zip code of assignee)
and irrevocably appoints

agent to transfer this Preferred Securities 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
                       Preferred Securities Certificate)Exhibit 4.8

                               GUARANTEE AGREEMENT

                                     Between

                              Southern Energy, Inc.

                                 (as Guarantor)

                                       and

                              Bankers Trust Company

                                  (as Trustee)

                                   dated as of

                                October 1 , 2000

<PAGE>

                             CROSS-REFERENCE TABLE1

Section of                                                  Section of
Trust Indenture Act                                         Guarantee
of 1939, as amended                                         Agreement

310(a).........................................................4.01(a)
310(b)...................................................4.01(c), 2.08
310(c)....................................................Inapplicable
311(a).........................................................2.02(b)
311(b).........................................................2.02(b)
311(c)....................................................Inapplicable
312(a).........................................................2.02(a)
312(b).........................................................2.02(b)
313...............................................................2.03
314(a)............................................................2.04
314(b)....................................................Inapplicable
314(c)............................................................2.05
314(d)....................................................Inapplicable
314(e)................................................1.01, 2.05, 3.02
314(f)......................................................2.01, 3.02
315(a).........................................................3.01(d)
315(b)............................................................2.07
315(c)............................................................3.01
315(d).........................................................3.01(d)
315(e)....................................................Inapplicable
316(a)...................................................5.04(i), 2.06
316(b)............................................................5.03
316(c)............................................................2.02
317(a)....................................................Inapplicable
317(b)....................................................Inapplicable
318(a).........................................................2.01(b)
318(b)............................................................2.01
318(c).........................................................2.01(a)

____________________________________
    1This Cross-Reference Table does not constitute part of the Guarantee
Agreement and shall not affect the interpretation of any of its terms or
provisions.

<PAGE>

                                TABLE OF CONTENTS

                                                     Page

ARTICLE I..............................................1

SECTION 1.01. Definitions..............................1
              -----------

ARTICLE II.............................................4

SECTION 2.01. Trust Indenture Act; Application.........4
              --------------------------------

SECTION 2.02. Lists of Holders of Preferred
              ------------------------------
         Securities....................................4
         ----------

SECTION 2.03. Reports by the Trustee...................4
              ----------------------

SECTION 2.04. Periodic Reports to Trustee..............5
              ---------------------------

SECTION 2.05. Evidence of Compliance with
              ----------------------------
         Conditions Precedent..........................5
         --------------------

SECTION 2.06. Events of Default; Waiver................5
              -------------------------

SECTION 2.07. Event of Default; Notice.................5
              ------------------------

SECTION 2.08. Conflicting Interests....................5
              ---------------------

ARTICLE III............................................6

SECTION 3.01. Powers and Duties of the Trustee.........6
              --------------------------------

SECTION 3.02. Certain Rights of Trustee................7
              -------------------------

SECTION 3.03. Compensation; Fees; Indemnity............9
              -----------------------------

ARTICLE IV.............................................9

SECTION 4.01. Trustee; Eligibility.....................9
              --------------------

SECTION 4.02. Appointment, Removal and
              -------------------------
         Resignation of Trustee.......................10
         ----------------------

ARTICLE V.............................................11

SECTION 5.01. Guarantee...............................11
              ---------

SECTION 5.02. Waiver of Notice and Demand.............11
              ---------------------------

SECTION 5.03. Obligations Not Affected................11
              ------------------------

SECTION 5.04. Rights of Holders.......................12
              -----------------

SECTION 5.05. Guarantee of Payment....................13
              --------------------

SECTION 5.06. Subrogation.............................13
              -----------

SECTION 5.07. Independent Obligations.................13
              -----------------------

ARTICLE VI............................................13

SECTION 6.02. Subordination...........................13
              -------------

ARTICLE VII...........................................14

SECTION 7.01. Termination.............................14
              -----------

ARTICLE VIII..........................................14

SECTION 8.01. Successors and Assigns..................14
              ----------------------

SECTION 8.02. Amendments..............................14
              ----------

SECTION 8.03. Notices.................................14
              -------

SECTION 8.04. Benefit.................................15
              -------

SECTION 8.05. Interpretation..........................15
              --------------

SECTION 8.06. Governing Law...........................16
              -------------

<PAGE>

                               GUARANTEE AGREEMENT

         This GUARANTEE AGREEMENT ("Guarantee Agreement"), dated as of October
1, 2000, between SOUTHERN ENERGY, INC., a Delaware corporation (the
"Guarantor"), and BANKERS TRUST COMPANY, a New York banking corporation, as
trustee (the "Trustee"), for the benefit of the Holders (as defined herein) from
time to time of the Preferred Securities (as defined herein) of SEI TRUST I, a
Delaware statutory business trust (the "Trust").

         WHEREAS, pursuant to an Amended and Restated Trust Agreement (the
"Trust Agreement"), dated as of October 1, 2000, among the Trustee, the other
trustees named therein, Southern Energy, Inc., as Depositor, and the holders
from time to time of undivided beneficial interests in the assets of the Trust,
the Trust is issuing as of October 2, 2000 $345,000,000 aggregate liquidation
preference of its 6-1/4% Convertible Trust Preferred Securities, Series A (the
"Preferred Securities") representing preferred undivided beneficial interests in
the assets of the Trust and having the terms set forth in the Trust Agreement;

         WHEREAS, the Preferred Securities will be issued by the Trust and the
proceeds thereof, along with the proceeds of the issuance of the Common
Securities (as defined herein), will be used to purchase the Junior Subordinated
Notes (as defined in the Trust Agreement) of the Guarantor, which will be held
by the Trust as trust assets; and

         WHEREAS, as incentive for the Holders to purchase the Preferred
Securities, the Guarantor desires to irrevocably and unconditionally agree, to
the extent set forth herein, to pay to the Holders the Guarantee Payments (as
defined herein) and to make certain other payments on the terms and conditions
set forth herein.

         NOW, THEREFORE, in consideration of the payment for Preferred
Securities by each Holder (as defined herein) thereof, which payment the
Guarantor hereby agrees shall benefit the Guarantor, the Guarantor executes and
delivers this Guarantee Agreement for the benefit of the Holders from time to
time.

                                    ARTICLE I

                                   DEFINITIONS

         SECTION 1.01. Definitions. As used in this Guarantee Agreement, the
terms set forth below shall, unless the context otherwise requires, have the
following meanings. Capitalized or otherwise defined terms used but not
otherwise defined herein shall have the meanings assigned to such terms in the
Trust Agreement as in effect on the date hereof.

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

         "Commission" means the Securities and Exchange Commission.

         "Common Securities" means the securities representing common undivided
beneficial interests in the assets of the Trust.

         "Event of Default" means a failure by the Guarantor to perform any of
its payment obligations under this Guarantee Agreement.

         "Guarantee Payments" means the following payments or distributions,
without duplication, with respect to the Preferred Securities, to the extent not
paid or made by or on behalf of the Trust: (i) any accrued and unpaid
distributions that are required to be paid on such Preferred Securities, but if
and only if and to the extent the Trust has funds legally and immediately
available therefor to make such payment ("Distribution"); (ii) the redemption
price, including all accrued and unpaid Distributions to the date of redemption
(the "Redemption Price"), with respect to the Preferred Securities called for
redemption by the Trust but if and only if and to the extent that the Trust has
funds legally and immediately available therefor sufficient to make such
payment; and (iii) upon a voluntary or involuntary dissolution, winding-up or
termination of the Trust (other than in connection with the distribution of
Junior Subordinated Notes to the Holders in exchange for Preferred Securities or
the redemption of all of the Preferred Securities), the lesser of (a) the
aggregate of the liquidation amount and all accrued and unpaid Distributions on
the Preferred Securities to the date of payment, to the extent the Trust has
funds legally and immediately available therefor, and (b) the amount of assets
of the Trust remaining available for distribution to Holders in liquidation of
the Trust as required by applicable law (in either case, the "Liquidation
Distribution").

         "Holder" means any holder, as registered on the books and records of
the Trust, of any Preferred Securities; provided, however, that in determining
whether the holders of the requisite percentage of Preferred Securities have
given any request, notice, consent or waiver hereunder, "Holder" shall not
include the Guarantor or any Affiliate of the Guarantor.

         "Indenture" means the Subordinated Note Indenture dated as of October
1, 2000, between the Guarantor, as Subordinated Note Issuer, and Bankers Trust
Company, as trustee, as supplemented by the First Supplemental Indenture dated
as of October 2, 2000, by and between the Guarantor and Bankers Trust Company,
as trustee.

         "Majority in liquidation amount of Preferred Securities" means, except
as provided by the Trust Indenture Act, a vote by Holder(s) of outstanding
Preferred Securities, voting together as a class, who are the record owners of
more than 50% of the aggregate liquidation preference of all Preferred
Securities outstanding at the time of determination.

         "Officers' Certificate" means a certificate signed by the Chairman of
the Board, the President or a Vice President, and by the Treasurer, an Assistant
Treasurer, the Secretary or an Assistant Secretary, of the Guarantor, and
delivered to the Trustee. Any Officers' Certificate delivered with respect to
compliance with a condition or covenant provided for in this Guarantee Agreement
shall include:

                  (a) a statement that each officer signing the Officers'
         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 Officers' 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

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

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

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

         "Successor Trustee" means a successor Trustee possessing the
qualifications to act as Trustee under Section 4.01.

         "Trust Indenture Act" means the Trust Indenture Act of 1939, as
amended.

         "Trustee" means Bankers Trust Company until a Successor Trustee has
been appointed and has accepted such appointment pursuant to the terms of this
Guarantee Agreement and thereafter means each such Successor Trustee.

                                   ARTICLE II

                               TRUST INDENTURE ACT

         SECTION 2.01.     Trust Indenture Act; Application.

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

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

         (c) The application of the Trust Indenture Act to this Guarantee
Agreement shall not affect the nature of the Preferred Securities as equity
securities representing preferred undivided beneficial interests in the assets
of the Trust.

         SECTION 2.02.     Lists of Holders of Preferred Securities.

         (a) The Guarantor shall furnish or cause to be furnished to the Trustee
(a) semiannually, not later than June 1 and December 1 in each year, a list, in
such form as the Trustee may reasonably require, of the names and addresses of
the Holders ("List of Holders") as of a date not more than 15 days prior to the
time such list is furnished, and (b) at such other times as the Trustee may
request in writing, within 30 days after the receipt by the Guarantor of any
such request, a List of Holders as of a date not more than 15 days prior to the
time such list is furnished; provided that, the Guarantor shall not 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 Trustee by the Guarantor or at
any time the Trustee is the Securities Registrar under the Trust Agreement. The
Trustee may destroy any List of Holders previously given to it on receipt of a
new List of Holders.

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

         SECTION 2.03. Reports by the Trustee. Within 60 days after May 15 of
each year, commencing May 15, 2001, the Trustee shall provide to the Holders
such reports as are required by Section 313(a) of the Trust Indenture Act, if
any, in the form and in the manner provided by Section 313 of the Trust
Indenture Act. The Trustee shall also comply with the other requirements of
Section 313 of the Trust Indenture Act. A copy of each such report shall, at the
time of such transmission to the Holders, be filed by the Trustee with the
Guarantor, with each stock exchange upon which any Preferred Securities are
listed (if so listed) and also with the Commission.

         SECTION 2.04. Periodic Reports to Trustee. The Guarantor shall provide
to the Trustee such documents, reports and information as required by Section
314 of the Trust Indenture Act (if any) in the form, in the manner and at the
times required by Section 314 of the Trust Indenture Act, and shall provide,
within 120 days after the end of each of its fiscal years, the compliance
certificate required by Section 314(a)(4) of the Trust Indenture Act in the form
and in the manner required by such Section.

         SECTION 2.05. Evidence of Compliance with Conditions Precedent. The
Guarantor shall provide to the Trustee such evidence of compliance with any
conditions precedent, if any, provided for in this Guarantee Agreement 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.

         SECTION 2.06. Events of Default; Waiver. The Holders of a Majority in
liquidation amount of Preferred Securities may, by vote, on behalf of all of the
Holders, waive any past Event of Default and its consequences. Upon such waiver,
any such Event of Default shall cease to exist, and any Event of Default arising
therefrom shall be deemed to have been cured, for every purpose of this
Guarantee Agreement, but no such waiver shall extend to any subsequent or other
default or Event of Default or impair any right consequent thereon.

         SECTION 2.07.     Event of Default; Notice.

         (a) The Trustee shall, within 90 days after the occurrence of an Event
of Default, transmit by mail, first class postage prepaid, to the Holders,
notices of all Events of Default known to the Trustee, unless such defaults have
been cured before the giving of such notice, provided that the Trustee shall be
protected in withholding such notice if and so long as the board of directors,
the executive committee or a trust committee of directors and/or Responsible
Officers of the Trustee in good faith determines that the withholding of such
notice is in the interests of the Holders.

         (b) The Trustee shall not be deemed to have knowledge of any Event of
Default unless the Trustee shall have received written notice, or a Responsible
Officer charged with the administration of the Trust Agreement shall have
obtained written notice, of such Event of Default.

         SECTION 2.08. Conflicting Interests. The Trust Agreement shall be
deemed to be specifically described in this Guarantee Agreement for the purposes
of clause (i) of the first proviso contained in Section 310(b) of the Trust
Indenture Act.

                                   ARTICLE III

                      POWERS, DUTIES AND RIGHTS OF TRUSTEE

         SECTION 3.01.     Powers and Duties of the Trustee.

         (a) This Guarantee Agreement shall be held by the Trustee for the
benefit of the Holders, and the Trustee shall not transfer this Guarantee
Agreement to any Person except the Trustee shall assign rights hereunder to a
Holder to the extent such assignment is necessary to exercise such Holder's
rights pursuant to Section 5.04 or to a Successor Trustee upon acceptance by
such Successor Trustee of its appointment to act as Successor Trustee. The
right, title and interest of the Trustee shall automatically vest in any
Successor Trustee, and such vesting and cessation of title shall be effective
whether or not conveyancing documents have been executed and delivered pursuant
to the appointment of such Successor Trustee.

         (b) If an Event of Default has occurred and is continuing, the Trustee
shall enforce this Guarantee Agreement for the benefit of the Holders.

         (c) The Trustee, before the occurrence of any Event of Default and
after the curing or waiving of all Events of Default that may have occurred,
shall undertake to perform only such duties as are specifically set forth in
this Guarantee Agreement, and no implied covenants shall be read into this
Guarantee Agreement against the Trustee. In case an Event of Default has
occurred (that has not been cured or waived pursuant to Section 2.06), the
Trustee shall exercise such of the rights and powers vested in it by this
Guarantee Agreement, and use the same degree of care and skill in its exercise
thereof, as a prudent person would exercise or use under the circumstances in
the conduct of his or her own affairs.

         (d) No provision of this Guarantee Agreement 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:

                  (i) prior to the occurrence of any 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 Trustee shall
                  be determined solely by the express provisions of this
                  Guarantee Agreement, and the Trustee shall not be liable
                  except for the performance of such duties and obligations as
                  are specifically set forth in this Guarantee Agreement; and

                           (B) 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 Guarantee
                  Agreement; but in the case of any such certificates or
                  opinions that by any provision hereof or the Trust Indenture
                  Act 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 Guarantee Agreement or the Trust Indenture Act, as the
                  case may be;

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

                  (iii) the Trustee shall not be liable with respect to any
         action taken or omitted to be taken by it in good faith in accordance
         with the direction of the Holders of a Majority in liquidation amount
         of the Preferred Securities 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
         Guarantee Agreement; and

                  (iv) no provision of this Guarantee Agreement 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 the Trustee 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
         Guarantee Agreement or indemnity satisfactory to it against such risk
         or liability is not reasonably assured to it.

         SECTION 3.02.     Certain Rights of Trustee.

         (a)      Subject to the provisions of Section 3.01:

                  (i) the Trustee may conclusively rely and shall be fully
         protected in acting or refraining from acting upon any resolution,
         certificate, statement, instrument, opinion, report, notice, request,
         direction, consent, order, bond, debenture, note, 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;

                  (ii) any direction or act of the Guarantor contemplated by
         this Guarantee Agreement shall be sufficiently evidenced by an
         Officers' Certificate;

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

                  (iv) the Trustee may consult with counsel of its choice, and
         the advice or opinion of such counsel with respect to legal matters
         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; such counsel may be counsel
         to the Guarantor or any of its Affiliates and may include any of its
         employees; the Trustee shall have the right at any time to seek
         instructions concerning the administration of this Guarantee Agreement
         from any court of competent jurisdiction;

                  (v) the Trustee shall be under no obligation to exercise any
         of the rights or powers vested in it by this Guarantee Agreement at the
         request or direction of any Holder, unless such Holder shall have
         provided to the Trustee reasonable security and indemnity satisfactory
         to the Trustee against the costs, expenses (including attorneys' fees
         and expenses) 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 Trustee; provided that nothing contained in
         this Section 3.02(a)(v) shall be taken to relieve the Trustee, upon the
         occurrence of an Event of Default, of its obligation to exercise the
         rights and powers vested in it by this Guarantee Agreement;

                  (vi) the Trustee shall not be bound to make any investigation
         into the facts or matters stated in any resolution, certificate,
         statement, instrument, opinion, report, notice, request, direction,
         consent, order, bond, debenture, note, other evidence of indebtedness
         or other paper or document, but the Trustee may make such further
         inquiry or investigation into such facts or matters as it may see fit;

                  (vii) the Trustee may execute any of the trusts or powers
         hereunder or perform any duties hereunder either directly or by or
         through agents, attorneys, custodians or nominees and the Trustee shall
         be responsible for any misconduct on the part of any agent, attorney,
         custodian or nominee appointed with due care by it hereunder;

                  (viii) any action taken by the Trustee or its agents hereunder
         shall bind the Holders, and the signature of the Trustee or its agents
         alone shall be sufficient and effective to perform any such action. No
         third party shall be required to inquire as to the authority of the
         Trustee to so act or as to its compliance with any of the terms and
         provisions of this Guarantee Agreement, both of which shall be
         conclusively evidenced by the Trustee or its agents taking such action;
         and

                  (ix) whenever in the administration of this Guarantee
         Agreement the Trustee shall deem it desirable to receive instructions
         with respect to enforcing any remedy or right or taking any other
         action hereunder, the Trustee (i) may request instructions from the
         Holders, (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 acting in accordance with such instructions.

         (b) No provision of this Guarantee Agreement shall be deemed to impose
any duty or obligation on the 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 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 Trustee shall be construed to be a duty.

         SECTION 3.03.     Compensation; Fees; Indemnity.

         The Guarantor agrees:

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

         (b) except as otherwise expressly provided herein, to reimburse the
Trustee upon request for all reasonable expenses, disbursements and advances
incurred or made by the Trustee in accordance with any provision of this
Guarantee Agreement (including the reasonable compensation and the expenses and
disbursements of its agents and counsel), except any such expense, disbursement
or advance as may be attributable to its negligence or bad faith; and

         (c) to indemnify the Trustee, its officers, directors, employees and
agents for, and to hold the Trustee harmless against, any and all loss, damage,
claim, liability or expense (including the fees and expenses of its agents and
counsel) incurred without negligence or bad faith on its part, arising out of or
in connection with the acceptance or administration of this Guarantee Agreement,
including the costs and expenses of defending itself against any claim or
liability in connection with the exercise or performance of any of its powers or
duties hereunder.

         The provisions of this Section 3.03 shall survive the termination of
this Guarantee Agreement.

                                   ARTICLE IV

                                     TRUSTEE

         SECTION 4.01.     Trustee; Eligibility.

         (a)      There shall at all times be a Trustee that shall:

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

                  (ii) be a national banking association or 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 an institutional 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 million U.S. dollars ($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 4.01(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 Trustee shall cease to be eligible to so act
under Section 4.01(a), the Trustee shall immediately resign in the manner and
with the effect set out in Section 4.02(c).

         (c) 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
Guarantor shall in all respects comply with the provisions of Section 310(b) of
the Trust Indenture Act, subject to the rights of the Trustee under the
penultimate paragraph thereof.

         SECTION 4.02.     Appointment, Removal and Resignation of Trustee.

         (a) Subject to Section 4.02(b), the Trustee may be appointed or removed
without cause at any time by the Guarantor.

         (b) The Trustee shall not be removed until a Successor has been
appointed and has accepted such appointment by written instrument executed by
such Successor Trustee and delivered to the Guarantor.

         (c) The Trustee appointed to office shall hold office until a Successor
Trustee shall have been appointed or until its removal or resignation. The
Trustee may resign from office (without need for prior or subsequent accounting)
by an instrument in writing executed by the Trustee and delivered to the
Guarantor, which resignation shall not take effect until a Successor Trustee has
been appointed and has accepted such appointment by instrument in writing
executed by such Successor Trustee and delivered to the Guarantor and the
resigning Trustee.

         (d) If no Successor Trustee shall have been appointed and accepted
appointment as provided in this Section 4.02 within 60 days after delivery to
the Guarantor of an instrument of resignation, the resigning Trustee may
petition any court of competent jurisdiction for appointment of a Successor
Trustee. Such court may thereupon, after prescribing such notice, if any, as it
may deem proper, appoint a Successor Trustee.

                                    ARTICLE V

                                    GUARANTEE

         SECTION 5.01. Guarantee. The Guarantor irrevocably and unconditionally
agrees to pay in full to the Holders the Guarantee Payments (without duplication
of amounts theretofore paid by or on behalf of the Trust), as and when due,
regardless of any defense, right of set-off or counterclaim that the Guarantor
may have or assert against any Person. The Guarantor's obligation to make a
Guarantee Payment may be satisfied by direct payment of the required amounts by
the Guarantor to the Holders or by causing the Trust to pay such amounts to the
Holders.

         SECTION 5.02. Waiver of Notice and Demand. The Guarantor hereby waives
notice of acceptance of this Guarantee Agreement and of any liability to which
it applies or may apply, presentment, demand for payment, any right to require a
proceeding first against the Trust or any other Person before proceeding against
the Guarantor, protest, notice of nonpayment, notice of dishonor, notice of
redemption and all other notices and demands. Notwithstanding anything to the
contrary herein, the Guarantor retains all of its rights under the Indenture to
extend the interest payment period on the Junior Subordinated Notes and the
Guarantor shall not be obligated hereunder to make any Guarantee Payment during
any Extended Period (as defined in the Indenture) with respect to the
Distributions on the Preferred Securities.

         SECTION 5.03. Obligations Not Affected. The obligation of the Guarantor
to make the Guarantee Payments under this Guarantee Agreement shall in no way be
affected or impaired by reason of the happening from time to time of any of the
following:

         (a) the release or waiver, by operation of law or otherwise, of the
performance or observance by the Trust of any express or implied agreement,
covenant, term or condition relating to the Preferred Securities to be performed
or observed by the Trust;

         (b) the extension of time for the payment by the Trust of all or any
portion of the Distributions, Redemption Price, Liquidation Distribution or any
other sums payable under the terms of the Preferred Securities or the extension
of time for the performance of any other obligation under, arising out of, or in
connection with, the Preferred Securities (other than an extension of time for
payment of Distributions, Redemption Price, Liquidation Distribution or other
sum payable that results from the extension of any interest payment period on
the Junior Subordinated Notes permitted by the Indenture);

         (c) any failure, omission, delay or lack of diligence on the part of
the Holders to enforce, assert or exercise any right, privilege, power or remedy
conferred on the Holders pursuant to the terms of the Preferred Securities, or
any action on the part of the Trust granting indulgence or extension of any
kind;

         (d) the voluntary or involuntary liquidation, dissolution, sale of any
collateral, receivership, insolvency, bankruptcy, assignment for the benefit of
creditors, reorganization, arrangement, composition or readjustment of debt of,
or other similar proceedings affecting, the Trust or any of the assets of the
Trust;

         (e) any invalidity of, or defect or deficiency in, the Preferred
Securities;

         (f) the settlement or compromise of any obligation guaranteed hereby or
hereby incurred; or

         (g) any other circumstance whatsoever that might otherwise constitute a
legal or equitable discharge or defense of a guarantor, it being the intent of
this Section 5.03 that the obligations of the Guarantor hereunder shall be
absolute and unconditional under any and all circumstances.

         There shall be no obligation of the Holders to give notice to, or
obtain consent of, the Guarantor with respect to the happening of any of the
foregoing.

         SECTION 5.04. Rights of Holders. The Guarantor expressly acknowledges
that:

                  (i) this Guarantee Agreement will be deposited with the
         Trustee to be held for the benefit of the Holders;

                  (ii) the Trustee has the right to enforce this Guarantee
         Agreement on behalf of the Holders;

                  (iii) the Holders of a Majority in liquidation amount of the
         Preferred Securities have the right to direct the time, method and
         place of conducting any proceeding for any remedy available to the
         Trustee in respect of this Guarantee Agreement or exercising any trust
         or power conferred upon the Trustee under this Guarantee Agreement,
         provided that such direction shall not be in conflict with any rule of
         law or with this Guarantee Agreement, and could not involve the Trustee
         in personal liability in circumstances where reasonable indemnity would
         not be adequate; and

                  (iv) if the Trustee fails to enforce this Guarantee Agreement,
         any Holder may institute a legal proceeding directly against the
         Guarantor to enforce its rights under this Guarantee Agreement, without
         first instituting a legal proceeding against or requesting or directing
         that action be taken by the Trustee or any other Person;

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

         SECTION 5.05. Guarantee of Payment. This Guarantee Agreement creates a
guarantee of payment and not of collection. This Guarantee Agreement will not be
discharged except by payment of the Guarantee Payments in full (without
duplication) or upon the distribution of Junior Subordinated Notes to the
Holders in exchange for all of the Preferred Securities.

         SECTION 5.06. Subrogation. The Guarantor shall be subrogated to all (if
any) rights of the Holders against the Trust in respect of any amounts paid to
the Holders by the Guarantor under this Guarantee Agreement; provided, however,
that the Guarantor shall not (except to the extent required by mandatory
provisions of law) be entitled to enforce or exercise any rights that it may
acquire by way of subrogation or any indemnity, reimbursement or other
agreement, in all cases as a result of payment under this Guarantee Agreement,
if, at the time of any such payment, any amounts of Guarantee Payments are due
and unpaid under this Guarantee Agreement. If any amount shall be paid to the
Guarantor in violation of the preceding sentence, the Guarantor agrees to hold
such amount in trust for the Holders and to pay over such amount to the Holders.

         SECTION 5.07. Independent Obligations. The Guarantor acknowledges that
its obligations hereunder are independent of the obligations of the Trust with
respect to the Preferred Securities and that the Guarantor shall be liable as
principal and as debtor hereunder to make Guarantee Payments pursuant to the
terms of this Guarantee Agreement notwithstanding the occurrence of any event
referred to in subsections (a) through (g), inclusive, of Section 5.03 hereof.

                                   ARTICLE VI

                                  SUBORDINATION

         SECTION 6.01. Subordination. This Guarantee Agreement will constitute
an unsecured obligation of the Guarantor and will rank (i) subordinate and
junior in right of payment to all other liabilities of the Guarantor, including
the Junior Subordinated Notes, except those obligations or liabilities made pari
passu or subordinate by their terms, (ii) pari passu with the most senior
preferred or preference stock now or hereafter issued by the Guarantor and with
any guarantee now or hereafter entered into by the Guarantor in respect of any
preferred or preference securities of any Affiliate of the Guarantor, and (iii)
senior to all capital stock issued by the Guarantor (other than its most senior
preferred or preference stock) and to any guarantee now or hereafter entered
into by the Guarantor in respect of any such capital stock of any Affiliate of
the Guarantor.

                                   ARTICLE VII

                                   TERMINATION

         SECTION 7.01. Termination. This Guarantee Agreement shall terminate and
be of no further force and effect upon: (i) full payment of the Redemption Price
of all Preferred Securities, (ii) the distribution of Junior Subordinated Notes
to the Holders in exchange for all of the Preferred Securities, (iii) full
payment of the amounts payable in accordance with the Trust Agreement upon
liquidation of the Trust, or (iv) distribution, if any, of the Guarantor's
common stock to Holders in respect of the conversion of their Preferred
Securities into such common stock. Notwithstanding the foregoing, this Guarantee
Agreement will continue to be effective or will be reinstated, as the case may
be, if at any time any Holder must restore payment of any sums paid with respect
to Preferred Securities or under this Guarantee Agreement.

                                  ARTICLE VIII

                                  MISCELLANEOUS

         SECTION 8.01. Successors and Assigns. All guarantees and agreements
contained in this Guarantee Agreement shall bind the successors, assigns,
receivers, trustees and representatives of the Guarantor and shall inure to the
benefit of the Holders of the Preferred Securities then outstanding. Except in
connection with a consolidation, merger, conveyance, transfer or lease involving
the Guarantor that is permitted under the Indenture, the Guarantor shall not
assign its obligations hereunder.

         SECTION 8.02. Amendments. Except with respect to any changes that do
not materially and adversely affect the rights of Holders (in which case no
consent of Holders will be required), this Guarantee Agreement may only be
amended with the prior approval of the Holders of a Majority in liquidation
amount of the Preferred Securities. The provisions of Article Six of the Trust
Agreement concerning meetings of Holders shall apply to the giving of such
approval.

         SECTION 8.03. Notices. Any notice, request or other communication
required or permitted to be given hereunder shall be in writing, duly signed by
the party giving such notice, and delivered, telecopied or mailed by first class
mail as follows:

         (a) if given to the Guarantor, to the address set forth below or such
other address as the Guarantor may give notice of to the Trustee and the
Holders:

                           Southern Energy, Inc.
                           900 Ashwood Parkway
                           Suite 500
                           Atlanta, Georgia  30338
                           Facsimile No.:  (770) 821-7001
                           Attn:  Treasurer

         (b) if given to the Trust, in care of the Trustee, or to the Trustee at
the Trust's (and the Trustee's) address set forth below or such other address as
the Trustee on behalf of the Trust may give notice to the Holders:

                           SEI Trust I
                           c/o Bankers Trust Company
                           Four Albany Street
                           New York, New York 10006
                           Attn:  Manager, Project Finance Group

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

         All notices hereunder 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 8.04. Benefit. This Guarantee Agreement is solely for the
benefit of the Holders and, subject to Section 3.01(a), is not separately
transferable from the Preferred Securities.

         SECTION 8.05. Interpretation. In this Guarantee Agreement, unless the
context otherwise requires:

         (a) capitalized terms used in this Guarantee Agreement but not defined
in the preamble hereto have the respective meanings assigned to them in Section
1.01;

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

         (c) all references to "the Guarantee Agreement" or "this Guarantee
Agreement" are to this Guarantee Agreement as modified, supplemented or amended
from time to time;

         (d) all references in this Guarantee Agreement to Articles and Sections
are to Articles and Sections of this Guarantee Agreement unless otherwise
specified;

         (e) a term defined in the Trust Indenture Act has the same meaning when
used in this Guarantee Agreement unless otherwise defined in this Guarantee
Agreement or unless the context otherwise requires;

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

         (g) the masculine, feminine or neuter genders used herein shall include
the masculine, feminine and neuter genders.

         SECTION 8.06. Governing Law. THIS GUARANTEE AGREEMENT SHALL BE GOVERNED
BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE
STATE OF NEW YORK. THE GUARANTOR HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION
OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND
ANY COURT IN THE STATE OF NEW YORK LOCATED IN THE CITY AND COUNTY OF NEW YORK IN
ANY ACTION, SUIT OR PROCEEDING BROUGHT AGAINST IT AND RELATED TO OR IN
CONNECTION WITH THIS GUARANTEE AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
THEREBY, AND TO THE EXTENT PERMITTED BY APPLICABLE LAW, THE GUARANTOR HEREBY
WAIVES AND AGREES NOT TO ASSERT BY WAY OF MOTION, AS A DEFENSE OR OTHERWISE IN
ANY SUCH SUIT, ACTION OR PROCEEDING, ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT
TO THE JURISDICTION OF SUCH COURTS, THAT THE SUIT, ACTION OR PROCEEDING IS
BROUGHT IN AN INCONVENIENT FORUM, THAT THE VENUE OF THE SUIT, ACTION OR
PROCEEDING IS IMPROPER, OR THAT THIS GUARANTEE AGREEMENT OR ANY DOCUMENT OR ANY
INSTRUMENT REFERRED TO HEREIN OR THE SUBJECT MATTER HEREOF MAY NOT BE LITIGATED
IN OR BY SUCH COURTS. THE GUARANTOR AGREES THAT SERVICE OF PROCESS MAY BE MADE
UPON IT BY CERTIFIED OR REGISTERED MAIL TO THE ADDRESS FOR NOTICES SET FORTH IN
THIS GUARANTEE AGREEMENT OR ANY METHOD AUTHORIZED BY THE LAWS OF NEW YORK.

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

<PAGE>

         THIS GUARANTEE AGREEMENT is executed as of the day and year first above
written.

                        SOUTHERN ENERGY, INC.

                        By:
                             --------------------------------------
                        Name:    Elizabeth B. Chandler
                        Title:   Secretary and Vice President

                        BANKERS TRUST COMPANY, as Trustee

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

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