Document:

Exhibit 4(c)

                             ROSLYN BANCORP, INC.

                                      and

                           THE CHASE MANHATTAN BANK

                                   INDENTURE

                                 Dated as of o

                         Subordinated Debt Securities

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                             ROSLYN BANCORP, INC.

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

      TRUST INDENTURE
       ACT SECTION                        INDENTURE SECTION
        3.10(a)(1)                                  8.09
        3.10(a)(2)                                  8.09
        3.10(a)(3)                                  N/A
        3.10(a)(4)                                  N/A
        3.10(a)(5)                                  8.09
        3.10(b)                                     8.08
        3.10(c)                                     N/A

        3.11(a)                                     8.13(i)
        3.11(b)                                     8.13(ii)
        3.11(b)(2)                                  6.03(i)(b)

        3.11                                        6.03(iii)
        3.12(a)                                     6.01
        3.12(b)                                     6.02(i)
        3.12(c)                                     6.02(ii)

        3.13(a)                                     6.03(i)
        3.13(b)                                     6.03(ii)
        3.13(c)                                     6.03(i),(ii)and(iii)
        3.13(d)                                     6.03(iii)

        3.14(a)(1),(2)and(3)                        6.04
        3.14(a)(4)                                  5.10
        3.14(b)                                     N/A
        3.14(c)(1)                                  1.02
        3.14(c)(2)                                  1.02
        3.14(c)(3)                                  N/A
        3.14(d)                                     N/A
        3.14(e)                                     1.02
        3.14(f)                                     N/A

        3.15(a)                                     8.01(i)
        3.15(b)                                     8.02
        3.15(c)                                     8.01(ii)
        3.15(d)                                     8.01(iii)
        3.15(d)(1)                                  8.01(iii)(a)
        3.15(d)(2)                                  8.01(iii)(b)
        3.15(d)(3)                                  8.10(iii)(c)
        3.15(e)                                     7.14

        3.16(a)                                     1.01
        3.16(a)(1)(A)                               7.13
        3.16(a)(1)(B)                               7.13
        3.16(a)(2)                                  N/A
        3.16(b)                                     7.08
        3.16(c)                                     1.04

        3.17(a)(1)                                  7.03
        3.17(a)(2)                                  7.04
        3.17(b)                                     5.03

        3.18(a)                                     1.08

THIS RECONCILIATION AND TIE SHALL NOT, FOR ANY PURPOSE, BE DEEMED TO BE PART
OF THE INDENTURE.

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                               Table of Contents
                                                                           Page
                                                                           ----

                                   ARTICLE I
            DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

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

                                  ARTICLE II
                                SECURITY FORMS

SECTION 2.01.    Forms Generally............................................17
SECTION 2.02.    Form of Securities.........................................17
SECTION 2.03.    Form of Trustee's Certificate of Authentication............18

                                  ARTICLE III
                                THE SECURITIES

SECTION 3.01.    Title and Terms............................................19
SECTION 3.02.    Denominations..............................................21
SECTION 3.03.    Execution, Authentication, Delivery and Dating.............22
SECTION 3.04.    Temporary Securities.......................................23
SECTION 3.05.    Registration, Registration of Transfer and Exchange........25
SECTION 3.06.    Mutilated, Destroyed, Lost and Stolen Securities...........27
SECTION 3.07.    Payment of Interest; Interest Rights Preserved.............28
SECTION 3.08.    Persons Deemed Owners......................................30
SECTION 3.09.    Cancellation...............................................30
SECTION 3.10.    Computation of Interest....................................30
SECTION 3.11.    Forms of Certification.....................................30
SECTION 3.12.    Payment in Currencies......................................31
SECTION 3.13.    CUSIP Numbers..............................................33

                                       i
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                                  ARTICLE IV
                           REDEMPTION OF SECURITIES

SECTION 4.01.    Applicability of Article...................................33
SECTION 4.02.    Election to Redeem; Notice to Trustee......................33
SECTION 4.03.    Selection by Trustee of Securities to be Redeemed..........34
SECTION 4.04.    Notice of Redemption.......................................34
SECTION 4.05.    Deposit of Redemption Price................................35
SECTION 4.06.    Securities Payable on Redemption Date......................35
SECTION 4.07.    Securities Redeemed in Part................................36
SECTION 4.08.    Redemption Suspended During Event of Default...............36

                                   ARTICLE V
                                   COVENANTS

SECTION 5.01.    Payment of Principal, Premium, if any, the Maturity
                 Consideration and Interest.................................32
SECTION 5.02.    Maintenance of Office or Agency............................37
SECTION 5.03.    Money or Other Property for Security Payments and
                 Deliveries to be Held in Trust.............................38
SECTION 5.04.    Additional Amounts.........................................40
SECTION 5.05.    Corporate Existence........................................40
SECTION 5.06.    Maintenance of Properties..................................41
SECTION 5.07.    Payment of Taxes and Other Claims..........................41
SECTION 5.08.    Statement as to Compliance.................................41
SECTION 5.09.    Waiver of Certain Covenants................................42
SECTION 5.10.    Calculation of Original Issue Discount.....................42
SECTION 5.11.    Statement by Officers as to Default........................42

                                  ARTICLE VI
               HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY

SECTION 6.01.    Company to Furnish Trustee Names and Addresses of
                 Holders....................................................42
SECTION 6.02.    Preservation of Information; Communications to
                 Holders....................................................43
SECTION 6.03.    Reports by Trustee.........................................44
SECTION 6.04.    Reports by the Company.....................................44

                                  ARTICLE VII
                                   REMEDIES

SECTION 7.01.    Events of Default..........................................45
SECTION 7.02.    Acceleration of Maturity; Rescission and Annulment.........46
SECTION 7.03.    Collection of Indebtedness and Suits for Enforcement
                 by Trustee.................................................47
SECTION 7.04.    Trustee May File Proofs of Claim...........................48
SECTION 7.05.    Trustee May Enforce Claims Without Possession
                 of Securities..............................................48
SECTION 7.06.    Application of Money or Other Property Collected...........49
SECTION 7.07.    Limitation on Suits........................................49

                                      ii
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SECTION 7.08.    Unconditional Right of Securityholders to Receive
                 Principal, Premium, Maturity Consideration and
                 Interest...................................................51
SECTION 7.09.    Restoration of Rights and Remedies.........................51
SECTION 7.10.    Rights and Remedies Cumulative.............................51
SECTION 7.11.    Delay or Omission Not Waiver...............................51
SECTION 7.12.    Control by Securityholders.................................52
SECTION 7.13.    Waiver of Past Defaults....................................52
SECTION 7.14.    Undertaking for Costs......................................52
SECTION 7.15.    Waiver of Stay or Extension Laws...........................53

                                 ARTICLE VIII
                                  THE TRUSTEE

SECTION 8.01.    Certain Duties and Responsibilities........................53
SECTION 8.02.    Notice of Default..........................................54
SECTION 8.03.    Certain Rights of Trustee..................................55
SECTION 8.04.    Not Responsible for Recitals or Issuance of Securities.....56
SECTION 8.05.    May Hold Securities........................................56
SECTION 8.06.    Money or Other Property Held in Trust......................56
SECTION 8.07.    Compensation and Reimbursement.............................56
SECTION 8.08.    Disqualification; Conflicting Interests....................57
SECTION 8.09.    Corporate Trustee Required; Eligibility....................58
SECTION 8.10.    Resignation and Removal; Appointment of Successor..........58
SECTION 8.11.    Acceptance of Appointment by Successor.....................60
SECTION 8.12.    Merger, Conversion, Consolidation or Succession to
                 Business of Trustee........................................61
SECTION 8.13.    Preferential Collection of Claims against Company..........62
SECTION 8.14.    Appointment of Authenticating Agent........................62

                                  ARTICLE IX
                            SUPPLEMENTAL INDENTURES

SECTION 9.01.    Supplemental Indentures Without Consent of
                 Securityholders............................................64
SECTION 9.02.    Supplemental Indentures With Consent of
                 Securityholders............................................65
SECTION 9.03.    Execution of Supplemental Indentures.......................66
SECTION 9.04.    Effect of Supplemental Indentures..........................66
SECTION 9.05.    Conformity with Trust Indenture Act........................66
SECTION 9.06.    Reference in Securities to Supplemental Indentures.........67

                                   ARTICLE X
                 CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER

SECTION 10.01.   Company May Consolidate, etc., Only on Certain Terms.......67
SECTION 10.02.   Successor Corporation Substituted..........................68

                                      iii
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                                  ARTICLE XI
                          SATISFACTION AND DISCHARGE

SECTION 11.01.   Satisfaction and Discharge of Indenture....................68
SECTION 11.02.   Application of Trust Money or Property.....................70

                                  ARTICLE XII
        IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS

SECTION 12.01.   Exemption from Individual Liability........................70

                                 ARTICLE XIII
                                 SINKING FUNDS

SECTION 13.01.   Applicability of Article...................................71
SECTION 13.02.   Satisfaction of Sinking Fund Payments with Securities......71
SECTION 13.03.   Redemption of Securities for Sinking Fund..................71

                                  ARTICLE XIV
                                 SUBORDINATION

SECTION 14.01.   Agreement to Subordinate...................................72
SECTION 14.02.   Distribution on Dissolution, Liquidation and
                 Reorganization; Subrogation of Securities..................72
SECTION 14.03.   Payments on Securities Prohibited During Event of
                 Default Under Senior Indebtedness..........................75
SECTION 14.04.   Reserved...................................................75
SECTION 14.05.   Authorization of Holders to Trustee to Effect
                 Subordination..............................................75
SECTION 14.06.   Notice to Trustee..........................................75
SECTION 14.07.   Right of Trustee to Hold Senior Indebtedness...............76
SECTION 14.08.   Article Fourteen Not to Prevent Defaults or Events
                 of Default.................................................76
SECTION 14.09.   Trustee Compensation, Etc. Not Prejudiced..................76

                                  ARTICLE XV
                                 MISCELLANEOUS

SECTION 15.01.   Counterparts...............................................76

                                      iv
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EXHIBIT A        Form of Certificate to be Given by Person Entitled to Receive
                 Bearer Note Certificate
EXHIBIT B        Form of Certificate to be Given by Euroclear and Clearstream
                 in Connection with the Exchange of a Portion of a Temporary
                 Global Note Certificate
EXHIBIT C        Form of Certificate to be Given by Euroclear and Clearstream
                 to Obtain Interest Prior to an Exchange Date Certificate
EXHIBIT D        Form of Certificate to be Given by Beneficial Owners to Obtain
                 Interest Prior to an Exchange Date Certificate

                                       v
<PAGE>

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

                            RECITALS OF THE COMPANY

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

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

         NOW, THEREFORE, THIS INDENTURE WITNESSETH:

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

                                   ARTICLE I

            DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

         SECTION 1.01.  Definitions.

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

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

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

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

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

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

<PAGE>

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

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

         "Authenticating Agent" means any Person authorized to act on behalf
of the Trustee to authenticate Securities pursuant to Section 8.14.

         "Authorized Newspaper" means a newspaper, in an official language of
the country of publication or in the English language, customarily published
on each Business Day whether or not published on Saturdays, Sundays or
holidays, and of general circulation in the place in connection with which the
term is used or in the financial community of such place. Where successive
publications are required to be made in Authorized Newspapers, the successive
publications may be made in the same or in different newspapers in the same
city meeting the foregoing requirements and in each case on any Business Day.

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

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

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

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

         "Board Resolution" means a copy of a resolution certified by the
Secretary or an Assistant Secretary of the Company to have been duly adopted
by the Board of Directors of the Company and to be in full force and effect on
the date of such certification, and delivered to the appropriate Trustee.

                                       2
<PAGE>

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

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

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

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

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

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

         "Corporate Trust Office" means the corporate trust office of the
Trustee located in The City of New York, at which at any particular time its
corporate trust business shall be principally administered, which office, at
the date of execution of this Agreement, is located at 450 West 33rd Street,
15th Floor, New York, New York 10001, Attention: Institutional Trust Services.

                                       3
<PAGE>

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

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

         "Default" has the meaning specified in Section 7.07.

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

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

         "Event of Default" has the meaning specified in Section 7.01.

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

         "Exchange Rate" means (a) if pursuant to Section 3.12(i) payment is
to be made in U.S. dollars with respect to a Security denominated in a Foreign
Currency, the highest firm bid quotation for U.S. dollars received by the
Exchange Rate Agent at approximately 11:00 A.M., New York City time on the
second Business Day preceding the applicable payment date (or, if no such
rates are quoted on such date, the last date on which such rates were quoted),
from three recognized foreign exchange dealers in The City of New York
selected by the Exchange Rate Agent and approved by the Company (one of which
may be the Exchange Rate Agent) for the purchase by the quoting dealer, for
settlement on such payment date, of the aggregate amount of the Foreign
Currency payable on such payment date in respect of all Securities denominated
in such Foreign Currency and (b) if an Exchange Rate is to be computed for
purposes of any provisions other than Section 3.l2(i), the rate determined
pursuant to the foregoing clause (a) on such date and at such time as may be
specified in the relevant provision.

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

         If for any reason any of the foregoing rates are not available with
respect to one or more Foreign Currencies for which an Exchange Rate is
required, the Company shall use the most recently available quotation of the
Federal Reserve Bank of New York, or quotations from one or more commercial
banks in The City of New York or in the country of issue of the Foreign
Currency in question, or such other quotations as the Company, in each case,
shall deem appropriate; provided, however, that if there is more than one
market for dealing in any Foreign

                                       4
<PAGE>

Currency by reason of foreign exchange regulations or otherwise, the
market to be used for such quotations shall be the largest market upon which a
nonresident issuer of securities designated in such Foreign Currency would
purchase such Foreign Currency in order to make payments in respect of such
securities.

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

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

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

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

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

         "Interest", when used with respect to an Original Issue Discount
Security which by its terms bears interest only after Maturity, means interest
payable after Maturity.

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

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

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

                                       5
<PAGE>

to be made in U.S. dollars with respect to a Security denominated in a
composite currency, for each Component of such composite currency, the Market
Exchange Rate determined pursuant to the foregoing clause (a) on the second
Business Day preceding the applicable payment date.

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

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

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

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

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

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

         "Original Issue Discount Security" means any Security which provides
for an amount less than the principal amount thereof to be due and payable
upon a declaration of acceleration of the Maturity thereof pursuant to Section
7.02.

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

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

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

                                       6
<PAGE>

                           (iii)  such Securities which have been paid
         pursuant to Section 3.06 or in exchange for or in lieu of which other
         Securities have been authenticated and delivered pursuant to this
         Indenture, other than any such Securities in respect of which there
         shall have been presented to the Trustee proof satisfactory to it
         that such Securities are held by a protected purchaser (within the
         meaning of Article 8 of the Uniform Commercial Code) in whose hands
         such Securities are valid obligations of the Company;

provided, however, that in determining whether the Holders of the requisite
principal amount of such Securities Outstanding have given any request,
demand, authorization, direction, notice, consent or waiver hereunder, the
principal amount of Original Issue Discount Securities that shall be deemed to
be Outstanding for such purposes shall be the amount of the principal thereof
that would be due and payable as of the date of such determination upon a
declaration of acceleration of the Maturity thereof pursuant to Section 7.02,
and Securities owned by the Company or any other obligor upon the Securities
or any Affiliate of the Company or of such other obligor shall be disregarded
and deemed not to be Outstanding, except that, in determining whether the
Trustee shall be protected in relying upon any such request, demand,
authorization, direction, notice, consent or waiver, only Securities which are
registered in the Security Register in the name of the Company, any obligor
stated to be so obligated on such Securities or any Affiliate of the Company
or such obligor which is listed as such on an Officers' Certificate delivered
to the Trustee for that Series shall be disregarded. Securities so owned which
have been pledged in good faith may be regarded as Outstanding if the pledgee
establishes to the satisfaction of the Trustee the pledgee's right so to act
with respect to such Securities and that the pledgee is not the Company or any
other obligor upon the Securities or any Affiliate of the Company or of such
other obligor. The Trustee shall be entitled to rely upon an Officers'
Certificate as conclusive evidence regarding the ownership or pledge of
Securities by the Company or any Affiliate of the Company.

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

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

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

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

                                       7
<PAGE>

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

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

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

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

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

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

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

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

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

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

         "Security Register" has the meaning specified in Section 3.05.

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

         "Senior Indebtedness" means all obligations of the Company to make
payment or delivery pursuant to the terms of (i) the Company's indebtedness
for money borrowed, other than (a) the Securities, (b) such indebtedness as is
by its terms expressly stated to be junior in right of payment to the
Securities and (c) such indebtedness as is by its terms expressly stated to
rank pari passu with the Securities, (ii) all obligations of the Company to
make payment or delivery pursuant to the terms of financial instruments such
as (a) securities contracts and foreign currency exchange contracts, (b)
derivative instruments, such as swap agreements (including interest rate and
foreign exchange rate swap agreements), cap agreements, floor agreements,

                                       8
<PAGE>

collar agreements, interest rate agreements, foreign exchange rate agreements,
options, commodity futures contracts, commodity option contracts and (c) in
the case of both (a) and (b) above, similar financial instruments, and (iii)
any deferrals, renewals or extensions of any such Senior Indebtedness. The
term "indebtedness for money borrowed" as used in the foregoing sentence shall
include, without limitation, any obligation of, or any obligation guaranteed
by, the Company for the repayment of borrowed money, whether or not evidenced
by bonds, debentures, notes or other written instruments, and any deferred
obligation of, or any such obligation guaranteed by, the Company of the
payment of the purchase price of property or assets. Senior Indebtedness may
also include other obligations of the Company if, and to the extent
specifically provided in the Officer's Certificate pursuant to Section 3.01
setting forth the terms of a series of Securities.

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

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

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

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

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

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

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

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

                                       9
<PAGE>

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

         "Voting Stock" means stock of the class or classes having general
voting power under ordinary circumstances to elect at least a majority of the
Board of Directors, managers or trustees of such corporation (irrespective of
whether or not at the time stock of any other class or classes shall have or
might have voting power by reason of the happening of any contingency).

         SECTION 1.02.  Compliance Certificates and Opinions.

         Upon any application or request by the Company to the Trustee to take
any action under any provision of this Indenture, the Company shall furnish to
the Trustee an Officers' Certificate stating that all conditions precedent
(including any covenants, compliance with which constitutes a condition
precedent), if any, provided for in this Indenture relating to the proposed
action have been complied with and an Opinion of Counsel stating that in the
opinion of such counsel that such action is authorized or permitted by this
Indenture and that all such conditions precedent (including any covenants,
compliance with which constitutes a condition precedent), if any, have been
complied with, except that in the case of any such application or request as
to which the furnishing of such documents is specifically required by any
provision of this Indenture relating to such particular application or
request, no additional certificate or opinion need be furnished.

         Every certificate or opinion with respect to compliance with a
condition or covenant provided for in this Indenture (other than annual
certificates provided pursuant to Section 5.10) shall include:

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

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

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

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

                                      10
<PAGE>

         SECTION 1.03.  Form of Documents Delivered to Trustee.

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

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

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

         SECTION 1.04.  Acts of Securityholders.

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

                           (ii)  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 the certificate of a
         notary public or other officer authorized by law to take
         acknowledgments of deeds, certifying that the individual signing such
         instrument or writing acknowledged to him the execution thereof.
         Where such execution is by or on behalf of any legal entity other
         than an individual, such certificate or affidavit shall also
         constitute proof of the authority of the Person executing the same.
         The fact and date of

                                      11
<PAGE>

         the execution of any such instrument or writing, or the authority
         of the Person executing the same, may also be provided in any other
         manner which the Trustee deems sufficient.

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

                           (iv)     The principal amount and serial numbers
         of Bearer Securities held by any Person, and the date of holding the
         same, may be proved by the production of such Bearer Securities or by
         a certificate executed, as depository, by any trust company, bank,
         banker or other depositary, wherever situated, if such certificate
         shall be deemed by the Trustee to be satisfactory, showing that at
         the date therein mentioned such Person had on deposit with such
         depositary, or exhibited to it, the Bearer Securities therein
         described; or such facts may be proved by the certificate or
         affidavit of the Person holding such Bearer Security, if such
         certificate or affidavit is deemed by the Trustee to be satisfactory.
         The Trustee and the Company may assume that such ownership of any
         Bearer Security continues until (1) another certificate or affidavit
         bearing a later date issued in respect of the same Bearer Security is
         produced, or (2) such Bearer Security is produced to the Trustee by
         some other Person, or (3) such Bearer Security is surrendered in
         exchange for a Registered Security, or (4) such Bearer Security is no
         longer Outstanding.

                           (v)   The fact and date of execution of any
         such instrument or writing, the authority of the Person executing the
         same and the principal amount and serial numbers of Bearer Securities
         held by the Person so executing such instrument or writing and the
         date of holding the same may also be proved in any other manner which
         the Trustee deems sufficient; and the Trustee may in any instance
         require further proof with respect to any of the matters referred to
         in this Section.

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

                           (vii)  For purposes of determining the principal
         amount of Outstanding Securities of any series, or if such Outstanding
         Securities are not payable at Maturity for a fixed principal amount,
         the issue price of Outstanding Securities of any series, the
         Securityholders of which are required, requested or permitted to give
         any request, demand, authorization, direction, notice, consent, waiver
         or take any other Act under the Indenture, each Security denominated
         in a Foreign Currency shall be deemed to have a principal amount or
         issue price determined by converting the principal amount or issue
         price of such Security in the currency or currencies in which such
         Security is denominated into U.S. dollars at the Exchange Rate(s) as
         of 9:00 A.M. New York City time as determined by an Exchange Rate
         Agent (as evidenced by a certificate of such Exchange Rate Agent) on
         the date such Act is delivered to the Trustee pursuant to

                                      12
<PAGE>

         Section 1.04(i). Any such determination by the Company or an Exchange
         Rate Agent shall be conclusive and binding on the Holders and the
         Trustee for such series, and neither the Company nor such Exchange
         Rate Agent shall be liable therefor in the absence of bad faith.

                           (viii)  The Company may, but shall not be
         obligated to, set a record date for purposes of determining the
         identity of Holders entitled to vote or consent to any action by vote
         or consent authorized or permitted under this Indenture, which record
         date shall be the later of 10 days prior to the first solicitation of
         such consent or the date of the most recent list of Holders furnished
         to the Trustee pursuant to Section 6.01 of this Indenture prior to
         such solicitation. If a record date is fixed, those persons who were
         Holders of Securities at such record date (or their duly designated
         proxies), and only those persons, shall be entitled to take such
         action by vote or consent or to revoke any vote or consent previously
         given, whether or not such persons continue to be Holders after such
         record date. No such vote or consent shall be valid or effective for
         more than 120 days after such record date.

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

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

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

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

         SECTION 1.06.  Notices to Securityholders; Waiver.

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

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

                           (2)  Such notice shall be sufficiently given
                  to Holders of Bearer Securities if published in an
                  Authorized Newspaper in The City of New York and, if the
                  Securities of such series are then listed on The
                  International Stock Exchange

                                      13
<PAGE>

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

         In case by reason of the suspension of regular mail service in the
applicable country or countries or by reason of any other case it shall be
impracticable to give such notice to Holders of Registered Securities by mail,
then such notification as shall be made with the approval of the Trustee shall
constitute a sufficient notification for every purpose hereunder. In any case
where notice to Holders of Registered Securities is given by mail, neither the
failure to mail such notice, nor any defect in any notice so mailed, to any
particular Holder of a Registered Security shall affect the sufficiency of
such notice with respect to other Holders of Registered Securities or the
sufficiency of any notice by publication to Holders of Bearer Securities given
as provided above.

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

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

         SECTION 1.07.  Language of Notices, Etc.

         Any request, demand, authorization, direction, notice, consent, or
waiver required or permitted under this Indenture shall be in the English
language, except that any published notice may be in an official language of
the country of publication, as may be specified in a form of Security or, in
the absence of such specification, as directed in writing by the Company.

                                      14
<PAGE>

         SECTION 1.08.  Conflict with Trust Indenture Act.

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

         SECTION 1.09.  Effect of Headings and Table of Contents.

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

         SECTION 1.10.  Successors and Assigns.

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

         SECTION 1.11.  Separability Clause.

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

         SECTION 1.12.  Benefits of Indenture.

         Nothing in this Indenture or in the Securities, express or implied,
shall give to any Person, other than the parties hereto and their successors
hereunder, the Holders and, to the extent provided in Article Fourteen hereof,
the holders of Senior Indebtedness, any benefit or any legal or equitable
right, remedy or claim under this Indenture.

         SECTION 1.13.  Legal Holidays.

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

                                      15
<PAGE>

         SECTION 1.14.  Governing Law.

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

         SECTION 1.15.  Judgment Currency; Payment to be in Proper Currency.

         Each reference in any Security, or in the Board Resolution relating
thereto, to any currency shall be of the essence. Subject to Section 3.12(iv),
the Company agrees, to the fullest extent that it may effectively do so under
applicable law, that (a) if for the purpose of obtaining judgment in any court
it is necessary to convert the sum or amount of Maturity Consideration due or
payable in respect of the principal of (and premium, if any), Maturity
Consideration or interest on the Securities of any series in a Specified
Currency into a currency in which a judgment will be rendered (the "Judgment
Currency"), the rate of exchange used shall be the Exchange Rate (as
determined by the Exchange Rate Agent) as of 11:00 A.M. New York City time on
the New York Banking Day immediately preceding that on which final
unappealable judgment is given and (b) its obligations to make any payment or
delivery of principal of (and premium, if any), Maturity Consideration and
interest on any Security (i) shall not be discharged or satisfied by any
tender by the Company, or recovery by the Trustee, either pursuant to any
judgment (whether or not entered in accordance with subsection (a) above) or
otherwise, in any currency other than the Required Currency except to the
extent that such tender or recovery shall result in the Trustee timely holding
the full amount of the Required Currency then due and payable in respect of
such payments, (ii) shall be enforceable as an alternative or additional cause
of action for the purpose of recovering, in the Required Currency, the amount,
if any, by which such timely holding shall fall short of the full amount of
the Required Currency so expressed to be then due and (iii) shall not be
affected by judgment being obtained for any other sum due under this
Indenture. For purposes of the foregoing, "New York Banking Day" means any day
except a Saturday, Sunday or a legal holiday in The City of New York or a day
on which banking institutions in The City of New York are authorized or
required by law or executive order to close. Except as permitted under Section
3.12(iv), if any such tender or recovery is in a currency other than the
Required Currency, the Trustee may take such actions as it considers
appropriate to exchange such currency for the Required Currency; provided,
however, the Trustee shall have no obligation to make any payment in any
currency tendered to or recovered by such Trustee. The costs and risks of any
such exchange, including without limitation the risks of delay and exchange
rate fluctuation, shall be borne by the Company, and the Company shall remain
fully liable for any shortfall or delinquency in the full amount of the
Required Currency then due and payable, and in no circumstances shall the
Trustee be liable therefor. The Company hereby waives any defense of payment
based upon any such tender or recovery which is not in the Required Currency,
or which, when exchanged for the Required Currency by the Trustee, is less
than the full amount of the Required Currency then due and payable.

         SECTION 1.16.  Moneys of Different Currencies to be Segregated.

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

                                      16
<PAGE>

                                  ARTICLE II

                                SECURITY FORMS

         SECTION 2.01.  Forms Generally.

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

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

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

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

         SECTION 2.02.  Form of Securities.

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

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

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

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

                                      17
<PAGE>

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

         SECTION 2.03.  Form of Trustee's Certificate of Authentication.

                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION
         This is one of the Securities of the series designated herein
referred to in the within-mentioned Indenture.

                                       THE CHASE MANHATTAN BANK, as Trustee

                                       By:____________________________________
                                          Authorized Officer

                                      18
<PAGE>

                                  ARTICLE III

                                THE SECURITIES

         SECTION 3.01.  Title and Terms.

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

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

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

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

                           (iii)    any limit upon the aggregate principal
         amount of the Securities of the series which may be authenticated and
         delivered under this Indenture (except for Securities authenticated
         and delivered upon registration of transfer of, or in exchange for,
         or in lieu of, other Securities of that series pursuant to this
         Article Three or Sections 4.07 or 9.06);

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

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

                           (vi)    the place or places where, subject to
         the provisions of Section 5.02, the principal of (and premium, if
         any), Maturity Consideration and interest, if any, on Securities of
         the series shall be payable or deliverable;

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

                                      19
<PAGE>

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

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

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

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

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

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

                           (xiv)  if other than the principal amount
         thereof, the portion of the principal amount of Securities of the
         series which shall be payable or deliverable upon declaration of
         acceleration of the Maturity thereof pursuant to Section 7.02;

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

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

                                      20
<PAGE>

                           (xvii)   any addition to or modification or
         deletion of any Event of Default, Default or covenants of the Company
         with respect to the Securities of the series, whether or not such
         Events of Default or covenants are consistent with the Events of
         Default or covenants set forth herein;

                           (xviii)  any covenants solely for the benefit of the
         Securities of the Series;

                           (xix)    the appointment of any Paying Agent or
         Agents for the Securities of the series; and

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

                           (xxi)    any additional obligation of the Company
         to be included as Senior Indebtedness; and

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

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

         All Securities shall be subordinate and junior in right of payment to
the obligations of the Company to holders of Senior Indebtedness of the
Company as provided in Article Fourteen.

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

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

         SECTION 3.02.  Denominations.

         The Securities of each series shall be issuable in such form and
denominations as shall be specified as contemplated by Section 3.01. In the
absence of any specification with respect to the Securities of any series, the
Registered Securities of each series shall be issuable only as Securities
without coupons in minimum denominations of $100,000 and any integral multiple
of $1,000 in excess thereof and the Bearer Securities of each series, if any,
shall be issuable with coupons and in denominations of $10,000 and $50,000.

                                      21
<PAGE>

         SECTION 3.03.  Execution, Authentication, Delivery and Dating.

         The Securities shall be executed on behalf of the Company by its
Chairman of the Board, its Chief Executive Officer, its President, one of its
Vice Chairmen or one of its Vice Presidents, under its corporate seal
reproduced thereon attested by its Secretary or one of its Assistant
Secretaries. The signatures of any or all of these officers on the Securities
may be manual or facsimile. Coupons shall bear the facsimile signature of the
Company's Chairman of the Board, its Chief Executive Officer, its President, a
Vice Chairman of the Board, its Chief Financial Officer, one of its Executive
Vice Presidents or the Treasurer.

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

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

         In authenticating such Securities, and accepting the additional
responsibilities under this Indenture in relation to such Securities, the
Trustee shall be entitled to receive, and (subject to Section 8.01) shall be
fully protected in relying upon, an Opinion of Counsel complying with Section
1.02 and stating that,

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

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

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

                                      22
<PAGE>

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

         The Trustee shall not be required to authenticate such Securities if
the issue thereof will adversely affect the Trustee's own rights, duties or
immunities under the Securities and this Indenture or otherwise in a manner
which is not reasonably acceptable to the Trustee. Notwithstanding the
generality of the foregoing, the Trustee will not be required to authenticate
Securities denominated in a Foreign Currency if the Trustee reasonably
believes that it would be unable to perform its duties with respect to such
Securities.

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

         No Security or coupon shall be entitled to any benefit under this
Indenture or be valid or obligatory for any purpose, unless there appears on
such Security a certificate of authentication substantially in the form
provided for herein executed by the Trustee by manual signature, and such
certificate upon any Security shall be conclusive evidence, and the only
evidence that such Security has been duly authenticated and delivered
hereunder and is entitled to the benefits under this Indenture.
Notwithstanding the foregoing, if any Security shall have been authenticated
and delivered hereunder but never issued and sold by the Company, and the
Company shall deliver such Security to the Trustee for cancellation as
provided in Section 3.09 together with a written statement (which need not
comply with Section 1.02 and need not be accompanied by an Opinion of Counsel)
stating that such Security has never been issued or sold by the Company, for
all purposes of this Indenture, such Security shall be deemed never to have
been authenticated and delivered under this Indenture and shall never be
entitled to the benefits of this Indenture.

         SECTION 3.04.  Temporary Securities.

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

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

                                      23
<PAGE>

in a Place of Payment for that series, without charge to the Holder. Upon
surrender for cancellation of any one or more temporary Securities of any
series the Company shall execute and the Trustee shall authenticate and
deliver in exchange therefor a like principal amount of definitive Securities
of such series of authorized denominations provided, however, that no
definitive Bearer Security shall be delivered in exchange for a temporary
Registered Security; and provided, further, that a definitive Bearer Security
shall be delivered in exchange for a temporary Bearer Security only in
compliance with the conditions set forth in Section 3.03. Until so exchanged
the, temporary Securities of any series shall in all respects be entitled to
the same benefits under this Indenture as definitive Securities of such
series.

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

         Unless otherwise specified in such temporary global Security, and
subject to the second proviso in the following paragraph, the interest of a
beneficial owner of Securities in a series in a temporary global Security
shall be exchanged for definitive Securities of such series and of like tenor
following the Exchange Date when the account holder instructs Euroclear or
Clearstream, as the case may be, to request such exchange on his behalf and
delivers to Euroclear or Clearstream, as the case may be, a certificate in the
form required by Section 3.11(i), dated no earlier than fifteen days prior the
Exchange Date, copies of which certificate shall be available from the offices
of Euroclear and Clearstream, the Trustee, any Authenticating Agent appointed
for such series of Securities and each Paying Agent. Unless otherwise
specified in such temporary global Security, any such exchange shall be made
free of charge to the beneficial owners of such temporary global Security,
except that the Company may charge any Person receiving definitive Securities
for the cost of insurance, postage, transportation and the like in the event
that such Person does not take delivery of such definitive Securities in
person at the offices of Euroclear or Clearstream.

         Without unnecessary delay but in any event not later than five
Business Days prior to the date specified in, or determined pursuant to the
terms of, any such temporary global Security as the "Exchange Date" (the
"Exchange Date"), the Company shall deliver to the Trustee, or, if the Trustee
appoints an Authenticating Agent pursuant to Section 8.14, to any such
Authenticating Agent, definitive Securities in aggregate principal amount
equal to the principal amount of such temporary global Security, executed by
the Company. Unless otherwise specified as contemplated by Section 3.01, such
definitive Securities shall be in the form of Bearer Securities

                                      24
<PAGE>

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

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

         SECTION 3.05.  Registration, Registration of Transfer and Exchange.

         With respect to Registered Securities, the Company shall keep or
cause to be kept at the office of the Security Registrar designated pursuant
to this Section 3.05 or Section 5.02 a register (being the combined register
of the Security Registrar and all Co-Security Registrars and herein sometimes
collectively referred to as the "Security Register") in which, subject to such
reasonable regulations as it may prescribe, the Company shall provide for the
registration of Securities and the registration of transfers of Securities and
the Company shall appoint a Security Registrar, and any Co-Security Registrar
as may be appropriate, to keep the Security Register.

                                      25
<PAGE>

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

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

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

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

         At the option of the Holder, Bearer Securities of any series may be
exchanged for Registered Securities of the same series of any authorized
denominations and of a like aggregate principal amount and tenor, upon
surrender of the Bearer Securities to be exchanged at any such office or
agency, with all unmatured coupons and all matured coupons in default
appertaining thereto. If the Holder of a Bearer Security is unable to produce
any such unmatured coupon or coupons or matured coupon or coupons in default,
such exchange may be effected if the Bearer Securities are accompanied by
payment in funds acceptable to the Company in an amount equal to the face
amount of such missing coupon or coupons, or the surrender of such missing
coupon or coupons may be waived by the Company and the Trustee if there be
furnished to them such security or indemnity as they may require to save each
of them and any Paying Agent harmless. If thereafter the Holder of such
Security shall surrender to any Paying Agent any such missing coupon in
respect of which such a payment shall have been made, such Holder shall be
entitled to receive the amount of such payment from the Company; provided,
however, that interest represented by coupons shall be payable only upon
presentation and surrender of those coupons at an office or agency of a Paying
Agent located outside the United States. Notwithstanding the foregoing, in
case a Bearer Security of any series is surrendered at any such office or
agency in exchange for a Registered Security of the same series and like tenor
after the close of business at such office or agency on (i) any Regular Record
Date and before the opening of business at such office or agency on the
relevant Interest Payment Date, or (ii) any Special Record Date and before the
opening of business at such office or agency on the related date for payment
of Defaulted Interest, such Bearer Security shall be surrendered without the
coupon relating to such Interest Payment Date or proposed date for payment, as
the case may be.

                                      26
<PAGE>

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

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

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

         Unless otherwise provided in the Securities to be transferred or
exchanged, no service charge shall be made to the Holder for any registration
of transfer or exchange of Securities, but the Company may (unless otherwise
provided in such Securities) require payment of a sum sufficient to cover any
tax or other governmental charge that may be imposed in connection with any
registration of transfer or exchange of Securities, other than exchanges
pursuant to Section 3.04, 4.07, or 9.06 not involving any transfer.

         None of the Company, the Security Registrar or any Co-Security
Registrar shall be required (i) to issue, register the transfer of or exchange
any Securities of any series during a period beginning at the opening of
business 15 days before the day of the mailing of a notice of redemption of
Securities that series selected for redemption under Section 4.03 and ending
at the close of business on (A) if Securities of the series are issuable only
as Registered Securities, the day of the mailing of the relevant notice of
redemption of Registered Securities of such series so selected for redemption,
or (B) if Securities of the series are issuable as Bearer Securities, the day
of the first publication of the relevant notice of redemption or, if
Securities of the series are also issuable as Registered Securities and there
is no publication, the mailing of the relevant notice of redemption, or (ii)
to register the transfer or exchange of any Securities so selected for
redemption in whole or in part.

         SECTION 3.06.  Mutilated, Destroyed, Lost and Stolen Securities.

         If (i) any mutilated Security or Security with a mutilated coupon,
surrendered to the Trustee or the Security Registrar, or if the Company, the
Trustee and the Security Registrar receive evidence to their satisfaction of
the destruction, loss or theft of any Security or coupon, and (ii) there is
delivered to the Company, the Trustee and the Security Registrar such Security
or indemnity as may be required by them to save each of them harmless, then,
in the absence of notice to the Company, the Trustee or the Security Registrar
that such Security has been acquired by a protected purchaser (within the
meaning of Article 8 of the Uniform Commercial Code), the Company shall
execute and upon its request the Trustee shall authenticate and deliver, in
lieu of any such mutilated, destroyed, lost or stolen Security or in exchange
for the Security to which a destroyed, lost or stolen coupon appertains (with
all appurtenant coupons not destroyed, lost or stolen), a new Security of the
same series and Stated Maturity and of like tenor and principal

                                      27
<PAGE>

amount, bearing a number not contemporaneously outstanding and, if applicable,
with coupons corresponding to the coupons appertaining thereto.

         In case any such mutilated, destroyed, lost or stolen Security or
coupon has become or is about to become due and payable, the Company in its
discretion may, instead of issuing a new Security, pay such Security or
deliver the Maturity Consideration deliverable thereon; provided, however,
that payment of principal of (and premium, if any), Maturity Consideration and
any interest on Bearer Securities shall be payable only at an office or agency
located outside the United States, and, in the case of interest, unless
otherwise specified as contemplated by Section 3.01, only upon presentation
and surrender of the coupons appertaining thereto.

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

         Every new Security of any series, with its coupons, if any, issued
pursuant to this Section in lieu of any destroyed, lost or stolen Security, or
in exchange for a Security with a destroyed, lost or stolen coupon, shall
constitute an original additional contractual obligation of the Company,
whether or not the destroyed, lost or stolen Security and its coupons, if any,
or the destroyed, lost or stolen coupon shall be at any time enforceable by
anyone, and shall be entitled to all the benefits of this Indenture equally
and proportionately with any and all other Securities of the same series and
their coupons, if any, duly issued hereunder.

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

         SECTION 3.07.  Payment of Interest; Interest Rights Preserved.

         Unless otherwise provided, as contemplated by Section 3.01, interest
on any Registered Security which is payable or deliverable, and is punctually
paid, delivered or duly provided for, on any Interest Payment Date shall
unless otherwise provided in such Security be paid or delivered to the Person
in whose name that Security (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date for such
interest; provided, however, that in the case of a Registered Security
originally issued between a Regular Record Date and the Interest Payment Date
or on an Interest Payment Date relating to such Regular Record Date, interest
for the period beginning on the date of issue and ending on such Interest
Payment Date shall be paid or delivered on the next succeeding Interest
Payment Date to the Person in whose name such Registered Security (or one or
more Predecessor Securities) is registered at the close of business on the
Regular Record Date with respect to such succeeding Interest Payment Date.
Unless otherwise specified as contemplated by Section 3.01, in case a Bearer
Security of any series is surrendered in exchange for a Registered Security of
such series after the close of business (at an office or agency referred to in
Section 3.05) on any Regular Record Date and before the opening of business
(at such office or agency) on the next succeeding Interest Payment Date, such
Bearer Security shall be surrendered without the coupon relating to such
Interest Payment Date and interest will not be payable or deliverable on such

                                      28
<PAGE>

Interest Payment Date in respect of the Registered Security issued in exchange
for such Bearer Security, but will be payable or deliverable only to the
Holder of such coupon when due in accordance with the provisions of this
Indenture.

         Any interest on any Registered Security which is payable or
deliverable, but is not punctually paid, delivered or duly provided for, on
any Interest Payment Date (herein called "Defaulted Interest") shall forthwith
cease to be payable or deliverable to the Holder on the relevant Regular
Record Date by virtue of his having been such Holder, and such Defaulted
Interest may be paid or delivered by the Company, at its election in each
case, as provided in clause (i) or clause (ii) below.

                           (i)   The Company may elect to make payment or
         delivery of any Defaulted Interest to the Persons in whose names any
         such Registered Securities of such series (or their respective
         Predecessor Securities) are registered at the close of business on a
         Special Record Date for the payment or delivery of such Defaulted
         Interest, which shall be fixed in the following manner. The Company
         shall notify the Trustee in writing of the amount of Defaulted
         Interest proposed to be paid or delivered on each Registered Security
         of such series and the date of the proposed payment or delivery, and
         at the same time the Company shall deposit with the Trustee an amount
         of money or other property equal to the aggregate amount proposed to
         be paid or delivered in respect to such Defaulted Interest or shall
         make arrangements satisfactory to the Trustee for such deposit prior
         to the date of the proposed payment or delivery, such money or other
         property when deposited to be held in trust for the benefit of the
         Persons entitled to such Defaulted Interest as provided in this
         clause. Thereupon the Trustee shall fix a Special Record Date for the
         payment or delivery of such Defaulted Interest which shall be not
         more than 15 nor less than 10 days prior to the date of the proposed
         payment or delivery and not less than 10 days after the receipt by
         the Trustee of the notice of the proposed payment or delivery. The
         Trustee shall promptly notify the Company of such Special Record Date
         and, in the name and at the expense of the Company, shall cause
         notice of the proposed payment or delivery of such Defaulted Interest
         and the Special Record Date therefor to be mailed, first-class,
         postage prepaid, to each Holder of Securities of such series at his
         address as it appears in the Security Register, not less than 10 days
         prior to such Special Record Date. Notice of the proposed payment or
         delivery of such Defaulted Interest and the Special Record Date
         therefor having been so mailed, such Defaulted Interest shall be paid
         or delivered to the Persons in whose names such Registered Securities
         of such series (or their respective Predecessor Securities) are
         registered at the close of business on such Special Record Date and
         shall no longer be payable or deliverable pursuant to the following
         clause (ii). In case a Bearer Security of any series is surrendered
         at the office or agency in a Place of Payment for such series in
         exchange for a Registered Security of such series after the close of
         business at such office or agency on any Special Record Date and
         before the opening of business at such office or agency on the
         related proposed date of payment or delivery of Defaulted Interest,
         such Bearer Security shall be surrendered without the coupon relating
         to such proposed date for payment or delivery and Defaulted Interest
         will not be payable or deliverable on such proposed date for payment
         or delivery in respect of the Registered Security issued in exchange
         for such Bearer Security, but will be payable only to the Holder of
         such coupon when due in accordance with the provisions of this
         Indenture.

                                      29
<PAGE>

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

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

         SECTION 3.08.  Persons Deemed Owners.

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

         Prior to due presentment of a Security of any series for registration
of transfer of any Registered Security, the Company, the Trustee and any agent
of the Company or the Trustee may treat the Person in whose name such Security
is registered as the owner of such Security for the purpose of receiving
payment or delivery of principal of (and premium, if any), Maturity
Consideration in respect of, and (subject to Section 3.07) interest on such
Security, and for all purposes whatsoever, whether or not such Security is
overdue, and neither the Company, the Trustee nor any agent of the Company or
the Trustee shall be affected by notice to the contrary.

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

         SECTION 3.09.  Cancellation.

         All Securities and coupons surrendered for payment, registration of
transfer, exchange, repayment, redemption or for credit against any sinking
fund payment shall, if surrendered to any Person other than the Trustee, be
delivered to the Trustee. All Securities so delivered or surrendered directly
to the Trustee for any such purpose, shall be promptly canceled by it. The
Company may at any time deliver to the Trustee for cancellation any Securities
previously authenticated and delivered hereunder which the Company may have
acquired in any manner whatsoever, and all Securities so delivered shall be
promptly canceled by the Trustee. No Securities shall be authenticated in lieu
of or in exchange for any Securities canceled as provided in this Section,
except as expressly permitted by this Indenture or such Securities. All
canceled Securities or coupons held by the Trustee shall be disposed of by the
Trustee in accordance with its customary procedures and the Trustee shall
deliver a certificate of such disposition to the Company, if requested by the
Company.

                                      30
<PAGE>

         SECTION 3.10.  Computation of Interest.

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

         SECTION 3.11.  Forms of Certification.

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

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

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

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

         SECTION 3.12.  Payment in Currencies.

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

                           (ii) If authorized pursuant to Section 3.01,
         any Holder of a Security of a series of Securities denominated in a
         Foreign Currency may elect to receive payments in the Foreign
         Currency in which such Security is denominated pursuant to Section
         3.01. A Holder may make such election by delivering to the Trustee a
         written notice thereof, in such form as may be acceptable to the
         Trustee, not later than the close of business on the Regular Record
         Date or Special Record Date, as the case may be, immediately
         preceding

                                      31
<PAGE>

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

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

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

                           (v)   All decisions and determinations of the
         Company or an Exchange Rate Agent regarding the Exchange Rate, Market
         Exchange Rate or conversion of Foreign Currency into U.S. dollars
         pursuant to Section 1.04(vii) or this Subsection shall, in the
         absence of manifest error, be conclusive for all purposes and
         irrevocably binding upon the Company (in the case of a determination
         by an Exchange Rate Agent), the Trustee for the series, any Paying
         Agent and all Holders of the Securities of such series. If a Foreign
         Currency (other than a composite currency) in which payment of a
         series of

                                      32
<PAGE>

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

         SECTION 3.13.  CUSIP Numbers.

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

                                  ARTICLE IV

                           REDEMPTION OF SECURITIES

         SECTION 4.01.  Applicability of Article.

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

         SECTION 4.02.  Election to Redeem; Notice to Trustee.

                                      33
<PAGE>

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

         SECTION 4.03.  Selection by Trustee of Securities to be Redeemed.

         If less than all the Securities of any series are to be redeemed, the
particular Securities to be redeemed shall be selected not more than 60 days
prior to the Redemption Date by the Trustee from the Outstanding Securities of
such series not previously called for redemption, by such method as the
Trustee shall deem fair and appropriate and which may provide for the
selection for redemption of portions of the principal amount or issue price of
Securities of such series or a denomination equal to or larger than the
minimum authorized denomination for Securities of such series. Unless
otherwise provided by the terms of the Securities of any series the
denominations of the Securities so selected for partial redemption shall be,
in the case of Registered Securities, equal in value to $100,000 or an
integral multiple of $1,000 in excess thereof, or, in the case of Bearer
Securities, equal to $10,000 or $50,000, and the principal amount of any such
Securities which remains outstanding shall not be less than the minimum
authorized denomination for Securities of such series.

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

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

         SECTION 4.04.  Notice of Redemption.

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

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

                           (i)      the Redemption Date;

                           (ii)     the Redemption Price;

                                      34
<PAGE>

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

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

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

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

         Notice of redemption of Securities to be redeemed at the election of
the Company shall be given by the Company or, on Company Request, by the
Trustee in the name and at the expense of the Company. The notice if mailed in
the manner herein provided shall be conclusively presumed to have been duly
given, whether or not the Holder receives such notice. In any case, a failure
to give such notice by mail or any defect in the notice to the Holder of any
Security designated for redemption as a whole or in part shall not affect the
validity of the proceedings for the redemption of any other Security.

         SECTION 4.05.  Deposit of Redemption Price.

         Prior to 10:00 A.M. on any Redemption Date, the Company
shall deposit or cause to be deposited with the Trustee or with a Paying Agent
(or, if the Company is acting as its own Paying Agent, segregate and hold in
trust as provided in Section 5.03) an amount of money sufficient to pay the
Redemption Price of all the Securities which are to be redeemed on that date.

         SECTION 4.06.  Securities Payable on Redemption Date.

         Notice of redemption having been given as aforesaid, the Securities
so to be redeemed shall, on the Redemption Date, become due and payable at the
Redemption Price therein specified and from and after such date (unless the
Company shall default in the payment of the Redemption Price) such Securities
shall cease to bear interest and the coupons for such interest appertaining to
any Bearer Securities so to be redeemed, except to the extent provided below,
shall be void. Upon surrender of any such Securities for redemption in
accordance with said notice, such Securities shall be paid by the Company at
the Redemption Price; provided, however, that installments of interest on
Bearer Securities whose Stated Maturity is on or prior to the Redemption Date
shall be payable only at an office or agency located outside the United States
and, unless otherwise specified as contemplated by Section 3.01, only upon
presentation and surrender of coupons for such interest. Installments of
interest on Registered Securities whose Stated Maturity is on or prior to the
Redemption Date shall be payable to the Holders of such Securities, or one or
more Predecessor Securities, registered as such on the close of business on
the relevant Regular Record Dates according to their terms and the provisions
of Section 3.07.

                                      35
<PAGE>

         If any Bearer Security surrendered for redemption shall not be
accompanied by all appurtenant coupons maturing after the Redemption Date,
such Security may be paid after deducting from the Redemption Price an amount
equal to the face amount of all such missing coupons, or the surrender of such
missing coupon or coupons may be waived by the Company and the Trustee if
there be furnished to them such security or indemnity as they may required to
save each of them and any Paying Agent harmless. If thereafter the Holder of
such Bearer Security shall surrender to the Trustee or any Paying Agent any
such missing coupon in respect of which a deduction shall have been made from
the Redemption Price, such Holder shall be entitled to receive the amount so
deducted from the Company; provided, however, that interest represented by
coupons shall be payable only at an office or agency located outside the
United States and, unless otherwise specified as contemplated by Section 3.01,
only upon presentation and surrender of those coupons.

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

         SECTION 4.07.  Securities Redeemed in Part.

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

         SECTION 4.08.  Redemption Suspended During Event of Default.

         The Trustee shall not redeem any Securities (unless all Securities
then Outstanding are to be redeemed) or commence the giving of any notice of
redemption of Securities during the continuance of any Event of Default known
to the Trustee, except that where the giving of notice of redemption of any
Securities shall theretofore have been made, the Trustee shall, subject to the
provisions of Section 14.04, redeem such Securities, provided funds are
deposited with it for such purpose. Subject to the rights of the holders of
Senior Indebtedness, except as aforesaid, any moneys theretofore or thereafter
received by the Trustee shall, during the continuance of such Event of
Default, be held in trust for the benefit of the Securityholders and applied
in the manner set forth in Section 7.06; provided, however, that in case such
Event of Default shall have been waived as provided herein or otherwise cured,
such moneys shall thereafter be held and applied in accordance with the
provisions of this Article.

                                      36
<PAGE>

                                   ARTICLE V

                                   COVENANTS

         SECTION 5.01. Payment of Principal, Premium, if any, the Maturity
Consideration and Interest.

         The Company covenants and agrees for the benefit of each series of
Securities that it will duly and punctually pay or deliver the principal of
(and premium, if any), Maturity Consideration and interest (if any) on the
Securities of such series and any additional amounts described in Section 5.04
in accordance with the terms of the Securities of such series, any coupons
appertaining thereto and this Indenture. Unless otherwise specified as
contemplated by Section 3.01 with respect to any series of Securities, any
interest due on Bearer Securities on or before Maturity shall be payable or
deliverable only outside the United States upon presentation and surrender of
the several coupons for such interest installments as are evidenced thereby as
they severally mature. Any payment by the Company to a Paying Agent hereunder
shall be made in the applicable currency or currencies in which the respective
payments are required to be made.

         SECTION 5.02.  Maintenance of Office or Agency.

         If Securities of a series are issuable only as Registered Securities,
the Company will maintain in each Place of Payment for any series of
Securities an office or agency where Securities of that series may be
presented or surrendered for payment or delivered for Maturity Consideration,
where Securities of that series may be surrendered for registration of
transfer or exchange and where notices and demands to or upon the Company in
respect of the Securities of that series and this Indenture may be served. The
Company will give prompt written notice to the Trustee of the location, and of
any change in the location, of such office or agency. If Securities of a
series may be issuable as Bearer Securities, the Company will maintain an
office or agency where any Securities of that series may be presented or
surrendered for payment (A) in the Borough of Manhattan, The City of New York,
(B) o, where any Securities of that series may be surrendered for registration
of transfer, where Securities of that series may be surrendered for exchange
and where notices and demands to or upon the Company in respect of the
Securities of that series and this Indenture may be served, (C) subject to any
laws or regulations applicable thereto, in a Place of Payment for that series
which is located outside the United States, an office or agency where
Securities of that series and related coupons may be presented and surrendered
for payment (including payment of any additional amounts payable on Securities
of that series pursuant to Section 5.04); provided, however, that if the
Securities of that series are listed on The International Stock Exchange of
the United Kingdom and the Republic of Ireland Limited or the Luxembourg Stock
Exchange or any other stock exchange located outside the United States and
such stock exchange shall so require, the Company will maintain a Paying Agent
for the Securities of that series in London or Luxembourg or any other
required city located outside the United States, as the case may be, so long
as the Securities of that series are listed on such exchange, and (D) subject
to any laws or regulations applicable thereto, in a Place of Payment for such
series located outside the United States an office or agency where any
Registered Securities of that series may be surrendered for registration of
transfer, where Securities of that series may be surrendered for exchange and
where notices and demands to or upon the Company in respect of the Securities
of that series and this Indenture may be served. The Company will

                                      37
<PAGE>

give prompt written notice to the Trustee of the location, and any
change in the location, of any such office or agency. If at any time the
Company shall fail to maintain any such required office or agency in respect
of any series of Securities or shall fail to furnish the Trustee with the
address thereof, such presentations, surrenders, notices and demands may be
made or served at the Corporate Trust Office of the Trustee, except that the
Bearer Securities of that series and the related coupons may be presented and
surrendered for payment (including payment of any additional amounts payable
on Bearer Securities of that series pursuant to Section 5.04) at the place
specified for the purpose as contemplated by Section 3.01, and the Company
hereby appoints the Trustee as its agent to receive such respective
presentations, surrenders, notices and demands. Notwithstanding any other
provisions, to the contrary, the Company at its option may make payment of
principal, (and premium if any) and interest with respect to Registered
Securities by check mailed to the address of the Person entitled thereto, as
such address appears on the registry books of the Company.

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

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

         SECTION 5.03. Money or Other Property for Security Payments and
Deliveries to be Held in Trust.

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

         Whenever the Company shall have one or more Paying Agents for any
series of Securities, it will, prior to the opening of business on each due
date of the principal of (and premium, if any), Maturity Consideration or
interest on any Securities of such series, deposit

                                      38
<PAGE>

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

         The Company will cause each Paying Agent other than the Trustee for
any series of Securities to execute and deliver to the Trustee an instrument
in which such Paying Agent shall agree with the Trustee subject to the
provisions of this Section, that such Paying Agent will

                           (i)   hold all sums or other property held by
         it for the payment of or delivery of the principal (and premium, if
         any), Maturity Consideration or interest on Securities of such series
         in trust for the benefit of the Persons entitled thereto until such
         sums or other property shall be paid or delivered to such Persons or
         otherwise disposed of as herein provided;

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

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

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

         Any money or other property deposited with the Trustee or any Paying
Agent, or then held by the Company, in trust for the payment or delivery of
the principal of (and premium, if any), Maturity Consideration or interest in
any Security of any series and remaining unclaimed for two years after such
principal (and premium, if any), Maturity Consideration or interest has become
due and payable or deliverable shall be paid or delivered to the Company on
Company request, or (if then held by the Company) shall be discharged from
such trust; and the Holder of such Security shall thereafter, as an unsecured
general creditor, look only to the Company for payment or delivery thereof,
and all liability of the Trustee or such Paying Agent with respect to such
trust money or other property, and all liability of the Company as trustee
thereof, shall thereupon cease; provided, however, that the Trustee or such
Paying Agent, before being required to make any such repayment or delivery,
may at the expense of the Company cause to be published once, in an Authorized
Newspaper in each Place of Payment, notice that such money or other property
remains unclaimed and that, after a date specified therein, which shall

                                      39
<PAGE>

not be less than 30 days from the date of such publication, any
unclaimed balance of such money or other property then remaining will be
repaid or delivered to the Company.

         SECTION 5.04.  Additional Amounts.

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

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

         SECTION 5.05.  Corporate Existence.

         Subject to Article Ten, the Company will do or cause to be done all
things necessary to preserve and keep in full force and effect its corporate
existence, and that of each Subsidiary and the rights (charter and statutory)
and franchises of the Company and its Subsidiaries; provided, however, that
the Company shall not be required to preserve any such right or franchise if
the Company shall determine that the preservation thereof is no longer
desirable in the conduct of

                                      40
<PAGE>

the business of the Company and its Subsidiaries considered as a whole and
that the loss thereof is not disadvantageous in any material respect to the
Holders of Securities.

         SECTION 5.06.  Maintenance of Properties.

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

         SECTION 5.07.  Payment of Taxes and Other Claims.

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

         SECTION 5.08.  Statement as to Compliance.

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

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

                           (2)      to the best of his knowledge, based on
                  such review, (a) the Company has complied with all
                  conditions and covenants on its part contained in this
                  Indenture throughout such year, or, if there has been a
                  Default by the Company in the performance, observance or
                  fulfillment of any such condition or

                                      41
<PAGE>

                  covenant, specifying each such Default known to him and the
                  nature and status thereof, and (b) no event has occurred and
                  is continuing which is, or after notice or lapse of time or
                  both would become, an Event of Default, or, if such an event
                  has occurred and is continuing, specifying each such event
                  known to him and the nature and status thereof.

         For the purpose of this Section 5.08, compliance shall be determined
without regard to any grace period or requirement of notice provided pursuant
to the terms of this Indenture.

         SECTION 5.09.  Waiver of Certain Covenants.

         The Company may omit in any particular instance to comply with any
term, provision or condition set forth in Section 5.05 to 5.07, inclusive,
with respect to the Securities of any series if before the time for such
compliance the Holders of at least 50% in principal amount, or if such
Securities are not payable at Maturity for a fixed principal amount, 50% of
the aggregate issue price of the Outstanding Securities of such series shall,
by Act of such Holders, either waive such compliance in such instance or
generally waive compliance with such term, provision or condition, but no such
waiver shall extend to or affect such term, provision or condition except to
the extent so expressly waived, and, until such waiver shall become effective,
the obligations of the Company and the duties of the Trustee for such series
in respect of any such term, provision or condition shall remain in full force
and effect.

         SECTION 5.10.  Calculation of Original Issue Discount.

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

         SECTION 5.11.  Statement by Officers as to Default.

         The Company shall deliver to the Trustee, as soon as possible and in
any event within five days after the Company becomes aware of the occurrence
of any Event of Default or an event which, with notice or the lapse of time or
both, would constitute an Event of Default, an Officers' Certificate setting
forth the details of such Event of Default or default and the action which the
Company proposes to take with respect thereto.

                                  ARTICLE VI

               HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY

         SECTION 6.01. Company to Furnish Trustee Names and Addresses of
Holders.

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

                                    (a)  semiannually, not more than 15
                           days after each Regular Record Date, a list, in
                           such form as the Trustee may reasonably require,

                                      42
<PAGE>

                           containing the names and addresses of the Holders
                           of Registered Securities as of such Regular Record
                           Date, and

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

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

         SECTION 6.02.  Preservation of Information; Communications to Holders.

                           (i)   The Trustee shall preserve, in as
         current a form as is reasonably practicable, the names and addresses
         of Holders contained in the most recent list furnished to the Trustee
         as provided in Section 6.01 and the names and addresses of Holders of
         Securities received by the Trustee in its capacity as the Security
         Registrar or Co-Security Registrar, if so acting. The Trustee may
         destroy any list furnished to it as provided in Section 6.01 upon
         receipt of a new list so furnished.

                           (ii)  If three or more Holders of Securities
         of any series (hereinafter referred to as "applicants") apply in
         writing to the Trustee, and furnish to the Trustee reasonable proof
         that each such applicant has owned a Security of such series for a
         period of at least six months preceding the date of such application,
         and such application states that the applicants desire to communicate
         with other Holders of Securities of such series or with the Holders
         of all Securities with respect to their rights under this Indenture
         or under such Securities and is accompanied by a copy of the form of
         proxy or other communication which such applicants propose to
         transmit, then the Trustee shall, within five Business Days after the
         receipt of such application, at its election, either

                                    (a)     afford such applicants access to
                           the information preserved at the time by the Trustee
                           in accordance with Section 6.02(i), or

                                    (b)     inform such applicants as to the
                           approximate number of Holders of Securities of such
                           series or all Securities, as the case may be, whose
                           names and addresses appear in the information
                           preserved at the time by the Trustee in accordance
                           with Section 6.02(i), and as to the approximate
                           cost of mailing such Holders the form of proxy or
                           other communication, if any, specified in such
                           application.

         If the Trustee shall elect not to afford such applicants access to
such information, the Trustee shall, upon the written request of such
applicants, mail to each Holder of a Security of such series or all Holders of
Securities, as the case may be, whose names and addresses appear in the
information preserved at the time by the Trustee in accordance with Section
6.02(i), a copy of the form of proxy or other communication which is specified
in such request, with reasonable promptness after a tender to the Trustee of
the material to be mailed and of payment, or provision for the payment, of the
reasonable expenses of mailing, unless, within five days after such tender,
the Trustee shall mail to such applicants and file with the Commission,
together with a

                                      43
<PAGE>

copy of the material to be mailed, a written statement to the effect
that, in the opinion of the Trustee, such mailing would be contrary to the
best interests of the Holders of Securities of such series or all Securities,
as the case may be, or would be in violation of applicable law. Such written
statement shall specify the basis of such opinion. If the Commission, after
opportunity for a hearing upon the objections specified in the written
statement so filed, shall enter an order refusing to sustain any of such
objections or if, after the entry of an order sustaining one or more of such
objections, the Commission shall find, after notice and opportunity for
hearing, that all the objections so sustained have been met and shall enter an
order so declaring, the Trustee shall mail copies of such material to all such
Holders of Securities with reasonable promptness after the entry of such order
and the renewal of such tender; otherwise, the Trustee shall be relieved of
any obligation or duty to such applicants respecting their application.

                           (iii)   Every Holder of Securities, by receiving
         and holding the same, agrees with the Company and the Trustee that
         neither the Company nor the Trustee nor any agent of either of them
         shall be held accountable by reason of the disclosure of any such
         information as to the names and addresses of the Holders of
         Securities in accordance with Section 6.02(ii), regardless of the
         source from which such information was derived, and that the Trustee
         shall not be held accountable by reason of mailing any material
         pursuant to a request made under Section 6.02(ii).

         SECTION 6.03.  Reports by Trustee.

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

                           (ii)  A copy of each such report shall, at the
         time of such transmission to Holders, be filed by the Trustee with
         each stock exchange, if any, upon which the Securities are listed,
         with the Commission and with the Company. The Company will promptly
         notify the Trustee when the Securities are listed on any stock
         exchange and of any delisting thereof.

         SECTION 6.04.  Reports by the Company.

         The Company shall:

                           (i)  file with the Trustee, within 15 days
         after the Company is required to file the same with the Commission,
         copies of the annual reports and of the information, documents and
         other reports (or copies of such portions of any of the foregoing as
         the Commission may from time to time by rules and regulations
         prescribe) which the Company may be required to file with the
         Commission pursuant to Section 13 or Section 15(d) of the Securities
         Exchange Act of 1934, as amended, or, if the Company is not

                                      44
<PAGE>

         required to file information, documents or reports pursuant to either
         of said Sections, then it shall file with the Trustee and the
         Commission, in accordance with rules and regulations prescribed from
         time to time by the Commission, such of the supplementary and periodic
         information, documents and reports which may be required pursuant to
         Section 13 of the Securities Exchange Act of 1934, as amended, in
         respect of security listed and registered on a national securities
         exchange as may be prescribed from time to time in such rules and
         regulations;

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

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

         Delivery of such reports, information and documents to the Trustee is
for informational purposes only and the Trustee's receipt of such shall not
constitute constructive notice of any information contained therein or
determinable from information contained therein or determinable from
information contained therein, including the Company's compliance with any of
its covenants hereunder (as to which the Trustee is entitled to rely
exclusively on Officers' Certificates).

                                  ARTICLE VII

                                   REMEDIES

         SECTION 7.01.  Events of Default.

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

                           (i)   the entry of a decree or order by a
         court having jurisdiction in the premises granting relief in respect
         of the Company in an involuntary case under the Federal Bankruptcy
         Code, adjudging the Company a bankrupt, or approving as properly
         filed a petition seeking reorganization, arrangement, adjustment or
         composition of or in respect of the Company under the Federal
         Bankruptcy Code or any other applicable federal or state bankruptcy,
         insolvency or other similar law, or appointing a receiver,

                                      45
<PAGE>

         liquidator, custodian, assignee, trustee, sequestrator (or other
         similar official) of the Company or of substantially all of its
         properties, or ordering the winding up or liquidation of its affairs
         under any such law, and the continuance of any such decree or order
         unstayed and in effect for a period of 60 consecutive days; or

                           (ii)   the institution by the Company of
         proceedings to be adjudicated a bankrupt, or the consent by the
         Company to the institution of bankruptcy proceedings against it, or
         the filing by the Company of a petition or answer or consent seeking
         reorganization or relief under the Federal Bankruptcy Code or any
         other applicable federal or state bankruptcy, insolvency or other
         similar law, or the consent by the Company to the filing of any such
         petitioner to the appointment of a receiver, liquidator, custodian,
         assignee, trustee, sequestrator (or other similar official) of the
         Company, or of substantially all of its respective properties, under
         any such law; or

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

         SECTION 7.02.  Acceleration of Maturity; Rescission and Annulment.

         If an Event of Default with respect to any series of Securities for
which there are Securities Outstanding occurs and is continuing, then, and in
every such case, the Trustee or the Holders of not less than 25% in principal
amount or, if such Securities are not payable at Maturity for a fixed
principal amount, 25% of the aggregate issue price of the Outstanding
Securities of such series may declare the principal amount or Maturity
Consideration of all of the Securities of such series (or, if the Securities
of that series are Original Issue Discount Securities, such portion of the
principal amount as may be specified in the terms of that series) to be
immediately due and payable or deliverable, by a notice in writing to the
Company (and to the Trustee if given by Securityholders), and upon any such
declaration the same shall become immediately due and payable or deliverable.

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

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

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

                                    (b)   the principal of (and premium,
                           if any), or Maturity Consideration of any
                           Securities of that series which have become due
                           otherwise than by such declaration of acceleration
                           and interest thereon at

                                      46
<PAGE>

                           the rate or rates prescribed therefor by the terms
                           of the Securities of such series,

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

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

                           (ii)   all other Defaults with respect to
         Securities of that series, other than the non-payment of the
         principal of, or non-delivery of the Maturity Consideration of,
         Securities of that series which have become due solely by such
         declaration of acceleration, have been cured or waived as provided in
         Section 7.13.

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

         SECTION 7.03. Collection of Indebtedness and Suits for Enforcement by
Trustee.

         The Company covenants that if

                           (i)   default is made in the payment of any
         installment of interest on any Security of any series when such
         interest becomes due and payable and such default continues for a
         period of 30 days, or

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

the Company will, upon demand of the Trustee, pay or deliver to it, for the
benefit of the Holder of any such Security or coupon appertaining thereto, if
any, the whole amount or other property then due and payable or deliverable on
any such Security or coupon for principal (and premium, if any), Maturity
Consideration and interest, with interest on the overdue principal (and
premium, if any), Maturity Consideration and (to the extent that payment of
such interest shall be lawful) upon overdue installments of interest, at the
rate or rates prescribed therefor by the terms of any such Security; and, in
addition thereto, such further amount as shall be sufficient to cover the
reasonable costs and expenses of collection, including the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel and any other amounts due the Trustee under Section 8.07.

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

                                      47
<PAGE>

other property adjudged or decreed to be payable or deliverable in
the manner provided by law out of the property of the Company or any other
obligor upon such Securities, wherever situated.

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

         SECTION 7.04.  Trustee May File Proofs of Claim.

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

                           (i)  to file and prove a claim for the whole
         amount of principal (and premium, if any), Maturity Consideration and
         interest owing and unpaid or undelivered in respect of the Securities
         of each series and to file such other papers or documents as may be
         necessary or advisable in order to have the claims of the Trustee
         (including any claim for the reasonable compensation, expenses,
         disbursements and advances of the Trustee, its agents and counsel and
         any other amounts due the Trustee under Section 8.07) and of the
         Securityholders allowed in such judicial proceeding, and

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

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or
other similar official in any such judicial proceeding is hereby authorized by
each Securityholder to make such payments or deliveries to the Trustee, and in
the event that the Trustee shall consent to the making of such payments or
deliveries directly to the Securityholders, to pay to the Trustee any amount
due to it for the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel, and any other amounts due the
Trustee under Section 8.07.

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

         SECTION 7.05. Trustee May Enforce Claims Without Possession of
Securities.

                                      48
<PAGE>

         All rights of action and claims under this Indenture or under the
Securities of any series or coupons (if any) appertaining thereto, may be
prosecuted and enforced by the Trustee without the possession of any of the
Securities of such series or coupons appertaining thereto or the production
thereof in any proceeding relating thereto, and any such proceeding instituted
by the Trustee shall be brought in its own name as trustee of an express
trust, and any recovery of judgment shall, after provision for the payment of
the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel and any other amounts due the Trustee under
Section 8.07, be for the ratable benefit of the Holders of the Securities of
such series and coupons appertaining thereto in respect of which such judgment
has been recovered.

         SECTION 7.06.  Application of Money or Other Property Collected.

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

                                 First:  To the payment of all amounts due the
                         Trustee under Section 8.07;

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

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

         SECTION 7.07.  Limitation on Suits.

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

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

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<PAGE>

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

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

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

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

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

         The following events shall be "Defaults" with respect to any series
of Securities under this Indenture:

                                    (a)     an Event of Default with respect to
                           such series specified in Section 7.01; or

                                    (b)     default in the payment of principal
                           of or premium, if any, on any Securities of such
                           series at its Maturity; or

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

                                    (d)     default in the payment of any
                           interest upon any Securities of such series as and
                           when the same shall become due and payable, and
                           continuance of such default for a period of 30
                           days; or

                                    (e)     failure on the part of the
                           Company to duly observe or perform any of the other
                           covenants or agreements on its part in the
                           Securities of such series or in this Indenture and
                           continuance of such failure for a period of sixty
                           days after the date on which written notice of such
                           failure, requiring the Company to remedy the same
                           and stating that such notice is a "Notice of
                           Default" hereunder, shall have been given by

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<PAGE>

                           registered mail to the Company by the Trustee, or
                           to the Company and the Trustee by the holders of at
                           least o in aggregate principal amount or, if such
                           Securities are not payable at Maturity for a fixed
                           principal amount, o of the aggregate issue price,
                           of the Securities of such series at the time
                           Outstanding; or

                                    (f)     any other Default provided with
                           respect to Securities of that Series.

         SECTION 7.08. Unconditional Right of Securityholders to Receive
Principal, Premium, Maturity Consideration and Interest.

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

         SECTION 7.09.  Restoration of Rights and Remedies.

         If the Trustee or any Holder of a Security or coupon has instituted
any proceeding to enforce any right or remedy under this Indenture and such
proceeding has been discontinued or abandoned for any reason, or has been
determined adversely to the Trustee or to such Holder, then and in every such
case the Company, the Trustee and the Holders shall, subject to any
determination in such proceeding, be restored severally and respectively to
their former positions hereunder, and thereafter all rights and remedies of
the Trustee and the Holders shall continue as though no such proceeding had
been instituted.

         SECTION 7.10.  Rights and Remedies Cumulative.

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

         SECTION 7.11.  Delay or Omission Not Waiver.

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

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<PAGE>

         SECTION 7.12.  Control by Securityholders.

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

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

                           (ii)   such direction is not unjustly prejudicial
         to the rights of Holders of such series not taking part in such
         direction;

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

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

         SECTION 7.13.  Waiver of Past Defaults.

         The Holders of not less than a majority in principal amount, or if
such Securities are not payable at Maturity for a fixed principal amount, the
aggregate issue price of the Outstanding Securities of any series may on
behalf of the Holders of all the Securities of such series waive any past
Default hereunder and its consequences, except a Default not thereto for cured

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

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

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

         SECTION 7.14.  Undertaking for Costs.

         All parties to this Indenture agree and each Holder of any Security
by his acceptance thereof shall be deemed to have agreed, that any court may
in it discretion require, in any suit for the enforcement of any right or
remedy under this Indenture, or in any suit against the Trustee for any action
taken, suffered or omitted by it as Trustee, the filing by any party litigant
in such suit

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<PAGE>

of an undertaking to pay the costs of such suit, and that such court may in its
discretion assess reasonable costs, including reasonable attorneys' fees and
expenses, against any party litigant in such suit, having due regard to the
merits and good faith of the claims or defenses made by such party litigant;
but the provisions of this Section shall not apply to any suit instituted by
the Company, to any suit instituted by the Trustee, to any suit instituted by
any Securityholder, or group of Securityholders, holding in the aggregate more
than 10% in principal amount, or if such Securities are not payable at
Maturity for a fixed principal amount, the aggregate issue price of the
Outstanding Securities of any series, or to any suit instituted by any Holder
of Securities or coupons for the enforcement of the payment of the principal of
(and premium, if any), Maturity Consideration or interest on any Security or
payment of any coupon on or after the respective Stated Maturities expressed in
such Security or coupon (or, in the case of redemption, on or after the
Redemption Date).

         SECTION 7.15.  Waiver of Stay or Extension Laws.

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

                                 ARTICLE VIII

                                  THE TRUSTEE

         SECTION 8.01.  Certain Duties and Responsibilities.

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

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

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

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<PAGE>

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

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

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

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

                                    (c)     the Trustee shall not be liable
                           with respect to any action taken, suffered or
                           omitted to be taken by it in good faith in
                           accordance with the direction of the Holders of a
                           majority in principal amount, or, if such
                           Securities are not payable at Maturity for a fixed
                           principal amount, the aggregate issue price of the
                           Outstanding Securities of any series, relating to
                           the time, method and place of conducting any
                           proceeding for any remedy available to the Trustee,
                           or exercising any trust or power conferred upon the
                           Trustee, under this Indenture with respect to
                           Securities of such series; and

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

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

         SECTION 8.02.  Notice of Default.

         Within 90 days after the occurrence of any default hereunder known to
the Trustee with respect to Securities of any series, the Trustee shall
transmit by mail to all Holders of Securities of such series, as their names
and addresses appear in the Security Register notice of such default
hereunder, unless such default shall have been cured or waived; provided,
however, that, except in the case of a default in the payment of the principal
of (or premium, if any), Maturity Consideration or interest on any Security of
such series, or in the payment of any sinking fund installment with respect to
Securities of such series, the Trustee shall be protected in withholding such
notice if and so long as the board of directors, the executive committee or a
trust committee of directors and/or Responsible Officers of the Trustee in
good faith determines that the

                                      54
<PAGE>

withholding of such notice is in the interests of the Holders of
Securities of such series; and provided further, that in the case of any
default of the character specified in Section 7.07(d) with respect to
Securities of such series, no such notice to Holders of Securities of such
series shall be given until at least 30 days after the occurrence thereof. For
the purpose of this Section, the term "default" with respect to Securities of
any series, means any event which is, or after notice or lapse of time, or
both, would become, a Default or Event of Default with respect to Securities
of such series.

         SECTION 8.03.  Certain Rights of Trustee.

         Subject to the provisions of Section 8.01:

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

                           (ii)  any request or direction of the Company
         mentioned herein shall be sufficiently evidenced by a Company Request
         or Company Order and any resolution of the Board of Directors may be
         sufficiently evidenced by a Board Resolution;

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

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

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

                           (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, in its
         discretion, may make such further inquiry or investigation into such
         facts or matters as it may see fit, and, if the Trustee shall
         determine to make such further inquiry or investigation, it shall be
         entitled to examine the books, records and premises of the Company,
         personally or by agent or attorney;

                                      55
<PAGE>

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

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

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

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

         SECTION 8.04.  Not Responsible for Recitals or Issuance of Securities.

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

         SECTION 8.05.  May Hold Securities.

         The Trustee, any Authenticating Agent, any Paying Agent, the Security
Registrar, any Co-Security Registrar or any other agent of the Company, in its
individual or any other capacity, may become the owner or pledgee of
Securities and, subject to Sections 8.08 and 8.13, may otherwise deal with the
Company with the same rights it would have if it were not Trustee,
Authenticating Agent, Paying Agent, Security Registrar, Co-Security Registrar
or such other agent.

         SECTION 8.06.  Money or Other Property Held in Trust.

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

         SECTION 8.07.  Compensation and Reimbursement.

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<PAGE>

         The Company agrees:

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

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

                           (iii) to indemnify each of the Trustee, any
         Co-Trustee, the Security Registrar, any Co-Security Registrar and any
         Paying Agent, as the case may be, for, and to hold each of them
         harmless against any and all loss, liability, damage, claim or
         expense, including taxes (other than taxes based on the income of the
         Trustee) incurred without negligence or bad faith on the part of such
         entity, arising out of or in connection with the acceptance or
         administration of the trust or trusts hereunder, including the costs
         and expenses of defending themselves against any claim (whether
         asserted by the Company, a Holder or any other Person) or liability
         in connection with the exercise or performance of any of its powers
         or duties hereunder.

         As security for the performance of the obligations of the Company
pursuant to this Section 8.07, the Trustee for the Securities of any series
shall have a lien prior to the Securities of all such series upon all property
and funds held or collected by the Trustee as such, except funds held in trust
for the payment of principal of (and premium, if any), or interest, if any, on
Securities of any such series. The claims of the Trustee under this Section
shall not be subject to the provisions of Article Fourteen.

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

         When the Trustee incurs expenses or renders services in connection
with an Event of Default specified in Section 7.01(i) or Section 7.01(ii), the
expenses (including the reasonable charges and expenses of its counsel) and
the compensation for the services are intended to constitute expenses or
administration under any applicable Federal or state bankruptcy, insolvency or
other similar law.

         SECTION 8.08.  Disqualification; Conflicting Interests.

         The Trustee for the Securities of any series issued hereunder shall
be subject to the provisions of Section 310(b) of the Trust Indenture Act
during the period of time provided for therein. In determining whether the
Trustee has a conflicting interest as defined in Section 310(b)

                                      57
<PAGE>

of the Trust Indenture Act with respect to the Securities of any
series, there shall be excluded this Indenture with respect to Securities of
any particular series of Securities other than that series.

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

         SECTION 8.09.  Corporate Trustee Required; Eligibility.

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

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

                           (ii)  a Corporation or other Person organized
         and doing business under the laws of a foreign government that is
         permitted to act as Trustee pursuant to a rule, regulation or order
         of the Commission, authorized under such laws to exercise corporate
         trust powers, and subject to supervision or examination by authority
         of such foreign government or a political subdivision thereof
         substantially equivalent to supervision or examination applicable to
         United States institutional trustees, in either case having a
         combined capital and surplus of at least $50,000,000.

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

         SECTION 8.10.  Resignation and Removal; Appointment of Successor.

                           (i)   No resignation or removal of the Trustee
         and no appointment of a successor Trustee pursuant to this Article
         shall become effective until the acceptance of appointment by the
         successor Trustee in accordance with the applicable requirements of
         Section 8.11.

                           (ii)  The Trustee may resign with respect to
         any series of Securities at any time by giving written notice thereof
         to the Company. If an instrument of acceptance by a successor
         Trustee, required by Section 8.11, shall not have been delivered to
         the resigning Trustee within 30 days after the giving of such notice
         of resignation, the resigning Trustee may petition, at the expense of
         the Company, any court of competent

                                      58
<PAGE>

         jurisdiction for the appointment of a successor Trustee with respect
         to Securities of such series.

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

                           (iv)  If at any time:

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

                                    (b)  the Trustee shall cease to be
                           eligible under Section 8.09 with respect to any
                           series of Securities and shall fail to resign after
                           written request therefor by the Company or by any
                           Holder of Securities of such series; or

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

then, in any such case, (1) the Company by a Board Resolution may remove the
Trustee with respect to all Securities, or (2) subject to Section 7.14, any
Securityholder who has been a bona fide Holder of a Security of such series
for at least six months may, on behalf of himself and all others similarly
situated, petition any court of competent jurisdiction for the removal of the
Trustee with respect to all Securities and the appointment of a successor
Trustee or Trustees.

                           (v)  If the Trustee shall resign, be removed
         or become incapable of acting with respect to any series of
         Securities, or if a vacancy shall occur in the office of Trustee with
         respect to any series of Securities for any cause, the Company, by a
         Board Resolution, shall promptly appoint a successor Trustee or
         Trustees with respect to the Securities of that or those series (it
         being understood that any such successor Trustee may be appointed
         with respect to the Securities of one or more or all of such series
         and that at any time there shall be only one Trustee with respect to
         other Securities of any particular series) and shall comply with the
         applicable requirements of Section 8.11. If, within one year after
         such resignation, removal or incapability, or the occurrence of such
         vacancy, a successor Trustee with respect to such series of
         Securities shall be appointed by the Act of the Holders of a majority
         in principal amount of the Outstanding Securities of such

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         series delivered to the Company and the retiring Trustee with respect
         to such series, the successor Trustee so appointed shall, forthwith
         upon its acceptance of such appointment in accordance with the
         applicable requirements of Section 8.11, become the successor Trustee
         with respect to such series and to that extent supersede the successor
         Trustee appointed by the Company with respect to such series. If no
         successor Trustee with respect to such series shall have been so
         appointed by the Company or the Holders of Securities of such series
         and accepted appointment in the manner hereinafter provided, any
         Securityholder who has been a bona fide Holder of a Security of such
         series for at least six months may, on behalf of himself and all
         others similarly situated, petition any court of competent
         jurisdiction for the appointment of a successor Trustee with respect
         to such series.

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

         SECTION 8.11.  Acceptance of Appointment by Successor.

                           (i)  In the case of the appointment hereunder
         of a successor Trustee with respect to any series of Securities,
         every such successor Trustee so appointed shall execute, acknowledge
         and deliver to the Company and to the retiring Trustee or Trustees an
         instrument accepting such appointment and thereupon the resignation
         or removal of the retiring Trustee or Trustees shall become effective
         with respect to all or any series as to which it is resigning as
         Trustee, and such successor Trustee, without any further act, deed,
         or conveyance, shall become vested with all the rights, powers,
         trusts and duties of the retiring Trustee or Trustees with respect to
         all or any such series; but, on request of the Company or such
         successor Trustee, such retiring Trustee or Trustees shall upon
         payment of its charges and all amounts owing under Section 8.07,
         execute and deliver an instrument transferring to such successor
         Trustee all the rights, powers and trusts of such retiring Trustee or
         Trustees with respect to all or any such series; and shall duly
         assign, transfer and deliver to such successor Trustee all property
         and money held by such retiring Trustee or Trustees hereunder with
         respect to all or any such series.

                           (ii)  In case of the appointment hereunder of
         a successor Trustee with respect to the Securities of one or more
         (but not all) series, the Company, the retiring Trustee and each
         successor Trustee with respect to the Securities of one or more
         series shall execute and deliver an indenture supplemental hereto
         wherein each successor Trustee shall accept such appointment and
         which (a) shall contain such provisions as shall be necessary or
         desirable to transfer and confirm to, and to vest in, each successor
         Trustee all the rights, powers, trusts and duties of the retiring
         Trustee with respect to the Securities of that or those series to
         which the appointment of such successor Trustee

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<PAGE>

         relates, (b) if the retiring Trustee is not retiring with respect to
         all Securities, shall contain such provisions as shall be deemed
         necessary or desirable to confirm that all the rights, powers, trusts
         and duties of the retiring Trustee with respect to the Securities of
         that or those series as to which the retiring Trustee is not retiring
         shall continue to be vested in the retiring Trustee, and (c) shall add
         to or change any of the provisions of this Indenture as shall be
         necessary to provide for or facilitate the administration of the
         trusts hereunder by more than one Trustee, it being understood that
         nothing herein or in such supplemental indenture shall constitute
         such Trustees co-trustees of the same trust and that each such
         Trustee shall be trustee of a trust or trusts hereunder separate and
         apart from any trust or trusts hereunder administered by any other
         such Trustee and that no Trustee shall be responsible for any notice
         given to, or received by, or any act or failure to act on the part of
         any other Trustee hereunder, and upon the execution and delivery of
         such supplemental indenture the resignation or removal of the
         retiring Trustee shall become effective to the extent provided
         therein, such retiring Trustee shall with respect to the Securities
         of that or those series to which the appointment of such successor
         Trustee relates have no further responsibility for the exercise of
         rights and powers or for the performance of the duties and
         obligations vested in the Trustee under this Indenture, and each
         successor Trustee, without any further act, deed or conveyance, shall
         become vested with all the rights, powers, trusts and duties of the
         retiring Trustee with respect to the Securities of that or those
         series to which the appointment of such successor Trustee relates;
         but, on request to the Company or any successor Trustee, such
         retiring Trustee shall duly assign, transfer and deliver to such
         successor Trustee, to the extent contemplated by such supplemental
         indenture, all property and money held by such retiring Trustee
         hereunder with respect to the Securities of that or those series to
         which the appointment of such successor Trustee relates.

                           (iii)  Upon request of any such successor
         Trustee, the Company shall execute any and all instruments for more
         fully and certainly vesting in and confirming to such successor
         Trustee all such rights, powers and trusts referred to in paragraph
         (i) and (ii) of this Section, as the case may be.

                           (iv)   No successor Trustee with respect to a
         series of Securities shall accept its appointment unless at the time
         of such acceptance such successor Trustee shall be qualified and
         eligible with respect to such series under this Article.

         SECTION 8.12. Merger, Conversion, Consolidation or Succession to
Business of Trustee.

         Any corporation into which the Trustee may be merged or converted or
with which it may be consolidated, or any corporation or national banking
association resulting from any merger, conversion or consolidation to which
the Trustee shall be a party, or any corporation or national banking
association succeeding to all or substantially all of the corporate trust
business of the Trustee, shall be the successor of the Trustee hereunder,
provided that such corporation or national banking association shall be
otherwise qualified and eligible under this Article, without the execution or
filing of any paper or any further act on the part of any of the parties
hereto. In case any Securities shall have been authenticated, but not
delivered, by the Trustee then in office, any successor by merger, conversion
or consolidation to such authenticating Trustee may adopt

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<PAGE>

such authentication and deliver the Securities so authenticated with the same
effect as if such successor Trustee had itself authenticated such Securities.

         SECTION 8.13.  Preferential Collection of Claims against Company.

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

         SECTION 8.14.  Appointment of Authenticating Agent.

         At any time when any of the Securities of any series remain
Outstanding the Trustee may appoint an Authenticating Agent or Agents with
respect to one or more series of Securities, which may include any Affiliate
of the Company. Such Authenticating Agent or Agents, at the option of the
Trustee, shall be authorized to act on behalf of the Trustee to authenticate
Securities of such series issued upon exchange, registration of transfer or
partial redemption thereof or pursuant to Section 3.06, and Securities so
authenticated shall be entitled to the benefits of this Indenture and shall be
valid and obligatory for all purposes as if authenticated by the Trustee
hereunder. Wherever reference is made in this Indenture to the authentication
and delivery of Securities by a Trustee or the Trustee's certificate of
authentication or the delivery of Securities to the Trustee for
authentication, such reference shall be deemed to include authentication and
delivery on behalf of the Trustee by an Authenticating Agent, a certificate of
authentication executed on behalf of the Trustee by an Authenticating Agent
and delivery of Securities to the Authenticating Agent on behalf of the
Trustee. Each Authenticating Agent shall be acceptable to the Company and
shall at all times be a corporation or national banking association organized
and doing business under the laws of the United States of America, any State
thereof or the District of Columbia, authorized under such laws to act as
Authenticating Agent, having a combined capital and surplus as most recently
reported or determined by it sufficient under the laws of any jurisdiction
under which it is organized and in which it is doing business to conduct a
trust business, and which is otherwise authorized under such laws to conduct
such business and is subject to supervision or examination by federal or state
authority. Notwithstanding the foregoing, an Authenticating Agent located
outside the United States may be appointed by the Trustee if previously
approved in writing by the Company and if such Authenticating Agent has a
combined capital and surplus as most recently reported or determined by it
sufficient under the laws of any jurisdiction under which it is organized and
in which it is doing business to conduct a trust business. If at any time an
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, such Authenticating Agent shall resign immediately
in the manner and with the effect specified in this Section.

         The Trustee shall initially act as Authenticating Agent located
within the United States for each series of Securities issued hereunder.

         Any corporation or national banking association into which an
Authenticating Agent may be merged or converted or with which it may be
consolidated, or any corporation or national banking association resulting
from any merger, conversion or consolidation to which such Authenticating
Agent shall be a party, or any corporation or national banking association
succeeding to all or substantially all of the corporate agency or corporate
trust business of an Authenticating Agent, shall continue to be an
Authenticating Agent, provided such corporation

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<PAGE>

or national banking association shall be otherwise eligible under this Section,
without the execution or filing of any paper or any further act on the part of
the Trustee or the Authenticating Agent.

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

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

         The provisions of Sections 3.08, 8.04 and 8.05 shall be applicable to
each Authenticating Agent.

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

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

                                    THE CHASE MANHATTAN BANK, as Trustee

                                    By:____________________________________
                                       As Authenticating Agent

                                    By:____________________________________
                                       Authorized Officer

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                                  ARTICLE IX

                            SUPPLEMENTAL INDENTURES

         SECTION 9.01. Supplemental Indentures Without Consent of
Securityholders.

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

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

                           (ii)    to evidence and provide for the
         acceptance of appointment hereunder by a successor Trustee with
         respect to one or more series of Securities and to add to or change
         the provisions of this Indenture as shall be necessary to provide for
         or facilitate the administration of the trusts hereunder by more than
         one Trustee, pursuant to Section 8.11; or

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

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

                           (v)    to add any additional Defaults or Events
         of Default with respect to all or any series of the Securities (and,
         if such Default or Event of Default is applicable to less than all
         series of Securities, specifying the series to which such Default or
         Event of Default is applicable); or

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

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<PAGE>

                           (vii)  to change or eliminate any of the
         provisions of this Indenture, provided that, any such change or
         elimination shall become effective only when there is no Security
         Outstanding of any series created prior to the execution of such
         supplemental indenture which is adversely affected by such change in
         or elimination of such provisions; or

                           (viii) to establish the form or terms of a Security
         of any series as permitted by Sections 2.01 and 3.01; or

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

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

         SECTION 9.02.  Supplemental Indentures With Consent of Securityholders.

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

                           (i)  change the Stated Maturity of the
         principal of, or the Stated Maturity of any installment of principal
         of or interest (or premium, if any) or any Maturity Consideration, on
         any Outstanding Security, or reduce the principal amount or Maturity
         Consideration thereof (or premium, if any, thereon) or the rate of
         interest thereon, or change the obligation of the Company to pay
         additional amounts pursuant to Section 5.04 (except as contemplated
         by Section 10.01(i) and permitted by Section 9.01), or reduce the
         amount of the principal of an Original Issue Discount Security that
         would be due and payable or deliverable upon a declaration of
         acceleration of the Maturity thereof pursuant to Section 7.02, or
         change the method of calculating interest thereon or the Place of
         Payment where, or the coin or currency unit or other property in
         which any Outstanding Security (or premium, if any, thereon) or the
         interest therefor is payable or deliverable or impair the right to
         institute suit for the enforcement of any such payment or delivery on
         or after the Stated Maturity thereof (or, in the case of redemption,
         on or after the Redemption Date); or

                           (ii) reduce the percentage in principal
         amount or issue price of the Outstanding Securities of any series,
         the consent of whose Holders is required for any such supplemental
         indenture or the consent of whose Holders is required for any waiver

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<PAGE>

         (of compliance with certain provisions of this Indenture or of
         certain Defaults hereunder and their consequences) provided for in
         this Indenture; or

                           (iii)   change any obligations of the Company to
         maintain an office or agency in the places and for the purposes
         specified in Section 5.02; or

                           (iv)    make any change relating to the
         subordination of the Securities in a manner adverse to the
         Holders of such Securities; or

                           (v)     make any change relating to the
         subordination of the Securities in a manner adverse to holders of
         Senior Indebtedness unless the holders of such Senior Indebtedness
         consent to such change under the terms of such Senior Indebtedness;
         or

                           (vi)    modify any of the provisions of this
         Section or Section 7.13, except to increase any such percentage or to
         provide that certain other provisions of this Indenture cannot be
         modified or waived without the consent of the Holder of each
         Outstanding Security affected thereby; provided, however, that this
         clause shall not be deemed to require the consent of any Holder with
         respect to changes in the references to "the Trustee" and concomitant
         changes in this Section and Section 5.09 or the deletion of this
         proviso, in accordance with the requirements of Sections 8.11(ii) and
         9.01(ii).

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

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

         SECTION 9.03.  Execution of Supplemental Indentures.

         In executing, or accepting the additional trusts created by any
supplemental indenture permitted by this Article or the modifications thereby
of the trusts created by this Indenture, the Trustee shall be entitled to
receive, and (subject to Section 8.01) shall be fully protected in relying
upon, an Opinion of Counsel stating that the execution of such supplemental
indenture is authorized or permitted by and complies with this Indenture and
has been duly authorized, executed and delivered and is enforceable in
accordance with its terms. The Trustee may, but shall not be obligated to,
enter into any such supplemental indenture which affects the Trustee's own
rights, liabilities, duties or immunities under this Indenture or otherwise.

         SECTION 9.04.  Effect of Supplemental Indentures.

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

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<PAGE>

         SECTION 9.05.  Conformity with Trust Indenture Act.

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

         SECTION 9.06.  Reference in Securities to Supplemental Indentures.

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

                                   ARTICLE X

                 CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER

         SECTION 10.01.  Company May Consolidate, etc., Only on Certain Terms.

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

                           (i)  the corporation formed by such
         consolidation or into which the Company is merged or the Person which
         acquires by conveyance or transfer or which leases the properties and
         assets of the Company substantially as an entirety shall be a
         corporation organized and existing under the laws of the United
         States of America, any State thereof or the District of Columbia and
         shall expressly assume, by an indenture supplemental hereto, executed
         and delivered to the Trustee, in form satisfactory to the Trustee,
         the due and punctual payment or delivery of the principal of (and
         premium, if any), Maturity Consideration and interest on (including
         all additional amounts, if any, payable pursuant to Section 5.04) all
         the Securities and the performance of every covenant of this
         Indenture on the part of the Company to be performed or observed;

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

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

provided, that, the provisions of this Section 10.01 may be changed as to any
series of Securities if and to the extent provided in an Officer's Certificate
delivered pursuant to Section 3.01 establishing the terms of such series of
Securities.

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<PAGE>

         SECTION 10.02.  Successor Corporation Substituted.

         Upon any consolidation or merger, or any conveyance or transfer of
the properties and assets of the Company substantially as an entirety in
accordance with Section 10.01, the successor corporation formed by such
consolidation or into which the Company is merged or to which such conveyance
or transfer is made shall succeed to, and be substituted for, and may exercise
every right and power of, the Company under this Indenture with the same
effect as if such successor corporation had been named as the Company herein.
In the event of any such conveyance or transfer, the Company as the
predecessor corporation shall be relieved of all obligations and covenants
under this Indenture and may be dissolved, wound up and liquidated at any time
thereafter.

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

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

                                  ARTICLE XI

                          SATISFACTION AND DISCHARGE

         SECTION 11.01.  Satisfaction and Discharge of Indenture.

         This Indenture shall upon Company Request cease to be of further
effect (except as to any surviving rights of registration of transfer or
exchange of Securities herein expressly provided for and rights to receive
payments thereon and any right to receive additional amounts, as provided in
Section 5.04), and each Trustee, on demand of and at the expense of the
Company, shall execute proper instruments acknowledging satisfaction and
discharge of this Indenture, when

                           (i)      either

                                    (a)  all Securities theretofore
                           authenticated and delivered (other than (1) coupons
                           appertaining to Bearer Securities surrendered for
                           exchange for Registered Securities and maturing
                           after such exchange, whose surrender is not
                           required or has not been waived as provided in

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<PAGE>

                           Section 3.05, (2) coupons appertaining to Bearer
                           Securities called for redemption and maturing after
                           the relevant Redemption Date, whose surrender has
                           been waived as provided in Section 4.07, (3)
                           Securities and coupons which have been destroyed,
                           lost or stolen and which have been replaced or paid
                           as provided in Section 3.06, and (4) Securities
                           for whose payment money has theretofore been
                           deposited in trust or segregated and held in trust
                           by the Company and thereafter repaid to the Company
                           or discharged from such trust, as provided in
                           Section 5.03) have been delivered to the Trustee
                           for cancellation; or

                                    (b)   all such Securities not theretofore
                           delivered to the Trustee for cancellation

                                          (1)  have become due and payable, or

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

                                          (3)  are to be called for redemption
                                    within one year under arrangements
                                    satisfactory to the Trustee for the giving
                                    of notice of redemption by  the Trustee in
                                    the name, and at the expense, of the
                                    Company, and the Company, in the case of
                                    (b)(1), (2) or (3) above, has deposited or
                                    caused to be deposited with the Trustee, as
                                    trust funds in trust for the purpose, an
                                    amount (said amount to be immediately due
                                    and payable to the Holders) sufficient to
                                    pay and discharge the entire indebtedness
                                    on such Securities and coupons of the
                                    relevant series not theretofore delivered
                                    to the Trustee for cancellation, for
                                    principal (and premium, if any) and
                                    interest to the date of such deposit (in
                                    the case of Securities which have become
                                    due and payable), or to the Stated Maturity
                                    or Redemption Date, as the case may be.

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

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

         Notwithstanding the satisfaction and discharge of this Indenture, the
obligations of the Company to the Trustee under Section 8.07, the obligations
of the Company to any Authenticating Agent under Section 8.14 and, if money
shall have been deposited with the Trustee pursuant to subclause (b) of clause
(i) of this Section, the obligations of the Trustee under Section 11.02 and
the last paragraph of Section 5.03 shall survive such satisfaction and
discharge. The Trustee may give notice to the Holders of Securities
Outstanding of the immediate availability of the amount referred to in Clause
(i) of this Section 11.01. Funds held pursuant to this Section shall not be
subject to the provisions of Article Fourteen.

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<PAGE>

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

         SECTION 11.02.  Application of Trust Money or Property.

         Subject to the provisions of the last paragraph of Section 5.03, all
money or property deposited with the Trustee pursuant to Section 11.01 in
respect of Securities of a series shall be held in trust and applied by it, in
accordance with the provisions of such Securities, the coupons, if any, and
this Indenture, to the payment, either directly or through any Paying Agent
(including the Company acting as its own Paying Agent), as the Trustee may
determine, to the Persons entitled thereto, of the principal (and premium, if
any), Maturity Consideration and interest for whose payment such money has
been deposited with the Trustee; unless otherwise specified herein, such money
need not be segregated from other funds except to the extent required by law.

                                  ARTICLE XII

                   IMMUNITY OF INCORPORATORS, STOCKHOLDERS,
                            OFFICERS AND DIRECTORS

         SECTION 12.01.  Exemption from Individual Liability.

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

                                      70
<PAGE>

                                 ARTICLE XIII

                                 SINKING FUNDS

         SECTION 13.01.  Applicability of Article.

         The provisions of this Article shall be applicable to any sinking
fund for the retirement of Securities of a series except as otherwise
specified as contemplated by Section 3.01 for Securities of such series.

         The minimum amount of any sinking fund payment provided for by the
terms of Securities of any series is herein referred to as a "mandatory
sinking fund payment", and any payment in excess of such minimum amount
provided for by the terms of Securities of any series is herein referred to as
an "optional sinking fund payment". If provided for by the terms of Securities
of any series, the cash amount of any sinking fund payment may be subject to
reduction as provided in Section 13.02. Each sinking fund payment shall be
applied to the redemption of Securities of any series as provided for by the
terms of Securities of such series.

         SECTION 13.02.  Satisfaction of Sinking Fund Payments with Securities.

         The Company (i) may deliver Outstanding Securities of a series (other
than any previously called for redemption), together in the case of any Bearer
Securities of such series, with all unmatured coupons appertaining thereto and
(ii) may apply as a credit Securities of a series which have been redeemed
either at the election of the Company pursuant to the terms of such Securities
or through the application of permitted optional sinking fund payments
pursuant to the terms of such Securities, in each case in satisfaction of all
or any part of any sinking fund payment with respect to the Securities of such
series required to be made pursuant to the terms of such Securities as
provided for by the terms of such series; provided that such Securities have
not been previously so credited. Such Securities shall be received and
credited for such purpose by the Trustee for the Redemption Price specified in
such Securities for redemption through operation of the sinking fund and the
amount of such sinking fund payment shall be reduced accordingly.

         SECTION 13.03.  Redemption of Securities for Sinking Fund.

         Not less than 60 days prior to each sinking fund payment date for any
series of Securities, the Company will deliver to the Trustee and the Security
Registrar an Officers' Certificate specifying (i) the amount of the next
ensuing sinking fund payment for that series pursuant to the terms of that
series, (ii) the portion thereof, if any, which is to be satisfied by payment
of cash and the portion thereof, if any, which is to be satisfied by
delivering and crediting Securities of that series pursuant to Section 13.02
(such Security to be credited, or proof of ownership thereof by the Company
satisfactory to the Trustee, to be delivered together with the Officers'
Certificate), and (iii) that none of such Securities has theretofore been so
credited and stating the basis for such credit, and will also deliver to the
Trustee any Securities to be so delivered. Not less than 30 days before each
sinking fund payment date, the [Security Registrar] shall select the
Securities to be redeemed upon such sinking fund payment date in the manner
specified in Section 4.03 and cause notice of the redemption thereof to be
given in the name of and at the

                                      71
<PAGE>

expense of the Company in the manner provided in Section 4.04. Such notice
having been duly given, the redemption of such Securities shall be made upon
the terms and in the manner stated in Section 4.06 and 4.07 and subject to the
limitations set forth in Section 4.08.

                                  ARTICLE XIV

                                 SUBORDINATION

         SECTION 14.01.  Agreement to Subordinate.

         The Company, for itself, its successors and assigns, covenants and
agrees, and each Holder of a Security by his acceptance thereof, likewise
covenants and agrees, that the payment or delivery of the principal of and
premium, if any, Maturity Consideration and interest on each and all of the
Securities is hereby expressly subordinated, to the extent and in the manner
hereinafter set forth, in right of payment or delivery to the prior payment or
satisfaction in full of all Senior Indebtedness.

         SECTION 14.02. Distribution on Dissolution, Liquidation and
Reorganization; Subrogation of Securities.

                  (a)   Upon any distribution of assets of the Company
upon any dissolution, winding up, liquidation or reorganization of the
Company, whether in bankruptcy, insolvency, reorganization or receivership
proceedings or upon an assignment for the benefit of creditors or any other
marshalling of the assets and liabilities of the Company or otherwise (subject
to the power of a court of competent jurisdiction to make other equitable
provision reflecting the rights conferred in this Indenture upon the Senior
Indebtedness and the holders thereof with respect to the Securities and the
Holders thereof by a lawful plan of reorganization under applicable bankruptcy
law),

                           (i)   the holders of all Senior Indebtedness
         shall first be entitled to receive payment or delivery in full in
         accordance with the terms of such Senior Indebtedness of the
         principal thereof, premium, if any, Maturity Consideration and the
         interest due thereon (including interest accruing subsequent to the
         commencement of any proceeding for the bankruptcy or reorganization
         of the Company under any applicable bankruptcy, insolvency, or
         similar law now or hereafter in effect) before the Holders of the
         Securities are entitled to receive any payment or delivery upon the
         principal of or premium, if any, Maturity Consideration or interest
         on indebtedness evidenced by the Securities;

                           (ii)  any payment or distribution of assets of
         the Company of any kind or character, whether in cash, property or
         securities, to which the Holders of the Securities or the Trustee
         would be entitled except for the provisions of this Article Fourteen,
         including any such payment or distribution which may be payable or
         deliverable by reason of the payment of any other indebtedness of the
         Company being subordinated to the payment of the Securities, shall be
         paid by the liquidating trustee or agent or other person making such
         payment or distribution, whether a trustee in bankruptcy, a receiver
         or liquidating trustee or otherwise, directly to the holders of
         Senior

                                      72
<PAGE>

         Indebtedness or their representative or representatives or to
         the trustee or trustees under any indenture under which any
         instruments evidencing any of such Senior Indebtedness may have been
         issued, in accordance with the priorities then existing among holders
         of Senior Indebtedness for payment of the aggregate amounts remaining
         unpaid on account of the principal of and premium, if any, and
         interest (including interest accruing subsequent to the commencement
         of any proceeding for the bankruptcy or reorganization of the Company
         under any applicable bankruptcy, insolvency, or similar law now or
         hereafter in effect) on the Senior Indebtedness held or represented
         by each, to the extent necessary to make payment in full of all
         Senior Indebtedness remaining unpaid, after giving effect to any
         concurrent payment or distribution to the holders of such Senior
         Indebtedness; it being understood that if the Holders of Securities
         shall fail to file a proper claim in the form required by any
         proceeding referred to in this subparagraph (ii) prior to thirty days
         before the expiration of the time to file such claim or claims, then
         the holders of Senior Indebtedness are hereby authorized to file an
         appropriate claim or claims for and on behalf of the Holders of
         Securities in the form required in any such proceeding; and

                           (iii)  in the event that, notwithstanding the
         foregoing, any payment or distribution of assets of the Company of
         any kind or character, whether in cash, property or securities,
         including any such payment or distribution which may be payable or
         deliverable by reason of the payment of any other indebtedness of the
         Company being subordinate to the payment of the Securities, shall be
         received by the Trustee or Holders of the Securities before all
         Senior Indebtedness is paid in full, such payment or distribution
         shall be held for the benefit of and shall be paid over to the
         Holders of such Senior Indebtedness or their representative or
         representatives or to the trustee or trustees under any indenture
         under which any instruments evidencing any of such Senior
         Indebtedness may have been issued, as aforesaid, for application to
         the payment of all Senior Indebtedness remaining unpaid until all
         such Senior Indebtedness shall have been paid in full, after giving
         effect to any concurrent payment or distribution (or provision
         thereof) to the holders of such Senior Indebtedness.

                  (b)   Subject to the payment in full of all Senior
Indebtedness, the Holders of the Securities shall be subrogated (equally and
ratably with the holders of all indebtedness of the Company which by its
express terms is subordinated to indebtedness of the Company to substantially
the same extent as the Securities are subordinated and is entitled to like
rights of subordination) to the rights of the holders of Senior Indebtedness
to receive payments or distributions of cash, property or securities of the
Company applicable to the Senior Indebtedness until the principal of and
premium, if any, Maturity Consideration and interest on the Securities shall
be paid in full and no such payments or distributions to holders of such
Senior Indebtedness to which the Holders of the Securities would be entitled
except for the provisions hereof of cash, property or securities otherwise
distributable to the Senior Indebtedness shall, as between the Company, its
creditors, other than the holders of Senior Indebtedness, and the Holders of
the Securities, be deemed to be a payment by the Company to or on account of
the Senior Indebtedness.

                  (c)  It is understood that the provisions of this
Article Fourteen are intended solely for the purpose of defining the relative
rights of the Holders of the Securities, on the one

                                      73
<PAGE>

hand, and the holders of Senior Indebtedness, on the other hand.
Nothing contained in this Article Fourteen or elsewhere in this Indenture or
in the Securities is intended to or shall (i) impair, as between the Company,
and the Holders of the Securities, the obligation of the Company, which is
unconditional and absolute (and which, subject to the rights under this
Article Fourteen of the holders of Senior Indebtedness, is intended to rank
equally with all other general obligations of the Company), to pay to the
Holders of the Securities the principal of, premium, if any, Maturity
Consideration and interest (including interest accruing subsequent to the
commencement of any proceeding for the bankruptcy or reorganization of the
Company under any applicable bankruptcy, insolvency or similar law now or
hereafter in effect) on the Securities as and when the same shall become due
and payable in accordance with their terms, (ii) affect the relative rights of
the Holders of the Securities and creditors of the Company, other than the
holders of the Senior Indebtedness, (iii) prevent the Trustee or the Holder of
any Security from exercising all remedies otherwise permitted by applicable
law upon Default under this Indenture, subject to the rights, if any, under
this Article Fourteen of the holders of Senior Indebtedness and under Section
14.10 of Entitled Persons, in respect of cash, property or securities of the
Company received upon the exercise of any such remedy or (iv) prevent the
application by the Trustee or any Paying Agent of any moneys deposited with it
hereunder to the payment of or on account of the principal of or premium, if
any, Maturity Consideration or interest on the Securities or prevent the
receipt by the Trustee or any Paying Agent of such moneys, if, prior to the
second Business Day prior to such deposit, the Trustee or such Paying Agent
did not have written notice, in accordance with Section 14.06 hereof, of any
event prohibiting the making of such deposit by the Company and the Trustee
shall not be affected by any notice which may be received by it on or after
such second Business Day.

                  (d)   Upon any payment or distribution of assets of the
Company referred to in this Article Fourteen, the Trustee, subject to the
provisions of Section 8.01, and the Holders of the Securities shall be
entitled to rely upon any order or decree of a court of competent jurisdiction
in which such dissolution, winding up, liquidation or reorganization
proceedings are pending or upon a certificate of the liquidating trustee or
agent or other person making any distribution to the Trustee or to the Holders
of the Securities for the purpose of ascertaining the persons entitled to
participate in such distribution, the holders of the Senior Indebtedness and
other indebtedness of the Company, the amount thereof or payable thereon, the
amount or amounts paid or distributed thereon and all other facts pertinent
thereto or to this Article Fourteen. In the absence of any such liquidating
trustee, agent or other person or any certification by any such person, the
Trustee shall be entitled to rely upon a written notice by a Person
representing himself to be a holder of Senior Indebtedness (or a trustee or
representative on behalf of such holder) as evidence that such Person is a
holder of Senior Indebtedness (or is such a trustee or representative). In the
event that the Trustee determines, in good faith, that further evidence is
required with respect to the right of any Person, as a holder of Senior
Indebtedness, to participate in any payment or distribution pursuant to this
Section, the Trustee may request such Person to furnish evidence to the
reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness
or Other Financial Obligations held by such Person, as to the extent to which
such Person is entitled to participation in such payment or distribution, and
as to other facts pertinent to the rights of such Person under this Section,
and if such evidence is not furnished, the Trustee may defer any payment to
such Person pending judicial determination as to the right of such Person to
receive such payment.

                                      74
<PAGE>

                  (e)   With respect to the holders of Senior
Indebtedness, the Trustee undertakes to perform or to observe only such of its
covenants and obligations as are specifically set forth in this Indenture, and
no implied covenants or obligations with respect to the holders of Senior
Indebtedness shall be read into this Indenture against the Trustee. The
Trustee, however, shall not be deemed to owe any fiduciary duty to the holders
of Senior Indebtedness or any Entitled Person, and shall not be liable to any
such holders if it shall mistakenly pay over or distribute to or on behalf of
Holders of Securities or the Company moneys or assets to which any holders of
Senior Indebtedness shall be entitled by virtue of this Article Fourteen.

         SECTION 14.03. Payments on Securities Prohibited During Event of
Default Under Senior Indebtedness.

         In the event and during the continuation of any Default in the
payment of principal of, or premium, if any, or interest on, any Senior
Indebtedness beyond any applicable period of grace, or in the event that any
Event of Default with respect to any Senior Indebtedness shall have occurred
and be continuing, or would occur as a result of the payment referred to
hereinafter, permitting the holders of such Senior Indebtedness (or a trustee
on behalf of the holders thereof) to accelerate the maturity thereof, then,
unless and until such Default or Event of Default shall have been cured or
waived or shall have ceased to exist, no payment or delivery of principal of,
or premium, Maturity Consideration or interest on the Securities, or in
respect of any redemption, retirement, purchase or other acquisition of any of
the Securities, shall be made by the Company.

         SECTION 14.04.  Reserved.

         SECTION 14.05. Authorization of Holders to Trustee to Effect
Subordination.

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

         SECTION 14.06.  Notice to Trustee.

         Notwithstanding the provisions of this Article or any other
provisions of the Indenture, neither the Trustee nor any Paying Agent shall be
charged with knowledge of the existence of any Senior Indebtedness or of any
event which would prohibit the making of any payment of moneys to or by the
Trustee or such Paying Agent, unless and until a Responsible Officer of the
Trustee assigned to its Corporate Trust Department or such Paying Agent shall
have received written notice thereof from the Company or from the holder of
any Senior Indebtedness or from the representative of any such holder and
prior to receipt of any such written notice the Trustee shall be entitled to
assume that no such indebtedness or event exists; provided, however, that if a
Responsible Officer of the Trustee shall not have received, at least three
Business Days prior to the date upon which by the terms hereof any such money
may become payable for any purpose (including, without limitation, the payment
of the principal, issue price, accrued original issue discount, redemption
price or interest, if any, as the case may be, in respect of any Security),
the notice with respect to such money provided for in this Section 14.06,
then, anything herein

                                      75
<PAGE>

contained to the contrary notwithstanding, the Trustee shall have full power
and authority to receive such money and to apply the same to the purpose for
which such money was received and shall not be affected by any notice to the
contrary which may be received by it within three Business Days prior to such
date.

         Subject to the provisions of Section 8.01, the Trustee shall be
entitled to conclusively rely on the delivery to it of a written notice by a
person representing himself to be a holder of Senior Indebtedness (or a
trustee or agent on behalf of such holder) to establish that such notice has
been given by a holder of Senior Indebtedness (or a trustee or agent on behalf
of any such holder). In the event that the Trustee determines in good faith
that further evidence is required with respect to the right of any person as a
holder of Senior Indebtedness to participate in any payment or distribution
pursuant to this Article, the Trustee may request such person to furnish
evidence to the reasonable satisfaction of the Trustee as to the amount of
Senior Indebtedness held by such person, the extent to which such person is
entitled to participate in such payment or distribution and any other facts
pertinent to the rights of such person under this Article, and if such
evidence is not furnished, the Trustee may defer any payment which it may be
required to make for the benefit of such person pursuant to the terms of this
Indenture pending judicial determination as to the rights of such person to
receive such payment.

         SECTION 14.07.  Right of Trustee to Hold Senior Indebtedness.

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

         SECTION 14.08. Article Fourteen Not to Prevent Defaults or Events of
Default.

         The failure to make a payment pursuant to the Securities by reason of
any provision in this Article shall not be construed as preventing the
occurrence of a Default or an Event of Default.

         SECTION 14.09.  Trustee Compensation, Etc. Not Prejudiced.

         Nothing in this Article shall apply to claims of, or payments to, the
Trustee pursuant to Section 8.07 or to funds held by the Trustee pursuant to
Section 11.01.

                                  ARTICLE XV

                                 MISCELLANEOUS

         SECTION 15.01.  Counterparts.

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

                                      76
<PAGE>

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

                                         ROSLYN BANCORP, INC.

                                         By:________________________________
                                            Title:

                                         THE CHASE MANHATTAN BANK, as Trustee

                                         By: _________________________________
                                             Title:

                                      77
<PAGE>

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

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

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

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

Dated:  ______________________, 20__

                                    [Name of Person Entitled to Receive Bearer
                                        Security]

                                    ------------------------------------------
                                    (Authorized Sigantory)

<PAGE>

                                   EXHIBIT B
               FORM OF CERTIFICATE TO BE GIVEN BY EUROCLEAR AND
                CLEARSTREAM IN CONNECTION WITH THE EXCHANGE OF
                     A PORTION OF A TEMPORARY GLOBAL NOTE
                                  CERTIFICATE
-------------------------
[Insert title or sufficient description of Securities to be delivered]
         This is to certify with respect to $_____________ principal amount of
the above-captioned Securities (i) that we have received from each of the
persons appearing in our records as persons entitled to a portion of such
principal amount (our "Qualified Account Holders") a certificate with respect
to such portion substantially in the form attached hereto, and (ii) that we
are not submitting herewith for exchange any portion of the temporary global
Security representing the above-captioned Securities excepted in such
certificates.

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

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

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

                              By:__________________________________

<PAGE>

                                   EXHIBIT C
               FORM OF CERTIFICATE TO BE GIVEN BY EUROCLEAR AND
           CLEARSTREAM TO OBTAIN INTEREST PRIOR TO AN EXCHANGE DATE
                                  CERTIFICATE
-------------------------
[Insert title or sufficient description of Securities]
         This is to certify that, as of the Interest Payment Date on [Insert
Date], the undersigned, which is a holder of an interest in the temporary
global Security representing the above Securities, is not a United States
person.

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

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

<PAGE>

                                   EXHIBIT D
            FORM OF CERTIFICATE TO BE GIVEN BY BENEFICIAL OWNERS TO
                   OBTAIN INTEREST PRIOR TO AN EXCHANGE DATE
                                  CERTIFICATE
-------------------------
[Insert title or sufficient description of Securities]
         This is to certify that as of the date hereof, no portion of the
temporary global Security representing the above-captioned Securities and held
by you for our account is beneficially owned by a United States person or, if
any portion thereof held by you for our account is beneficially owned by a
United States person, such United States person is a financial institution
within the meaning of Section 1.165-12(c)(1)(v) of the United States Treasury
regulations which agrees to comply with Section 165(j)(3)(A), (B) or (C) of
the Internal Revenue Code of 1986 and the regulations thereunder, and
certifies that either it has provided an Internal Revenue Service Form W-9 or
is an exempt recipient as defined in Section 1.6049-4(c)(1)(ii) of the United
States Treasury regulations.

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

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

<PAGE>

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

                                 [Name of Person Entitled to Receive Bearer
                                    Security]

                                 __________________________________________
                                      (Authorized Signatory)

                                 Name:
                                 Title:

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

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

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

                                 By:__________________________________

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

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

                                 [Name of Account Holder]

                                 By:__________________________________
                                     (Authorized Signatory)

                                 Name:
                                 Title:

                                      2Exhibit 4(d)

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

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

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

REGISTERED                                                         REGISTERED

NUMBER R-                                                          $

                             ROSLYN BANCORP, INC.

                           % SUBORDINATED NOTES DUE

                                                                   CUSIP:

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

<PAGE>

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

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

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

     Upon any distribution of assets of the Company upon dissolution, winding
up, liquidation or reorganization, the payment of the principal of, premium,
if any, and interest on, the Subordinated Notes is to be subordinated in right
of payment to the extent provided in the Indenture to the prior payment in
full of all Senior Indebtedness of the Company (each as defined in the
Indenture). Each Holder of the Subordinated Notes, by the acceptance thereof,
agrees to and shall be bound by such provisions of the Indenture. The
Subordinated Notes may not be redeemed prior to maturity.

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

                                     2
<PAGE>

     The Subordinated Notes are issuable only as registered Subordinated Notes
without coupons in denominations of $100,000 and integral multiples of $1,000.
As provided in the Indenture, and subject to certain limitations set forth
therein, this Subordinated Note is exchangeable for a like aggregate principal
amount of Subordinated Notes of different authorized denominations, as
requested by the Holder surrendering the same.

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

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

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

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

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

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

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

                                      3

<PAGE>

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

Dated:

                                     ROSLYN BANCORP, INC.

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

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

                                     THE CHASE MANHATTAN BANK, as Trustee

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

                                      4

<PAGE>

                                  ASSIGNMENT

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

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

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

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

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

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

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

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