Document:

SERIES SUPPLEMENT

                      CORPORATE BACKED TRUST CERTIFICATES

                             SERIES 2001-25 TRUST

                                    between

                            LEHMAN ABS CORPORATION,

                                 as Depositor

                                      and

                     U.S. BANK TRUST NATIONAL ASSOCIATION,

                                      as

                      CORPORATE BACKED TRUST CERTIFICATES

                           Dated as of June 14, 2001

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                               Table of Contents

                                                                           Page

Section 1.   Incorporation of Standard Terms.................................1

Section 2.   Definitions.....................................................1

Section 3.   Designation of Trust and Certificates...........................7

Section 4.   Trust Certificates..............................................8

Section 5.   Distributions...................................................9

Section 6.   Trustee's Fees.................................................11

Section 7.   Optional Exchange; Optional Call...............................11

Section 8.   Notices of Events of Default...................................13

Section 9.   Miscellaneous..................................................14

Section 10.  Governing Law..................................................16

Section 11.  Counterparts...................................................16

Section 12.  Termination of the Trust.......................................16

Section 13.  Sale of Underlying Securities; Optional Exchange...............16

Section 14.  Amendments.....................................................17

Section 15.  Voting of Underlying Securities, Modification of Indenture.....17

SCHEDULE I        SERIES 2001-25 UNDERLYING SECURITIES SCHEDULE
SCHEDULE II       CLASS A-2 CERTIFICATE CALL SCHEDULE
EXHIBIT A-1       FORM OF TRUST CERTIFICATE CLASS A-1
EXHIBIT A-2       FORM OF TRUST CERTIFICATE CLASS A-2
EXHIBIT B         FORM OF WARRANT AGENT AGREEMENT
EXHIBIT C         FORM OF INVESTMENT LETTER

<PAGE>

                               SERIES SUPPLEMENT

                      CORPORATE BACKED TRUST CERTIFICATES

                             Series 2001-25 TRUST

         SERIES SUPPLEMENT, Series 2001-25, dated as of June 14, 2001 (the
"Series Supplement"), by and between LEHMAN ABS CORPORATION, as Depositor (the
"Depositor"), and U.S. BANK TRUST NATIONAL ASSOCIATION, as Trustee (the
"Trustee").

                             W I T N E S S E T H:

         WHEREAS, the Depositor desires to create the Trust designated herein
(the "Trust") by executing and delivering this Series Supplement, which shall
incorporate the terms of the Standard Terms for Trust Agreements, dated as of
January 16, 2001 (the "Standard Terms"; together with this Series Supplement,
the "Trust Agreement"), by and between the Depositor and the Trustee, as
modified by this Series Supplement;

         WHEREAS, the Depositor desires to deposit into the Trust the
Underlying Securities set forth on Schedule I attached hereto (the "Underlying
Securities Schedule") the general terms of which are described in the
Prospectus Supplement under the heading "Description of the Deposited Assets -
Underlying Securities;"

         WHEREAS, in connection with the creation of the Trust and the deposit
therein of the Underlying Securities, it is desired to provide for the
issuance of trust certificates (the "Certificates") evidencing undivided
interests in the Trust; and

         WHEREAS, the Trustee has joined in the execution of the Standard
Terms and this Series Supplement to evidence the acceptance by the Trustee of
the Trust;

         NOW, THEREFORE, in consideration of the foregoing premises and the
mutual covenants expressed herein, it is hereby agreed by and between the
Depositor and the Trustee as follows:

     Section 1. Incorporation of Standard Terms. Except as otherwise provided
herein, all of the provisions of the Standard Terms are hereby incorporated
herein by reference in their entirety, and this Series Supplement and the
Standard Terms shall form a single agreement between the parties. In the event
of any inconsistency between the provisions of this Series Supplement and the
provisions of the Standard Terms, the provisions of this Series Supplement
will control with respect to the Series 2001-25 Certificates and the
transactions described herein.

     Section 2. Definitions.

         (a) Except as otherwise specified herein or as the context may
otherwise require, the following terms shall have the respective meanings set
forth below for all purposes under this Series Supplement. (Section 2(b) below
sets forth terms listed in the Standard Terms which are

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not applicable to this Series.) Capitalized terms used but not defined herein
shall have the meanings assigned to them in the Standard Terms.

         "Available Funds" shall have the meaning specified in the Standard
Terms, except that proceeds of any redemption of the Underlying Securities and
investment income earned on funds invested pursuant to Section 3.05 of the
Standard Terms shall be included in Available Funds.

         "Business Day" shall mean any day other than (i) Saturday and Sunday
or (ii) a day on which banking institutions in New York City, New York are
authorized or obligated by law or executive order to be closed for business or
(iii) a day that is not a business day for the purposes of the Declaration of
Trust.

         "Call Date" shall mean any Business Day on or after June 14, 2006, or
after the announcement of any redemption or other unscheduled payment on the
Underlying Securities on which the Call Warrants are exercised and the
proceeds of an Optional Call are distributed to holders of the Certificates
pursuant to Section 7 hereof.

         "Call Notice" shall have the meaning specified in Section 1.1 of the
Warrant Agent Agreement.

         "Call Price" shall mean, for each related Call Date, (i) in the case
of the Class A-1 Certificates, the par value of the Class A-1 Certificates
being purchased pursuant to the exercise of the Call Warrants, plus any
accrued and unpaid interest on such amount (including any deferred
distributions with interest thereon) to but excluding the Call Date and (ii)
in the case of the Class A-2 Certificates, any accrued and unpaid interest on
the notional amount of the Class A-2 Certificates being purchased pursuant to
the exercise of the Call Warrants to but excluding the Call Date, plus the
additional amount (or portion thereof, in the case of a partial call) set
forth under the heading "Value" in Schedule II hereof for such Call Date or,
if such Call Date is not a Distribution Date, the immediately following
Distribution Date.

         "Call Warrants" shall have the meaning specified in Section 3 hereof.

         "Certificate Account" shall have the meaning specified in the
Standard Terms.

         "Certificates" shall have the meaning specified in Section 3 hereof.

         "Class A-1 Allocation" means the sum of the present values
(discounted at the rate of 7.625% per annum) of (i) any unpaid interest due or
to become due on the Class A-1 Certificates and (ii) the outstanding principal
amount of the Certificates (in each case assuming that the Class A-1
Certificates were paid when due and were not redeemed prior to their stated
maturity).

         "Class A-2 Allocation" means the present value (discounted at the
rate of 7.625% per annum) of any unpaid amounts due or to become due on the
Class A-2 Certificates (assuming that the Class A-2 Certificates were paid
when due and were not redeemed prior to their stated maturity).

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         "Class A-1 Certificates" shall mean the Certificates, in the form
attached hereto as Exhibit A-1, to be issued by the Trust representing a
proportionate undivided beneficial ownership interest in certain distributions
to be made by the Trust and having the characteristics described herein and in
the Certificates.

         "Class A-2 Certificates" shall mean the Certificates, in the form
attached hereto as Exhibit A-2, to be issued by the Trust representing a
proportionate undivided beneficial ownership interest in certain distributions
to be made by the Trust and having the characteristics described herein and in
the Certificates.

         "Closing Date" shall mean June 14, 2001.

         "Collection Period" shall mean, (i) with respect to each December
Distribution Date, the period beginning on the day after the June Distribution
Date and ending on such December Distribution Date, inclusive and, (ii) with
respect to each June Distribution Date, the period beginning on the day after
the December Distribution Date of a given year and ending on the June
Distribution Date of the following year, inclusive; provided, however, that
clauses (i) and (ii) shall be subject to Section 9(f) hereof.

         "Corporate Trust Office" shall mean the office of U.S. Bank Trust
National Association located at 100 Wall Street, New York, New York 10005.

         "Currency" shall mean United States Dollars.

         "Declaration of Trust" shall mean the declaration of trust pursuant
to which the Underlying Securities were issued.

         "Deferral Period" shall have the meaning specified in Section 5(b)
hereof.

         "Depository" shall mean The Depository Trust Company.

         "Distribution Date" shall mean June 1st and December 1st of each year
(or if such date is not a Business Day, the next succeeding Business Day),
commencing on December 1, 2001, and ending on the earlier of the Final
Scheduled Distribution Date and any date on which Underlying Securities are
redeemed pursuant to the Declaration of Trust.

         "Eligible Account" shall have the meaning specified in the Standard
Terms.

         "Eligible Investments" shall be as defined in the Standard Terms;
provided, however, that (i) the minimum required rating for long-term
instruments will be equal to the rating of the Underlying Securities, and (ii)
the rating of any short-term instruments will be A-1+ by S&P and P1 by
Moody's; and provided, further, that any such investment matures no later than
the Business Day prior to any related Distribution Date and that any such
investment be denominated in U.S. dollars.

         "Event of Default" shall mean (i) a default in the payment of any
interest on any Underlying Security after the same becomes due and payable
(subject to any permitted deferrals and applicable grace period), (ii) a
default in the payment of the principal of or any installment of

                                     II-3
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principal of any Underlying Security when the same becomes due and payable,
and (iii) any other event specified as an "Event of Default" in the
Declaration of Trust for the Underlying Securities.

         "Exchange Act" shall mean the Securities and Exchange Act of 1934, as
amended, and the rules and regulations promulgated thereunder.

         "Extraordinary Trust Expenses" shall have the meaning specified in
the Standard Terms.

         "Final Scheduled Distribution Date" shall mean December 1, 2027.

         "Interest Accrual Period" shall mean for any Distribution Date, the
period from and including the preceding Distribution Date (or in the case of
the first Interest Accrual Period, from and including June 14, 2001) to but
excluding the current Distribution Date.

         "Liquidation Price" shall mean the price at which the Trustee sells
the Underlying Securities.

         "Liquidation Proceeds" shall have the meaning specified in the
Standard Terms.

         "Maturity Date" shall have the meaning specified in Schedule I
hereto.

         "Moody's" shall mean Moody's Investors Service, Inc.

         "Optional Call" shall mean the call of the Certificates by the
Warrant Holder, in whole or in part, resulting from the exercise of Call
Warrants by the Warrant Holder, pursuant to Section 7(d) hereof.

         "Optional Exchange" shall mean the exchange of the Certificates by
the Trust for the Underlying Securities pursuant to Section 7(a) hereof.

         "Optional Exchange Date" shall mean any Distribution Date on which
Underlying Securities subject to Optional Exchange are distributed to a
Certificateholder.

         "Ordinary Expenses" shall mean the Trustee's ordinary expenses and
overhead in connection with its services as Trustee, including the items
referred to in the definition of Ordinary Expenses in the Standard Terms.

         "Prepaid Ordinary Expenses" shall be zero for this Series.

         "Prospectus Supplement" shall mean the Prospectus Supplement, dated
June [4], 2001, relating to the Certificates.

         "Rating Agency" shall mean Moody's and S&P.

         "Rating Agency Condition" shall have the meaning specified in the
Standard Terms.

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         "Record Date" shall mean, with respect to each Distribution Date, the
day immediately preceding the related Distribution Date.

         "Required Interest" shall have the meaning specified in the Standard
Terms.

         "Required Percentage-Amendment" shall be 66-2/3% of the aggregate
Voting Rights, unless the subject amendment requires the vote of holders of
only one Class of Certificates pursuant to the Standard Terms, in which case
66-2/3% of the Certificate Principal Amount of such Class.

         "Required Percentage-Direction of Trustee" shall be 66-2/3% of the
aggregate Voting Rights.

         "Required Percentage-Remedies" shall be 66-2/3% of the aggregate
Voting Rights.

         "Required Percentage-Removal" shall be 66-2/3% of the aggregate
Voting Rights.

         "Required Rating" shall mean, in the case of Moody's, the rating
assigned to the Underlying Securities by Moody's as of the Closing Date, and,
in the case of S&P, the rating assigned to the Underlying Securities by S&P as
of the Closing Date.

         "S&P" shall mean Standard & Poor's Ratings Services, a division of
The McGraw-Hill Companies, Inc.

         "Series" shall mean Series 2001-25.

         "Special Event" shall have the meaning specified in the Prospectus
Supplement.

         "Trustee Fee" shall mean the amount paid to the Trustee by the
Depositor on the Closing Date.

         "Trust Property" shall mean the Underlying Securities described on
Schedule I hereto and the Certificate Account.

         "Underlying Securities" shall mean $25,000,000 aggregate principal
amount of 7.83% Capital Securities due December 1, 2027, issued by the
Underlying Securities Issuer, as set forth in Schedule I attached hereto
(subject to Section 3(d) hereof).

         "Underlying Securities Delaware Trustee" shall mean The Chase
Manhattan Bank (Delaware).

         "Underlying Securities Guarantor" shall mean Dominion Resources, Inc.

         "Underlying Securities Issuer" shall mean Dominion Resources Capital
Trust I.

         "Underwriters" shall mean Lehman Brothers Inc., an affiliate of the
Depositor, and [Other Underwriters].

                                     II-5
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         "Voting Rights" shall, in the entirety, be allocated among all Class
A-1 Certificateholders in proportion to the then unpaid principal amounts of
their respective Certificates. The Class A-2 Certificateholders will have no
Voting Rights.

         "Warrant Agent" shall mean initially, U.S. Bank Trust National
Association.

         "Warrant Agent Agreement" shall mean that certain Warrant Agent
Agreement, dated as of the date hereof, between the Depositor and U.S. Bank
Trust National Association, as Warrant Agent and as Trustee, as the same may
be amended from time to time.

         "Warrant Holder" shall mean the holder of a Call Warrant.

     (b) The terms listed below are not applicable to this Series.

                "Accounting Date"

                "Administrative Fees"

                "Advance"

                "Allowable Expense Amounts"

                "Basic Documents"

                "Calculation Agent"

                "Call Premium Percentage"

                "Credit Support"

                "Credit Support Instrument"

                "Credit Support Provider"

                "Cut-off Date"

                "Eligible Expense"

                "Exchange Rate Agent"

                "Fixed Pass-Through Rate"

                "Floating Pass-Through Rate"

                "Guaranteed Investment Contract"

                "Letter of Credit"

                "Limited Guarantor"

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                "Limited Guaranty"

                "Minimum Wire Denomination"

                "Notional Amount"

                "Pass-Through Rate"

                "Place of Distribution"

                "Purchase Price"

                "Required Premium"

                "Required Principal"

                "Requisite Reserve Amount"

                "Retained Interest"

                "Sale Procedures"

                "Sub-Administration Account"

                "Sub-Administration Agreement"

                "Sub-Administration Agent"

                "Surety Bond"

                "Swap Agreement"

                "Swap Counterparty"

                "Swap Distribution Amount"

                "Swap Guarantee"

                "Swap Guarantor"

                "Swap Receipt Amount"

                "Swap Termination Payment"

     Section 3. Designation of Trust and Certificates. The Trust created
hereby shall be known as the "Corporate-Backed Trust Certificates, Series
2001-25 Trust." The Certificates evidencing certain undivided ownership
interests therein shall be known as "Corporate Backed Trust Certificates,
Series 2001-25." The Certificates shall consist of the Class A-1 Certificates

                                     II-7
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and the Class A-2 Certificates (together, the "Certificates"). The Trust is
also issuing call warrants with respect to the Certificates ("Call Warrants").

     (a) The Certificates shall be held through the Depository in book-entry
form and shall be substantially in the forms attached hereto as Exhibits A-1
and A-2. The Class A-1 Certificates shall be issued in denominations of $25.
The Class A-2 Certificates shall be issued in minimum notional denominations
of $1,000 and integral multiples of $1 in excess thereof. Except as provided
in the Standard Terms and in paragraph (d) in this Section, the Trust shall
not issue additional Certificates or incur any indebtedness.

     (b) The Class A-1 Certificates have an initial aggregate certificate
principal amount (the "Certificate Principal Amount") of $25,000,000. The
Class A-2 Certificates are interest-only Certificates, and have a notional
amount equal to the Certificate Principal Amount of the Class A-1
Certificates.

     (c) The holders of the Class A-1 Certificates will be entitled to receive
on each Distribution Date the interest, if any, received on the Underlying
Securities, to the extent necessary to pay interest at a rate of 7.625% per
annum on the outstanding Certificate Principal Amount of the Class A-1
Certificates. The holders of the Class A-2 Certificates will be entitled to
receive on each Distribution Date the interest, if any, received on the
Underlying Securities, to the extent necessary to pay interest at a rate of
0.205% per annum on the outstanding notional amount of the Class A-2
Certificates. On December 1, 2001, the Trustee will pay to the Depositor the
amount of interest accrued and paid on the Underlying Securities from June 1,
2001, to but not including the Closing Date. If Available Funds are
insufficient to pay such amount, the Trustee will pay the Depositor its pro
rata share, based on the ratio the amount owed to the Depositor bears to all
the amounts owed to the Class A-1 Certificates in respect of accrued interest,
of any proceeds from the recovery on the Underlying Securities.

     (d) The Depositor may sell to the Trustee additional Underlying
Securities on any date hereafter upon at least 3 Business Days notice to the
Trustee and upon (i) satisfaction of the Rating Agency Condition and (ii)
delivery of an Opinion of Counsel to the effect that the sale of such
additional Underlying Securities will not materially increase the likelihood
that the Trust would fail to qualify as a grantor trust under the Code. Upon
such sale to the Trustee, the Trustee shall deposit such additional Underlying
Securities in the Certificate Account, and shall authenticate and deliver to
the Depositor, on its order, Class A-1 Certificates in a Certificate Principal
Amount, and Class A-2 Certificates in a notional amount, equal to the
principal amount of such additional Underlying Securities, and the Call
Warrants related thereto. Any such additional Class A-1 Certificates and Class
A-2 Certificates authenticated and delivered shall have the same terms and
rank pari passu with the corresponding classes of Certificates previously
issued in accordance with this Series Supplement.

     (e) As a condition precedent for transferring the Call Warrants, the
prospective transferee shall be required to deliver to the Trustee and the
Depositor an executed copy of the Investment Letter (set forth in Exhibit C
hereto).

     Section 4. Trust Certificates. The Trustee hereby acknowledges receipt,
on or prior to the Closing Date, of:

                                     II-8
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     (a) the Underlying Securities set forth on the Underlying Securities
Schedule; and

     (b) all documents required to be delivered to the Trustee pursuant to
Section 2.01 of the Standard Terms.

     Section 5. Distributions.

     (a) Except as otherwise provided in Section 3(c), on each applicable
Distribution Date, the Trustee shall apply Available Funds in the Certificate
Account as follows:

          (i) The Trustee will pay the interest portion of Available Funds
     (subject to Section 5(c) and Section 5(d) below):

               (1) first, to the Trustee, as reimbursement for any
          Extraordinary Trust Expenses incurred by the Trustee in accordance
          with Section 6(b) below and approved by 100% of the
          Certificateholders; and

               (2) second, to the holders of the Class A-1 Certificates and to
          the holders of the Class A-2 Certificates, interest accrued and
          unpaid on each such Class pro rata in proportion to their
          entitlements thereto.

          (ii) the Trustee will pay the principal portion of Available Funds:

          (1) first, to the Trustee, as reimbursement for any remaining
     Extraordinary Trust Expenses incurred by the Trustee in accordance with
     Section 6(b) below and approved by 100% of the Certificateholders; and

          (2) second, to the holders of the Class A-1 Certificates, the
     Certificate Principal Amount.

     (b) Distributions of interest on the Class A-1 Certificates and the Class
A-2 Certificates may be deferred as a result of the deferral of payment on the
Underlying Securities. Distributions on the Underlying Securities may be
deferred pursuant to the Underlying Securities Trust Agreement for up to ten
consecutive semi-annual interest periods (each, a "Deferral Period") provided
that no Deferral Period may extend beyond the Final Scheduled Distribution
Date. During any Deferral Period, interest on the Underlying Securities will
continue to accrue at the applicable rate per annum compounded semi-annually.
Interest on deferred and compounded interest on the Class A-1 Certificates and
the Class A-2 Certificates will be owing only to the extent that such interest
is actually received by the Trustee on the Underlying Securities.

     (c) Notwithstanding the foregoing, if the Underlying Securities are
redeemed, prepaid or liquidated in whole or in part for any reason (including
a Special Event) other than due to the occurrence of an Event of Default, the
cessation of the Underlying Securities Guarantor to file periodic reports as
required by the Exchange Act, or at their maturity, the Trustee shall apply
Available Funds in the manner described in Section 5(h) in the following order
of priority:

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          (i) first, to the Trustee, as reimbursement for any Extraordinary
     Trust Expenses incurred by the Trustee in accordance with Section 6(b)
     below and approved by 100% of the Certificateholders;

          (ii) second, to the holders of the Class A-1 Certificates, an amount
     equal to the outstanding principal amount thereof plus accrued and unpaid
     interest thereon;

          (iii) third, to the holders of the Class A-2 Certificates, the
     present value of all amounts that would otherwise have been payable on
     the Class A-2 Certificates for the period from the date of such
     redemption or prepayment to the Final Scheduled Distribution Date using a
     discount rate of 7.625% per annum, assuming no delinquencies, deferrals,
     redemptions or prepayments on the Underlying Securities; and

          (iv) fourth, any remainder to the holders of the Class A-1
     Certificates and the Class A-2 Certificates pro rata in proportion to the
     ratio of the Class A-1 Allocation to the Class A-2 Allocation.

     (d) Notwithstanding the foregoing, if the Underlying Securities are
redeemed, prepaid or liquidated in whole or in part due to the occurrence of
an Event of Default, the Trustee shall apply Available Funds to the holders of
the Class A-1 Certificates and the holders of the Class A-2 Certificates in
accordance with the ratio of the Class A-1 Allocation to the Class A-2
Allocation.

     (e) Unless otherwise instructed by holders of Certificates representing a
majority of the Voting Rights, thirty (30) days after giving notice pursuant
to Section 8 hereof, the Trustee shall sell the Underlying Securities pursuant
to Section 13 hereof and deposit the Liquidation Proceeds, if any, into the
Certificate Account for distribution not later than two (2) Business Days
after the receipt of immediately available funds in accordance with Section
5(d) hereof.

     (f) If the Trustee receives non-cash property in respect of the
Underlying Securities as a result of a payment default on the Underlying
Securities (including from the sale thereof), the Trustee will promptly give
notice to the Depository, or for any Certificates which are not then held by
DTC or any other depository, directly to the registered holders of the
Certificates then outstanding and unpaid. Such notice shall state that the
Trustee shall and the Trustee shall, not later than 30 days after the receipt
of such property, allocate and distribute such property to the holders of
Class A-1 Certificates and Class A-2 Certificates then outstanding and unpaid
(after deducting the costs incurred in connection therewith) in accordance
with Section 5(d) hereof. Property other than cash will be liquidated by the
Trustee, and the proceeds thereof distributed in cash, only to the extent
necessary to avoid distribution of fractional securities to
Certificateholders. In-kind distribution of such property to
Certificateholders will be deemed to reduce the principal amount of
Certificates on a dollar-for-dollar basis.

     (g) Subject to Section 9(f) hereof, to the extent Available Funds are
insufficient to make any required distributions due to any Class of
Certificates on any Distribution Date, any

                                      II-10
<PAGE>

shortfall will be carried over and will be distributed on the next
Distribution Date (or date referred to in Section 5(h) hereof) on which
sufficient funds are available to pay such shortfall.

     (h) If a payment with respect to the Underlying Securities is made to the
Trustee (i) after the payment date of the Underlying Securities on which such
payment was due or (ii) after the Underlying Securities are redeemed, prepaid
or liquidated in whole or in part for any reason (including a Special Event)
other than due to the occurrence of an Event of Default or at their maturity,
then the Trustee will distribute any such amounts received on the next
occurring Business Day (a "Special Distribution Date") as if the funds had
constituted Available Funds on the Distribution Date immediately preceding
such Special Distribution Date; provided, however, that the Record Date for
such Special Distribution Date shall be five Business Days prior to the day on
which the related payment was received from the Underlying Securities Delaware
Trustee.

     (i) Notwithstanding Section 3.12 of the Standard Terms, if the Underlying
Securities Guarantor ceases to file periodic reports as required under the
Exchange Act, the Depositor shall within a reasonable time instruct the
Trustee to sell the Underlying Securities and distribute the proceeds of such
sale to the certificateholders in accordance with the following order of
priority: first, to the Trustee, as reimbursement for any Extraordinary Trust
Expenses incurred by the Trustee in accordance with Section 6(b) below and
approved by 100% of the Certificateholders; and second, any remainder to the
holders of the Class A-1 Certificates and the Class A-2 Certificates pro rata
in proportion to the ratio of the Class A-1 Allocation to the Class A-2
Allocation; provided, however, the Depositor shall not instruct the Trustee to
distribute or sell the Underlying Securities pursuant to this clause unless
the Underlying Securities Guarantor has either (x) stated in writing that it
intends permanently to cease filing reports required under the Exchange Act or
(y) failed to file any required reports for one full calendar year.

     Section 6. Trustee's Fees.

     (a) As compensation for its services hereunder, the Trustee shall be
entitled to the Trustee Fee. The Trustee Fee shall be paid by the Depositor
and not from Trust Property. The Trustee shall bear all Ordinary Expenses.
Failure by the Depositor to pay such amount shall not entitle the Trustee to
any payment or reimbursement from the Trust, nor shall such failure release
the Trustee from the duties it is required to perform under the Trust
Agreement.

     (b) Extraordinary Expenses shall not be paid out of the Trust Property
unless all the holders of the Class A-1 Certificates and Class A-2
Certificates then outstanding have directed the Trustee to incur such
Extraordinary Expenses. The Trustee may incur other Extraordinary Expenses if
any lesser percentage of the Certificateholders requesting such action
pursuant hereto reimburse the Trustee for the cost thereof from their own
funds in advance. If Extraordinary Expenses are not approved unanimously as
set forth in the first sentence of this Section 6(b), such Extraordinary
Expenses shall not be an obligation of the Trust, and the Trustee shall not
file any claim against the Trust therefor notwithstanding failure of
Certificateholders to reimburse the Trustee.

     Section 7. Optional Exchange; Optional Call.

                                     II-11
<PAGE>

     (a) On any Distribution Date, any holder of Class A-1 Certificates and
Class A-2 Certificates and the related Call Warrants, if Call Warrants related
to such Certificates are outstanding, may exchange such Certificates and, if
applicable, Call Warrants, for a distribution of Underlying Securities
representing the same percentage of the Underlying Securities as such
Certificates represent of all outstanding Certificates.

     (b) The following conditions shall apply to any Optional Exchange.

          (i) A notice specifying the number of Certificates being surrendered
     and the Optional Exchange Date shall be delivered to the Trustee no less
     than 5 days (or such shorter period acceptable to the Trustee) but not
     more than 30 days before the Optional Exchange Date.

          (ii) Certificates and, if applicable, the Call Warrants, shall be
     surrendered to the Trustee no later than 10:00 a.m. (New York City time)
     on the Optional Exchange Date.

          (iii) Class A-1 Certificates and Class A-2 Certificates representing
     a like percentage of all Class A-1 Certificates and Class A-2
     Certificates shall be surrendered.

          (iv) The Trustee shall have received an opinion of counsel stating
     that the Optional Exchange would not affect the characterization of the
     Trust as a "grantor trust" for federal income tax purposes.

          (v) If the Certificateholder is the Depositor or any Affiliate of
     the Depositor, (1) the Trustee shall have received a certification from
     the Certificateholder that any Certificates being surrendered have been
     held for at least six months, and (2) the Certificates being surrendered
     may represent no more than 5% (or 25% in the case of Certificates
     acquired by the Underwriter but never distributed to investors) of the
     then outstanding Certificates.

          (vi) The Trustee shall not be obligated to determine whether an
     Optional Exchange complies with the applicable provisions for exemption
     under Rule 3a-7 of the Investment Company Act of 1940, as amended, or the
     rules or regulations promulgated thereunder.

          (vii) The provisions of Section 4.07 of the Standard Terms shall not
     apply to an Optional Exchange pursuant to this Section 7(b). This Section
     7(b) shall not provide any person with a lien against, an interest in or
     a right to specific performance with respect to the Underlying
     Securities.

     (c) Concurrently with the execution of this Series Supplement, the
Trustee, on behalf of the Trust, shall execute the Warrant Agent Agreement and
the Call Warrants, dated as of the date hereof and substantially in the form
of Exhibit B hereto, initially evidencing all of the Call Warrants. The
Trustee shall perform the Trust's obligations under the Warrant Agent
Agreement and the Call Warrants in accordance with their respective terms.

                                     II-12
<PAGE>

     (d) Call Warrants may be exercised by the Warrant Holder in whole or in
part on any Call Date. In addition to the conditions set forth in Section 1.1
of the Warrant Agent Agreement, the following conditions shall apply to any
Optional Call.

          (i) An opinion of counsel to the Warrant Holder shall have been
     delivered to the Rating Agencies, in form satisfactory to the Rating
     Agencies, indicating that payment of the Call Price shall not be
     recoverable as a preferential transfer or fraudulent conveyance under the
     United States Bankruptcy Code. Such opinion may contain customary
     assumptions and qualifications.

          (ii) The Warrant Holder shall have provided a certificate of
     solvency to the Trustee.

          (iii) Upon receipt of a Call Notice, the Trustee shall provide a
     conditional call notice to the Depository not less than 3 Business Days
     prior to the Call Date.

          (iv) Delivery of a Call Notice does not give rise to an obligation
     on part of the Warrant Holder to pay the Call Price. If, by 10:00 a.m.
     (New York City time) on the Call Date, the Warrant Holder has not paid
     the Call Price, then the Call Notice shall automatically expire and none
     of the Warrant Holder, the Warrant Agent or the Trustee shall have any
     obligation with respect to the Call Notice. The expiration of a Call
     Notice shall in no way affect the Warrant Holder's right to deliver a
     Call Notice at a later date.

          (v) Subject to receipt of the Call Price, the Trustee shall pay the
     Call Price to the Certificateholders on the Call Date. The Call Price for
     Class of Certificates in respect of partial calls shall be allocated pro
     rata to the Certificateholders of such Class.

          (vi) The Trustee shall not consent to any amendment or modification
     of this Agreement (including the Standard Terms) which would alter the
     timing or amount of any payment of the Call Price without the prior
     written consent of 100% of the Warrant Holders.

          (vii) The Trustee shall not be obligated to determine whether an
     Optional Call complies with the applicable provisions for exemption under
     Rule 3a-7 of the Investment Company Act of 1940, as amended, or the rules
     or regulations promulgated thereunder.

     (e) This Section 7 shall not provide the Warrant Holder with a lien
against, an interest in or a right to specific performance with respect to the
Underlying Securities.

     (f) The Warrant Holder shall initially be the Depositor.

     Section 8. Notices of Events of Default.

     As promptly as practicable after, and in any event within 30 days after,
the occurrence of any Event of Default actually known to the Trustee, the
Trustee shall give notice of such Event of Default to the Depository, or, if
any Certificates are not then held by DTC or any other depository, directly to
the registered holders of such Certificates. However, except in the case of an
Event of Default relating to the payment of principal of or interest on any of

                                     II-13
<PAGE>

the Underlying Securities, the Trustee will be protected in withholding such
notice if in good faith it determines that the withholding of such notice is
in the interest of the Certificateholders.

     Section 9. Miscellaneous.

     (a) The provisions of Section 4.04, Advances, of the Standard Terms shall
not apply to the Series 2001-25 Certificates.

     (b) The provisions of Section 4.07, Optional Exchange, of the Standard
Terms shall not apply to the Series 2001-25 Certificates.

     (c) The Trustee shall simultaneously forward reports to
Certificateholders pursuant to Section 4.03 of the Standard Terms and to the
New York Stock Exchange.

     (d) Except as expressly provided herein, the Certificateholders shall not
be entitled to terminate the Trust or cause the sale or other disposition of
the Underlying Securities.

     (e) The provisions of Section 3.07(d) of the Standard Terms shall not
apply to the Series 2001-25 Certificates.

     (f) If the Trustee has not received payment with respect to a Collection
Period on the Underlying Securities on or prior to the related Distribution
Date, such distribution will be made promptly upon receipt of such payment. No
additional amounts shall accrue on the Certificates or be owed to
Certificateholders as a result of such delay; provided, however, that any
additional interest owed and paid by the Underlying Securities Issuer as a
result of such delay shall be paid to the Class A-1 Certificateholders pro
rata in proportion to their respective entitlements to interest.

     (g) The outstanding principal balance of the Certificates shall not be
reduced by the amount of any Realized Losses (as defined in the Standard
Terms).

     (h) The Trust may not engage in any business or activities other than in
connection with, or relating to, the holding, protecting and preserving of the
Trust Property and the issuance of the Certificates, and other than those
required or authorized by the Trust Agreement or incidental and necessary to
accomplish such activities. The Trust may not issue or sell any certificates
or other obligations other than the Certificates or otherwise incur, assume or
guarantee any indebtedness for money borrowed.

     (i) Notwithstanding anything in the Trust Agreement to the contrary, the
Trustee may be removed upon 60 days prior written notice delivered by the
holders of Class A-1 Certificates and Class A-2 Certificates representing the
Required Percentage-Removal.

     (j) In the event that the Internal Revenue Service challenges the
characterization of the Trust as a grantor trust, the Trustee shall then file
such forms as the Depositor may specify to establish the Trust's election
pursuant to Section 761 of the Code to exclude the Trust from the application
of Subchapter K of the Code and is hereby empowered to execute such forms on
behalf of the Certificateholders.

                                     II-14
<PAGE>

     (k) Notwithstanding anything in the Standard Terms to the contrary, the
Trustee, upon written direction by the Depositor, will execute the
Certificates.

     (l) In relation to Section 7.01(f) of the Standard Terms, any periodic
reports filed by the Trustee pursuant to the Exchange Act in accordance with
the customary practices of the Depositor, need not contain any independent
reports.

     (m) Notwithstanding anything in the Trust Agreement to the contrary, the
Trustee will have no recourse to the Underlying Securities.

     (n) [Reserved].

     (o) The Trust will not merge or consolidate with any other entity without
confirmation from each Rating Agency that such merger or consolidation will
not result in the qualification, reduction or withdrawal of its then-current
rating on the Certificates.

     (p) Notices. All directions, demands and notices hereunder or under the
Standard Terms shall be in writing and shall be delivered as set forth below
(unless written notice is otherwise provided to the Trustee).

            If to the Depositor, to:

                     Lehman ABS Corporation
                     3 World Financial Center
                     New York, New York  10285
                     Attention:  Structured Credit Trading
                     Telephone:  (212) 526-6570
                     Facsimile:  (212) 526-1546

            If to the Trustee, to:

                     U.S. Bank Trust National Association
                     100 Wall Street
                     New York, New York  10005
                     Attention:  Corporate Trust
                     Telephone:  (212) 361-2500
                     Facsimile:  (212) 809-5459

            If to the Rating Agencies, to:

                     Moody's Investors Service, Inc.
                     99 Church Street 21W
                     New York, New York  10007
                     Attention:  CBO/CLO Monitoring Department
                     Telephone:  (212) 553-1494
                     Facsimile:  (212) 553-0355

                                     II-15
<PAGE>

    and to:

                    Standard & Poor's
                    55 Water Street
                    New York, New York  10041
                    Attention:  Structured Finance Surveillance Group
                    Telephone:  (212) 438-2482
                    Facsimile:  (212) 438-2664

             If to the New York Stock Exchange, to:

                    New York Stock Exchange, Inc.
                    20 Broad Street
                    New York, New York  10005
                    Attention:  Michael Hyland
                    Telephone:  (212) 656-5868
                    Facsimile:  (212) 656-6919

     Section 10. Governing Law. THIS SERIES SUPPLEMENT AND THE TRANSACTIONS
DESCRIBED HEREIN SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED
WITHIN THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CHOICE OF LAWS
PROVISIONS THEREOF.

     Section 11. Counterparts. This Series Supplement may be executed in any
number of counterparts, each of which shall be deemed to be an original, and
all such counterparts shall constitute but one and the same instrument.

     Section 12. Termination of the Trust. The Trust shall terminate upon the
earliest to occur of (i) the payment in full at maturity or sale by the Trust
after a payment default or an acceleration or other early payment of the
Underlying Securities and the distribution in full of all amounts due to the
Class A-1 Certificateholders and Class A-2 Certificateholders; (ii) the
exercise of all outstanding Call Warrants by the Warrant Holder; (iii) the
Final Scheduled Distribution Date and (iv) the expiration of 21 years from the
death of the last survivor of the descendants of Joseph P. Kennedy, the late
Ambassador of the United States to the Court of St. James, living on the date
hereof.

     Section 13. Sale of Underlying Securities; Optional Exchange. In the
event of a sale of the Underlying Securities pursuant to Section 5(e) hereof
or pursuant to the instructions of the Warrant Agent under Section 1.2 of the
Warrant Agent Agreement, the Trustee shall solicit bids for the sale of the
Underlying Securities with settlement thereof on or before the third (3rd)
Business Day after such sale from three leading dealers in the relevant
market. Any of the following dealers (or their successors) shall be deemed to
qualify as leading dealers: (1) Credit Suisse First Boston Corporation, (2)
Goldman, Sachs & Co., (3) Merrill Lynch, Pierce, Fenner & Smith Incorporated,
(4) UBS Warburg LLC, (5) Salomon Smith Barney Inc., and (6) except in the case
of a sale related to the exercise of Call Warrants by the Depositor or any
Affiliate thereof, Lehman Brothers Inc. The Trustee shall not be responsible
for the failure to obtain a bid

                                     II-16
<PAGE>

so long as it has made reasonable efforts to obtain bids. If a bid for the
sale of the Underlying Securities has been accepted by the Trustee but the
sale has failed to settle on the proposed settlement date, the Trustee shall
request new bids from such leading dealers. to the Class A-1 and Class A-2
Certificateholders. In the event of an Optional Exchange, the Trustee shall
only deliver the Underlying Securities to the purchaser of such Underlying
Securities or sell the Underlying Securities pursuant to this Section 13, as
the case may be, against payment in same day funds deposited into the
Certificate Account.

     Section 14. Amendments. Notwithstanding anything in the Trust Agreement
to the contrary, in addition to the other restrictions on modification and
amendment contained therein, the Trustee shall not enter into any amendment or
modification of the Trust Agreement which would adversely affect in any
material respect the interests of the holders of any class of Certificates
without the consent of the holders of 100% of such class of Certificates;
provided, however, that no such amendment or modification will be permitted
which would alter the status of the Trust as a grantor trust for federal
income tax purposes. Further, no amendment shall be permitted which would
adversely affect in any material respect the interests of any Class of
Certificateholders without confirmation by each Rating Agency that such
amendment will not result in a downgrading or withdrawal of its rating of such
Class of Certificates.

     Section 15. Voting of Underlying Securities, Modification of Indenture.

     (a) The Trustee, as holder of the Underlying Securities, has the right to
vote and give consents and waivers in respect of the Underlying Securities as
permitted by the Depository and except as otherwise limited by the Trust
Agreement. In the event that the Trustee receives a request from the
Depository, the Underlying Securities Delaware Trustee or the Underlying
Securities Issuer for its consent to any amendment, modification or waiver of
the Underlying Securities, the Declaration of Trust or any other document
thereunder or relating thereto, or receives any other solicitation for any
action with respect to the Underlying Securities, the Trustee shall mail a
notice of such proposed amendment, modification, waiver or solicitation to
each Certificateholder of record as of such date. The Trustee shall request
instructions from the Certificateholders as to whether or not to consent to or
vote to accept such amendment, modification, waiver or solicitation. The
Trustee shall consent or vote, or refrain from consenting or voting, in the
same proportion (based on the relative outstanding principal balances of the
Class A-1 Certificates) as the Certificates of the Trust were actually voted
or not voted by the Certificateholders thereof as of a date determined by the
Trustee prior to the date on which such consent or vote is required; provided,
however, that, notwithstanding anything in the Trust Agreement to the
contrary, the Trustee shall at no time vote on or consent to any matter (i)
unless such vote or consent would not (based on an opinion of counsel) alter
the status of the Trust as a grantor trust for federal income tax purposes or
result in the imposition of tax upon the Certificateholders, (ii) which would
alter the timing or amount of any payment on the Underlying Securities,
including, without limitation, any demand to accelerate the Underlying
Securities, except in the event of a default under the Underlying Securities
or an event which with the passage of time would become an event of default
under the Underlying Securities and with the unanimous consent of all
outstanding Class A-1 Certificateholders and the Class A-2 Certificateholders,
or (iii) which would result in the exchange or substitution of any of the
outstanding Underlying Securities pursuant to a plan for the refunding or
refinancing of such Underlying Securities except in the event of a default
under the Declaration of Trust and only

                                     II-17
<PAGE>

with the consent of Certificateholders representing 100% of the Class A-1
Certificates and 100% of the Class A-2 Certificates. The Trustee shall have no
liability for any failure to act resulting from Certificateholders' late
return of, or failure to return, directions requested by the Trustee from the
Certificateholders.

     (b) In the event that an offer is made by the Underlying Securities
Issuer to issue new obligations in exchange and substitution for any of the
Underlying Securities, pursuant to a plan for the refunding or refinancing of
the outstanding Underlying Securities or any other offer is made for the
Underlying Securities, the Trustee shall notify the Class A-1
Certificateholders and Class A-2 Certificateholders of such offer promptly.
The Trustee must reject any such offer unless the Trustee is directed by the
affirmative vote of the holders of 100% of the Class A-1 Certificates and
Class A-2 Certificates to accept such offer and the Trustee has received the
tax opinion described above. If pursuant to the preceding sentence, the
Trustee accepts any such offer the Trustee shall promptly notify the Rating
Agencies.

     (c) If an event of default under the Declaration of Trust occurs and is
continuing, and if directed by a majority of the outstanding Class A-1
Certificateholders and Class A-2 Certificateholders, the Trustee shall vote
the Underlying Securities in favor of directing, or take such other action as
may be appropriate to direct, the Underlying Securities Delaware Trustee to
declare the unpaid principal amount of the Underlying Securities and any
accrued and unpaid interest thereon to be due and payable.

                                     II-18
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Series
Supplement to be duly executed by their respective authorized officers as of
the date first written above.

                       LEHMAN ABS CORPORATION,
                           as Depositor

                       By: /s/  Rene Canezin
                           ------------------------------
                            Name: Rene Canezin
                            Title:  Senior Vice President

                       U.S. BANK TRUST NATIONAL ASSOCIATION,
                          not in its individual capacity
                          but solely as Trustee on behalf
                          of the Corporate Backed Trust
                          Certificates Series, 2001-25
                          Trust

                       By: /s/  Marlene Fahey
                           ------------------------------
                            Name:  Marlene Fahey
                            Title:  Vice President and Assistant Secretary

                                     II-19
<PAGE>

                                                                    SCHEDULE I

                                SERIES 2001-25

                        UNDERLYING SECURITIES SCHEDULE

Underlying Securities:             7.83% Capital Securities.

Issuer:                            Dominion Resources Capital Trust I.

CUSIP Number:                      25746RAE6.

Principal Amount Deposited:        $25,000,000.

Final Exchange Date:               Pursuant to an exchange offer which expired
                                   on June 8, 1998, the Underlying Securities
                                   Issuer exchanged the Underlying Securities,
                                   which are registered under the Securities
                                   Act of 1933, as amended, for a like
                                   aggregate liquidation amount of its then
                                   outstanding 7.83% Capital Securities. Any
                                   of such 7.83% Capital Securities that
                                   remain outstanding, if any, and the
                                   Underlying Securities issued in such
                                   exchange offer, will vote together as a
                                   single class.

Principal Amount of
Underlying Securities
Originally Issued:                 $250,000,000.

Maturity Date:                     December 1, 2027.

Interest Rate:                     7.83% per annum.

Interest Payment Dates:            June 1st and December 1st.

Record Dates:                      May 15th and November 15th.

                                     I-1
<PAGE>

                                                                   SCHEDULE II

                      CLASS A-2 CERTIFICATE CALL SCHEDULE

           Distribution Date                            Value

               06/14/01                               $ 473,760
               12/01/01                               $ 471,963
               06/01/02                               $ 469,936
               12/01/02                               $ 467,808
               06/01/03                               $ 465,573
               12/01/03                               $ 463,227
               06/01/04                               $ 460,763
               12/01/04                               $ 458,176
               06/01/05                               $ 455,460
               12/01/05                               $ 452,608
               06/01/06                               $ 451,201
               12/01/06                               $ 446,469
               06/01/07                               $ 443,168
               12/01/07                               $ 439,701
               06/01/08                               $ 436,061
               12/01/08                               $ 432,239
               06/01/09                               $ 428,226
               12/01/09                               $ 424,013
               06/01/10                               $ 419,588
               12/01/10                               $ 414,943
               06/01/11                               $ 410,065
               12/01/11                               $ 404,943
               06/01/12                               $ 399,565
               12/01/12                               $ 393,919
               06/01/13                               $ 387,990
               12/01/13                               $ 381,764
               06/01/14                               $ 375,227
               12/01/14                               $ 368,364
               06/01/15                               $ 361,157
               12/01/15                               $ 353,590
               06/01/16                               $ 345,644
               12/01/16                               $ 337,301
               06/01/17                               $ 328,542
               12/01/17                               $ 319,344
               06/01/18                               $ 309,686
               12/01/18                               $ 299,545
               06/01/19                               $ 288,897
               12/01/19                               $ 277,717
               06/01/20                               $ 265,978
               12/01/20                               $ 253,652
               06/01/21                               $ 240,710
               12/01/21                               $ 227,120
               06/01/22                               $ 212,851
               12/01/22                               $ 197,869
               06/01/23                               $ 182,137
               12/01/23                               $ 165,619
               06/01/24                               $ 148,275

                                      II-1
<PAGE>

               12/01/24                               $ 130,064
               06/01/25                               $ 110,942
               12/01/25                               $  90,864
               06/01/26                               $  69,783
               12/01/26                               $  47,647
               06/01/27                               $  24,404
               12/01/27                               $    -

                                      II-2
<PAGE>

INSERT HERE

                                  EXHIBIT A-1
                      FORM OF TRUST CERTIFICATE CLASS A-1

                             CLASS A-1 CERTIFICATE

NUMBER 1                                       1,000,000 $25 PAR CERTIFICATES
                                                        CUSIP NO. 21988G 67 6

                      SEE REVERSE FOR CERTAIN DEFINITIONS

         UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT
IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

         THIS CERTIFICATE REPRESENTS A PROPORTIONATE UNDIVIDED BENEFICIAL
OWNERSHIP INTEREST IN THE TRUST AND DOES NOT EVIDENCE AN OBLIGATION OF, OR AN
INTEREST IN, AND IS NOT GUARANTEED BY THE DEPOSITOR OR THE TRUSTEE OR ANY OF
THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE OR THE TRUST ASSETS ARE
INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR ANY OTHER PERSON.

                                    A-1-1

<PAGE>

                            LEHMAN ABS CORPORATION

                               1,000,000 $25 PAR

                     CORPORATE BACKED TRUST CERTIFICATES,

                                SERIES 2001-25

7.625% INTEREST RATE

evidencing a proportionate undivided beneficial ownership interest in the
Trust, as defined below, the property of which consists principally of
$25,000,000 aggregate principal amount of 7.83% Capital Securities due
December 1, 2027, issued by Dominion Resources Capital Trust I (the
"Underlying Securities Issuer") and all payments received thereon (the "Trust
Property"), deposited in trust by Lehman ABS Corporation (the "Depositor").

         THIS CERTIFIES THAT CEDE & CO. is the registered owner of $25,000,000
DOLLARS nonassessable, fully-paid, proportionate undivided beneficial
ownership interest in the Corporate Backed Trust Certificates, Series 2001-25
Trust, formed by the Depositor.

         The Trust was created pursuant to a Standard Terms for Trust
Agreements, dated as of January 16, 2001 (the "Standard Terms"), between the
Depositor and U.S. Bank Trust National Association, a national banking
association, not in its individual capacity but solely as Trustee (the
"Trustee"), as supplemented by the Series Supplement, Series 2001-25, dated as
of June 14, 2001 (the "Series Supplement" and, together with the Standard
Terms, the "Trust Agreement"), between the Depositor and the Trustee. This
Certificate does not purport to summarize the Trust Agreement and reference is
hereby made to the Trust Agreement for information with respect to the
interests, rights, benefits, obligations, proceeds and duties evidenced hereby
and the rights, duties and obligations of the Trustee with respect hereto. A
copy of the Trust Agreement may be obtained from the Trustee by written
request sent to the Corporate Trust Office. Capitalized terms used but not
defined herein have the meanings assigned to them in the Trust Agreement.

         This Certificate is one of the duly authorized Certificates
designated as the "Corporate Backed Trust Certificates, Series 2001-25, Class
A-1" (herein called the "Certificates"). This Certificate is issued under and
is subject to the terms, provisions and conditions of the Trust Agreement, to
which Trust Agreement the Holder of this Certificate by virtue of the
acceptance hereof assents and by which such Holder is bound. The Trust
Property consists of: (i) Underlying Securities described in the Trust
Agreement; (ii) all payments on or collections in respect of the Underlying
Securities accrued on or after June 14, 2001 together with any proceeds
thereof; and (iii) all funds from time to time deposited with the Trustee
relating to the Certificates, together with any and all income, proceeds and
payments with respect thereto; provided, however, that any income from the
investment of Trust funds in certain permitted investments ("Eligible
Investments") does not constitute Trust Property.

                                     A-1-2

<PAGE>

         Subject to the terms and conditions of the Trust Agreement (including
the availability of funds for distributions) and until the obligation created
by the Trust Agreement shall have terminated in accordance therewith,
distributions will be made on each Distribution Date, to the Person in whose
name this Certificate is registered on the applicable Record Date, in an
amount equal to such Certificateholder's proportionate undivided beneficial
ownership interest in the amount required to be distributed to the Holders of
the Certificates on such Distribution Date. The Record Date applicable to any
Distribution Date is the close of business on the day immediately preceding
such Distribution Date (whether or not a Business Day). If a payment with
respect to the Underlying Securities is made to the Trustee after the date on
which such payment was due, then the Trustee will distribute any such amounts
received on the next occurring Business Day (a "Special Distribution Date").

         Each Certificateholder, by its acceptance of a Certificate, covenants
and agrees that such Certificateholder will not at any time institute against
the Trust, or join in any institution against the Trust of, any bankruptcy
proceedings under any United States Federal or state bankruptcy or similar law
in connection with any obligations relating to the Certificates or the Trust
Agreement.

         Distributions made on this Certificate will be made as provided in
the Trust Agreement by the Trustee by wire transfer in immediately available
funds, or check mailed to the Certificateholder of record in the Certificate
Register without the presentation or surrender of this Certificate or the
making of any notation hereon, except that with respect to Certificates
registered on the Record Date in the name of the nominee of the Clearing
Agency (initially, such nominee shall be Cede & Co.), payments will be made by
wire transfer in immediately available funds to the account designated by such
nominee. Except as otherwise provided in the Trust Agreement and
notwithstanding the above, the final distribution on this Certificate will be
made after due notice by the Trustee of the pendency of such distribution and
only upon presentation and surrender of this Certificate at the Corporate
Trust Office or such other location as may be specified in such notice.

         Reference is hereby made to the further provisions of this
Certificate set forth on the reverse hereof, which further provisions shall
for all purposes have the same effect as if set forth at this place.

         Unless the certificate of authentication hereon has been executed by
or on behalf of the Trustee, by manual signature, this Certificate shall not
entitle the Holder hereof to any benefit under the Trust Agreement or be valid
for any purpose.

         THIS CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS,
AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE HOLDER HEREOF SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS.

                                     A-1-3

<PAGE>

         IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed as of the date set forth below.

                          CORPORATE BACKED TRUST CERTIFICATES,
                          SERIES 2001-25 TRUST

                          By: U.S. BANK TRUST NATIONAL ASSOCIATION
                          not in its individual capacity but solely as
                          Trustee,

                          By:
                              -----------------------------------------
                              Authorized Signatory

Dated: June 14, 2001

                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION

         This is on one of the Corporate Backed Trust Certificates, Series
2001-25, described in the Trust Agreement referred to herein.

U.S. BANK TRUST NATIONAL ASSOCIATION
not in its individual capacity but solely as
Trustee,

By:
    ---------------------------------
    Authorized Signatory

                                     A-1-4

<PAGE>

                           (REVERSE OF CERTIFICATE)

         The Certificates are limited in right of distribution to certain
payments and collections respecting the Underlying Securities, all as more
specifically set forth herein and in the Trust Agreement. The registered
Holder hereof, by its acceptance hereof, agrees that it will look solely to
the Trust Property (to the extent of its rights therein) for distributions
hereunder.

         The Trust Agreement permits, with certain exceptions therein
provided, the amendment thereof and the modification of the rights and
obligations of the Depositor and the Trustee and the rights of the
Certificateholders under the Trust Agreement at any time by the Depositor and
the Trustee with the consent of the Holders of Class A-1 Certificates in the
manner set forth in the Series Supplement and the Standard Terms. Any such
consent by the Holder of this Certificate (or any predecessor Certificate)
shall be conclusive and binding on such Holder and upon all future Holders of
this Certificate and of any Certificate issued upon the transfer hereof or in
exchange hereof or in lieu hereof whether or not notation of such consent in
made upon this Certificate. The Trust Agreement also permits the amendment
thereof, in certain limited circumstances, without the consent of the Holders
of any of the Certificates.

         The Certificates are issuable in fully registered form only in
denominations of $25.

         As provided in the Trust Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registerable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices or agencies of the Certificate Registrar maintained by
the Trustee in the Borough of Manhattan, the City of New York, duly endorsed
by or accompanied by an assignment in the form below and by such other
documents as required by the Trust Agreement, and thereupon one or more new
Certificates of the same class in authorized denominations evidencing the same
principal amount will be issued to the designated transferee or transferees.
The initial Certificate Registrar appointed under the Trust Agreement is U.S.
Bank Trust National Association.

         No service charge will be made for any registration of transfer or
exchange, but the Trustee may require exchange of a sum sufficient to cover
any tax or other governmental charge that may be imposed in connection with
any transfer or exchange of Certificates.

         The Depositor and the Trustee and any agent of the Depositor or the
Trustee may treat the Person in whose name this Certificate is registered as
the owner hereof for all purposes, and neither the Depositor, the Trustee, nor
any such agent shall be affected by any notice to the contrary.

         It is the intention of the parties to the Trust Agreement that the
Trust created thereunder shall constitute a fixed investment trust for federal
income tax purposes under Treasury Regulation Section 301.7701-4, and the
Certificateholder agrees to treat the Trust, any distributions therefrom and
its beneficial interest in the Certificates consistently with such
characterization.

         The Trust and the obligations of the Depositor and the Trustee
created by the Trust Agreement with respect to the Certificates shall
terminate upon the earliest to occur of (i)

                                     A-1-5

<PAGE>

the payment in full at maturity or sale by the Trust after a payment default
or an acceleration or other early payment of the Underlying Securities and the
distribution in full of all amounts due to the Class A-1 Certificateholders
and Class A-2 Certificateholders; (ii) the exercise of all outstanding Call
Warrants by the Warrant Holder; (iii) the Final Scheduled Distribution Date
and (iv) the expiration of 21 years from the death of the last survivor of the
descendants of Joseph P. Kennedy, the late Ambassador of the United States to
the Court of St. James, living on the date hereof.

         An employee benefit plan subject to the Employee Retirement Income
Security Act of 1974, as amended ("ERISA"), a plan described in Section
4975(e) of the Code, an entity whose underlying assets include plan assets by
reason of any such plan's investment in the entity, including an individual
retirement account or Keogh plan (any such, a "Plan") may purchase and hold
Certificates if the Plan can represent and warrant that its purchase and
holding of the Certificates would not be prohibited under ERISA or the Code.

                                     A-1-6

<PAGE>

                                  ASSIGNMENT

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

PLEASE INSERT SOCIAL SECURITY
OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE

(Please print or type name and address, including postal zip code, of
assignee) the within Certificate, and all rights thereunder, hereby
irrevocably constituting and appointing ______________________ Attorney to
transfer said Certificate on the books of the Certificate Register, with full
power of substitution in the premises.

Dated:

                                                 *

                                    Signature Guaranteed:

                                                 *

*NOTICE: The signature to this assignment must correspond with the name as it
appears upon the face of the within Certificate in every particular, without
alteration, enlargement or any change whatever. Signatures must be guaranteed
by an "eligible guarantor institution" meeting the requirements of the
Certificate Registrar, which requirements include membership or participation
in the Security Transfer Agent Medallion Program ("STAMP") or such other
"signature guarantee program" as may be determined by the Certificate
Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended.

                                     A-1-7

<PAGE>

                                  EXHIBIT A-2

                      FORM OF TRUST CERTIFICATE CLASS A-2

                             CLASS A-2 CERTIFICATE

NUMBER 1                                                 CUSIP NO. 21988G AX 4

                      SEE REVERSE FOR CERTAIN DEFINITIONS

         THIS CLASS A-2 CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE TRANSFERRED, SOLD OR
OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION UNDER SUCH ACT IS IN EFFECT
OR PURSUANT TO AN EXEMPTION THEREFROM UNDER SUCH ACT. THE CLASS A-2
CERTIFICATE REPRESENTED HEREBY MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE
TERMS OF THE SERIES SUPPLEMENT.

         THE NOTIONAL PRINCIPAL AMOUNT OF THIS CLASS A-2 CERTIFICATE IS AS SET
FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING NOTIONAL PRINCIPAL AMOUNT OF THIS
CLASS A-2 CERTIFICATE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE
FACE HEREOF.

         UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT
IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

         THIS CERTIFICATE REPRESENTS A PROPORTIONATE UNDIVIDED BENEFICIAL
OWNERSHIP INTEREST IN THE TRUST AND DOES NOT EVIDENCE AN OBLIGATION OF, OR AN
INTEREST IN, AND IS NOT GUARANTEED BY THE DEPOSITOR OR THE TRUSTEE OR ANY OF
THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE OR THE TRUST ASSETS ARE
INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR ANY OTHER PERSON.

                                     A-2-1

<PAGE>

                            LEHMAN ABS CORPORATION

                     CORPORATE BACKED TRUST CERTIFICATES,

                                SERIES 2001-25

                     $25,000,000 NOTIONAL PRINCIPAL AMOUNT

0.205% INTEREST RATE

evidencing a proportionate undivided beneficial ownership interest in the
Trust, as defined below, the property of which consists principally of
$25,000,000 aggregate notional principal amount of 7.83% Capital Securities
due December 1, 2027, issued by Dominion Resources Capital Trust I and all
payments received thereon (the "Trust Property"), deposited in trust by Lehman
ABS Corporation (the "Depositor").

         THIS CERTIFIES THAT CEDE & CO. is the registered owner of an
aggregate principal amount of $25,000,000 notional principal amount
nonassessable, fully-paid, proportionate undivided beneficial ownership
interest in the Corporate Backed Trust Certificates, Series 2001-25 Trust,
formed by the Depositor.

         The Trust was created pursuant to a Standard Terms for Trust
Agreements, dated as of January 16, 2001 (the "Standard Terms"), between the
Depositor and U.S. Bank Trust National Association , a national banking
association, not in its individual capacity but solely as Trustee (the
"Trustee"), as supplemented by the Series Supplement, Series 2001-25, dated as
of June 14, 2001 (the "Series Supplement" and, together with the Standard
Terms, the "Trust Agreement"), between the Depositor and the Trustee. This
Certificate does not purport to summarize the Trust Agreement and reference is
hereby made to the Trust Agreement for information with respect to the
interests, rights, benefits, obligations, proceeds and duties evidenced hereby
and the rights, duties and obligations of the Trustee with respect hereto. A
copy of the Trust Agreement may be obtained from the Trustee by written
request sent to the Corporate Trust Office. Capitalized terms used but not
defined herein have the meanings assigned to them in the Trust Agreement.

         This Certificate is one of the duly authorized Certificates
designated as the "Corporate Backed Trust Certificates, Series 2001-25, Class
A-2" (herein called the "Certificates"). This Certificate is issued under and
is subject to the terms, provisions and conditions of the Trust Agreement, to
which Trust Agreement the Holder of this Certificate by virtue of the
acceptance hereof assents and by which such Holder is bound. The Trust
Property consists of: (i) Underlying Securities described in the Trust
Agreement; (ii) all payments on or collections in respect of the Underlying
Securities accrued on or after June 14, 2001 together with any proceeds
thereof; and (iii) all funds from time to time deposited with the Trustee
relating to the Certificates, together with any and all income, proceeds and
payments with respect thereto; provided, however, that any income from the
investment of Trust funds in certain permitted investments ("Eligible
Investments") does not constitute Trust Property.

                                    A-2-2

<PAGE>

         Subject to the terms and conditions of the Trust Agreement (including
the availability of funds for distributions) and until the obligation created
by the Trust Agreement shall have terminated in accordance therewith,
distributions of interest will be made on this Certificate on each
Distribution Date.

         Subject to the terms and conditions of the Trust Agreement (including
the availability of funds for distributions) and until the obligation created
by the Trust Agreement shall have terminated in accordance therewith,
distributions will be made on each Distribution Date, to the Person in whose
name this Certificate is registered on the applicable Record Date, in an
amount equal to such Certificateholder's proportionate undivided beneficial
ownership interest in the amount required to be distributed to the Holders of
the Certificates on such Distribution Date. The Record Date applicable to any
Distribution Date is the close of business on the day immediately preceding
such Distribution Date (whether or not a Business Day). If a payment with
respect to the Underlying Securities is made to the Trustee after the date on
which such payment was due, then the Trustee will distribute any such amounts
received on the next occurring Business Day (a "Special Distribution Date").

         Each Certificateholder, by its acceptance of a Certificate, covenants
and agrees that such Certificateholder will not at any time institute against
the Trust, or join in any institution against the Trust of, any bankruptcy
proceedings under any United States Federal or state bankruptcy or similar law
in connection with any obligations relating to the Certificates or the Trust
Agreement.

         Distributions made on this Certificate will be made as provided in
the Trust Agreement by the Trustee by wire transfer in immediately available
funds, or check mailed to the Certificateholder of record in the Certificate
Register without the presentation or surrender of this Certificate or the
making of any notation hereon, except that with respect to Certificates
registered on the Record Date in the name of the nominee of the Clearing
Agency (initially, such nominee shall be Cede & Co.), payments will be made by
wire transfer in immediately available funds to the account designated by such
nominee. Except as otherwise provided in the Trust Agreement and
notwithstanding the above, the final distribution on this Certificate will be
made after due notice by the Trustee of the pendency of such distribution and
only upon presentation and surrender of this Certificate at the Corporate
Trust Office or such other location as may be specified in such notice.

         Reference is hereby made to the further provisions of this
Certificate set forth on the reverse hereof, which further provisions shall
for all purposes have the same effect as if set forth at this place.

         Unless the certificate of authentication hereon has been executed by
or on behalf of the Trustee, by manual signature, this Certificate shall not
entitle the Holder hereof to any benefit under the Trust Agreement or be valid
for any purpose.

         THIS CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS,
AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE HOLDER HEREOF SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS.

                                    A-2-3

<PAGE>

         IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed as of the date set forth below.

                            CORPORATE BACKED TRUST CERTIFICATES,
                            SERIES 2001- 25 TRUST

                            By: U.S. BANK TRUST NATIONAL ASSOCIATION
                            not in its individual capacity but solely as
                            Trustee,

                            By:
                                ----------------------------------------
                                Authorized Signatory

Dated: June 14, 2001

                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION

                  This is on one of the Corporate Backed Trust Certificates,
Series 2001-25, described in the Trust Agreement referred to herein.

U.S. BANK TRUST NATIONAL ASSOCIATION
not in its individual capacity but solely as
Trustee,

By:
    ---------------------------------
    Authorized Signatory

                                    A-2-4

<PAGE>

                           (REVERSE OF CERTIFICATE)

         The Certificates are limited in right of distribution to certain
payments and collections respecting the Underlying Securities, all as more
specifically set forth herein and in the Trust Agreement. The registered
Holder hereof, by its acceptance hereof, agrees that it will look solely to
the Trust Property (to the extent of its rights therein) for distributions
hereunder.

         The Trust Agreement permits, with certain exceptions therein
provided, the amendment thereof and the modification of the rights and
obligations of the Depositor and the Trustee and the rights of the
Certificateholders under the Trust Agreement at any time by the Depositor and
the Trustee with the consent of the holders of Class A-2 Certificates in the
manner set forth in the Series Supplement and the Standard Terms. Any such
consent by the Holder of this Certificate (or any predecessor Certificate)
shall be conclusive and binding on such Holder and upon all future Holders of
this Certificate and of any Certificate issued upon the transfer hereof or in
exchange hereof or in lieu hereof whether or not notation of such consent is
made upon this Certificate. The Trust Agreement also permits the amendment
thereof, in certain limited circumstances, without the consent of the Holders
of any of the Certificates.

         The Certificates are issuable in fully registered form only in
denominations of $1,000 and in integral multiples of $1 in excess thereof.

         As provided in the Trust Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registerable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices or agencies of the Certificate Registrar maintained by
the Trustee in the Borough of Manhattan, the City of New York, duly endorsed
by or accompanied by an assignment in the form below and by such other
documents as required by the Trust Agreement, and thereupon one or more new
Certificates of the same class in authorized denominations evidencing the same
notional principal amount will be issued to the designated transferee or
transferees. The initial Certificate Registrar appointed under the Trust
Agreement is U.S. Bank Trust National Association.

         No service charge will be made for any registration of transfer or
exchange, but the Trustee may require exchange of a sum sufficient to cover
any tax or other governmental charge that may be imposed in connection with
any transfer or exchange of Certificates.

         The Depositor and the Trustee and any agent of the Depositor or the
Trustee may treat the Person in whose name this Certificate is registered as
the owner hereof for all purposes, and neither the Depositor, the Trustee, nor
any such agent shall be affected by any notice to the contrary.

         It is the intention of the parties to the Trust Agreement that the
Trust created thereunder shall constitute a fixed investment trust for federal
income tax purposes under Treasury Regulation Section 301.7701-4, and the
Certificateholder agrees to treat the Trust, any distributions therefrom and
its beneficial interest in the Certificates consistently with such
characterization.

    The Trust and the obligations of the Depositor and the Trustee
created by the Trust Agreement with respect to the Certificates shall
terminate upon the earliest to occur of (i) the

                                    A-2-5

<PAGE>

payment in full at maturity or sale by the Trust after a payment default on or
an acceleration or other early payment of the Underlying Securities and the
distribution in full of all amounts due to the Class A-1 and Class A-2
Certificateholders; (ii) the exercise of all outstanding Call Warrants by the
Warrant Holder; (iii) the Final Scheduled Distribution Date and (iv) the
expiration of 21 years from the death of the last survivor of the descendants
of Joseph P. Kennedy, the late Ambassador of the United States to the Court of
St. James, living on the date hereof.

         An employee benefit plan subject to the Employee Retirement Income
Security Act of 1974, as amended ("ERISA"), a plan described in Section
4975(e) of the Code, an entity whose underlying assets include plan assets by
reason of any such plan's investment in the entity, including an individual
retirement account or Keogh plan (any such, a "Plan") may purchase and hold
Certificates if the Plan can represent and warrant that its purchase and
holding of the Certificates would not be prohibited under ERISA or the Code.

                                    A-2-6

<PAGE>

                                  ASSIGNMENT

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

PLEASE INSERT SOCIAL SECURITY
OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE

     (Please print or type name and address, including postal zip code, of
assignee) the within Certificate, and all rights thereunder, hereby
irrevocably constituting and appointing ___________________ ______ Attorney to
transfer said Certificate on the books of the Certificate Register, with full
power of substitution in the premises.

Dated:

                                                                   *
                                                        Signature Guaranteed:

                                                                   *

*NOTICE: The signature to this assignment must correspond with the name as it
appears upon the face of the within Certificate in every particular, without
alteration, enlargement or any change whatever. Signatures must be guaranteed
by an "eligible guarantor institution" meeting the requirements of the
Certificate Registrar, which requirements include membership or participation
in the Security Transfer Agent Medallion Program ("STAMP") or such other
"signature guarantee program" as may be determined by the Certificate
Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended.

                                    A-2-7

<PAGE>

                                   EXHIBIT B

                        FORM OF WARRANT AGENT AGREEMENT

                            WARRANT AGENT AGREEMENT

                      CORPORATE BACKED TRUST CERTIFICATES

                             Series 2001-25 TRUST

         WARRANT AGENT AGREEMENT, dated as of June 14, 2001 (the "Warrant
Agent Agreement"), by and between LEHMAN ABS CORPORATION, as Depositor (the
"Depositor"), and U.S. BANK TRUST NATIONAL ASSOCIATION, as Warrant Agent (the
"Warrant Agent").

                             W I T N E S S E T H:

         WHEREAS, the Depositor created Corporate Backed Trust Certificates,
Series 2001-25 Trust (the "Trust"), a trust created under the laws of the
State of New York pursuant to a Standard Terms for Trust Agreements, dated as
of January 16, 2001 (the "Agreement"), between Lehman ABS Corporation (the
"Depositor") and U.S. Bank Trust National Association, a national banking
association, not in its individual capacity but solely as Trustee (the
"Trustee"), as supplemented by the Series Supplement 2001-25, dated as of June
14, 2001 (the "Series Supplement" and, together with the Agreement, the "Trust
Agreement"), between the Depositor and the Trustee; and

         WHEREAS, in connection with the creation of the Trust and the deposit
therein of the Underlying Securities, it is desired to provide for the
issuance of trust certificates (the "Certificates") evidencing undivided
interests in the Trust and call warrants with respect to the Certificates
("Call Warrants").

         NOW, THEREFORE, in consideration of the foregoing premises and the
mutual covenants expressed herein, it is hereby agreed by and between the
Depositor and the Trustee that except as otherwise specified herein or as the
context may otherwise require, capitalized terms used herein but not defined
herein shall have the respective meanings set forth below for all purposes
under the Series Supplement, and as follows:

                                   ARTICLE I

                           Exercise of Call Warrants

         Section 1.1 Manner of Exercise. (a) Call Warrants may be exercised by
any holder thereof (each, a "Warrant Holder") in whole or in part on any Call
Date. The following conditions shall apply to any exercise of Call Warrants:

                                     B-1

<PAGE>

          (i) A notice (each, a "Call Notice") specifying the number of Call
     Warrants being exercised and the Call Date shall be delivered to the
     Warrant Agent and the Trustee at least 5 Business Days before such Call
     Date.

          (ii) The Warrant Holder shall surrender the Call Warrants to the
     Warrant Agent at its office specified in Section 6.3 hereof no later than
     10:00 a.m. (New York City time) on such Call Date.

          (iii) The Warrant Holder shall have made payment to the Warrant
     Agent, by wire transfer or other immediately available funds acceptable
     to the Warrant Agent, in the amount of the Call Price, no later than
     10:00 a.m. (New York City time) on the Call Date.

          (iv) The Warrant Holder shall exercise Call Warrants relating to
     Class A-1 Certificates and Call Warrants relating to Class A-2
     Certificates which represent a like percentage of all Class A-1
     Certificates and Class A-2 Certificates.

          (v) The Warrant Holder may not exercise the Call Warrants at any
     time when such Warrant Holder is insolvent, and such Warrant Holder shall
     be required to certify that it is solvent at the time of exercise, by
     completing the Form of Subscription attached to the Call Warrants and
     delivering such completed Form of Subscription to the Trustee on or prior
     to the Call Date and by delivering to the Trustee a form reasonably
     satisfactory to the Trustee of the opinion and the solvency certificate
     required pursuant to Section 7(b)(ii) of the Series Supplement.

          (vi) The Warrant Holder shall have satisfied any other conditions to
     the exercise of Call Warrants set forth in Section 7(b) of the Series
     Supplement.

         (b) Upon exercise of Call Warrants, any Warrant Holder other than the
Depositor or any Affiliate of the Depositor shall be entitled to delivery of
the Called Certificates. The "Called Certificates" shall be Certificates
having a Certificate Principal Amount or notional amount, as applicable, equal
to $25 per Call Warrant. Unless otherwise specified therein, such Call Notice
shall be deemed to be notice of an Optional Exchange pursuant to Section 7(a)
of the Series Supplement. Any Warrant Holder which is the Depositor or any
Affiliate of the Depositor shall receive the proceeds of the sale of the
Called Underlying Securities and shall not be entitled to receive the related
Called Certificates. "Called Underlying Securities" are Underlying Securities
which represent the same percentage of the Underlying Securities as the Called
Certificates represent of the Class A-1 Certificates and Class A-2
Certificates.

         (c) The Warrant Agent shall notify the Trustee immediately upon its
receipt of a Call Notice and upon receipt of payment of the Call Price. The
Warrant Agent shall transfer the amount any paid Call Price to the Trustee in
immediately available funds, for application pursuant to the Trust Agreement
on the applicable Call Date (and, pending such transfer, shall hold such
amount for the benefit of the Warrant Holder in a segregated trust account).

         (d) Delivery of a Call Notice does not give rise to an obligation on
part of the Warrant Holder to pay the Call Price. If, by 10:00 a.m. (New York
City time) on the Call Date, the Warrant Holder has not paid the Call Price,
then the Call Notice shall automatically expire and none of the Warrant
Holder, the Warrant Agent or the Trustee shall have any obligation with

                                     B-2

<PAGE>

respect to the Call Notice. The expiration of a Call Notice shall in no way
affect the Warrant Holder's right to deliver a Call Notice at a later date.

         Section 1.2 Transfer of Certificates. As soon as practicable after
each surrender of Call Warrants in whole or in part on the Call Date and upon
satisfaction of all other requirements described in the Call Warrants and in
Section 1.1 hereof, the Warrant Agent shall instruct the Trustee as follows:

         (a) if Call Warrants are being exercised by any Warrant Holder other
than the Depositor or any Affiliate of the Depositor, to cause the Called
Certificates to reflect the holder's beneficial ownership of such
Certificates, or

         (b) if the Call Warrants are being exercised by the Depositor or any
Affiliate of the Depositor, to cause the Called Underlying Securities to be
sold pursuant to Section 13 of the Series Supplement and to distribute the
proceeds of such sale to the Warrant Holder.

         If such exercise is in part only, the Warrant Agent shall instruct
the Trustee to authenticate new Call Warrants of like tenor, representing the
outstanding Call Warrants of the Warrant Holder and the Warrant Agent shall
deliver such Call Warrants to the Warrant Holder.

         Section 1.3 Cancellation and Destruction of Call Warrants. All Call
Warrants surrendered to the Warrant Agent for the purpose of exercise (in
whole or in part) pursuant to Section 1.1 and actually exercised, or for the
purpose of transfer or exchange pursuant to Article III, shall be cancelled by
the Warrant Agent, and no Call Warrant shall be issued in lieu thereof. The
Warrant Agent shall destroy all cancelled Call Warrants.

         Section 1.4 No Rights as Holder of Certificates Conferred by Call
Warrants. Prior to the exercise thereof, Call Warrants shall not entitle the
Warrant Holder to any of the rights of a holder of the Certificates,
including, without limitation, the right to receive the payment of any amount
on or in respect of the Certificates or to enforce any of the covenants of the
Trust Agreement.

                                  ARTICLE II

                           Restrictions on Transfer

         Section 2.1 Restrictive Legends. Except as otherwise permitted by
this Article II, each Call Warrant (including each Call Warrant issued upon
the transfer of any Call Warrant) shall be issued with a legend in
substantially the following form:

     "This Call Warrant has not been registered under the Securities Act of
     1933, as amended, and may not be transferred, sold or otherwise disposed
     of except while a registration under such Act is in effect or pursuant to
     an exemption therefrom under such Act. The Call Warrant represented
     hereby may be transferred only in compliance with the conditions
     specified in the Call Warrants."

         Section 2.2 Notice of Proposed Transfer; Opinions of Counsel. Prior
to any transfer of any Call Warrant or portion thereof, the Warrant Holder
will give 5 Business Days (or such

                                     B-3

<PAGE>

lesser period acceptable to the Warrant Agent) prior written notice to the
Warrant Agent of such Warrant Holder's intention to effect such transfer.

                                  ARTICLE III

               Registration and Transfer of Call Warrants, etc.

         Section 3.1 Warrant Register; Ownership of Call Warrants. The Warrant
Agent will keep a register in which the Warrant Agent will provide for the
registration of Call Warrants and the registration of transfers of Call
Warrants representing whole numbers of Call Warrants. The Trustee and the
Warrant Agent may treat the Person in whose name any Call Warrant is
registered on such register as the owner thereof for all purposes, and the
Trustee and the Warrant Agent shall not be affected by any notice to the
contrary.

         Section 3.2 Transfer and Exchange of Call Warrants. Upon surrender of
any Call Warrant for registration of transfer or for exchange to the Warrant
Agent, the Warrant Agent shall (subject to compliance with Article II) execute
and deliver, and cause the Trustee, on behalf of the Trust, to execute and
deliver, in exchange therefor, a new Call Warrant of like tenor and evidencing
a like whole number of Call Warrants, in the name of such Warrant Holder or as
such Warrant Holder (upon payment by such Warrant Holder of any applicable
transfer taxes or government charges) may direct; provided that as a condition
precedent for transferring the Call Warrants, the prospective transferee shall
be required to deliver to the Trustee and the Depositor an executed copy of
the Investment Letter (set forth as Exhibit C to the Series Supplement).

         Section 3.3 Replacement of Call Warrants. Upon receipt of evidence
reasonably satisfactory to the Warrant Agent of the loss, theft, destruction
or mutilation of any Call Warrant and, in the case of any such loss, theft or
destruction of any Call Warrant, upon delivery of an indemnity bond in such
reasonable amount as the Warrant Agent may determine, or, in the case of any
such mutilation, upon the surrender of such Call Warrant for cancellation to
the Warrant Agent, the Warrant Agent shall execute and deliver, and cause the
Trustee, on behalf of the Trust, to execute and deliver, in lieu thereof, a
new Call Warrant of like tenor bearing a number not contemporaneously
outstanding.

         Section 3.4 Execution and Delivery of Call Warrants by Trustee. The
Trustee, on behalf of the Trust, hereby agrees (subject to compliance with
Article II) to execute and deliver such new Call Warrants issued in accordance
with Section 1.2 or this Article III as the Warrant Agent shall request in
accordance herewith.

                                  ARTICLE IV

                                  Definitions

     As used herein, unless the context otherwise requires, the following
     terms have the following respective meanings:

     "Business Day": As defined in the Trust Agreement.

     "Call Date": Any Business Day on or after June 14, 2006, or after the
     announcement of any redemption or other unscheduled payment or sale of
     the Underlying Securities on which the

                                     B-4

<PAGE>

     Call Warrants are exercised and the proceeds of an Optional Call (as
     defined in the Series Supplement) are distributed to the holders of the
     Certificates pursuant to Section 7 of the Series Supplement.

     "Call Price": (i) in the case of the Class A-1 Certificates, the par
     value of the Class A-1 Certificates being purchased pursuant to the
     exercise of the Call Warrants, plus any accrued and unpaid interest on
     such amount to but excluding the Call Date and (ii) in the case of the
     Class A-2 Certificates, any accrued and unpaid interest on the notional
     amount of the Class A-2 Certificates being purchased pursuant to the
     exercise of the Call Warrants to but excluding the Call Date, plus the
     additional amount (or portion thereof, in the case of a partial call) set
     forth under the heading "Value" in Schedule II to Series Supplement for
     such Call Date or, if such Call Date is not a distribution date, the
     immediately following Distribution Date.

     "Call Warrant": As defined in the recitals.

     "Closing Date": June 14, 2001.

     "Depositor": As defined in the recitals.

     "Depositor Order": As defined in the Trust Agreement.

     "Person": Any individual, corporation, partnership, joint venture,
     association, joint stock company, trust (including any beneficiary
     thereof), unincorporated organization or government or any agency or
     political subdivision thereof.

     "Rating Agencies": Standard & Poor's Ratings Services and Moody's
     Investors Service, Inc. and any successor thereto.

     "Responsible Officer": As defined in the Trust Agreement.

     "Securities Act": The Securities Act of 1933, or any similar federal
     statute, and the rules and regulations of the Commission thereunder, all
     as the same shall be in effect at the time.

     "Trust": As defined in the recitals.

     "Trust Agreement": As defined in the recitals.

     "Trustee": As defined in the introduction to this Warrant, or any
     successor thereto under the Trust Agreement.

     "Warrant Agent": U.S. Bank Trust National Association, a national banking
     association, in its capacity as warrant agent hereunder, or any successor
     thereto.

                                   ARTICLE V

                                 Warrant Agent

         Section 5.1 Limitation on Liability. The Warrant Agent shall be
protected and shall incur no liability for or in respect of any action taken,
suffered or omitted by it in connection with its administration of the Call
Warrants in reliance upon any instrument of assignment or transfer, power of
attorney, endorsement, affidavit, letter, notice, direction, consent,
certificate, statement or other paper or document in good faith believed by it
to be genuine and to be signed, executed and, where necessary, verified and
acknowledged, by the proper Person or Persons.

                                     B-5

<PAGE>

         Section 5.2 Duties of Warrant Agent. The Warrant Agent undertakes
only the specific duties and obligations imposed hereunder upon the following
terms and conditions, by all of which the Depositor, the Trust, the Trustee
and each Warrant Holder shall be bound:

         (a) The Warrant Agent may consult with legal counsel (who may be
legal counsel for the Depositor), and the opinion of such counsel shall be
full and complete authorization and protection to the Warrant Agent as to any
action taken or omitted by it in good faith and in accordance with such
opinion, provided the Warrant Agent shall have exercised reasonable care in
the selection by it of such counsel.

         (b) Whenever in the performance of its duties hereunder, the Warrant
Agent shall deem it necessary or desirable that any fact or matter be proved
or established by the Depositor or the Trustee prior to taking or suffering
any action hereunder, such fact or matter may be deemed to be conclusively
proved and established by a Depositor Order or a certificate signed by a
Responsible Officer of the Trustee and delivered to the Warrant Agent; and
such certificate shall be full authorization to the Warrant Agent for any
action taken or suffered in good faith by it hereunder in reliance upon such
certificate.

         (c) The Warrant Agent shall be liable hereunder only for its own
negligence, willful misconduct or bad faith.

         (d) The Warrant Agent shall not be liable for or by reason of any of
the statements of fact or recitals contained herein or be required to verify
the same, but all such statements and recitals are and shall be deemed to have
been made by the Trust and the Depositor only.

         (e) The Warrant Agent shall not have any responsibility in respect of
and makes no representation as to the validity of the Call Warrants or the
execution and delivery thereof (except the due execution hereof by the Warrant
Agent); nor shall it be responsible for any breach by the Trust of any
covenant or condition contained in the Call Warrants; nor shall it by any act
thereunder be deemed to make any representation or warranty as to the
Certificates to be purchased thereunder.

         (f) The Warrant Agent is hereby authorized and directed to accept
instructions with respect to the performance of its duties hereunder from the
Chairman of the Board, the Chief Executive Officer, Chief Financial Officer,
Chief Operating Officer, President, a Vice President, a Senior Vice President,
a Managing Director, its Treasurer, an Assistant Treasurer, its Secretary or
an Assistant Secretary of the Depositor, and any Responsible Officer of the
Trustee, and to apply to such officers for advice or instructions in
connection with its duties, and it shall not be liable for any action taken or
suffered to be taken by it in good faith in accordance with instructions of
any such officer.

         (g) The Warrant Agent and any shareholder, director, officer or
employee of the Warrant Agent may buy, sell or deal in any of the Call
Warrants or other securities of the Trust or otherwise act as fully and freely
as though it were not Warrant Agent hereunder, so long as such persons do so
in full compliance with all applicable laws. Nothing herein shall preclude the
Warrant Agent from acting in any other capacity for the Trust, the Depositor
or for any other legal entity.

                                     B-6

<PAGE>

         (h) The Warrant Agent may execute and exercise any of the rights or
powers hereby vested in it or perform any duty hereunder either itself or by
or through its attorneys or agents.

         (i) The Warrant Agent shall act solely as the agent of the Trust
hereunder. The Warrant Agent shall not be liable except for the failure to
perform such duties as are specifically set forth herein, and no implied
covenants or obligations shall be read into the Call Warrants against the
Warrant Agent, whose duties shall be determined solely by the express
provisions thereof. The Warrant Agent shall not be deemed to be a fiduciary.

         (j) The Warrant Agent shall not be responsible for any failure on the
part of the Trustee to comply with any of its covenants and obligations
contained herein.

         (k) The Warrant Agent shall not be under any obligation or duty to
institute, appear in or defend any action, suit or legal proceeding in respect
hereof, unless first indemnified to its satisfaction, but this provision shall
not affect the power of the Warrant Agent to take such action as the Warrant
Agent may consider proper, whether with or without such indemnity. The Warrant
Agent shall promptly notify the Depositor and the Trustee in writing of any
claim made or action, suit or proceeding instituted against it arising out of
or in connection with the Call Warrants.

         (l) The Trustee will perform, execute, acknowledge and deliver or
cause to be performed, executed, acknowledged and delivered all such further
acts, instruments and assurances as may be required by the Warrant Agent in
order to enable it to carry out or perform its duties hereunder.

         Section 5.3 Change of Warrant Agent. The Warrant Agent may resign and
be discharged from its duties hereunder upon thirty (30) days notice in
writing mailed to the Depositor and the Trustee by registered or certified
mail, and to the Warrant Holders by first-class mail at the expense of the
Depositor; provided that no such resignation or discharge shall become
effective until a successor Warrant Agent shall have been appointed hereunder.
The Depositor may remove the Warrant Agent or any successor Warrant Agent upon
thirty (30) days notice in writing, mailed to the Warrant Agent or successor
Warrant Agent, as the case may be, and to the Warrant Holders by first-class
mail; provided further that no such removal shall become effective until a
successor Warrant Agent shall have been appointed hereunder. If the Warrant
Agent shall resign or be removed or shall otherwise become incapable of
acting, the Depositor shall promptly appoint a successor to the Warrant Agent,
which may be designated as an interim Warrant Agent. If an interim Warrant
Agent is designated, the Depositor shall then appoint a permanent successor to
the Warrant Agent, which may be the interim Warrant Agent. If the Depositor
shall fail to make such appointment of a permanent successor within a period
of thirty (30) days after such removal or within sixty (60) days after
notification in writing of such resignation or incapacity by the resigning or
incapacitated Warrant Agent or by the Warrant Holder, then the Warrant Agent
or registered Warrant Holder may apply to any court of competent jurisdiction
for the appointment of such a successor. Any successor to the Warrant Agent
appointed hereunder must be rated in one of the four highest rating categories
by the Rating Agencies. Any entity which may be merged or consolidated with or
which shall otherwise succeed to substantially all of the trust or agency
business of the Warrant Agent shall be deemed to be the successor Warrant
Agent without any further action.

                                     B-7

<PAGE>

                                  ARTICLE VI

                                 Miscellaneous

         Section 6.1 Remedies. The remedies at law of the Warrant Holder in
the event of any default or threatened default by the Warrant Agent in the
performance of or compliance with any of the terms of the Call Warrants are
not and will not be adequate and, to the full extent permitted by law, such
terms may be specifically enforced by a decree for the specific performance of
any agreement contained herein or by an injunction against a violation of any
of the terms thereof or otherwise.

         Section 6.2 Limitation on Liabilities of Warrant Holder. Nothing
contained in this Warrant Agent Agreement shall be construed as imposing any
obligation on the Warrant Holder to purchase any of the Certificates except in
accordance with the terms thereof.

         Section 6.3 Notices. All notices and other communications under this
Warrant Agent Agreement shall be in writing and shall be delivered, or mailed
by registered or certified mail, return receipt requested, by a nationally
recognized overnight courier, postage prepaid, addressed (a) if to any Warrant
Holder, at the registered address of such Warrant Holder as set forth in the
register kept by the Warrant Agent or (b) if to the Warrant Agent, to 100 Wall
Street, Suite 1600, New York, New York 10005, Attention: Corporate Trust or to
such other address notice of which the Warrant Agent shall have given to the
Warrant Holder and the Trustee or (c) if to the Trust or the Trustee, to the
Corporate Trust Office (as set forth in the Trust Agreement); provided that
the exercise of any Call Warrants shall be effective in the manner provided in
Article I.

         Section 6.4 Amendment. (a) This Warrant Agent Agreement may be
amended from time to time by the Depositor, the Trustee and the Warrant Agent
without the consent of any Warrant Holder, upon receipt of an opinion of
counsel satisfactory to the Warrant Agent that the provisions hereof have been
satisfied and that such amendment would not alter the status of the Trust as a
grantor trust under the Code, for any of the following purposes: (i) to cure
any ambiguity or to correct or supplement any provision herein which may be
defective or inconsistent with any other provision herein or to provide for
any other terms or modify any other provisions with respect to matters or
questions arising under the Call Warrant which shall not adversely affect in
any material respect the interests of the Warrant Holder or any holder of a
Certificate or (ii) to evidence and provide for the acceptance of appointment
hereunder of a Warrant Agent other than U.S. Bank Trust National Association.

         (c) Without limiting the generality of the foregoing, the Call
Warrants may also be modified or amended from time to time by the Depositor,
the Trustee and the Warrant Agent with the consent of Warrant Holders of
66-2/3% of each of the Call Warrants related to the Class A-1 Certificates and
the Call Warrants related to the Class A-2 Certificates, upon receipt of an
opinion of counsel satisfactory to the Warrant Agent that the provisions
hereof (including, without limitation, the following proviso) have seen
satisfied, for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of the Call Warrants or of
modifying in any manner the rights of the Warrant Holders; provided, however,
that no such amendment shall (i) adversely affect in any material respect the
interests of holders

                                     B-8

<PAGE>

of Certificates without the consent of the holders of Certificates evidencing
not less than the Required Percentage-Amendment of the aggregate Voting Rights
of such affected Certificates (as such terms are defined in the Trust
Agreement) and without written confirmation from the Rating Agencies that such
amendment will not result in a downgrading or withdrawal of its rating of the
Certificates; (ii) alter the terms on which Call Warrants are exercisable or
the amounts payable upon exercise of a Warrant without the consent of the
holders of Certificates evidencing not less than 100% of the aggregate Voting
Rights of such affected Certificates and 100% of the affected Warrant Holders
or (iii) reduce the percentage of aggregate Voting Rights required by (i) or
(ii) without the consent of the holders of all such affected Certificates.
Notwithstanding any other provision of this Warrant, this Section 6.4(b) shall
not be amended without the consent of 100% of the affected Warrant Holders.

         (c) Promptly after the execution of any such amendment or
modification, the Warrant Agent shall furnish a copy of such amendment or
modification to each Warrant Holder, to the Trustee and to the Rating
Agencies. It shall not be necessary for the consent of Warrant Holders or
holders of Certificates under this Section to approve the particular form of
any proposed amendment, but it shall be sufficient if such consent shall
approve the substance thereof. The manner of obtaining such consents and of
evidencing the authorization of the execution thereof shall be subject to such
reasonable regulations as the Warrant Agent may prescribe.

         Section 6.5 Expiration. The right to exercise the Call Warrants shall
expire on the earliest to occur of (a) the cancellation thereof, (b) the
termination of the Trust Agreement, (c) the liquidation, disposition, or
maturity of all of the Certificates, or (d) the occurrence of an Event of
Default under the Trust Agreement.

         Section 6.6 Descriptive Headings. The headings in this Warrant Agent
Agreement are for purposes of reference only and shall not limit or otherwise
affect the meaning hereof.

         Section 6.7 GOVERNING LAW. THIS CALL WARRANT SHALL BE CONSTRUED AND
ENFORCED IN ACCORDANCE WITH, AND THE RIGHTS OF THE PARTIES SHALL BE GOVERNED
BY, THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICT
OF LAWS.

         Section 6.8 Judicial Proceedings; Waiver of Jury. Any judicial
proceeding brought against the Trust, the Trustee or the Warrant Agent with
respect to this Warrant Agent Agreement may be brought in any court of
competent jurisdiction in the County of New York, State of New York or of the
United States of America for the Southern District of New York and, by
execution and delivery of the Call Warrants, the Trustee on behalf of the
Trust and the Warrant Agent (a) accept, generally and unconditionally, the
nonexclusive jurisdiction of such courts and any related appellate court, and
irrevocably agree that the Trust, the Trustee and the Warrant Agent shall be
bound by any judgment rendered thereby in connection with this Warrant Agent
Agreement or the Call Warrants, subject to any rights of appeal, and (b)
irrevocably waive any objection that the Trust, the Trustee or the Warrant
Agent may now or hereafter have as to the venue of any such suit, action or
proceeding brought in such a court or that such court is an inconvenient
forum.

                                     B-9

<PAGE>

         Section 6.9 Nonpetition Covenant; No Recourse. Each of (i) the
Warrant Holder by its acceptance thereof, and (ii) the Warrant Agent agrees,
that it shall not (and, in the case of the Warrant Holder, that it shall not
direct the Warrant Agent to), until the date which is one year and one day
after the payment in full of the Certificates and all other securities issued
by the Trust, the Depositor or entities formed, established or settled by the
Depositor, acquiesce, petition or otherwise invoke or cause the Trust, the
Depositor, or any such other entity to invoke the process of the United States
of America, any State or other political subdivision thereof or any entity
exercising executive, legislative, judicial, regulatory or administrative
functions of or pertaining to government for the purpose of commencing or
sustaining a case by or against the Trust, the Depositor or any such other
entity under a federal or state bankruptcy, insolvency or similar law or
appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator
or other similar official of the Trust, the Depositor or any such other entity
or all or any part of the property or assets of Trust, the Depositor or any
such other entity or ordering the winding up or liquidation of the affairs of
the Trust, the Depositor or any such other entity.

                                     B-10

<PAGE>

         Each of (i) the Warrant Holder, by its acceptance thereof, and (ii)
the Warrant Agent agrees, that it shall not have any recourse to the
Certificates.

                      U.S. BANK TRUST NATIONAL ASSOCIATION,
                            not in its individual
                            capacity but solely as
                            Trustee and Authenticating Agent

                      By:
                          ---------------------------------------
                          Authorized Signatory

                      U.S. BANK TRUST NATIONAL ASSOCIATION,
                            as Warrant Agent

                      By:
                          ---------------------------------------
                          Authorized Signatory

                                     B-11

<PAGE>

                                   EXHIBIT C

                           FORM OF INVESTMENT LETTER

                         QUALIFIED INSTITUTIONAL BUYER

                                                      Dated: [_______________]

U.S. Bank Trust National Association,
100 Wall Street
New York, New York 10005

Lehman Brothers Inc.
  as initial Warrant Holder
3 World Financial Center
New York, New York 10285

Lehman ABS Corporation
3 World Financial Center
New York, New York  10285

                  Ladies and Gentlemen:

     In connection with our proposed purchase of ___________ Call Warrants
(the "Call Warrants") representing an interest in the Corporate Backed Trust
Certificates Series 2001-25 Trust (the "Trust"), the investor on whose behalf
the undersigned is executing this letter (the "Purchaser") confirms that:

     (1) Reference is made to the Prospectus Supplement, dated June [4], 2001
(the "Prospectus Supplement"), with respect to the Certificates to which the
Call Warrants relate. Capitalized terms used herein that are not otherwise
defined shall have the meanings ascribed thereto in the Prospectus Supplement.
The Purchaser has received a copy of the Prospectus Supplement and such other
information as the Purchaser deems necessary in order to make its investment
decision and the Purchaser has been provided the opportunity to ask questions
of, and receive answers from, the Depositor and the Underwriters, concerning
the terms and conditions of the Call Warrants. The Purchaser has received and
understands the above, and understands that substantial risks are involved in
an investment in the Call Warrants. The Purchaser represents that in making
its investment decision to acquire the Call Warrants, the Purchaser has not
relied on representations, warranties, opinions, projections, financial or
other information or analysis, if any, supplied to it by any person, including
you, the Depositor or the Trustee or any of your or their affiliates, except
as expressly contained in the Prospectus Supplement and in the other written
information, if any, discussed above. The Purchaser has such knowledge and
experience in financial and business matters as to be capable of evaluating
the merits and risks of an investment in the Call Warrants, and the Purchaser
is able to bear the substantial economic risks of such an investment. The
Purchaser has relied upon its own tax, legal and financial advisors in
connection with its decision to purchase the Call Warrants.

                                      C-1
<PAGE>

     (2) The Purchaser is (A) a "Qualified Institutional Buyer" (as defined in
Rule 144A under the Securities Act of 1933, as amended (the "1933 Act")) and
(B) acquiring the Call Warrants for its own account or for the account of an
investor of the type described in clause (A) above as to each of which the
Purchaser exercises sole investment discretion. The Purchaser is purchasing
the Call Warrants for investment purposes and not with a view to, or for, the
offer or sale in connection with, a public distribution or in any other manner
that would violate the 1933 Act or the securities or blue sky laws of any
state.

     (3) The Purchaser understands that the Call Warrants have not been and
will not be registered under the 1933 Act or under the securities or blue sky
laws of any state, and that (i) if it decides to resell, pledge or otherwise
transfer any Call Warrant, such Call Warrant may be resold, pledged or
transferred without registration only to an entity that has delivered to the
Depositor and the Trustee a certification that it is a Qualified Institutional
Buyer that purchases (1) for its own account or (2) for the account of such a
Qualified Institutional Buyer, that is, in either case, aware that the resale,
pledge or transfer is being made in reliance on said Rule 144A and (ii) it
will, and each subsequent holder will be required to, notify any purchaser of
any Call Warrant from it of the resale restrictions referred to in clause (i)
above.

     (4) The Purchaser understands that each of the Call Warrants will bear a
legend to the following effect, unless otherwise agreed by the Depositor and
the Trustee:

     "THIS CALL WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED, AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF
EXCEPT WHILE A REGISTRATION UNDER SUCH ACT IS IN EFFECT OR PURSUANT TO AN
EXEMPTION THEREFROM UNDER SUCH ACT. THIS CALL WARRANT REPRESENTED HEREBY MAY
BE TRANSFERRED ONLY IN COMPLIANCE WITH THE CONDITIONS SPECIFIED IN THIS CALL
WARRANT."

     (5) The Purchaser understands that no subsequent transfer of the Call
Warrants is permitted unless it causes its proposed transferee to provide to
the Depositor and the initial Warrant Holder a letter substantially in the
form of Exhibit C to the Series Supplement, as applicable, or such other
written statement as the Depositor shall prescribe.

     (6) The Purchaser agrees that if at some time in the future it wishes to
transfer or exchange any of the Call Warrants, it will not transfer or
exchange any of the Call Warrants unless such transfer or exchange is in
accordance with Section 3.2 of the Warrant Agent Agreement. The Purchaser
understands that any purported transfer of the Call Warrants (or any interest
therein) in contravention of any of the restrictions and conditions in the
Trust Agreement, as applicable, shall be void, and the purported transferee in
such transfer shall not be recognized by the Trust or any other Person as a
Warrant Holder.

                                      C-2
<PAGE>

     You and the Trustee are entitled to rely upon this letter and are
irrevocably authorized to produce this letter or a copy hereof to any
interested party in any administrative or legal proceeding or official inquiry
with respect to the matters covered hereby.

                                        Very truly yours,

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

                                        [Medallion Stamp to be affixed here]

                                      C-3<PAGE>

                                                                    EXHIBIT 4.2

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

                              SONUS NETWORKS, INC.

                                     ISSUER

                                       TO

                           [_________________________]

                                     TRUSTEE

                            _________________________

                                    INDENTURE

                        Dated as of _____________, _____

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

                             SENIOR DEBT SECURITIES

                            -------------------------
<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                              Page
                                                                                                              ----

<S>                                                                                                             <C>
ARTICLE I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION................................................1

         SECTION 1.1  Definitions................................................................................1
         SECTION 1.2  Compliance Certificates And Opinions.......................................................9
         SECTION 1.3  Form of Documents Delivered to the Trustee................................................10
         SECTION 1.4  Acts of Holders ..........................................................................11
         SECTION 1.5  Notices, Etc. to the Trustee and Company..................................................13
         SECTION 1.6  Notice to Holders; Waiver.................................................................13
         SECTION 1.7  Effect of Headings and Table of Contents..................................................14
         SECTION 1.8  Successors and Assigns....................................................................14
         SECTION 1.9  Separability Clause.......................................................................14
         SECTION 1.10 Benefits of Indenture.....................................................................14
         SECTION 1.11 Governing Law.............................................................................14
         SECTION 1.12 Legal Holidays............................................................................14
         SECTION 1.13 Conflict With Trust Indenture Act.........................................................15

ARTICLE II SECURITY FORMS.......................................................................................15

         SECTION 2.1  Form Generally............................................................................15
         SECTION 2.2  Form of Security..........................................................................16
         SECTION 2.3  Form of Certificate of Authentication.....................................................27
         SECTION 2.4  Form of Conversion Notice.................................................................28
         SECTION 2.5  Form of Assignment........................................................................29

ARTICLE III THE SECURITIES......................................................................................29

         SECTION 3.1  Title and Terms...........................................................................29
         SECTION 3.2  Denominations.............................................................................30
         SECTION 3.3  Execution, Authentication, Delivery and Dating............................................30
         SECTION 3.4  Global Securities; Non-global Securities; Book-entry Provisions...........................31
         SECTION 3.5  Registration; Registration of Transfer and Exchange; Restrictions on
                      Transfer..................................................................................33
         SECTION 3.6  Mutilated, Destroyed, Lost or Stolen Securities...........................................34
         SECTION 3.7  Payment of Interest; Interest Rights Preserved............................................35
         SECTION 3.8  Persons Deemed Owners.....................................................................36
         SECTION 3.9  Cancellation..............................................................................36
         SECTION 3.10 Computation of Interest...................................................................37
         SECTION 3.11 CUSIP Numbers.............................................................................37
<PAGE>

ARTICLE IV SATISFACTION AND DISCHARGE...........................................................................37

         SECTION 4.1  Satisfaction and Discharge of Indenture...................................................37
         SECTION 4.2  Application of Trust Money................................................................38

ARTICLE V REMEDIES..............................................................................................39

         SECTION 5.1  Events of Default.........................................................................39
         SECTION 5.2  Acceleration of Maturity; Rescission and Annulment........................................40
         SECTION 5.3  Collection of Indebtedness and Suits for Enforcement by Trustee...........................41
         SECTION 5.4  Trustee May File Proofs of Claim..........................................................42
         SECTION 5.5  Trustee May Enforce Claims Without Possession of Securities...............................43
         SECTION 5.6  Application of Money Collected............................................................43
         SECTION 5.7  Limitation on Suits.......................................................................43
         SECTION 5.8  Unconditional Right of Holders to Receive Principal, Premium and
                      Interest and to Convert...................................................................44
         SECTION 5.9  Restoration of Rights and Remedies........................................................44
         SECTION 5.10 Rights and Remedies Cumulative............................................................45
         SECTION 5.11 Delay or Omission Not Waiver..............................................................45
         SECTION 5.12 Control by Holders .......................................................................45
         SECTION 5.13 Waiver of Past Defaults...................................................................45
         SECTION 5.14 Undertaking for Costs.....................................................................46
         SECTION 5.15 Waiver of Stay, Usury or Extension Laws...................................................46

ARTICLE VI THE TRUSTEE..........................................................................................47

         SECTION 6.1  Certain Duties and Responsibilities.......................................................47
         SECTION 6.2  Notice of Defaults........................................................................48
         SECTION 6.3  Certain Rights of Trustee.................................................................48
         SECTION 6.4  Not Responsible for Recitals or Issuance of Securities....................................49
         SECTION 6.5  May Hold Securities, Act as Trustee under Other Indentures................................49
         SECTION 6.6  Money Held in Trust.......................................................................50
         SECTION 6.7  Compensation and Reimbursement............................................................50
         SECTION 6.8  Corporate Trustee Required; Eligibility...................................................51
         SECTION 6.9  Resignation and Removal; Appointment of Successor.........................................51
         SECTION 6.10 Acceptance of Appointment by Successor....................................................52
         SECTION 6.11 Merger, Conversion, Consolidation or Succession to Business...............................53
         SECTION 6.12 Authenticating Agents.....................................................................53
         SECTION 6.13 Disqualification; Conflicting Interests...................................................54
         SECTION 6.14 Preferential Collection of Claims Against Company.........................................54

                                      -ii-
<PAGE>

ARTICLE VII CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE................................................55

         SECTION 7.1  Company May Consolidate, Etc., Only on Certain Terms......................................55
         SECTION 7.2  Successor Substituted.....................................................................55

ARTICLE VIII SUPPLEMENTAL INDENTURES............................................................................56

         SECTION 8.1  Supplemental Indentures Without Consent of Holders .......................................56
         SECTION 8.2  Supplemental Indentures with Consent of Holders ..........................................57
         SECTION 8.3  Execution of Supplemental Indentures......................................................58
         SECTION 8.4  Effect of Supplemental Indentures.........................................................58
         SECTION 8.5  Reference in Securities to Supplemental Indentures........................................58
         SECTION 8.6  Notice of Supplemental Indentures.........................................................58

ARTICLE IX MEETINGS OF HOLDERS..................................................................................59

         SECTION 9.1  Purposes for Which Meetings May Be Called.................................................59
         SECTION 9.2  Call, Notice and Place of Meetings........................................................59
         SECTION 9.3  Persons Entitled to Vote at Meetings......................................................59
         SECTION 9.4  Quorum; Action............................................................................60
         SECTION 9.5  Determination of Voting Rights; Conduct and Adjournment
                      of Meetings...............................................................................60
         SECTION 9.6  Counting Votes and Recording Action of Meetings...........................................61

ARTICLE X COVENANTS.............................................................................................62

         SECTION 10.1  Payment of Principal, Premium and Interest...............................................62
         SECTION 10.2  Maintenance of Offices or Agencies.......................................................62
         SECTION 10.3  Money for Security Payments to Be Held in Trust..........................................63
         SECTION 10.4  Existence................................................................................64
         SECTION 10.5  Payment of Taxes and Other Claims........................................................64
         SECTION 10.6  Registration and Listing.................................................................65
         SECTION 10.7  Statement by Officers as to Default......................................................65
         SECTION 10.8  Waiver of Certain Covenants..............................................................65

ARTICLE XI REDEMPTION OF SECURITIES.............................................................................66

         SECTION 11.1  Right of Redemption......................................................................66
         SECTION 11.2  Applicability of Article.................................................................66
         SECTION 11.3  Election to Redeem; Notice to Trustee....................................................66
         SECTION 11.4  Selection by Trustee of Securities to Be Redeemed........................................66
         SECTION 11.5  Notice of Redemption.....................................................................67
         SECTION 11.6  Deposit of Redemption Price..............................................................68
         SECTION 11.7  Securities Payable on Redemption Date....................................................68
         SECTION 11.8  Conversion Arrangement on Call for Redemption............................................69

                                     -iii-
<PAGE>

ARTICLE XII CONVERSION OF SECURITIES............................................................................70

         SECTION 12.1  Conversion Privilege and Conversion Rate.................................................70
         SECTION 12.2  Exercise of Conversion Privilege.........................................................70
         SECTION 12.3  Fractions of Shares......................................................................72
         SECTION 12.4  Adjustment of Conversion Rate............................................................72
         SECTION 12.5  Notice of Adjustments of Conversion Rate.................................................76
         SECTION 12.6  Notice of Certain Corporate Action.......................................................77
         SECTION 12.7  Company to Reserve Common Stock..........................................................78
         SECTION 12.8  Taxes on Conversions.....................................................................78
         SECTION 12.9  Covenant as to Common Stock..............................................................78
         SECTION 12.10 Cancellation of Converted Securities.....................................................79
         SECTION 12.11 Provision in Case of Consolidation, Merger or Sale of Assets.............................79
         SECTION 12.12 Rights Issued in respect of Common Stock.................................................80
         SECTION 12.13 Responsibility of Trustee for Conversion Provisions......................................81

ARTICLE XIII REPURCHASE OF SECURITIES AT THE OPTION OF THE HOLDER
         UPON A CHANGE IN CONTROL...............................................................................82

         SECTION 13.1  Right to Require Repurchase..............................................................82
         SECTION 13.2  Conditions to the Company's Election to Pay the Repurchase Price
                       or the Make-Whole Payment in Common Stock................................................82
         SECTION 13.3  Notices; Method of Exercising Repurchase Right, Etc......................................83
         SECTION 13.4  Certain Definitions......................................................................86
         SECTION 13.5  Consolidation, Merger, Etc...............................................................88

ARTICLE XIV HOLDERS LISTS AND REPORTS BY TRUSTEE AND COMPANY; NON-RECOURSE......................................88

         SECTION 14.1  Company to Furnish Trustee Names and Addresses of Holders................................88
         SECTION 14.2  Preservation of Information..............................................................89
         SECTION 14.3  Reports by Trustee.......................................................................89
         SECTION 14.4  Reports by Company.......................................................................89

ARTICLE XV IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS......................................90

         SECTION 15.1  Indenture and Securities Solely Corporate Obligations....................................90
</TABLE>

                                      -iv-
<PAGE>

<TABLE>
<CAPTION>
TRUST INDENTURE ACT SECTION                                                            INDENTURE SECTION

<S>                                                                                    <C>
Section    310   (a) (1).............................................................  6.8
                 (a) (2).............................................................  6.8
                 (a) (3).............................................................  Not Applicable
                 (a) (4).............................................................  Not Applicable
                 (b).................................................................  6.8, 6.9, 6.13
Section    311   (a).................................................................  6.14
                 (b).................................................................  6.14
Section    312   (a).................................................................  14.1, 14.2(1)
                 (b).................................................................  14.2(2)
                 (c).................................................................  14.2(3)
Section    313   (a).................................................................  14.3(1)
                 (b).................................................................  14.3(1)
                 (c).................................................................  14.3(1)
                 (d).................................................................  14.3(2)
Section    314   (a)(1)..............................................................  14.4
                 (a)(2)..............................................................  14.4
                 (a)(3)..............................................................  14.4
                 (a)(4)..............................................................  10.7
                 (b).................................................................  Not Applicable
                 (c)(1)..............................................................  1.2
                 (c)(2)..............................................................  1.2
                 (c)(3)..............................................................  Not Applicable
                 (d).................................................................  Not Applicable
                 (e).................................................................  1.2
Section    315   (a).................................................................  6.1(1), 6.3
                 (b).................................................................  6.2
                 (c).................................................................  6.1(2)
                 (d).................................................................  6.1(3)
                 (e).................................................................  5.14
Section    316   (a)(last sentence).................................................   1.1 ("Outstanding")
                 (a)(1)(A)...........................................................  5.12
                 (a)(1)(B)...........................................................  5.13
                 (a)(2)..............................................................  Not Applicable
                 (b).................................................................  5.8
                 (c).................................................................  1.4
Section    317   (a)(1)..............................................................  5.3
                 (a)(2)..............................................................  5.4
                 (b).................................................................  10.3
Section    318   (a).................................................................  1.7
</TABLE>

                                      -v-
<PAGE>

         INDENTURE, dated as of _________________________,____ between SONUS
NETWORKS, INC., a corporation duly organized and existing under the laws of the
State of Delaware, having its principal office at 5 Carlisle Road, Westford,
Massachusetts 01886 (herein called the "Company"), and _____________________, a
________________ corporation, as Trustee hereunder (herein called the
"Trustee").

                             RECITALS OF THE COMPANY

         The Company has duly authorized the creation of an issue of its ____%
[Convertible](1) Notes due ______,_____ (herein called the "Securities") of
substantially the tenor and amount hereinafter set forth, and to provide
therefor the Company has duly authorized the execution and delivery of this
Indenture.

         All things necessary to make the Securities, when the Securities are
executed by the Company and authenticated and delivered hereunder, the valid
obligations of the Company, and to make this Indenture a valid agreement of the
Company, in accordance with their and its terms, have been done. [Further, all
things necessary to duly authorize the issuance of the Common Stock of the
Company issuable upon the conversion of the Securities, and to duly reserve for
issuance the number of shares of Common Stock issuable upon such conversion,
have been done.](2)

         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, for the
equal and proportionate benefit of all Holders of the Securities, as follows:

                                    ARTICLE I

             DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

         SECTION 1.1  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;

----------
         (1) INSERT IF SECURITIES ARE CONVERTIBLE

         (2) INSERT IF SECURITIES ARE CONVERTIBLE
<PAGE>

         (2) all accounting terms not otherwise defined herein have the meanings
assigned to them in accordance with generally accepted accounting principles in
the United States, 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

         (3) 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.

         "Act", when used with respect to any Holder, has the meaning specified
in Section 1.4.

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

         "Agent Member" means any member of, or participant in, the Depositary.

         "Applicable Procedures" means, with respect to any transfer or
transaction involving a Global Security or beneficial interest therein, the
rules and procedures of the Depositary for such Global Security, in each case to
the extent applicable to such transaction and as in effect from time to time.

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

         "Board of Directors" means either the board of directors of the Company
or any duly authorized committee of that board.

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

         "Business Day", when used with respect to any Place of Payment [or
Place of Conversion, as the case may be,](3) means each Monday, Tuesday,
Wednesday, Thursday and Friday which is not a day on which banking institutions
in such Place of Payment[, Place of Conversion](4) or other place, as the case
may be, are authorized or obligated by law or executive

----------
         (3) INSERT IF SECURITIES ARE CONVERTIBLE

         (4) INSERT IF SECURITIES ARE CONVERTIBLE

                                      -2-
<PAGE>

order to close; provided, however, that a day on which banking institutions in
New York, New York are authorized or obligated by law or executive order to
close shall not be a Business Day for purposes of Section 13.9.

         "Change in Control" has the meaning specified in Section 14.4(2).

         "Closing Price Per Share" means, with respect to the Common Stock, for
any day, (i) the last reported bid price regular way on the Nasdaq National
Market or, (ii) if the Common Stock is not quoted on the Nasdaq National Market,
the last reported sale price regular way per share or, in case no such reported
sale takes place on such day, the average of the reported closing bid and asked
prices regular way, in either case, on the principal national securities
exchange on which the Common Stock is listed or admitted to trading, or (iii) if
the Common Stock is not quoted on the Nasdaq National Market or listed or
admitted to trading on any national securities exchange, the average of the
closing bid prices in the over-the-counter market as furnished by any New York
Stock Exchange member firm selected from time to time by the Company for that
purpose.

         "Code" has the meaning specified in Section 2.l.

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

         "Common Stock" means the Common Stock, par value $0.001 per share, of
the Company authorized at the date of this instrument as originally executed.
[Subject to the provisions of Section 12.11,](5) shares issuable on
[conversion](6) or repurchase of Securities shall include only shares of Common
Stock or shares of any class or classes of common stock resulting from any
reclassification or reclassifications thereof[; provided, however, that if at
any time there shall be more than one such resulting class, the shares so
issuable on conversion of Securities shall include shares of all such classes,
and the shares of each such class then so issuable shall be substantially in the
proportion which the total number of shares of such class resulting from all
such reclassifications bears to the total number of shares of all such classes
resulting from all such reclassifications.](7)

         "common stock" includes any stock of any class of capital stock which
has no preference in respect of dividends or of amounts payable in the event of
any voluntary or involuntary

----------
         (5) INSERT IF SECURITIES ARE CONVERTIBLE

         (6) INSERT IF SECURITIES ARE CONVERTIBLE

         (7) INSERT IF SECURITIES ARE CONVERTIBLE

                                      -3-
<PAGE>

liquidation, dissolution or winding up of the issuer thereof and which is not
subject to redemption by the issuer thereof.

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

         "Company Notice" has the meaning specified in Section 14.3.

         "Company Request" or "Company Order" means a written request or order
signed in the name of the Company by its (i) Chairman of the Board, its Vice
Chairman of the Board, its Chief Executive Officer, its President, an Executive
Vice President or a Vice President, and by its (ii) principal financial officer,
Treasurer, an Assistant Treasurer, its Secretary or an Assistant Secretary, and
delivered to the Trustee.

         ["Conversion Agent" means any Person authorized by the Company to
convert Securities in accordance with Article XII. The Company has initially
appointed the Trustee as its Conversion Agent pursuant to Section 10.2 hereof.

         "Constituent Person" has the meaning specified in Section 12.11.](8)

         ["Conversion Price" has the meaning specified in Section 14.4(3).

         "Conversion Rate" has the meaning specified in Section 12.1.](9)

         "Corporate Trust Office" means the office of the Trustee at which at
any particular time its corporate trust business shall be principally
administered (which at the date of this Indenture is located at
______________________________, Attention: ____________________________.

         "corporation" means a corporation, company, association, joint-stock
company or business trust.

         "Defaulted Interest" has the meaning specified in Section 3.7.

         "Depositary" means, with respect to any Securities (including any
Global Securities), a clearing agency that is registered as such under the
Exchange Act and is designated by the Company to act as Depositary for such
Securities (or any successor securities clearing agency so registered).

----------
         (8) INSERT IF SECURITIES ARE CONVERTIBLE

         (9) INSERT IF SECURITIES ARE CONVERTIBLE

                                      -4-
<PAGE>

         "Dollar" or "U.S. $" means a dollar or other equivalent unit in such
coin or currency of the United States as at the time shall be legal tender for
the payment of public and private debts.

         "DTC" means The Depository Trust Company, a New York corporation.

         "Event of Default" has the meaning specified in Section 5.1.

         "Exchange Act" means the United States Securities Exchange Act of 1934
(or any successor statute), as amended from time to time.

         "Global Security" means a Security that is registered in the Security
Register in the name of a Depositary or a nominee thereof.

         "Holder" means the Person in whose name the Security is registered in
the Security Register.

         "Indenture" means this instrument as originally executed and 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,
including, for all purposes of this instrument and any such supplemental
indenture, the provisions of the Trust Indenture Act that are deemed to be a
part of and govern this instrument and any such supplemental indenture,
respectively.

         "Interest Payment Date" means the Stated Maturity of an installment of
interest on the Securities.

         "Issue Date" means ____________, ______.

         "Make-Whole Payment" has the meaning specified in Section 2.2.

         "Maturity", when used with respect to any Security, means the date on
which the principal of such Security becomes due and payable as therein or
herein provided, whether at the Stated Maturity or by declaration of
acceleration, call for redemption, exercise of the repurchase right set forth in
Article XIV or otherwise.

         ["Non-electing Share" has the meaning specified in Section 12.11.](10)

         "Notice Date" has the meaning specified in Section 2.2.

         "Notice of Default" has the meaning specified in Section 5.1.

----------
         (10) INSERT IF SECURITIES ARE CONVERTIBLE

                                      -5-
<PAGE>

         "Officers' Certificate" means a certificate signed by (i) the Chairman
of the Board, a Vice Chairman of the Board, the Chief Executive Officer, the
President, an Executive Vice President or a Vice President and by (ii) the
principal financial officer, the Treasurer, an Assistant Treasurer, the
Secretary, or an Assistant Secretary of the Company, and delivered to the
Trustee. One of the officers signing an Officers' Certificate given pursuant to
Section 10.8 shall be the principal executive, financial or accounting officer
of the Company.

         "Opinion of Counsel" means a written opinion of counsel, who may be
counsel for the Company (including internal counsel) and who shall be reasonably
acceptable to the Trustee.

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

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

                  (ii) Securities for the payment or redemption of which money
         in the necessary amount has been theretofore deposited with the Trustee
         or any Paying Agent (other than the Company) in trust or set aside and
         segregated in trust by the Company (if the Company shall act as its own
         Paying Agent) 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;

                  (iii) Securities which have been paid pursuant to Section 3.6
         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
         bona fide purchaser in whose hands such Securities are valid
         obligations of the Company[; and

                  (iv) Securities converted into Common Stock pursuant to
         Article XII](11);

provided, however, that in determining whether the Holders of the requisite
principal amount of Outstanding Securities are present at a meeting of Holders
for quorum purposes or have given, made or taken any request, demand,
authorization, direction, notice, consent or waiver or other action hereunder as
of any date, Securities owned by the Company or any other obligor upon the
Securities or any Affiliate of the Company or 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 determination as
to the presence of a quorum or upon any such request, demand, authorization,
direction, notice, consent, waiver or other action, only Securities which a
Responsible Officer of the Trustee has been notified in writing to be so owned
shall be so disregarded. Securities so owned which have been pledged in good
faith may be regarded as

----------
         (11) INSERT IF SECURITIES ARE CONVERTIBLE

                                      -6-
<PAGE>

Outstanding if the pledgee is not the Company or any other obligor upon the
Securities or any Affiliate of the Company or such other obligor, and the
Trustee shall be protected in relying upon an Officers' Certificate to such
effect.

         "Over-allotment Option" has the meaning specified in Section 3.1.

         "Paying Agent" means any Person authorized by the Company to pay the
principal of or any premium or interest on any Securities on behalf of the
Company and, except as otherwise specifically set forth herein, such term shall
include the Company if it shall act as its own Paying Agent. The Company has
initially appointed the Trustee as its Paying Agent pursuant to Section 10.2
hereof.

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

         ["Place of Conversion" has the meaning specified in Section 3.1.](12)

         "Place of Payment" has the meaning specified in Section 3.1.

         "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 3.6 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.

         "Record Date" means any Regular Record Date or Special Record Date.

         "Record Date Period" means the period from the close of business of any
Regular Record Date next preceding any Interest Payment Date to the opening of
business on such Interest Payment Date.

         "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 at which it is to be redeemed pursuant to this
Indenture.

         "Regular Record Date" for interest payable in respect of any Security
on any Interest Payment Date means the ___________ or __________ (whether or not
a Business Day), as the case may be, next preceding such Interest Payment Date.

----------
         (12) INSERT IF SECURITIES ARE CONVERTIBLE

                                      -7-
<PAGE>

         "Repurchase Date" has the meaning specified in Section 14.1.

         "Repurchase Price" has the meaning specified in Section 14.1.

         "Responsible Officer", when used with respect to the Trustee, means any
officer within the Corporate Trust Office of the Trustee, including without
limitation, any vice president, assistant vice president, assistant treasurer,
corporate trust officer or other employee of the Trustee customarily performing
functions similar to those performed by any of the above designated officers,
and also means, with respect to a particular corporate trust matter, any other
officer to whom such matter is referred because of his knowledge and familiarity
with the particular subject.

         "Securities" has the meaning ascribed to it in the first paragraph
under the caption "Recitals of the Company" and more particularly means any
Securities authenticated and delivered under this Indenture.

         "Securities Act" means the United States Securities Act of 1933 (or any
successor statute), as amended from time to time.

         "Security Register" and "Security Registrar" have the respective
meanings specified in Section 3.5.

         "Significant Subsidiary" means, with respect to any Person, a
Subsidiary of such Person that would constitute a "significant subsidiary" as
such term is defined under Rule 1-02 of Regulation S-X under the Securities Act
and the Exchange Act.

         "Special Record Date" for the payment of any Defaulted Interest means a
date fixed by the Company pursuant to Section 3.7.

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

         "Subsidiary" means a corporation more than 50% of the outstanding
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. For the purposes of this definition, "voting stock" means stock or
other similar interests in the corporation which ordinarily has or have voting
power for the election of directors, or persons performing similar functions,
whether at all times or only so long as no senior class of stock or other
interests has or have such voting power by reason of any contingency.

         "Successor Security" of any particular Security means every Security
issued after, and evidencing all or a portion of the same debt as that evidenced
by, such particular Security; and,

                                      -8-
<PAGE>

for the purposes of this definition, any Security authenticated and delivered
under Section 3.6 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.

         "Trading Day" means (i) if the Common Stock is quoted on the Nasdaq
National Market or any other system of automated dissemination of quotations of
securities prices, days on which trades may be effected through such system,
(ii) if the Common Stock is listed or admitted for trading on any national or
regional securities exchange, days on which such national or regional securities
exchange is open for business, or (iii) if the Common Stock is not listed on a
national or regional securities exchange or quoted on the Nasdaq National Market
or any other system of automated dissemination of quotation of securities
prices, days on which the Common Stock is traded regular way in the over-the-
counter market and for which a closing bid and a closing asked price for the
Common Stock are available.

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

         "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 such successor Trustee.

         "Underwriting Agreement" means the Underwriting Agreement, dated as of
____________________, ______, among the Company and
_____________________________, as underwriters relating to the offering and sale
of the Securities.

         "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 (its "possessions" including Puerto Rico, the
U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana
Islands).

         SECTION 1.2  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, if
any, provided for in this Indenture relating to the proposed action have been
complied with and, if required by the Trust Indenture Act, an Opinion of Counsel
stating that in the opinion of such counsel all such conditions precedent, if
any, have been complied with, except that in the case of any such application or
request as to which the furnishing of such documents is specifically required by
any provision of this Indenture relating to such particular application or
request, no additional certificate or opinion need be furnished.

                                      -9-
<PAGE>

         Every certificate or opinion with respect to compliance with a
condition or covenant provided for in this Indenture (including certificates
provided for in Section 10.7) shall include:

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

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

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

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

         SECTION 1.3  FORM OF DOCUMENTS DELIVERED TO THE 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 such 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 or any other Person
stating that the information with respect to such factual matters is in the
possession of the Company or such other Person, unless such counsel knows 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.

                                      -10-
<PAGE>

         SECTION 1.4  ACTS OF HOLDERS.

         (1) Any request, demand, authorization, direction, notice, consent,
waiver or other action provided or permitted by this Indenture to be given, made
or taken by Holders may be embodied in and evidenced by (A) one or more
instruments of substantially similar tenor signed by such Holders in person or
by an agent or proxy duly appointed in writing by such Holders or (B) the record
of Holders voting in favor thereof, either in person or by proxies duly
appointed in writing, at any meeting of Holders duly called and held in
accordance with the provisions of Article IX. Such action shall become effective
when such instrument or instruments or record is delivered to the Trustee and,
where it is hereby expressly required, to the Company. The Trustee shall
promptly deliver to the Company copies of all such instruments and records
delivered to the Trustee. Such instrument or instruments and records (and the
action embodied therein and evidenced thereby) are herein sometimes referred to
as the "Act" of the Holders signing such instrument or instruments and so voting
at such meeting. Proof of execution of any such instrument or of a writing
appointing any such agent or proxy, or of the holding by any Person of a
Security, shall be sufficient for any purpose of this Indenture and (subject to
Section 6.1) conclusive in favor of the Trustee and the Company if made in the
manner provided in this Section. The record of any meeting of Holders shall be
proved in the manner provided in Section 9.6.

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

         (3) The principal amount and serial number of any Security held by any
Person, and the date of his holding the same, shall be proved by the Security
Register.

         (4) The fact and date of execution of any such instrument or writing
and the authority of the Person executing 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 1.4.

         (5) The Company may set any day as the record date for the purpose of
determining the Holders entitled to give or take any request, demand,
authorization, direction, notice, consent, waiver or other action, or to vote on
any action, authorized or permitted by this Indenture to be given or taken by
Holders. Promptly and in any case not later than ten days after setting a record
date, the Company shall notify the Trustee and the Holders of such record date.
If not set by the Company prior to the first solicitation of a Holder made by
any Person in respect of any such action, or, in the case of any such vote,
prior to such vote, the record date for any such action or vote shall be the
30th day (or, if later, the date of the most recent list of Holders required to
be provided pursuant to Section 15.1) prior to such first solicitation or vote,
as the case may be. With regard to any record date, the Holders on such date (or
their duly appointed agents or proxies), and only such Persons, shall be
entitled to give or take, or vote on, the relevant action,

                                      -11-
<PAGE>

whether or not such Holders remain Holders after such record date.
Notwithstanding the foregoing, the Company shall not set a record date for, and
the provisions of this paragraph shall not apply with respect to, any notice,
declaration or direction referred to in the next paragraph.

         Upon receipt by the Trustee from any Holder of (i) any notice of
default or breach referred to in Section 5.1(4) or 5.1(5), if such default or
breach has occurred and is continuing and the Trustee shall not have given such
a notice to the Company, (ii) any declaration of acceleration referred to in
Section 5.2, if an Event of Default has occurred and is continuing and the
Trustee shall not have given such a declaration to the Company, or (iii) any
direction referred to in Section 5.12, if the Trustee shall not have taken the
action specified in such direction, then, with respect to clauses (ii) and
(iii), a record date shall automatically and without any action by the Company
or the Trustee be set for determining the Holders entitled to join in such
declaration or direction, which record date shall be the close of business on
the tenth day (or, if such day is not a Business Day, the first Business Day
thereafter) following the day on which the Trustee receives such declaration or
direction, and, with respect to clause (i), the Trustee may set any day as a
record date for the purpose of determining the Holders entitled to join in such
notice of default. Promptly after such receipt by the Trustee of any such
declaration or direction referred to in clause (ii) or (iii), and promptly after
setting any record date with respect to clause (i), and as soon as practicable
thereafter, the Trustee shall notify the Company and the Holders of any such
record date so fixed. The Holders on such record date (or their duly appointed
agents or proxies), and only such Persons, shall be entitled to join in such
notice, declaration or direction, whether or not such Holders remain Holders
after such record date; provided that, unless such notice, declaration or
direction shall have become effective by virtue of Holders of the requisite
principal amount of Securities on such record date (or their duly appointed
agents or proxies) having joined therein on or prior to the 90th day after such
record date, such notice, declaration or direction shall automatically and
without any action by any Person be canceled and of no further effect. Nothing
in this paragraph shall be construed to prevent a Holder (or a duly appointed
agent or proxy thereof) from giving, before or after the expiration of such
90-day period, a notice, declaration or direction contrary to or different from,
or, after the expiration of such period, identical to, the notice, declaration
or direction to which such record date relates, in which event a new record date
in respect thereof shall be set pursuant to this paragraph. In addition, nothing
in this paragraph shall be construed to render ineffective any notice,
declaration or direction of the type referred to in this paragraph given at any
time to the Trustee and the Company by Holders (or their duly appointed agents
or proxies) of the requisite principal amount of Securities on the date such
notice, declaration or direction is so given.

         (6) Except as provided in Sections 5.12 and 5.13, any request, demand,
authorization, direction, notice, consent, election, waiver or other Act of the
Holder of any Security shall bind every future Holder of the same Security and
the Holder of every Security issued upon the registration of transfer thereof or
in exchange therefor or in lieu thereof in respect of anything done, omitted or
suffered to be done by the Trustee or the Company in reliance thereon, whether
or not notation of such action is made upon such Security.

         (7) The provisions of this Section 1.4 are subject to the provisions of
Section 9.5.

                                      -12-
<PAGE>

         SECTION 1.5  NOTICES, ETC. TO THE TRUSTEE AND THE COMPANY.

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

         (1) the Trustee by any Holder or by the Company shall be sufficient for
every purpose hereunder if made, given, furnished or filed in writing to or with
a Responsible Officer of the Trustee and received at its Corporate Trust Office,
Attention: _____________________________.

         (2) the Company by the Trustee or by any Holder shall be sufficient for
every purpose hereunder (unless otherwise herein expressly provided) if in
writing, mailed, first-class postage prepaid, or telecopied and confirmed by
mail, first-class postage prepaid, or delivered by hand or overnight courier,
addressed to the Company at 5 Carlisle Road, Westford, Massachusetts 01886,
Attention: Chief Financial Officer, or at any other address previously furnished
in writing to the Trustee by the Company.

         SECTION 1.6  NOTICE TO HOLDERS; WAIVER.

         Except as otherwise expressly provided herein, where this Indenture
provides for notice to Holders of any event, such notice shall be sufficiently
given to Holders if in writing and mailed, first-class postage prepaid or
delivered by an overnight delivery service, to each Holder affected by such
event, at the address of such Holder as it appears in the Security Register, not
earlier than the earliest date and not later than the latest date prescribed for
the giving of such notice.

         Neither the failure to mail such notice, nor any defect in any notice
so mailed, to any particular Holder shall affect the sufficiency of such notice
with respect to other Holders. In case by reason of the suspension of regular
mail service or by reason of any other cause it shall be impracticable to give
such notice by mail, then such notification to Holders as shall be made in such
manner with the approval of the Trustee, which approval shall not be
unreasonably withheld or delayed, shall constitute a sufficient notification to
such Holders for every purpose hereunder.

         Such notice shall be deemed to have been given when such notice is
received.

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

                                      -13-
<PAGE>

         SECTION 1.7  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 1.8  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 1.9  SEPARABILITY CLAUSE.

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

         SECTION 1.10  BENEFITS OF INDENTURE.

         Except as provided in the next sentence, nothing in this Indenture or
in the Securities, express or implied, shall give to any Person, other than the
parties hereto and their successors and assigns hereunder and the Holders, any
benefit or legal or equitable right, remedy or claim under this Indenture.

         SECTION 1.11  GOVERNING LAW.

         THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, THE UNITED STATES OF AMERICA,
WITHOUT REGARD TO THE CONFLICTS OF LAWS PRINCIPLES THEREOF.

         SECTION 1.12 LEGAL HOLIDAYS.

         In any case where any Interest Payment Date, Redemption Date,
Repurchase Date or Stated Maturity of any Security [or the last day on which a
Holder has a right to convert his Security(13)] shall not be a Business Day at a
Place of Payment [or Place of Conversion, as the case may be](14), then
(notwithstanding any other provision of this Indenture or of the Securities)
payment of principal of, premium, if any, or interest on, or the payment of the
Redemption Price or Repurchase Price (whether the same is payable in cash or in
shares of Common Stock) with respect to[, or delivery for conversion of,](15)
such Security need not be made at such Place of

----------
         (13) INSERT IF SECURITIES ARE CONVERTIBLE

         (14) INSERT IF SECURITIES ARE CONVERTIBLE

         (15) INSERT IF SECURITIES ARE CONVERTIBLE

                                      -14-
<PAGE>

Payment [or Place of Conversion, as the case may be,](16) on or by such day, but
may be made on or by the next succeeding Business Day at such Place of Payment
[or Place of Conversion, as the case may be,](17) with the same force and effect
as if made on the Interest Payment Date, Redemption Date or Repurchase Date, or
at the Stated Maturity [or by such last day for conversion](18); provided,
however, that in the case that payment is made on such succeeding Business Day,
no interest shall accrue on the amount so payable for the period from and after
such Interest Payment Date, Redemption Date, Repurchase Date, Stated Maturity
[or last day for conversion](19), as the case may be.

         SECTION 1.13  CONFLICT WITH TRUST INDENTURE ACT.

         If any provision hereof limits, qualifies or conflicts with a provision
of the Trust Indenture Act that is required under the Trust Indenture Act to be
a part of and govern this Indenture, the latter provision shall control. If any
provision of this Indenture modifies or excludes any provision of the Trust
Indenture Act that may be so modified or excluded, the latter provision shall be
deemed to apply to this Indenture as so modified or to be excluded, as the case
may be. Until such time as this Indenture shall be qualified under the Trust
Indenture Act, this Indenture, the Company and the Trustee shall be deemed for
all purposes hereof to be subject to and governed by the Trust Indenture Act to
the same extent as would be the case if this Indenture were so qualified on the
date hereof.

                                   ARTICLE II

                                 SECURITY FORMS

         SECTION 2.1  FORM GENERALLY.

         The Securities shall be in substantially the form set forth in this
Article, 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, the Internal Revenue Code of 1986, as amended, and
regulations thereunder (the "Code"), or as may, consistent herewith, be
determined by the officers executing such Securities, as evidenced by their
execution thereof. All Securities shall be issued in registered form, as opposed
to bearer form.

----------
         (16) INSERT IF SECURITIES ARE CONVERTIBLE

         (17) INSERT IF SECURITIES ARE CONVERTIBLE

         (18) INSERT IF SECURITIES ARE CONVERTIBLE

         (19) INSERT IF SECURITIES ARE CONVERTIBLE

                                      -15-
<PAGE>

         The Trustee's certificates of authentication shall be in substantially
the form set forth in Section 2.3.

         [Conversion notices shall be in substantially the form set forth in
Section 2.4.](20)

         Repurchase notices shall be substantially in the form set forth in
Section 2.2.

         The Securities shall be printed, lithographed, typewritten or engraved
or produced by any combination of these methods or may be produced in any other
manner permitted by the rules of any automated quotation system or securities
exchange (including on steel engraved borders if so required by any securities
exchange upon which the Securities may be listed) on which the Securities may be
quoted or listed, as the case may be or, if the Securities are not listed on a
securities exchange or automated quotation system, in any other manner approved
by the Company, all as determined by the officers executing such Securities, as
evidenced by their execution thereof.

         Upon their original issuance, Securities shall be issued in the form of
one or more Global Securities without interest coupons and shall be registered
in the name of DTC, as Depositary, or its nominee and deposited with the
Trustee, as custodian for DTC, for credit by DTC to the respective accounts of
beneficial owners of the Securities represented thereby (or such other accounts
as they may direct).

         SECTION 2.2  FORM OF SECURITY.

[FORM OF FACE]

         [THE FOLLOWING LEGEND SHALL APPEAR ON THE FACE OF EACH GLOBAL SECURITY:

         THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A
NOMINEE OF THE DEPOSITARY, WHICH MAY BE TREATED BY THE COMPANY, THE TRUSTEE AND
ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS SECURITY FOR ALL PURPOSES.

         THE FOLLOWING LEGEND SHALL APPEAR ON THE FACE OF EACH GLOBAL SECURITY
FOR WHICH THE DEPOSITORY TRUST COMPANY IS TO BE THE DEPOSITARY:

         UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK

----------
         (20) INSERT IF SECURITIES ARE CONVERTIBLE

                                      -16-
<PAGE>

CORPORATION ("DTC"), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS
THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

         UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN
DEFINITIVE REGISTERED FORM IN THE LIMITED CIRCUMSTANCES REFERRED TO IN THE
INDENTURE, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT 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 OR BY THE DEPOSITARY OR ANY
SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR
DEPOSITARY.]

                           SONUS NETWORKS, INC.

______% [CONVERTIBLE](21) NOTE DUE _________________, ____

No.____  $
          __________________________

CUSIP NO. ___________

         SONUS NETWORKS, INC., a corporation duly organized and existing
under the laws of the State of Delaware (herein called the "Company", which
term includes any successor Person under the Indenture referred to on the
reverse hereof), for value received, hereby promises to pay to
_________________, or registered assigns, the principal sum of ________
United States Dollars (U.S. $______ ) (which principal amount may from time
to time be increased or decreased to such other principal amounts (which,
taken together with the principal amounts of all other Outstanding
Securities, shall not exceed $___________ (or $___________ if the
Over-allotment Option is exercised in full)) by adjustments made on the
records of the Trustee hereinafter referred to in accordance with the
Indenture) on __________________, ______ and to pay interest thereon, from
_________, _____, or from the most recent Interest Payment Date (as defined
below) to which interest has been paid or duly provided for, semi-annually in
arrears on __________________ and __________________ in each year (each, an
"Interest Payment Date"), commencing _______, _____, at the rate of _____%
per annum, until the principal hereof is due, and at the rate of _____% per
annum on any overdue principal and premium, if

----------
         (21) INSERT IF SECURITIES ARE CONVERTIBLE

                                      -17-
<PAGE>

any, and, to the extent permitted by law, on any overdue interest. The interest
so payable, and punctually paid or duly provided for, on any Interest Payment
Date will, as provided in the Indenture, be paid to the Person in whose name
this Security (or one or more Predecessor Securities) is registered at the close
of business on the Regular Record Date for such interest, which shall be the
_________ or _________ (whether or not a Business Day), as the case may be, next
preceding such Interest Payment Date. Except as otherwise provided in the
Indenture, 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 Security (or one or more
Predecessor Securities) is registered at the close of business on a Special
Record Date for the payment of such Defaulted Interest to be fixed by the
Company, notice whereof shall be given to Holders 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 automated quotation system or
securities exchange on which the Securities may be quoted or listed, and upon
such notice as may be required by such exchange, all as more fully provided in
the Indenture. Payments of principal shall be made upon the surrender of this
Security at the option of the Holder at the Corporate Trust Office of the
Trustee, or at such other office or agency of the Company as may be designated
by it for such purpose in the Borough of Manhattan, The City of New York, in
such lawful monies of the United States of America as at the time of payment
shall be legal tender for the payment of public and private debts, or at such
other offices or agencies as the Company may designate, by United States Dollar
check drawn on, or wire transfer to, a United States Dollar account (such a wire
transfer to be made only to a Holder of an aggregate principal amount of
Securities in excess of U.S. $2,000,000 and only if such Holder shall have
furnished wire instructions in writing to the Trustee no later than 15 days
prior to the relevant payment date) maintained by the payee with a bank in the
Borough of Manhattan, The City of New York. Payment of interest on this Security
may be made by United States Dollar check mailed to the address of the Person
entitled thereto as such address shall appear in the Security Register, or, upon
written application by the Holder to the Security Registrar setting forth wire
instructions not later than the relevant Record Date, by wire transfer to a
United States Dollar account (such a wire transfer to be made only to a Holder
of an aggregate principal amount of Securities in excess of U.S. $2,000,000 and
only if such Holder shall have furnished wire instructions in writing to the
Trustee no later than 15 days prior to the relevant payment date) maintained by
the payee with a bank in the Borough of Manhattan, The City of New York. Except
as specifically provided herein and in the Indenture, the Company shall not be
required to make any payment with respect to any tax, assessment or other
governmental charge imposed by any government or any political subdivision or
taxing authority thereof or therein.

         Interest on the Securities shall be computed on the basis of a
360-day year of twelve 30-day months.

         Reference is hereby made to the further provisions of this Security set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

         Unless the certificate of authentication hereon has been executed by
the Trustee referred to on the reverse hereof or an Authenticating Agent by the
manual signature of one of their

                                      -18-
<PAGE>

respective authorized signatories, this Security shall not be entitled to any
benefit under the Indenture or be valid or obligatory for any purpose.

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

                                       SONUS NETWORKS, INC.

                                       By:_____________________________________
                                       Name:
                                       Title:

Attest:

By:_________________________________
Name:
Title:

TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

     Dated:______________________________
     as Trustee

     By:_________________________________
        Authorized Signatory

                                [FORM OF REVERSE]

This Security is one of a duly authorized issue of securities of the Company
designated as its "_____% [CONVERTIBLE](22) Notes due __________________"
(herein called the "Securities"), limited in aggregate principal amount to U.S.
$___________ (or $___________ if the Over-allotment Option is exercised in
full), issued and to be issued under an Indenture, dated as of _______________,
_____ (herein called the "Indenture"), between the Company and
_________________, as Trustee (herein called the "Trustee", which term includes
any successor trustee under the Indenture), and to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of
the Company, the Trustee and the Holders of the Securities and of the terms upon
which the Securities are, and are to be, authenticated and delivered. As
provided in the Indenture and subject to certain limitations therein set forth,
Securities are exchangeable for

----------
         (22) INSERT IF SECURITIES ARE CONVERTIBLE

                                      -19-
<PAGE>

a like aggregate principal amount of Securities of any authorized denominations
as requested by the Holder surrendering the same upon surrender of the Security
or Securities to be exchanged, at the Corporate Trust Office of the Trustee. The
Trustee upon such surrender by the Holder will issue the new Securities in the
requested denominations. No sinking fund is provided for the Securities. The
Securities are subject to redemption by the Company, in whole or in part, at any
time prior to __________________, ________, upon notice as set forth in Section
11.5 of the Indenture, at a redemption price equal to the principal amount of
the Securities to be redeemed plus accrued and unpaid interest, if any, to the
Redemption Date if the Closing Price of the Common Stock shall have
________________ for at least 20 Trading Days in any 30-Trading Day period
ending on the Trading Day prior to the date of mailing of the notice of
redemption pursuant to Section 11.5 of the Indenture (the "Notice Date"). Upon
any such redemption, the Company shall make an additional payment (the
"Make-Whole Payment") with respect to the Securities called for redemption to
holders on the Notice Date in an amount equal to $_______ per U.S.$1,000
Security, less the amount of any interest actually paid on such Security prior
to the Notice Date. The Company shall make the Make-Whole Payment on all
Securities called for redemption[,including any Securities converted into Common
Stock pursuant to the terms of the Indenture after the Notice Date and prior to
the Redemption Date.](23) The Company may make the Make-Whole Payment, at its
option, in cash, in shares of Common Stock or through a combination of cash and
shares of Common Stock. For purposes of this paragraph, the fair market value of
shares of Common Stock shall be determined by the Company and shall be equal to
___% of the average of the Closing Price Per Share for the five consecutive
Trading Days immediately preceding the Redemption Date.

         The Securities are also subject to redemption at the option of the
Company at any time on or after __________________,___ in whole or in part, upon
not less than 30 nor more than 60 days notice to the Holders prior to the
Redemption Date at the Redemption Prices (expressed as percentages of the
principal amount) set forth below.

         The following table sets forth the Redemption Prices (expressed as
percentages of the principal amount) if such Security is redeemed during the
12-month period beginning on __________ of the following years:

YEAR                                REDEMPTION PRICE

and thereafter at a Redemption Price equal to _____% of the principal amount,
together, in each case, with accrued interest to the Redemption Date; provided,
however, that interest installments on Securities whose Stated Maturity is on or
prior to such Redemption Date will be payable to the Holders of such Securities,
or one or more Predecessor Securities, of record at the close of

----------
         (23) INSERT IF SECURITIES ARE CONVERTIBLE

                                      -20-
<PAGE>

business on the relevant Record Dates referred to on the face hereof, all as
provided in the Indenture.

         In the event of a redemption of the Securities, the Company will not be
required (a) to register the transfer or exchange of Securities for a period of
15 days immediately preceding the date notice is given identifying the serial
numbers of the Securities called for such redemption or (b) to register the
transfer or exchange of any Security, or portion thereof, called for redemption.
In any case where the due date for the payment of the principal of, premium, if
any, or interest on any Security [or the last day on which a Holder has a right
to convert his Security](24) shall be, at any Place of Payment [or Place of
Conversion, as the case may be,](25) a day on which banking institutions at such
Place of Payment [or Place of Conversion](26) are authorized or obligated by law
or executive order to close, then payment of principal, premium, if any, or
interest, [or delivery for conversion of such Security](27) need not be made on
or by such date at such place but may be made on or by the next succeeding day
at such place which is not a day on which banking institutions are authorized or
obligated by law or executive order to close, with the same force and effect as
if made on the date for such payment or the date fixed for redemption or
repurchase[, or by such last day for conversion,](28) and no interest shall
accrue on the amount so payable for the period from and after such due date.

         [Subject to and upon compliance with the provisions of the Indenture,
the Holder of this Security is entitled, at his option, at any time on or before
the close of business on the date of Maturity, or in case this Security or a
portion hereof is called for redemption or the Holder hereof has exercised his
right to require the Company to repurchase this Security or such portion hereof,
then in respect of this Security until and including, but (unless the Company
defaults in making the payment due upon redemption or repurchase, as the case
may be) not after, the close of business on the Business Day immediately
preceding the Redemption Date or the Repurchase Date, as the case may be, to
convert this Security (or any portion of the principal amount hereof that is an
integral multiple of U.S. $1,000, provided that the unconverted portion of such
principal amount is an integral multiple of U.S. $1,000) into fully paid and
nonassessable shares of Common Stock of the Company at an initial Conversion
Rate of ______ shares of Common Stock for each U.S. $1,000 principal amount of
Securities (or at the current adjusted Conversion Rate if an adjustment has been
made as provided in the Indenture) by surrender of this Security, duly endorsed
or assigned to the Company or in blank and, in case such surrender shall be made
during the period from the close of business on any Regular Record Date next
preceding any

----------
         (24) INSERT IF SECURITIES ARE CONVERTIBLE

         (25) INSERT IF SECURITIES ARE CONVERTIBLE

         (26) INSERT IF SECURITIES ARE CONVERTIBLE

         (27) INSERT IF SECURITIES ARE CONVERTIBLE

         (28) INSERT IF SECURITIES ARE CONVERTIBLE

                                      -21-
<PAGE>

Interest Payment Date to the opening of business on such Interest Payment Date
(except if this Security or portion thereof has been called for redemption on a
Redemption Date or is repurchasable on a Repurchase Date occurring, in either
case, during such period and, as a result, the right to convert would terminate
in such period), also accompanied by payment in New York Clearing House or other
funds acceptable to the Company of an amount equal to the interest payable on
such Interest Payment Date on the principal amount of this Security then being
converted, and also the conversion notice hereon duly executed, to the Company
at the Corporate Trust Office of the Trustee, or at such other office or agency
of the Company, subject to any laws or regulations applicable thereto and
subject to the right of the Company to terminate the appointment of any
Conversion Agent (as defined below) as may be designated by it for such purpose
in the Borough of Manhattan, The City of New York, or at such other offices or
agencies as the Company may designate in the Borough of Manhattan, The City of
New York (each a "Conversion Agent"), provided, further, that if this Security
or portion hereof has been called for redemption on a Redemption Date or is
repurchasable on a Repurchase Date occurring, in either case, during the period
from the close of business on any Regular Record Date next preceding any
Interest Payment Date to the opening of business on such succeeding Interest
Payment Date, and is surrendered for conversion during such period, then the
Holder of this Security on such Regular Record Date will be entitled to receive
the interest accruing hereon from the Interest Payment Date next preceding the
date of such conversion to such succeeding Interest Payment Date and the Holder
of this Security who converts this Security or a portion hereof during such
period shall not be required to pay such interest upon surrender of this
Security for conversion. Subject to the provisions of the preceding sentence
and, in the case of a conversion after the close of business on the Regular
Record Date next preceding any Interest Payment Date and on or before the close
of business on such Interest Payment Date, to the right of the Holder of this
Security (or any Predecessor Security of record as of such Regular Record Date)
to receive the related installment of interest to the extent and under the
circumstances provided in the Indenture, no cash payment or adjustment is to be
made on conversion for interest accrued hereon from the Interest Payment Date
next preceding the day of conversion, or for dividends on the Common Stock
issued on conversion hereof. The Company shall thereafter deliver to the Holder
the fixed number of shares of Common Stock (together with any cash adjustment,
as provided in the Indenture) into which this Security is convertible and such
delivery will be deemed to satisfy the Company's obligation to pay the principal
amount of this Security. No fractions of shares or scrip representing fractions
of shares will be issued on conversion, but instead of any fractional interest
(calculated to the nearest 1/100th of a share) the Company shall pay a cash
adjustment as provided in the Indenture. The Conversion Rate is subject to
adjustment as provided in the Indenture. In addition, the Indenture provides
that in case of certain consolidations or mergers to which the Company is a
party (other than a consolidation or merger that does not result in any
reclassification, conversion, exchange or cancellation of the Common Stock) or
the conveyance, transfer, sale or lease of all or substantially all of the
property and assets of the Company, the Indenture shall be amended, without the
consent of any Holders, so that this Security, if then Outstanding, will be
convertible thereafter, during the period this Security shall be convertible as
specified above, only into the kind and amount of securities, cash and other
property receivable upon such consolidation, merger, conveyance, transfer, sale
or lease by a holder of the number of shares of Common Stock of the Company into
which this

                                      -22-
<PAGE>

Security could have been converted immediately prior to such consolidation,
merger, conveyance, transfer, sale or lease (assuming such holder of Common
Stock is not a Constituent Person, failed to exercise any rights of election and
received per share the kind and amount received per share by a plurality of
Non-electing Shares). No adjustment in the Conversion Rate will be made until
such adjustment would require an increase or decrease of at least one percent of
such rate, provided that any adjustment that would otherwise be made will be
carried forward and taken into account in the computation of any subsequent
adjustment.](29) If a Change in Control occurs, the Holder of this Security, at
the Holder's option, shall have the right, in accordance with the provisions of
the Indenture, to require the Company to repurchase this Security (or any
portion of the principal amount hereof that is equal to an integral multiple of
$1,000, provided that the portion of the principal amount of this Security to be
Outstanding after such repurchase is an integral multiple of U.S. $1,000) for
cash at a Repurchase Price equal to ____% of the principal amount thereof plus
interest accrued to the Repurchase Date. At the option of the Company as
determined prior to the time of the Change in Control, the Repurchase Price may
be paid in cash or, subject to the conditions provided in the Indenture, by
delivery of shares of Common Stock having a fair market value equal to the
Repurchase Price. For purposes of this paragraph, the fair market value of
shares of Common Stock shall be determined by the Company and shall be equal to
_______% of the average of the Closing Price Per Share for the five consecutive
Trading Days immediately preceding and including the third Trading Day prior to
the Repurchase Date. Whenever in this Security there is a reference, in any
context, to the principal of any Security as of any time, such reference shall
be deemed to include reference to the Repurchase Price payable in respect of
such Security to the extent that such Repurchase Price is, was or would be so
payable at such time, and express mention of the Repurchase Price in any
provision of this Security shall not be construed as excluding the Repurchase
Price so payable in those provisions of this Security when such express mention
is not made; provided, however, that, for the purposes of the second succeeding
paragraph, such reference shall be deemed to include reference to the Repurchase
Price only to the extent the Repurchase Price is payable in cash.

         The following paragraph shall appear in each Global Security:

         [In the event of a deposit or withdrawal of an interest in this
Security, including an exchange, transfer, redemption, repurchase [or
conversion](30) of this Security in part only, the Trustee, as custodian of the
Depositary, shall make an adjustment on its records to reflect such deposit or
withdrawal in accordance with the Applicable Procedures.]

         [The following paragraph shall appear in each Security that is not a
Global Security:

----------
         (29) INSERT IF SECURITIES ARE CONVERTIBLE

         (30) INSERT IF SECURITIES ARE CONVERTIBLE

                                      -23-
<PAGE>

         In the event of redemption, repurchase [or conversion](31) of this
Security in part only, a new Security or Securities for the unredeemed,
unrepurchased [or unconverted](32) portion hereof will be issued in the name of
the Holder hereof.]

         If an Event of Default shall occur and be continuing, the principal of
all the Securities, together with accrued interest to the date of declaration,
may be declared due and payable in the manner and with the effect provided in
the Indenture. Upon payment (i) of the amount of principal so declared due and
payable, together with accrued interest to the date of declaration, and (ii) of
interest on any overdue principal and, to the extent permitted by applicable
law, overdue interest, all of the Company's obligations in respect of the
payment of the principal of and interest on the Securities shall terminate.

         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 under the Indenture at
any time by the Company and the Trustee with either (a) the written consent of
the Holders of not less than ___________ in principal amount of the Securities
at the time Outstanding, or (b) by the adoption of a resolution, at a meeting of
Holders of the Outstanding Securities at which a quorum is present, by the
Holders of at least _______% in aggregate principal amount of the Outstanding
Securities represented and entitled to vote at such meeting. The Indenture also
contains provisions permitting the Holders of specified percentages in principal
amount of the Securities at the time Outstanding, on behalf of the Holders of
all the Securities, 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 Security shall be
conclusive and binding upon such Holder and upon all future Holders of this
Security and of any Security issued in exchange therefor or in lieu hereof
whether or not notation of such consent or waiver is made upon this Security or
such other Security as provided in and subject to the provisions of the
Indenture, the Holder of this Security shall not have the right to institute any
proceeding with respect to the Indenture or for the appointment of a receiver or
trustee or for any other remedy thereunder, unless such Holder shall have
previously given the Trustee written notice of a continuing Event of Default,
the Holders of not less than 25% in principal amount of the Outstanding
Securities shall have made written request to the Trustee to institute
proceedings in respect of such Event of Default as Trustee and offered the
Trustee reasonable indemnity and the Trustee shall not have received from the
Holders of a majority in principal amount of the Securities Outstanding a
direction inconsistent with such request, and shall have failed to institute any
such proceeding, for 60 days after receipt of such notice, request and offer of
indemnity. The foregoing shall not apply to any suit instituted by the Holder of
this Security for the enforcement of any payment of principal hereof, premium,
if any, or interest hereon on or after the respective due dates

----------
         (31) INSERT IF SECURITIES ARE CONVERTIBLE

         (32) INSERT IF SECURITIES ARE CONVERTIBLE

                                      -24-
<PAGE>

expressed herein [or for the enforcement of the right to convert this Security
as provided in the Indenture.](33)

         No reference herein to the Indenture and no provision of this Security
or of the Indenture shall alter or impair the obligation of the Company, which
is absolute and unconditional, to pay the principal of, premium, if any, and
interest on this Security at the times, places and rate, and in the coin or
currency, herein prescribed [or to convert this Security as provided in the
Indenture.](34)

         As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Security is registrable in the Security Register
upon surrender of this Security for registration of transfer at the Corporate
Trust Office of the Trustee or at such other office or agency of the Company as
may be designated by it for such purpose in the Borough of Manhattan, The City
of New York (which shall initially be an office or agency of the Trustee), or at
such other offices or agencies as the Company may designate, duly endorsed by,
or accompanied by a written instrument of transfer in form satisfactory to the
Company and the Security Registrar duly executed by, the Holder thereof or his
attorney duly authorized in writing, and thereupon one or more new Securities,
of authorized denominations and for the same aggregate principal amount, will be
issued to the designated transferee or transferees by the Registrar. No service
charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to recover any tax or other
governmental charge payable in connection therewith.

         Prior to due presentation of this Security for registration of
transfer, the Company, the Trustee, any Authenticating Agent or any other agent
of the Company or the Trustee may treat the Person in whose name this Security
is registered as the owner hereof for all purposes, whether or not this Security
be overdue, and neither the Company, the Trustee nor any Authenticating Agent or
other agent of the Company or the Trustee shall be affected by notice to the
contrary.

         No recourse for the payment of the principal (and premium, if any or
interest on this Security and no recourse under or upon any obligation, covenant
or agreement of the Company in the Indenture or any indenture supplemental
thereto or in any Security, or because of the creation of any indebtedness
represented thereby, shall be had against any incorporator, stockholder,
employee, agent, officer or director or subsidiary, as such, past, present or
future, of the Company or of any successor corporation, either directly or
through the Company or any successor corporation, whether by virtue of any
constitution, statute or rule of law or by the enforcement of any assessment or
penalty or otherwise, all such liability being, by the acceptance hereof and as
part of consideration for the issue hereof, expressly waived and released.

----------
         (33) INSERT IF SECURITIES ARE CONVERTIBLE

         (34) INSERT IF SECURITIES ARE CONVERTIBLE

                                      -25-
<PAGE>

         THE INDENTURE AND THIS SECURITY SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, UNITED STATES OF AMERICA,
WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS.

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

                                  ABBREVIATIONS

         The following abbreviations, when used in the inscription of the face
of this Security, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM       as tenants in common
TEN ENT       as tenants by the entireties
JT TEN        as joint tenants with right of survivorship and not as tenants in
              common

UNIF GIFT MIN ACT ____ Custodian ____
                 (Cust)          (Minor)
                 under Uniform Gifts
                 to Minors Act_____

         Additional abbreviations may also be used though not in the above list.

         ELECTION OF HOLDER TO REQUIRE REPURCHASE

         (1) Pursuant to Section 14.1 of the Indenture, the undersigned hereby
elects to have this Security repurchased by the Company.

         (2) The undersigned hereby directs the Trustee or the Company to pay it
or ______________ an amount in cash or, at the Company's election, Common Stock
valued as set forth in the Indenture, equal to ______% of the principal amount
to be repurchased (as set forth below), plus interest accrued to the Repurchase
Date, as provided in the Indenture.

Dated:

_________________________

_________________________
Signature(s)

                                      -26-
<PAGE>

Signature(s) must be guaranteed by an Eligible Guarantor Institution with
membership in an approved signature guarantee program pursuant to Rule 17Ad-15
under the Securities Exchange Act of 1934.

_________________________
Signature Guaranteed

Principal amount to be repurchased (an integral multiple of $1,000):

___________________

Remaining principal amount, if any, following such repurchase (not less than
U.S. $1,000): ______________

NOTICE: The signature to the foregoing Election must correspond to the Name as
written upon the face of this Security in every particular, without alteration
or any change whatsoever.

SECTION 2.3 FORM OF CERTIFICATE OF AUTHENTICATION.

         The Trustee's certificates of authentication shall be in substantially
the following form:

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

Dated:[DATE OF AUTHENTICATION]

___________________________________

         _____________________________,
         as Trustee

         By:___________________________
         Authorized Signatory

                                      -27-
<PAGE>

         [SECTION 2.4  FORM OF CONVERSION NOTICE.

                                CONVERSION NOTICE

         The undersigned Holder of this Security hereby irrevocably exercises
the option to convert this Security, or any portion of the principal amount
hereof (which is an integral multiple of U.S. $1,000 provided that the
unconverted portion of such principal amount is an integral multiple of U.S.
$1,000) below designated, into shares of Common Stock in accordance with the
terms of the Indenture referred to in this Security, and directs that such
shares, together with a check in payment for any fractional share and any
Securities representing any unconverted principal amount hereof, be delivered
to and be registered in the name of the undersigned unless a different name
has been indicated below. If shares of Common Stock or Securities are to be
registered in the name of a Person other than the undersigned, (a) the
undersigned will pay all transfer taxes payable with respect thereto and (b)
signature(s) must be guaranteed by an Eligible Guarantor Institution with
membership in an approved signature guarantee program pursuant to Rule
17Ad-15 under the Securities Exchange Act of 1934. Any amount required to be
paid by the undersigned on account of interest accompanies this Security.

Dated:__________________ ________________________
                         Signature(s)

If shares or Securities are to be registered in the name of a Person other than
the Holder, please print such Person's name and address:

_______________________
(Name)

_______________________

_______________________
(Address)

Social Security or other Identification
Number, if any

_______________________
[Signature Guaranteed]

If only a portion of the Securities is to be converted, please indicate:

1.  Principal amount to be converted: U.S. $ ___________

                                      -28-
<PAGE>

2.  Principal amount and denomination of Securities representing unconverted
principal amount to be issued:

         Amount: U.S. $___________Denominations: U.S. $____________

(any integral multiple of U.S. $1,000, provided that the unconverted portion of
such principal amount is an integral multiple of U.S. $1,000)](35)

         SECTION 2.5  FORM OF ASSIGNMENT.

         For value received ________________ hereby sell(s), assign(s) and
transfer(s) unto ________________ (Please insert social security or other
identifying number of assignee) the within Security, and hereby irrevocably
constitutes and appoints ____________________as attorney to transfer the said
Security on the books of the Company, with full power of substitution in the
premises.

Dated:___________________ _____________________
         Signature(s)

Signature(s) must be guaranteed by an Eligible Guarantor Institution with
membership in an approved signature guarantee program pursuant to Rule 17Ad-15
under the Securities Exchange Act of 1934.

_______________________
Signature Guaranteed

                                   ARTICLE III

                                 THE SECURITIES

         SECTION 3.1  TITLE AND TERMS.

         The aggregate principal amount of Securities which may be authenticated
and delivered under this Indenture is limited to U.S. $____________ (or
$_____________ if the Over-allotment Option set forth in the Underwriting
Agreement is exercised in full (the "Over-allotment Option")), except for
Securities authenticated and delivered pursuant to Section 3.4, 3.5, 3.6, 8.5,
11.7[, 12.2](36) or 14.3(5) in exchange for, or in lieu of, other Securities
previously authenticated and delivered under this Indenture.

----------
         (35) INSERT IF SECURITIES ARE CONVERTIBLE

         (36) INSERT IF SECURITIES ARE CONVERTIBLE

                                      -29-
<PAGE>

         The Securities shall be known and designated as the "____%
[Convertible](37) Notes due _________, ______" of the Company. Their Stated
Maturity shall be _______________, _____ and they shall bear interest on their
principal amount from ____________, _____, payable semi-annually in arrears on
________ and ________ in each year, commencing _________________, ______, at the
rate of ____% per annum until the principal thereof is due and at the rate of
____% per annum on any overdue principal and, to the extent permitted by law, on
any overdue interest; provided, however, that payments shall only be made on
Business Days as provided in Section 1.12.

         The principal of, premium, if any, and interest on the Securities shall
be payable as provided in the form of Securities set forth in Section 2.2, and
the Repurchase Price, whether payable in cash or in shares of Common Stock,
shall be payable at such places as are identified in the Company Notice given
pursuant to Section 14.3 (any city in which any Paying Agent is located being
herein called a "Place of Payment").

         The Securities shall be redeemable at the option of the Company at any
time on or after _________________, ____, in whole or in part, subject to the
conditions and as otherwise provided in Article XI and in the form of Securities
set forth in Section 2.2.

         The Securities are not entitled to the benefit of any sinking fund.

         [The Securities shall be convertible as provided in Article XII (any
city in which any Conversion Agent is located being herein called a "Place of
Conversion").](38)

         The Securities shall be subject to repurchase by the Company at the
option of the Holders as provided in Article XIV.

         SECTION 3.2  DENOMINATIONS.

         The Securities shall be issuable only in registered form, without
coupons, in denominations of U.S. $1,000 and integral multiples thereof.

         SECTION 3.3  EXECUTION, AUTHENTICATION, DELIVERY AND DATING.

         The Securities shall be executed on behalf of the Company by its
Chairman of the Board, its Vice Chairman of the Board, its Chief Executive
Officer, its President, or one of its Vice Presidents, with or without a
corporate seal reproduced thereon, and attested by its Chief Executive Officer,
President, Chief Financial Officer, Secretary or one of its Assistant
Secretaries. Any such signature may be manual or facsimile.

----------
         (37) INSERT IF SECURITIES ARE CONVERTIBLE

         (38) INSERT IF SECURITIES ARE CONVERTIBLE

                                      -30-
<PAGE>

         Securities bearing the manual or facsimile signature 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 executed by the Company to
the Trustee or to its order for authentication, together with a Company Order
for the authentication and delivery of such Securities, and the Trustee in
accordance with such Company Order shall authenticate and make available for
delivery such Securities as in this Indenture provided and not otherwise.

         Each Security shall be dated the date of its authentication.

         No Security 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 of an authorized signatory, and such
certificate upon any Security shall be conclusive evidence, and the only
evidence, that such Security has been duly authenticated and delivered
hereunder.

         SECTION 3.4  GLOBAL SECURITIES; NON-GLOBAL SECURITIES; BOOK-ENTRY
PROVISIONS.

         (1)      Global Securities

                  (i) Each Global Security authenticated under this Indenture
         shall be registered in the name of the Depositary designated by the
         Company for such Global Security or a nominee thereof and delivered to
         such Depositary or a nominee thereof or custodian therefor, and each
         such Global Security shall constitute a single Security for all
         purposes of this Indenture.

                  (ii) Except for exchanges of Global Securities for definitive,
         Non-global Securities at the sole discretion of the Company, no Global
         Security may be exchanged in whole or in part for Securities
         registered, and no transfer of a Global Security in whole or in part
         may be registered, in the name of any Person other than the Depositary
         for such Global Security or a nominee thereof unless (A) such
         Depositary (i) has notified the Company that it is unwilling or unable
         to continue as Depositary for such Global Security or (ii) has ceased
         to be a clearing agency registered as such under the Exchange Act or
         announces an intention permanently to cease business or does in fact do
         so or (B) there shall have occurred and be continuing an Event of
         Default with respect to such Global Security. In such event, if a
         successor Depositary for such Global Security is not appointed by the
         Company within 90 days after the Company receives such notice or
         becomes aware of such ineligibility, the Company will execute, and the
         Trustee, upon receipt of an Officers' Certificate directing the
         authentication and delivery of Securities, will authenticate and
         deliver, Securities, in any authorized denominations in an aggregate

                                      -31-
<PAGE>

         principal amount equal to the principal amount of such Global Security
         in exchange for such Global Security.

                  (iii) If any Global Security is to be exchanged for other
         Securities or canceled in whole, it shall be surrendered by or on
         behalf of the Depositary or its nominee to the Trustee, as Security
         Registrar, for exchange or cancellation, as provided in this Article
         III. If any Global Security is to be exchanged for other Securities or
         canceled in part, or if another Security is to be exchanged in whole or
         in part for a beneficial interest in any Global Security, in each case,
         as provided in Section 3.5, then either (A) such Global Security shall
         be so surrendered for exchange or cancellation, as provided in this
         Article III, or (B) the principal amount thereof shall be reduced or
         increased by an amount equal to the portion thereof to be so exchanged
         or canceled, or equal to the principal amount of such other Security to
         be so exchanged for a beneficial interest therein, as the case may be,
         by means of an appropriate adjustment made on the records of the
         Trustee, as Security Registrar, whereupon the Trustee, in accordance
         with the Applicable Procedures, shall instruct the Depositary or its
         authorized representative to make a corresponding adjustment to its
         records. Upon any such surrender or adjustment of a Global Security,
         the Trustee shall, subject to the provisions of Section 3.5 and as
         otherwise provided in this Article III, authenticate and deliver any
         Securities issuable in exchange for such Global Security (or any
         portion thereof) to or upon the order of, and registered in such names
         as may be directed by, the Depositary or its authorized representative.
         Upon the request of the Trustee in connection with the occurrence of
         any of the events specified in the preceding paragraph, the Company
         shall promptly make available to the Trustee a reasonable supply of
         Securities that are not in the form of Global Securities. The Trustee
         shall be entitled to rely upon any order, direction or request of the
         Depositary or its authorized representative which is given or made
         pursuant to this Article III if such order, direction or request is
         given or made in accordance with the Applicable Procedures.

                  (iv) Every Security authenticated and delivered upon
         registration of transfer of, or in exchange for or in lieu of, a Global
         Security or any portion thereof, whether pursuant to this Article III
         or otherwise, shall be authenticated and delivered in the form of, and
         shall be, a registered Global Security, unless such Security is
         registered in the name of a Person other than the Depositary for such
         Global Security or a nominee thereof, in which case such Security shall
         be authenticated and delivered in definitive, fully registered form,
         without interest coupons.

                  (v) The Depositary or its nominee, as registered owner of a
         Global Security, shall be the Holder of such Global Security for all
         purposes under the Indenture and the Securities, and owners of
         beneficial interests in a Global Security shall hold such interests
         pursuant to the Applicable Procedures. Accordingly, any such owner's
         beneficial interest in a Global Security will be shown only on, and the
         transfer of such interest shall be effected only through, records
         maintained by the Depositary or its nominee or its Agent Members and
         such owners of beneficial interests in a Global Security will not be
         considered the owners or holders thereof.

                                      -32-
<PAGE>

         (2) Pending the preparation of definitive Securities, the Company may
execute, and upon Company Order the Trustee shall authenticate and make
available for delivery, temporary Securities which are printed, lithographed,
typewritten, mimeographed or otherwise produced, in any authorized denomination,
substantially of the tenor of the definitive Securities in lieu of which they
are issued 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. If temporary Securities are
issued, the Company will cause definitive Securities to be prepared without
unreasonable delay. After the preparation of definitive Securities, the
temporary Securities shall be exchangeable for definitive Securities upon
surrender of the temporary Securities at any office or agency of the Company
designated pursuant to Section 10.2, without charge to the Holder. Upon
surrender for cancellation of any one or more temporary Securities the Company
shall execute and the Trustee shall authenticate and make available for delivery
in exchange therefor a like principal amount of definitive Securities of
authorized denominations. Until so exchanged the temporary Securities shall in
all respects be entitled to the same benefits under this Indenture as definitive
Securities.

         SECTION 3.5  REGISTRATION; REGISTRATION OF TRANSFER AND EXCHANGE;
RESTRICTIONS ON TRANSFER.

         The Company shall cause to be kept at the Corporate Trust Office of the
Trustee a register (the register maintained in such office and in any other
office or agency of the Company designated pursuant to Section 10.2 being 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 of transfers of Securities. The Trustee
is hereby appointed "Security Registrar" for the purpose of registering
Securities and transfers and exchanges of Securities as herein provided.

         Upon surrender for registration of transfer of any Security at an
office or agency of the Company designated pursuant to Section 10.2 for such
purpose, 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 any authorized denominations and of a like aggregate principal
amount and bearing such restrictive legends as may be required by this
Indenture.

         At the option of the Holder, and subject to the other provisions of
this Section 3.5, Securities may be exchanged for other Securities of any
authorized denomination and of a like aggregate principal amount, upon surrender
of the Securities to be exchanged at any such office or agency. Whenever any
Securities are so surrendered for exchange, and subject to the other provisions
of this Section 3.5, the Company shall execute, and the Trustee shall
authenticate and deliver, the Securities which the Holder making the exchange is
entitled to receive. Every Security presented or surrendered for registration of
transfer or for exchange shall (if so required by the Company or the Security
Registrar) be duly endorsed, or be accompanied by a written instrument of
transfer in form satisfactory to the Company, the Trustee and the Security
Registrar duly executed, by the Holder thereof or his attorney duly authorized
in writing. All Securities issued upon any registration of transfer or exchange
of Securities shall be the valid obligations of

                                      -33-
<PAGE>

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.

         No service charge shall be made to a Holder for any registration of
transfer or exchange of Securities except as provided in Section 3.6, but the
Company may require payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any registration of
transfer or exchange of Securities, other than exchanges pursuant to Section
3.4, 8.5[, 12.2](39) or 14.3 (other than where the shares of Common Stock are to
be issued or delivered in a name other than that of the Holder of the Security)
not involving any transfer and other than any stamp and other duties, if any,
which may be imposed in connection with any such transfer or exchange by the
United States or any political subdivision thereof or therein, which shall be
paid by the Company.

         Each Holder of a Security agrees to indemnify the Company and the
Trustee against any liability that may result from the transfer, exchange or
assignment of such Holder's Security in violation of any provision of this
Indenture and/or applicable United States Federal or state securities law.

         The Trustee shall have no obligation or duty to monitor, determine
or inquire as to compliance with any restrictions on transfer imposed under
this Indenture or under applicable law with respect to any transfer of any
interest in any Security (including any transfers between or among Depositary
Participants or beneficial owners of interest in any Global Security) other
than to require delivery of such certificates and other documentation or
evidence as are expressly required by, and to do so if and when expressly
required by the terms of, this Indenture, and to examine the same to
determine substantial compliance as to form with the express requirements
hereof.

         In the event of a redemption of the Securities, neither the Company nor
the Securities Registrar will be required (a) to register the transfer of or
exchange Securities for a period of 15 days immediately preceding the date
notice is given identifying the serial numbers of the Securities called for such
redemption or (b) to register the transfer of or exchange any Security, or
portion thereof, called for redemption.

         SECTION 3.6  MUTILATED, DESTROYED, LOST OR STOLEN SECURITIES.

         If any mutilated Security is surrendered to the Trustee, the Company
shall execute and the Trustee shall authenticate and deliver in exchange
therefor a new Security of like tenor and principal amount and bearing a number
not contemporaneously outstanding.

         If there shall be delivered to the Company and to the Trustee:

         (1) evidence to their satisfaction of the destruction, loss or theft of
any Security, and

         (2) such security or indemnity as may be satisfactory to the Company
and the Trustee to save each of them and any agent of either of them harmless,
then, in the absence of actual notice to the Company or the Trustee that such
Security has been acquired by a bona fide purchaser, the Company shall execute
and the Trustee shall authenticate and deliver, in lieu of any such destroyed,
lost or stolen Security, a new Security of like tenor and principal amount and
bearing a number not contemporaneously outstanding.

         In case any such mutilated, destroyed, lost or stolen Security has
become or is about to become due and payable, the Company in its discretion
[, but subject to any conversion rights,](40) may, instead of issuing a new
Security, pay such Security, upon satisfaction of the conditions set forth in
the preceding paragraph.

----------
         (39) INSERT IF SECURITIES ARE CONVERTIBLE

         (40) INSERT IF SECURITIES ARE CONVERTIBLE

                                      -34-
<PAGE>

         Upon the issuance of any new Security under this Section 3.6, 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 (other than any
stamp and other duties, if any, which may be imposed in connection therewith by
the United States or any political subdivision thereof or therein, which shall
be paid by the Company) and any other expenses (including the fees and expenses
of the Trustee) connected therewith.

         Every new Security issued pursuant to this Section 3.6 in lieu of any
mutilated, destroyed, lost or stolen Security shall constitute an original
additional contractual obligation of the Company, whether or not the mutilated,
destroyed, lost or stolen Security shall be at any time enforceable by anyone,
and such new Security shall be entitled to all the benefits of this Indenture
equally and proportionately with any and all other Securities duly issued
hereunder.

         The provisions of this Section 3.6 are exclusive and shall preclude (to
the extent lawful) all other rights and remedies of any Holder with respect to
the replacement or payment of mutilated, destroyed, lost or stolen Securities.

         SECTION 3.7  PAYMENT OF INTEREST; INTEREST RIGHTS PRESERVED.

         Interest on any Security which is payable, and is punctually paid or
duly provided for, on any Interest Payment Date shall be paid to the Person in
whose name that Security (or one or more Predecessor Securities) is registered
at the close of business on the Regular Record Date for such interest.

         Any interest on any Security which is payable, but is not punctually
paid or duly provided for, on any Interest Payment Date (herein called
"Defaulted Interest") shall forthwith cease to be payable to the Holder on the
relevant Regular Record Date by virtue of having been such Holder, and such
Defaulted Interest may be paid by the Company, at its election in each case, as
provided in clause (1) or (2) below:

         (1) The Company may elect to make payment of any Defaulted Interest to
the Persons in whose names the Securities (or their respective Predecessor
Securities) are registered at the close of business on a Special Record Date for
the payment of such Defaulted Interest, which shall be fixed in the following
manner. The Company shall notify the Trustee in writing of the amount of
Defaulted Interest proposed to be paid on each Security, the date of the
proposed payment and the Special Record Date, and at the same time the Company
shall deposit with the Trustee an amount of money equal to the aggregate amount
proposed to be paid in respect of such Defaulted Interest or shall make
arrangements satisfactory to the Trustee for such deposit prior to the date of
the proposed payment, such money when deposited to be held in trust for the
benefit of the Persons entitled to such Defaulted Interest as in this clause
provided. The Special Record Date for the payment of such Defaulted Interest
shall be not more than 15 days and not less than 10 days prior to the date of
the proposed payment and not less than 10 days after the receipt by the Trustee
of the notice of the proposed payment. The Trustee, in the name and at the

                                      -35-
<PAGE>

expense of the Company, shall cause notice of the proposed payment of such
Defaulted Interest and the Special Record Date therefor to be mailed,
first-class postage prepaid, to each Holder at such Holder's address as it
appears in the Security Register, not less than 10 days prior to such Special
Record Date. Notice of the proposed payment of such Defaulted Interest and the
Special Record Date therefor having been so mailed, such Defaulted Interest
shall be paid to the Persons in whose names the Securities (or their respective
Predecessor Securities) are registered at the close of business on such Special
Record Date and shall no longer be payable pursuant to the following clause (2).

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

         Subject to the foregoing provisions of this Section and Section 3.5,
each Security delivered under this Indenture upon registration of transfer of or
in exchange for or in lieu of any other Security shall carry the rights to
interest accrued and unpaid, and to accrue, which were carried by such other
Security.

         [Interest on any Security which is converted in accordance with Section
12.2 during a Record Date Period shall be payable in accordance with the
provisions of Section 12.2.](41)

         SECTION 3.8  PERSONS DEEMED OWNERS.

         Prior to due presentment of a Security for registration of transfer,
the Company, the Trustee, any Paying Agent and any agent of the Company, the
Trustee or any Paying Agent may treat the Person in whose name such Security is
registered as the owner of such Security for the purpose of receiving payment of
principal of, premium, if any, and (subject to Section 3.7) interest on such
Security and for all other purposes whatsoever, whether or not such Security be
overdue, and neither the Company, the Trustee, any Paying Agent nor any agent of
the Company, the Trustee or any Paying Agent shall be affected by notice to the
contrary.

         SECTION 3.9  CANCELLATION.

         All Securities surrendered for payment, redemption, repurchase,
registration of transfer or exchange [or conversion](42) or any Securities that
the Company may have acquired in any manner whatsoever, shall, if surrendered to
any Person other than the Trustee, be delivered to the Trustee. All Securities
so delivered to the Trustee shall be canceled promptly by the Trustee. No
Securities shall be authenticated in lieu of or in exchange for any Securities
canceled as provided

----------
         (41) INSERT IF SECURITIES ARE CONVERTIBLE

         (42) INSERT IF SECURITIES ARE CONVERTIBLE

                                      -36-
<PAGE>

in this Section 3.9. The Trustee shall dispose of all canceled Securities in
accordance with applicable law and its customary practices in effect from time
to time.

         SECTION 3.10 COMPUTATION OF INTEREST.

         Interest on the Securities shall be computed on the basis of a 360-day
year of twelve 30-day months.

         SECTION 3.11 CUSIP NUMBERS.

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

                                   ARTICLE IV

                           SATISFACTION AND DISCHARGE

         SECTION 4.1  SATISFACTION AND DISCHARGE OF INDENTURE.

         This Indenture shall upon Company Request cease to be of further effect
(except as to any surviving rights of [conversion, or](43) registration of
transfer or exchange, or replacement of Securities herein expressly provided for
and the Company's obligations to the Trustee pursuant to Section 6.7), and the
Trustee, at the expense of the Company, shall execute proper instruments in form
and substance satisfactory to the Trustee acknowledging satisfaction and
discharge of this Indenture, when

         (1) either (i) all Securities theretofore authenticated and delivered
(other than (A) Securities which have been destroyed, lost or stolen and which
have been replaced or paid as provided in Section 3.6 and (B) 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 10.3) have been delivered to the Trustee
for cancellation; or (ii) all such Securities not theretofore delivered to the
Trustee or its agent for cancellation (other than Securities referred to in
clauses (A) and (B) of clause (1)(i) above) (a) have become due and payable, or
(b) will have become due and payable at their Stated Maturity within one year,
or (c) are to be called for redemption within one year under

----------
         (43) INSERT IF SECURITIES ARE CONVERTIBLE

                                      -37-
<PAGE>

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 clause (a), (b) or (c) above, has deposited or caused to be
deposited with the Trustee as trust funds (immediately available to the Holders
in the case of clause (a)) in trust for the purpose an amount in cash sufficient
to pay and discharge the entire indebtedness on such Securities not theretofore
delivered to the Trustee for cancellation, for principal, 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;

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

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

         Notwithstanding the satisfaction and discharge of this Indenture, the
obligations of the Company to the Trustee under Section 6.7, the obligations of
the Company to any Authenticating Agent under Section 6.12, the obligations of
the Trustee under Section 4.2 and the last paragraph of Section 10.3 and the
obligations of the Company and the Trustee under Section 3.5 [and Article
XII](44) shall survive. Funds held in trust pursuant to this Section are not
subject to the provisions of Article XIII.

         SECTION 4.2  APPLICATION OF TRUST MONEY.

         Subject to the provisions of the last paragraph of Section 10.3, all
money deposited with the Trustee pursuant to Section 4.1 and in accordance with
the provisions of Article XIII shall be held in trust for the sole benefit of
the Holders, and such monies shall be applied by the Trustee, in accordance with
the provisions of the Securities and this Indenture, to the payment, either
directly or through any Paying Agent (including the Company acting as its own
Paying Agent), to the Persons entitled thereto, of the principal, premium, if
any, and interest for whose payment such money has been deposited with the
Trustee.

         [All moneys deposited with the Trustee pursuant to Section 4.1 (and
held by it or any Paying Agent) for the payment of Securities subsequently
converted shall be returned to the Company upon Company Request.](45)

----------
         (44) INSERT IF SECURITIES ARE CONVERTIBLE

         (45) INSERT IF SECURITIES ARE CONVERTIBLE

                                      -38-
<PAGE>

                                    ARTICLE V

                                    REMEDIES

         SECTION 5.1 EVENTS OF DEFAULT.

         "Event of Default", wherever used herein, means any one of the
following events (whatever the reason for such Event of Default and whether it
shall be occasioned by the provisions of Article XIII or 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):

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

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

         (3) failure by the Company to give a Company Notice in accordance with
Section 14.3; or

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

         (5) a default in the payment when due (whether at stated maturity or
any acceleration thereof) of the principal of, or acceleration of, any
indebtedness under any bonds, debentures, notes or other evidences of
indebtedness for money borrowed (or guarantee thereof) by the Company or any
Significant Subsidiary or under any mortgage, indenture or instrument under
which there may be issued or by which there may be secured or evidenced any
indebtedness for money borrowed by the Company or any Significant Subsidiary (an
"Instrument") with an aggregate principal amount then outstanding in excess of
U.S. $10,000,000, whether such indebtedness now exists or shall hereafter be
created if such indebtedness is not discharged, or such acceleration is not
rescinded or annulled, within a period of 30 days after there shall have been
given, by registered or certified mail, to the Company by the Trustee or to the
Company and the Trustee by the Holders of at least 25% in principal amount of
the Outstanding Securities a written notice specifying such default and
requiring the Company to cause such indebtedness to be discharged or cause such
default to be cured or waived or such acceleration to be rescinded or annulled
and stating that such notice is a "Notice of Default" hereunder; or

         (6) the entry by a court having jurisdiction in the premises of (A) a
decree or order for relief in respect of the Company or any Significant
Subsidiary in an involuntary case or

                                      -39-
<PAGE>

proceeding under any applicable Federal or State bankruptcy, insolvency,
reorganization or other similar law or (B) a decree or order adjudging the
Company or any Significant Subsidiary a bankrupt or insolvent, or approving as
properly filed a petition seeking reorganization, arrangement, adjustment or
composition of or in respect of the Company or any Significant Subsidiary under
any applicable Federal or State law, or appointing a custodian, receiver,
liquidator, assignee, trustee, sequestrator or other similar official of the
Company or any Significant Subsidiary or of any substantial part of the property
of either, or ordering the winding up or liquidation of its affairs, and the
continuance of any such decree or order for relief or any such other decree or
order unstayed and in effect for a period of 60 consecutive days; or

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

         SECTION 5.2  ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT.

         If an Event of Default (other than an Event of Default specified in
Section 5.1(6) or 5.1(7) with respect to the Company) occurs and is continuing,
then in every such case the Trustee or the Holders of not less than 25% in
principal amount of the Outstanding Securities may, subject to the provisions of
Article XIII, declare the principal of all the Securities to be due and payable
immediately, by a notice in writing to the Company (and to the Trustee if given
by the Holders), and upon any such declaration such principal amount and all
accrued interest thereon shall become immediately due and payable. If an Event
of Default specified in Section 5.1(6) or 5.1(7) with respect to the Company
occurs, the principal amount of, and accrued interest on, all the Securities
shall, subject to the provisions of Article XIII, ipso facto become immediately
due and payable without any declaration or other Act of the Holders or any act
on the part of the Trustee.

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

                                      -40-
<PAGE>

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

                  (i)   all overdue interest on all Securities;

                  (ii)  the principal of and premium, if any, on any Securities
         which have become due otherwise than by such declaration of
         acceleration and any interest thereon at the rate borne by the
         Securities;

                  (iii) to the extent permitted by applicable law, interest upon
         overdue interest at a rate of _____% per annum, and (iv) all sums paid
         or advanced by the Trustee hereunder and the reasonable compensation,
         expenses, disbursements and advances of the Trustee, its agents and its
         counsel;

         (2) all Events of Default, other than the nonpayment of the principal
of, and any premium and interest on, Securities which have become due solely by
such declaration of acceleration, have been cured or waived as provided in
Section 5.13; and

         (3) such rescission and annulment would not conflict with any judgment
or decree issued in appropriate judicial proceedings regarding the payment by
the Trustee to the Holders of the amounts referred to in 5.2(1).

         No rescission or annulment referred to above shall affect any
subsequent default or impair any right consequent thereon.

         SECTION 5.3  COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY
TRUSTEE.

         The Company covenants that if:

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

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

the Company will, upon demand of the Trustee but subject to the provisions of
Article XIII pay to it, for the benefit of the Holders of such Securities the
whole amount then due and payable on such Securities for principal and interest
and interest on any overdue principal and premium, if any, and, to the extent
permitted by applicable law, on any overdue interest, at a rate of _____% per
annum, 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 its counsel.

                                      -41-
<PAGE>

         If the Company fails to pay such amounts 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 so due and unpaid, may
prosecute such proceeding to judgment or final decree and may enforce the same
against the Company or any other obligor upon the Securities and collect the
moneys adjudged or decreed to be payable in the manner provided by law out of
the property of the Company or any other obligor upon the Securities, wherever
situated.

         If an Event of Default occurs and is continuing, the Trustee may in its
discretion proceed to protect and enforce its rights and the rights of the
Holders 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 5.4  TRUSTEE MAY FILE PROOFS OF CLAIM.

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

         (1) to file and prove a claim for the whole amount of principal,
premium, if any, and interest owing and unpaid in respect of the Securities and
take such other actions, including participating as a member, voting or
otherwise, of any official committee of creditors appointed in such matter, and
to file such other papers or documents, in each of the foregoing cases, 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 its counsel) and of the Holders allowed in such
judicial proceeding, and

         (2) to collect and receive any moneys or other property payable or
deliverable on any such claim 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 Holder to make such
payments to the Trustee and, in the event that the Trustee shall consent to the
making of such payments directly to the Holders to pay to the Trustee any amount
due to it for the reasonable compensation, expenses, disbursements and advances
of the Trustee, its agents and its counsel and any other amounts due the Trustee
under Section 6.7.

         Nothing herein contained shall be deemed to authorize the Trustee to
authorize or consent to or accept or adopt on behalf of any Holder 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 in any such proceeding;

                                      -42-
<PAGE>

provided, however, that the Trustee may, on behalf of such Holders, vote for the
election of a trustee in bankruptcy or similar official.

         SECTION 5.5  TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF
SECURITIES.

         All rights of action and claims under this Indenture or the Securities
may be prosecuted and enforced by the Trustee without the possession of any of
the Securities 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 its counsel, be for
the ratable benefit of the Holders of the Securities in respect of which
judgment has been recovered.

         SECTION 5.6  APPLICATION OF MONEY COLLECTED.

         Subject to Article XIII, any money collected by the Trustee pursuant to
this Article V 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 on account
of principal, premium, if any, or interest, upon presentation of the Securities
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
6.7;

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

         THIRD:  To such other Person or Persons, if any, to the extent entitled
thereto; and

         FOURTH:  Any remaining amounts shall be repaid to the Company.

         SECTION 5.7 LIMITATION ON SUITS.

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

         (1) such Holder has previously given written notice to the Trustee of a
continuing Event of Default;

                                      -43-
<PAGE>

         (2) the Holders of not less than 25% in principal amount of the
Outstanding Securities shall have made written request to the Trustee to
institute proceedings in respect of such Event of Default in its own name as
Trustee hereunder;

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

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

         (5) no direction inconsistent with such written request has been given
to the Trustee during such 60 day period by the Holders of a majority in
principal amount of the Outstanding Securities; it being understood and intended
that no one or more of such Holders shall have any right in any manner whatever
by virtue of, or by availing of, any provision of this Indenture to affect,
disturb or prejudice the rights of any other of such Holders, or to obtain or
seek to obtain priority or preference over any other of such Holders or to
enforce any right under this Indenture, except in the manner herein provided and
for the equal and ratable benefit of all such Holders.

         SECTION 5.8  UNCONDITIONAL RIGHT OF HOLDERS TO RECEIVE PRINCIPAL,
PREMIUM AND INTEREST [AND TO CONVERT.](46)

         Notwithstanding any other provision of this Indenture, but subject to
the provisions of Article XIII, the Holder of any Security shall have the right,
which is absolute and unconditional, to receive payment of the principal of,
premium, if any, and (subject to Section 3.7) interest on such Security on the
respective Stated Maturities expressed in such Security (or, in the case of
redemption or repurchase, on the Redemption Date or Repurchase Date, as the case
may be), [and to convert such Security in accordance with Article XII,](47) and
to institute suit for the enforcement of any such payment [and right to
convert](48), and such rights shall not be impaired without the consent of such
Holder.

         SECTION 5.9  RESTORATION OF RIGHTS AND REMEDIES.

         If the Trustee or any Holder has instituted any proceeding to enforce
any right or remedy under this Indenture and such proceeding has been
discontinued or abandoned for any reason, or has been determined adversely to
the Trustee or to such Holder, then and in every such case, subject to any
determination in such proceeding, the Company, the Trustee and the Holders shall
be restored severally and respectively to their former positions hereunder and
thereafter all rights

----------
         (46) INSERT IF SECURITIES ARE CONVERTIBLE

         (47) INSERT IF SECURITIES ARE CONVERTIBLE

         (48) INSERT IF SECURITIES ARE CONVERTIBLE

                                      -44-
<PAGE>

and remedies of the Trustee and such Holders shall continue as though no such
proceeding had been instituted.

         SECTION 5.10  RIGHTS AND REMEDIES CUMULATIVE.

         Except as otherwise provided with respect to the replacement or payment
of mutilated, destroyed, lost or stolen Securities in the last paragraph of
Section 3.6, no right or remedy herein conferred upon or reserved to the Trustee
or to the Holders is intended to be exclusive of any other right or remedy, and
every right and remedy shall, to the extent permitted by law, be cumulative and
in addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any
right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy.

         SECTION 5.11  DELAY OR OMISSION NOT WAIVER.

         No delay or omission of the Trustee or of any Holder of any Security to
exercise any right or remedy accruing upon any Event of Default shall impair any
such right or remedy or constitute a waiver of any such Event of Default or any
acquiescence therein. Every right and remedy given by this Article V 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 (subject to the limitations
contained in this Indenture) by the Holders as the case may be.

         SECTION 5.12  CONTROL BY HOLDERS.

         Subject to Section 6.3, the Holders of a majority in principal amount
of the Outstanding Securities shall have the right to direct the time, method
and place of conducting any proceeding for any remedy available to the Trustee
or exercising any trust or power conferred on the Trustee, provided that

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

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

         SECTION 5.13  WAIVER OF PAST DEFAULTS.

         The Holders, either (i) through the written consent of not less than a
majority in principal amount of the Outstanding Securities or (ii) by the
adoption of a resolution, at a meeting of Holders of the Outstanding Securities
at which a quorum is present, by the Holders of at least 66 2/3% in principal
amount of the Outstanding Securities represented at such meeting, may on behalf
of the Holders of all the Securities waive any past default hereunder and its
consequences, except a default (A) in the payment of the principal of, premium,
if any, or interest on any

                                      -45-
<PAGE>

Security, or (B) in respect of a covenant or provision hereof which under
Article VIII cannot be modified or amended without the consent of the Holder of
each Outstanding Security affected.

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

         SECTION 5.14  UNDERTAKING FOR COSTS.

         All parties to this Indenture agree, and each Holder of any Security
by his acceptance thereof shall be deemed to have agreed, that any court may
in its discretion require, in any suit for the enforcement of any right or
remedy under this Indenture, or in any suit against the Trustee for any
action taken, suffered or omitted by it as Trustee, the filing by any party
litigant in such suit of an undertaking to pay the costs of such suit, and
that such court may in its discretion assess reasonable costs, including
reasonable attorneys' fees and expenses, against any party litigant in such
suit, having due regard to the merits and good faith of the claims or
defenses made by such party litigant; but the provisions of this Section 5.14
shall not apply to any suit instituted by the Company, to any suit instituted
by the Trustee, to any suit instituted by any Holder, or group of Holders,
holding in the aggregate more than 10% in principal amount of the Outstanding
Securities, or to any suit instituted by any Holder of any Security for the
enforcement of the payment of the principal of, premium, if any, or interest
on any Security on or after the respective Stated Maturity or Maturities
expressed in such Security (or, in the case of redemption or repurchase, on
or after the Redemption Date or Repurchase Date, as the case may be)
[or for the enforcement of the right to convert any Security in accordance with
Article XII.](49)

         SECTION 5.15  WAIVER OF STAY, USURY 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, usury 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 by reason of such law the
execution of any power herein granted to the Trustee, but will suffer and permit
the execution of every such power as though no such law had been enacted.

----------
         (49) INSERT IF SECURITIES ARE CONVERTIBLE

                                      -46-
<PAGE>

                                   ARTICLE VI

                                   THE TRUSTEE

         SECTION 6.1  CERTAIN DUTIES AND RESPONSIBILITIES.

         (1)      Except during the continuance of an Event of Default,

                  (i) the Trustee undertakes to perform such duties and only
         such duties as are specifically set forth in this Indenture, and no
         implied covenants or obligations shall be inferred or implied into
         this Indenture against the Trustee; and

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

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

         (3) 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:

                  (i) this paragraph (3) shall not be construed to limit the
         effect of paragraph (1) of this Section;

                  (ii) 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;

                  (iii) the Trustee shall not be liable with respect to any
         action taken or omitted to be taken by it in good faith in accordance
         with the direction of the Holders of a majority in principal amount of
         the Outstanding Securities relating to the time, method and place of
         conducting any proceeding for any remedy available to the Trustee, or
         exercising any trust or power conferred upon the Trustee, under this
         Indenture; 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.

                                      -47-
<PAGE>

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

         SECTION 6.2 NOTICE OF DEFAULTS.

         Within 90 days after the occurrence of any default hereunder as to
which a Responsible Officer of the Trustee has received written notice, the
Trustee shall give to all Holders, in the manner provided in Section 1.6, notice
of such default, 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, premium, if any, or interest on any Security the Trustee shall be protected
in withholding such notice if and so long as the board of directors, the
executive committee or a trust committee of directors or Responsible Officers of
the Trustee in good faith determines that the withholding of such notice is in
the interest of the Holders; and provided, further, that in the case of any
default of the character specified in Section 5.1(4), no such notice to Holders
shall be given until at least 60 days after the occurrence thereof or, if
applicable, the cure period specified therein. For the purpose of this Section,
the term "default" means any event which is, or after notice or lapse of time or
both would become, an Event of Default.

         SECTION 6.3 CERTAIN RIGHTS OF TRUSTEE.

         Subject to the provisions of Section 6.1:

         (1) the Trustee may conclusively rely, and shall be protected in
acting or refraining from acting, upon any resolution, Officers' Certificate,
other certificate, statement, instrument, opinion, report, notice, request,
direction, consent, order, bond, debenture, note, coupon, other evidence of
indebtedness or other paper or document (collectively, the "Documents")
believed by it to be genuine and to have been signed or presented by the
proper party or parties, and the Trustee need not investigate any fact or
matter stated in such Documents;

         (2) 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 shall be sufficiently evidenced by a Board Resolution;

         (3) 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, conclusively rely upon an Officers' Certificate;

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

                                      -48-
<PAGE>

         (5) 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 reasonably satisfactory to
the Trustee against the costs, expenses and liabilities which might be
incurred by it in compliance with such request or direction;

         (6) 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, coupon, other evidence of indebtedness or other paper or document, but the
Trustee may make such further inquiry or investigation into such facts or
matters as it may see fit, 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 and
shall incur no liability or additional liability of any kind by reason of
such inquiry or investigation; and Company shall reimburse the reasonable
out-of-pocket costs actually incurred by the Trustee in connection with any
such inquiry or investigation;

         (7) 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 or attorney appointed with due care by it
hereunder;

         (8) 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;

         (9) 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;

         (10) 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; and

         (11) the Trustee may request that the Company deliver an Officers'
Certificate setting forth the names of individuals and/or titles of officers
authorized at such time to take specified actions pursuant to this Indenture,
which Officers' Certificate may be signed by any person authorized to sign an
Officers' Certificate, including any person specified as so authorized in any
such certificate previously delivered and not superseded.

         SECTION 6.4 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 the Trustee assumes no responsibility for their correctness.
The Trustee makes no representations as to the validity or sufficiency of this
Indenture, of the Securities [or of the Common Stock issuable upon the
conversion of the Securities](50). The Trustee shall not be accountable for the
use or application by the Company of Securities or the proceeds thereof.

         SECTION 6.5  MAY HOLD SECURITIES, ACT AS TRUSTEE UNDER OTHER
INDENTURES.

         The Trustee, any Authenticating Agent, any Paying Agent[, any
Conversion Agent](51) or any other agent of the Company or the Trustee, in its
individual or any other capacity, may become the owner or pledgee of Securities
and may otherwise deal with the Company with the same rights it would have if it
were not Trustee, Authenticating Agent, Paying Agent[, Conversion Agent](52) or
such other agent.

----------
         (50) INSERT IF SECURITIES ARE CONVERTIBLE

         (51) INSERT IF SECURITIES ARE CONVERTIBLE

         (52) INSERT IF SECURITIES ARE CONVERTIBLE

                                      -49-
<PAGE>

         The Trustee may become and act as trustee under other indentures under
which other securities, or certificates of interest or participation in other
securities, of the Company are outstanding in the same manner as if it were not
Trustee hereunder.

         SECTION 6.6  MONEY HELD IN TRUST.

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

         SECTION 6.7  COMPENSATION AND REIMBURSEMENT.

         The Company agrees:

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

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

         (3) to indemnify the Trustee (and its directors, officers, employees
and agents) for, and to hold it harmless against, any and all loss,
liability, claim, damage or expense including taxes (other than taxes based
on the income of the Trustee) incurred without negligence or bad faith on its
part, arising out of or in connection with the acceptance or administration
of this trust, including the reasonable costs, expenses and reasonable
attorneys' fees of defending itself against any claim (whether asserted by
the Company, any Holder or any other Person) or liability in connection with
the exercise or performance of any of its powers or duties hereunder.

         When the Trustee incurs expenses or renders services in connection with
an Event of Default specified in Section 5.1(6) or Section 5.1(7), the expenses
(including the reasonable charges of its counsel) and the compensation for the
services are intended to constitute expenses of the administration under any
applicable Federal or state bankruptcy, insolvency or other similar law.

         The provisions of this Section shall survive the termination of this
Indenture or the earlier resignation or removal of the Trustee.

                                      -50-
<PAGE>

         SECTION 6.8  CORPORATE TRUSTEE REQUIRED; ELIGIBILITY.

         There shall at all times be a Trustee hereunder which shall be a Person
that is eligible pursuant to the Trust Indenture Act to act as such, having (or
being part of a holding company group with) a combined capital and surplus of at
least U.S. $50,000,000, subject to supervision or examination by federal or
state authority, and in good standing. The Trustee or an Affiliate of the
Trustee shall maintain an established place of business in the Borough of
Manhattan, The City of New York. If such corporation publishes reports of
condition at least annually, pursuant to law or to the requirements of said
supervising or examining authority, then for the purposes of this Section, the
combined capital and surplus of such corporation shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition
so published. If at any time the Trustee shall cease to be eligible in
accordance with the provisions of this Section, it shall resign immediately in
the manner and with the effect hereinafter specified in this Article and a
successor shall be appointed pursuant to Section 6.9.

         SECTION 6.9 RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR.

         (1) No resignation or removal of the Trustee and no appointment of a
successor Trustee pursuant to this Article shall become effective until the
acceptance of appointment by the successor Trustee in accordance with the
applicable requirements of Section 6.10.

         (2) The Trustee may resign at any time by giving written notice thereof
to the Company. If the instrument of acceptance by a successor Trustee required
by Section 6.10 shall not have been delivered to the Trustee within 30 days
after the giving of such notice of resignation, the resigning Trustee may
petition any court of competent jurisdiction for the appointment of a successor
Trustee. The Company shall reimburse the reasonable out-of-pocket costs
actually incurred by the Trustee in connection with any such position.

         (3) The Trustee may be removed at any time by an Act of the Holders
of a majority in principal amount of the Outstanding Securities, delivered to
the Trustee and the Company. If the instrument of acceptance by a successor
Trustee required by Section 6.10 shall not have been delivered to the Trustee
within 30 days after the giving of such notice of removal, the removed
Trustee may petition any court of competent jurisdiction for the appointment
of a successor Trustee. The Company shall reimburse the reasonable
out-of-pocket costs actually incurred by the Trustee in connection with any
such petition.

         (4)      If at any time:

                  (i) the Trustee shall cease to be eligible under Section 6.8
         and shall fail to resign after written request therefor by the Company
         or by any Holder who has been a bona fide Holder for at least six
         months,

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

                                      -51-
<PAGE>

                  (iii) the Trustee shall fail to comply with the provisions of
         Section 6.13 after written request therefor by the Company or any
         Holder who has been a bona fide Holder for at least six months, then,
         in any such case (i) the Company by a Board Resolution may remove the
         Trustee, or (ii) subject to Section 5.14, any Holder who has been a
         bona fide Holder for at least six months may, on behalf of himself and
         all others similarly situated, petition any court of competent
         jurisdiction for the removal of the Trustee and the appointment of a
         successor Trustee.

         (5) If the Trustee shall resign, be removed or become incapable of
acting, or if a vacancy shall occur in the office of Trustee for any cause, the
Company, by a Board Resolution, shall promptly appoint a successor Trustee and
shall comply with the applicable requirements of this Section and Section 6.10.
If, within one year after such resignation, removal or incapability, or the
occurrence of such vacancy, a successor Trustee shall be appointed by Act of the
Holders of a majority in principal amount of the Outstanding Securities
delivered to the Company and the retiring Trustee, the successor Trustee so
appointed shall, forthwith upon its acceptance of such appointment in accordance
with the applicable requirements of Section 6.10, become the successor Trustee
and supersede the successor Trustee appointed by the Company. If no successor
Trustee shall have been so appointed by the Company or the Holders and accepted
appointment in the manner required by this Section and Section 6.10, any Holder
who has been a bona fide Holder 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.

         (6) The Company shall give notice of each resignation and each removal
of the Trustee and each appointment of a successor Trustee to all Holders in the
manner provided in Section 1.6. Each notice shall include the name of the
successor Trustee and the address of its Corporate Trust Office.

         SECTION 6.10 ACCEPTANCE OF APPOINTMENT BY SUCCESSOR.

         Every successor Trustee appointed hereunder shall execute, acknowledge
and deliver to the Company and to the retiring Trustee an instrument accepting
such appointment, and thereupon the resignation or removal of the retiring
Trustee shall become effective 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; but, on the request of the Company or the
successor Trustee, such retiring Trustee shall, upon payment of its charges,
execute and deliver an instrument transferring to such successor Trustee all the
rights, powers and trusts of the retiring Trustee and shall duly assign,
transfer and deliver to such successor Trustee all property and money held by
such retiring Trustee hereunder. 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.

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

                                      -52-
<PAGE>

         SECTION 6.11  MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO
BUSINESS.

         Any corporation into which the Trustee may be merged or converted or
with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any
corporation succeeding to all or substantially all of the corporate trust
business of the Trustee (including the trust created by this Indenture), shall
be the successor of the Trustee hereunder, provided such corporation shall be
otherwise eligible under this Article, without the execution or filing of any
paper or any further act on the part of any of the parties hereto. In case any
Securities shall have been authenticated, but not delivered, by the Trustee then
in office, any successor by merger, conversion or consolidation to such
authenticating Trustee may adopt such authentication and deliver the Securities
so authenticated with the same effect as if such successor Trustee had itself
authenticated such Securities.

         SECTION 6.12  AUTHENTICATING AGENTS.

         The Trustee may, with the consent of the Company, appoint an
Authenticating Agent or Agents acceptable to the Company with respect to the
Securities which shall be authorized to act on behalf of the Trustee to
authenticate Securities issued upon original issue and upon registration of
transfer or redemption, exchange or substitution pursuant to this Indenture.
Securities authenticated by an Authenticating Agent shall be entitled to the
benefits of this Indenture and shall be valid and obligatory for all purposes as
if authenticated by the Trustee hereunder, and every reference in this Indenture
to the authentication and delivery of Securities by the Trustee or the Trustee's
certificate of authentication shall be deemed to include authentication and
delivery on behalf of the Trustee by an Authenticating Agent and a certificate
of authentication executed on behalf of the Trustee by an Authenticating Agent.
Each Authenticating Agent shall be subject to acceptance by the Company and
shall at all times be 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 act as Authenticating Agent and subject to
supervision or examination by government or other fiscal authority. If at any
time an Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section 6.12, such Authenticating Agent shall resign
immediately in the manner and with the effect specified in this Section 6.12.

         Any corporation into which an Authenticating Agent may be merged or
converted or with which it may be consolidated, or any corporation resulting
from any merger, conversion or consolidation to which such Authenticating Agent
shall be a party, or any corporation succeeding to the corporate agency or
corporate trust business of an Authenticating Agent, shall continue to be an
Authenticating Agent, provided such corporation shall be otherwise eligible
under this Section 6.12, 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 terminate
the agency of an

                                      -53-
<PAGE>

Authenticating Agent by giving written notice thereof to such Authenticating
Agent and to the Company. Upon receiving such a notice of resignation or upon
such a termination, or in case at any time such Authenticating Agent shall cease
to be eligible in accordance with the provisions of this Section 6.12, the
Trustee may appoint a successor Authenticating Agent which shall be subject to
acceptance by the Company. 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 6.12.

         The Company agrees to pay to each Authenticating Agent from time to
time reasonable compensation for its services under this Section 6.12.

         If an Authenticating Agent is appointed with respect to the Securities
pursuant to this Section 6.12, the Securities may have endorsed thereon, in
addition to or in lieu of the Trustee's certification of authentication, an
alternative certificate of authentication in the following form:

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

                              __________________________________
                              as Trustee

                              By:_______________________________
                              As Authenticating Agent

                              By:_______________________________
                              Authorized Signatory

         SECTION 6.13   DISQUALIFICATION; CONFLICTING INTERESTS.

         If the Trustee has or shall acquire a conflicting interest within the
meaning of the Trust Indenture Act, the Trustee shall either eliminate such
interest or resign, to the extent and in the manner provided by, and subject to
the provisions of, the Trust Indenture Act and this Indenture.

         SECTION 6.14  PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY.

         If and when the Trustee shall be or become a creditor of the Company
(or any other obligor upon the Securities), the Trustee shall be subject to the
provisions of the Trust Indenture Act regarding the collection of claims against
the Company (or any such other obligor).

                                      -54-
<PAGE>

                                   ARTICLE VII

              CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

         SECTION 7.1  COMPANY MAY CONSOLIDATE, ETC., ONLY ON CERTAIN TERMS.

         The Company shall not consolidate with or merge into any other Person
or convey, transfer or lease all its properties and assets substantially as an
entirety to any Person, and the Company shall not permit any Person to
consolidate with or merge into the Company or convey, transfer, sell or lease
such Person's properties and assets substantially as an entirety to the Company
unless:

         (1) the Person formed by such consolidation or into or with which the
Company is merged or the Person to which the properties and assets of the
Company are so conveyed, transferred, sold or leased shall be a corporation,
limited liability company, partnership or trust organized and validly existing
under the laws of the United States of America, any State thereof or the
District of Columbia and, if other than the Company, 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 of the principal of,
premium, if any, and interest on all of the Securities as applicable, and the
performance or observance of every covenant of this Indenture on the part of the
Company to be performed or observed [and shall have provided for conversion
rights in accordance with Article XII](53);

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

         (3) the Company has delivered to the Trustee an Officers' Certificate
and an Opinion of Counsel, each stating that such consolidation, merger,
conveyance, transfer or lease and, if a supplemental indenture is required in
connection with such transaction, such supplemental indenture comply with this
Article and that all conditions precedent herein provided for relating to such
transaction have been complied with, together with any documents required under
Section 8.3.

         SECTION 7.2  SUCCESSOR SUBSTITUTED.

         Upon any consolidation of the Company with, or merger of the Company
into any other Person or any conveyance, transfer or lease of all or
substantially all the properties and assets of the Company in accordance with
Section 7.1, the successor Person formed by such consolidation or into or with
which the Company is merged or to which such conveyance, transfer or lease 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 Person had been named

----------
         (53) INSERT IF SECURITIES ARE CONVERTIBLE

                                      -55-
<PAGE>

as the Company herein, and thereafter, except in the case of a lease, the
predecessor Person shall be relieved of all obligations and covenants under this
Indenture and the Securities.

                                  ARTICLE VIII

                             SUPPLEMENTAL INDENTURES

         SECTION 8.1  SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF HOLDERS.

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

         (1) to evidence the succession of another Person to the Company and the
assumption by any such successor of the covenants and obligations of the Company
herein and in the Securities as permitted by Article VII of this Indenture; or

         (2) to add to the covenants of the Company for the benefit of the
Holders or to surrender any right or power herein conferred upon the Company; or

         (3) to secure the Securities; or

         (4) [to make provision with respect to the conversion rights of Holders
pursuant to Section 12.11 or](54) to make provision with respect to the
repurchase rights of Holders pursuant to Section 14.5; or

         (5) to comply with the requirements of the Trust Indenture Act or the
rules and regulations of the Commission thereunder in order to effect or
maintain the qualification of this Indenture under the Trust Indenture Act, as
contemplated by this Indenture or otherwise; or

         (6) to evidence and provide for the acceptance of appointment hereunder
by a successor Trustee; or

         (7) to cure any ambiguity, to correct or supplement any provision
herein which may be inconsistent with any other provision herein or which is
otherwise defective, or to make any other provisions with respect to matters or
questions arising under this Indenture as the Company and the Trustee may deem
necessary or desirable, provided such action pursuant to this clause (8) shall
not adversely affect the interests of the Holders in any material respect.

----------
         (54) INSERT IF SECURITIES ARE CONVERTIBLE

                                      -56-
<PAGE>

         Upon Company Request, accompanied by a Board Resolution authorizing the
execution of any such supplemental indenture, and subject to and upon receipt by
the Trustee of the documents described in Section 8.3 hereof, the Trustee shall
join with the Company in the execution of any supplemental indenture authorized
or permitted by the terms of this Indenture and to make any further appropriate
agreements and stipulations which may be therein contained.

         SECTION 8.2  SUPPLEMENTAL INDENTURES WITH CONSENT OF HOLDERS.

         With either (i) the written consent of the Holders of not less than a
majority in principal amount of the Outstanding Securities, by the Act of said
Holders delivered to the Company and the Trustee, or (ii) by the adoption of a
resolution, at a meeting of Holders of the Outstanding Securities at which a
quorum is present, by the Holders of at least ______% in principal amount of the
Outstanding Securities represented at such meeting, the Company, when authorized
by a Board Resolution, and the Trustee may enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of this Indenture or of
modifying in any manner the rights of the Holders under this Indenture;
provided, however, that no such supplemental indenture shall, without the
consent or affirmative vote of the Holder of each Outstanding Security affected
thereby,

         (1) change the Stated Maturity of the principal of, or any installment
of interest on, any Security, or reduce the principal amount of, or the premium,
if any, or the rate of interest payable thereon, or reduce the amount payable
upon a redemption or mandatory repurchase, or change the coin or currency of
payment of the principal of, premium, if any, or interest on any Security
(including any payment of the Redemption Price or Repurchase Price in respect of
such Security) or impair the right to institute suit for the enforcement of any
payment in respect of any Security on or after the Stated Maturity thereof (or,
in the case of redemption or any repurchase, on or after the Redemption Date or
Repurchase Date, as the case may be) [or, except as permitted by Section 12.11,
adversely affect the right of Holders to convert any Security as provided in
Article XII](55); or

         (2) reduce the requirements of Section 9.4 for quorum or voting, or
reduce the percentage in principal amount of the Outstanding Securities the
consent of whose Holders is required for any such supplemental indenture or the
consent of whose Holders is required for any waiver (of compliance with certain
provisions of this Indenture or certain defaults hereunder and their
consequences) provided for in this Indenture; or

         (3) modify the obligation of the Company to maintain an office or
agency in the Borough of Manhattan, The City of New York, pursuant to Section
10.2; or

         (4) modify any of the provisions of this Section or Section 5.13,
except to increase any percentage contained herein or therein or to provide that
certain other provisions of this

----------
         (55) INSERT IF SECURITIES ARE CONVERTIBLE

                                      -57-
<PAGE>

Indenture cannot be modified or waived without the consent of the Holder of each
Outstanding Security affected thereby; or

         (5) modify the provisions of Article XIV in a manner adverse to the
Holders.

         It shall not be necessary for any Act of Holders 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 8.3  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 Sections 6.1 and 6.3) shall be fully protected in
relying upon, an Opinion of Counsel and Officers' Certificate stating that
the execution of such supplemental indenture is authorized or permitted by
this Indenture, and that such supplemental indenture has been duly
authorized, executed and delivered by the Company and constitutes a valid and
legally binding obligation of the Company enforceable against the Company 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, duties or immunities under this Indenture or otherwise.

         SECTION 8.4  EFFECT OF SUPPLEMENTAL INDENTURES.

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

         SECTION 8.5  REFERENCE IN SECURITIES TO SUPPLEMENTAL INDENTURES.

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

         SECTION 8.6  NOTICE OF SUPPLEMENTAL INDENTURES.

         Promptly after the execution by the Company and the Trustee of any
supplemental indenture pursuant to the provisions of Section 8.2, the Company
shall give notice to all Holders of such fact, setting forth in general terms
the substance of such supplemental indenture, in the

                                      -58-
<PAGE>

manner provided in Section 1.6. Any failure of the Company to give such notice,
or any defect therein, shall not in any way impair or affect the validity of any
such supplemental indenture.

                                   ARTICLE IX

                               MEETINGS OF HOLDERS

         SECTION 9.1  PURPOSES FOR WHICH MEETINGS MAY BE CALLED.

         A meeting of Holders may be called at any time and from time to time
pursuant to this Article to make, give or take any request, demand,
authorization, direction, notice, consent, waiver or other action provided by
this Indenture to be made, given or taken by Holders.

         SECTION 9.2  CALL, NOTICE AND PLACE OF MEETINGS.

         (1) The Trustee may at any time call a meeting of Holders for any
purpose specified in Section 9.1, to be held at such time and at such place in
the Borough of Manhattan, The City of New York, as the Trustee shall determine.
Notice of every meeting of Holders, setting forth the time and the place of such
meeting and in general terms the action proposed to be taken at such meeting,
shall be given, in the manner provided in Section 1.6, not less than 21 nor more
than 180 days prior to the date fixed for the meeting.

         (2) In case at any time the Company, pursuant to a Board Resolution, or
the Holders of at least 10% in principal amount of the Outstanding Securities
shall have requested the Trustee to call a meeting of the Holders for any
purpose specified in Section 9.1, by written request setting forth in reasonable
detail the action proposed to be taken at the meeting, and the Trustee shall not
have mailed the notice of such meeting within 21 days after receipt of such
request or shall not thereafter proceed to cause the meeting to be held as
provided herein, then the Company or the Holders in the amount specified, as the
case may be, may determine the time and the place in the Borough of Manhattan,
The City of New York, for such meeting and may call such meeting for such
purposes by giving notice thereof as provided in paragraph (1) of this Section.

         SECTION 9.3  PERSONS ENTITLED TO VOTE AT MEETINGS.

         To be entitled to vote at any meeting of Holders, a Person shall be (i)
a Holder of one or more Outstanding Securities, or (ii) a Person appointed by an
instrument in writing as proxy for a Holder or Holders of one or more
Outstanding Securities by such Holder or Holders. The only Persons who shall be
entitled to be present or to speak at any meeting of Holders shall be the
Persons entitled to vote at such meeting and their counsel, any representatives
of the Trustee and its counsel and any representatives of the Company and its
counsel.

                                      -59-
<PAGE>

         SECTION 9.4  QUORUM; ACTION.

         The Persons entitled to vote a majority in principal amount of the
Outstanding Securities shall constitute a quorum. In the absence of a quorum
within 30 minutes of the time appointed for any such meeting, the meeting shall,
if convened at the request of Holders, be dissolved. In any other case, the
meeting may be adjourned for a period of not less than 10 days as determined by
the chairman of the meeting prior to the adjournment of such meeting. In the
absence of a quorum at any such adjourned meeting, such adjourned meeting may be
further adjourned for a period not less than 10 days as determined by the
chairman of the meeting prior to the adjournment of such adjourned meeting
(subject to repeated applications of this sentence). Notice of the reconvening
of any adjourned meeting shall be given as provided in Section 9.2(1), except
that such notice need be given only once not less than five days prior to the
date on which the meeting is scheduled to be reconvened. Notice of the
reconvening of an adjourned meeting shall state expressly the percentage of the
principal amount of the Outstanding Securities which shall constitute a quorum.

         Subject to the foregoing, at the reconvening of any meeting adjourned
for a lack of a quorum, the Persons entitled to vote 25% in principal amount of
the Outstanding Securities at the time shall constitute a quorum for the taking
of any action set forth in the notice of the original meeting.

         At a meeting or an adjourned meeting duly reconvened and at which a
quorum is present as aforesaid, any resolution and all matters (except as
limited by the proviso to Section 8.2 and except to the extent Section 10.12
requires a different vote) shall be effectively passed and decided if passed or
decided by the lesser of (i) the Holders of not less than a majority in
principal amount of Outstanding Securities and (ii) the Persons entitled to vote
not less than 66 2/3% in aggregate principal amount of Outstanding Securities
represented and entitled to vote at such meeting.

         Any resolution passed or decisions taken at any meeting of Holders duly
held in accordance with this Section shall be binding on all the Holders whether
or not present or represented at the meeting. The Trustee shall, in the name and
at the expense of the Company, notify all the Holders of any such resolutions or
decisions pursuant to Section 1.6.

         SECTION 9.5  DETERMINATION OF VOTING RIGHTS; CONDUCT AND ADJOURNMENT OF
MEETINGS.

         (1) The Trustee may make such reasonable regulations as it may deem
advisable for any meeting of Holders in regard to proof of the holding of
Securities and of the appointment of proxies and in regard to the appointment
and duties of inspectors of votes, the submission and examination of proxies,
certificates and other evidence of the right to vote, and such other matters
concerning the conduct of the meeting as it shall deem appropriate. Except as
otherwise permitted or required by any such regulations, the holding of
Securities shall be proved in the manner specified in Section 1.4 and the
appointment of any proxy shall be proved in the manner specified in Section 1.4
or by having the signature of the Person executing the proxy guaranteed

                                      -60-
<PAGE>

by any bank, broker or other eligible institution participating in a recognized
medallion signature guarantee program.

         (2) The Trustee shall, by an instrument in writing, appoint a temporary
chairman (which may be the Trustee) of the meeting, unless the meeting shall
have been called by the Company or by Holders as provided in Section 9.2(1), in
which case the Company or the Holders calling the meeting, as the case may be,
shall in like manner appoint a temporary chairman. A permanent chairman and a
permanent secretary of the meeting shall be elected by vote of the Persons
entitled to vote a majority in principal amount of the Outstanding Securities
represented at the meeting.

         (3) At any meeting, each Holder or proxy shall be entitled to one vote
for each U.S.$1,000 principal amount of Securities held or represented by him;
provided, however, that no vote shall be cast or counted at any meeting in
respect of any Security challenged as not Outstanding and ruled by the chairman
of the meeting to be not Outstanding. The chairman of the meeting shall have no
right to vote, except as a Holder or proxy.

         (4) Any meeting of Holders duly called pursuant to Section 9.2 at which
a quorum is present may be adjourned from time to time by Persons entitled to
vote a majority in principal amount of the Outstanding Securities represented at
the meeting, and the meeting may be held as so adjourned without further notice.

         SECTION 9.6  COUNTING VOTES AND RECORDING ACTION OF MEETINGS.

         The vote upon any resolution submitted to any meeting of Holders shall
be by written ballots on which shall be subscribed the signatures of the Holders
or of their representatives by proxy and the principal amounts at Stated
Maturity and serial numbers of the Outstanding Securities held or represented by
them. The permanent chairman of the meeting shall appoint two inspectors of
votes who shall count all votes cast at the meeting for or against any
resolution and who shall make and file with the secretary of the meeting their
verified written reports in duplicate of all votes cast at the meeting. A
record, at least in duplicate, of the proceedings of each meeting of Holders
shall be prepared by the secretary of the meeting and there shall be attached to
said record the original reports of the inspectors of votes on any vote by
ballot taken thereat and affidavits by one or more Persons having knowledge of
the facts setting forth a copy of the notice of the meeting and showing that
said notice was given as provided in Section 9.2 and, if applicable, Section
9.4. Each copy shall be signed and verified by the affidavits of the permanent
chairman and secretary of the meeting and one such copy shall be delivered to
the Company and another to the Trustee to be preserved by the Trustee, the
latter to have attached thereto the ballots voted at the meeting. Any record so
signed and verified shall be conclusive evidence of the matters therein stated.

                                      -61-
<PAGE>

                                    ARTICLE X

                                    COVENANTS

         SECTION 10.1  PAYMENT OF PRINCIPAL, PREMIUM AND INTEREST.

         The Company covenants and agrees that it will duly and punctually
pay or cause to be paid the principal of and premium, if any, and interest on
the Securities in accordance with the terms of the Securities and this
Indenture. The Company will deposit or cause to be deposited with the
Trustee, no later than 10 a.m. New York time on the date of the Stated
Maturity of any Security or no later than the opening of business on the due
date for any installment of interest, all payments so due, which payments
shall be in immediately available funds on the date of such Stated Maturity
or due date, as the case may be.

         SECTION 10.2  MAINTENANCE OF OFFICES OR AGENCIES.

         The Company will maintain in the Borough of Manhattan, The City of New
York, an office or agency where the Securities may be surrendered for
registration of transfer or exchange or for presentation for payment or for
[conversion,](56) redemption or repurchase and where notices and demands to or
upon the Company in respect of the Securities and this Indenture may be served.
The Company will give prompt written notice to the Trustee of the location, and
any change in the location, of such office or agency not designated or appointed
by the Trustee. If at any time the Company shall fail to maintain any such
required office or agency or shall fail to furnish the Trustee with the address
thereof, such presentations, surrenders, notices and demands may be made or
served at the Corporate Trust Office or the office or agency of the Trustee in
the Borough of Manhattan, The City of New York.

         The Company may at any time and from time to time vary or terminate the
appointment of any such agent or appoint any additional agents for any or all of
such purposes; provided, however, that until all of the Securities have been
delivered to the Trustee for cancellation, or moneys sufficient to pay the
principal of, premium, if any, and interest on the Securities have been made
available for payment and either paid or returned to the Company pursuant to the
provisions of Section 10.3, the Company will maintain in the Borough of
Manhattan, The City of New York, an office or agency where Securities may be
presented or surrendered for payment [and conversion](57), which shall initially
be ___________________, where Securities may be surrendered for registration of
transfer or exchange and where notices and demands to or upon the Company in
respect of the Securities and this Indenture may be served. The Company will
give prompt written notice to the Trustee, and notice to the Holders in
accordance with Section 1.6, of the appointment or termination of any such
agents and of the location and any change in the location of any such office or
agency.

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         (56) INSERT IF SECURITIES ARE CONVERTIBLE

         (57) INSERT IF SECURITIES ARE CONVERTIBLE

                                      -62-
<PAGE>

         The Company hereby initially designates the Trustee as Paying Agent,
Security Registrar [and Conversion Agent](58), and each of the Corporate Trust
Office of the Trustee and the office or agency of the Trustee in the Borough of
Manhattan, The City of New York, located at______,
___________________________attention:___________________________________________
as one such office or agency of the Company for each of the aforesaid purposes.

         SECTION 10.3  MONEY FOR SECURITY PAYMENTS TO BE HELD IN TRUST.

         If the Company shall act as its own Paying Agent, it will, on or before
each due date of the principal of, premium, if any, or interest on any of the
Securities, segregate and hold in trust for the benefit of the Persons entitled
thereto a sum sufficient to pay the principal, premium, if any, or interest so
becoming due until such sums shall be paid to such Persons or otherwise disposed
of as herein provided and the Company will promptly notify the Trustee of its
action or failure so to act.

         Whenever the Company shall have one or more Paying Agents, it will,
no later than 10 a.m. New York time on each due date of the principal of,
premium, if any, or interest on any Securities, deposit with the Trustee a
sum in funds immediately payable on the payment date sufficient to pay the
principal, premium, if any, or interest so becoming due, such sum to be held
for the benefit of the Persons entitled to such principal, premium, if any,
or interest, and (unless such Paying Agent is the Trustee) the Company will
promptly notify the Trustee of any failure so to act.

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

         (1) hold all sums held by it for the payment of the principal of,
premium, if any, or interest on Securities for the benefit of the Persons
entitled thereto until such sums shall be paid to such Persons or otherwise
disposed of as herein provided;

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

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

         Anything in this Section 10.3 to the contrary notwithstanding, 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 by Company Order
direct any Paying Agent to pay, to the Trustee all sums held in trust by the
Company or such Paying Agent, such sums to be held by the Trustee upon the

----------
         (58) INSERT IF SECURITIES ARE CONVERTIBLE

                                      -63-
<PAGE>

same trusts as those upon which such sums were held by the Company or such
Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such
Paying Agent shall be released from all further liability with respect to such
money.

         Any money deposited with the Trustee or any Paying Agent, or then held
by the Company, in trust for the payment of the principal of, premium, if any,
or interest on any Security and remaining unclaimed for two years after such
principal, premium, if any, or interest has become due and payable shall be paid
to the Company on Company Request, or (if then held by the Company) shall be
discharged from such trust; and the Holder of such Security shall thereafter, as
an unsecured general creditor, look only to the Company for payment thereof, and
all liability of the Trustee or such Paying Agent with respect to such trust
money, and all liability of the Company as trustee thereof, shall thereupon
cease. The Company shall not be liable for any interest on the sums paid to it
pursuant to this paragraph and shall not be regarded as a trustee of such money.

         SECTION 10.4  EXISTENCE.

         Subject to Article VII, the Company will do or cause to be done all
things necessary to preserve and keep in full force and effect its existence,
rights (charter and statutory) and franchises; provided, however, that the
Company shall not be required to preserve any such right or franchise if the
Company shall determine that the preservation thereof is no longer desirable in
the conduct of the business of the Company and that the loss thereof is not
disadvantageous in any material respect to the Holders.

         SECTION 10.5  PAYMENT OF TAXES AND OTHER CLAIMS.

         The Company will pay or discharge, or cause to be paid or discharged,
before the same may become delinquent, (i) all taxes, assessments and
governmental charges levied or imposed upon the Company or any Significant
Subsidiary or upon the income, profits or property of the Company or any
Significant Subsidiary, (ii) all claims for labor, materials and supplies which,
if unpaid, might by law become a lien or charge upon the property of the Company
or any Significant Subsidiary, and (iii) all stamps and other duties, if any,
which may be imposed by the United States or any political subdivision thereof
or therein in connection with the issuance, transfer, exchange [or
conversion](59) of any Securities or with respect to this Indenture; provided,
however, that, in the case of clauses (i) and (ii), the Company shall not be
required to pay or discharge or cause to be paid or discharged any such tax,
assessment, charge or claim (A) if the failure to do so will not, in the
aggregate, have a material adverse impact on the Company, or (B) if the amount,
applicability or validity is being contested in good faith by appropriate
proceedings.

----------
         (59) INSERT IF SECURITIES ARE CONVERTIBLE

                                      -64-
<PAGE>

         [SECTION 10.6  REGISTRATION AND LISTING.

         The Company (i) will effect all registrations with, and obtain all
approvals by, all governmental authorities that may be necessary under any
United States Federal or state law (including the Securities Act, the Exchange
Act and state securities and Blue Sky laws) before the shares of Common Stock
issuable upon conversion of Securities are issued and delivered, and qualified
or listed as contemplated by clause (ii); and (ii) will qualify the shares of
Common Stock required to be issued and delivered upon conversion of Securities,
prior to such issuance or delivery, for quotation on the Nasdaq National Market
or, if the Common Stock is not then quoted on the Nasdaq National Market, list
the Common Stock on each national securities exchange or quotation system on
which outstanding Common Stock is listed or quoted at the time of such
delivery.](60)

         SECTION 10.7  STATEMENT BY OFFICERS AS TO DEFAULT.

         The Company shall deliver to the Trustee, within 120 days after the end
of each fiscal year of the Company ending after the date hereof, an Officers'
Certificate, stating whether or not to the best knowledge of the signers thereof
the Company is in default in the performance and observance of any of the terms,
provisions and conditions of this Indenture (without regard to any period of
grace or requirement of notice provided hereunder) and, if the Company shall be
in default, specifying all such defaults and the nature and status thereof of
which they may have knowledge.

         The Company will deliver to the Trustee, forthwith upon becoming aware
of any default or any Event of Default under the Indenture, an Officers'
Certificate specifying with particularity such default or Event of Default and
further stating what action the Company has taken, is taking or proposes to take
with respect thereto. For the purpose of this Section, the term "default" means
any event which is, or after notice or lapse of time or both would become, an
Event of Default.

         Any notice required to be given under this Section 10.7 shall be
delivered to the Trustee at its Corporate Trust Office.

         SECTION 10.8  WAIVER OF CERTAIN COVENANTS.

         The Company may omit in any particular instance to comply with any
covenant or condition set forth in Sections 10.4 (other than with respect to the
existence of the Company (subject to Article VII)) and 10.5, inclusive (other
than a covenant or condition which under Article VIII cannot be modified or
amended without the consent of the Holder of each Outstanding Security
affected), if before the time for such compliance the Holders shall, through the
written consent of, or the adoption of a resolution at a meeting of Holders of
the Outstanding Securities at which a quorum is present by, not less than a
majority in principal amount of the Outstanding Securities, either waive such
compliance in such instance or generally waive

----------
         (60) INSERT IF SECURITIES ARE CONVERTIBLE

                                      -65-
<PAGE>

compliance with such covenant or condition, but no such waiver shall extend to
or affect such covenant 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 or any Paying [or Conversion](61) Agent in respect
of any such covenant or condition shall remain in full force and effect.

                                   ARTICLE XI

                            REDEMPTION OF SECURITIES

         SECTION 11.1 RIGHT OF REDEMPTION.

         The Securities may be redeemed in accordance with the provisions of the
form of Securities set forth in Section 2.2.

         SECTION 11.2  APPLICABILITY OF ARTICLE.

         Redemption of Securities at the election of the Company or otherwise,
as permitted or required by any provision of the Securities or this Indenture,
shall be made in accordance with such provision and this Article XI.

         SECTION 11.3  ELECTION TO REDEEM; NOTICE TO TRUSTEE.

         The election of the Company to redeem any Securities shall be evidenced
by a Board Resolution. In case of any redemption at the election of the Company
of any of the Securities, the Company shall, at least 45 days prior to the
Redemption Date fixed by the Company (unless a shorter notice shall be
satisfactory to the Trustee), notify the Trustee in writing of such Redemption
Date.

         SECTION 11.4  SELECTION BY TRUSTEE OF SECURITIES TO BE REDEEMED.

         If less than all the Securities are to be redeemed, the particular
Securities to be redeemed shall be selected by the Trustee within three Business
Days after it receives the notice described in 11.3, from the Outstanding
Securities not previously called for redemption, by such method as the Trustee
may deem fair and appropriate.

         [If any Security selected for partial redemption is converted in part
before termination of the conversion right with respect to the portion of the
Security so selected, the converted portion of such Security shall be deemed (so
far as may be) to be the portion selected for redemption. Securities which have
been converted during a selection of Securities to be redeemed may be

----------
         (61) INSERT IF SECURITIES ARE CONVERTIBLE

                                      -66-
<PAGE>

treated by the Trustee as Outstanding for the purpose of such selection.](62)
The Trustee shall promptly notify the Company and each Security Registrar in
writing of the Securities selected for redemption and, in the case of any
Securities selected for partial redemption, the principal amount and certificate
numbers thereof to be redeemed.

         For all purposes of this Indenture, unless the context otherwise
requires, all provisions relating to the redemption of Securities shall relate,
in the case of any

         Securities redeemed or to be redeemed only in part, to the portion of
the principal amount of such Securities which has been or is to be redeemed.

         SECTION 11.5  NOTICE OF REDEMPTION.

         Notice of redemption shall be given in the manner provided in Section
1.6 to the Holders to be redeemed not less than 30 nor more than 60 days prior
to the Redemption Date, and such notice shall be irrevocable.

         All notices of redemption shall include the CUSIP number and state:

         (1) the Redemption Date;

         (2) the Redemption Price, and accrued interest, if any, to the
Redemption Date;

         (3) if less than all Outstanding Securities are to be redeemed, the
aggregate principal amount of Securities to be redeemed and the aggregate
principal amount of Securities which will be outstanding after such partial
redemption;

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

         [(5) the Conversion Rate, the date on which the right to convert the
Securities to be redeemed will terminate and the places where such Securities
may be surrendered for conversion;](63) and

         (6) the place or places where such Securities are to be surrendered for
payment of the Redemption Price and accrued interest, if any, to the Redemption
Date.

----------
         (62) INSERT IF SECURITIES ARE CONVERTIBLE

         (63) INSERT IF SECURITIES ARE CONVERTIBLE

                                      -67-
<PAGE>

         In case of a partial redemption, the notice shall specify the serial
and CUSIP numbers (if any) and the portions thereof called for redemption and
that transfers and exchanges may occur on or prior to the Redemption Date.

         Notice of redemption of Securities to be redeemed at the election of
the Company shall be given by the Company or, at the Company's written request,
by the Trustee in the name of and at the expense of the Company. Notice of
redemption of Securities to be redeemed at the election of the Company received
by the Trustee shall be given by the Trustee to each Paying Agent in the name of
and at the expense of the Company. Notice of redemption of the Securities to be
redeemed at the election of the Company shall also be given to one or more
nationally-recognized reporting institutions such as Bloomberg.

         SECTION 11.6  DEPOSIT OF REDEMPTION PRICE.

         Prior to 10 a.m. New York time on any Redemption Date, the Company
shall deposit with the Trustee (or, if the Company is acting as its own
Paying Agent, segregate and hold in trust as provided in Section 10.3) an
amount of money (which shall be in immediately available funds on such
Redemption Date) sufficient to pay the Redemption Price of, and (except if
the Redemption Date shall be an Interest Payment Date) accrued interest to
the Redemption Date on, all the Securities which are to be redeemed on that
date [other than any Securities called for redemption on that date which
have been converted prior to the date of such deposit](64).

         [If any Security called for redemption is converted, any money
deposited with the Trustee or so segregated and held in trust for the redemption
of such Security shall (subject to any right of the Holder of such Security or
any Predecessor Security to receive interest as provided in the last paragraph
of Section 3.7) be paid to the Company on Company Request or, if then held by
the Company, shall be discharged from such trust.](65)

         SECTION 11.7  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, including accrued
interest) such Securities shall cease to bear interest. Upon surrender of any
Security for redemption in accordance with said notice, such Security shall be
paid by the Company at the Redemption Price together with accrued and unpaid
interest to the Redemption Date; provided, however, that installments of
interest on 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 relevant Record Date according
to their terms and the provisions of Section 3.7.

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         (64) INSERT IF SECURITIES ARE CONVERTIBLE

         (65) INSERT IF SECURITIES ARE CONVERTIBLE

                                      -68-
<PAGE>

         If any Security called for redemption shall not be so paid upon
surrender thereof for redemption, the principal amount of, premium, if any, and,
to the extent permitted by applicable law, accrued interest on such Security
shall, until paid, bear interest from the Redemption Date at a rate of _____%
per annum [and such Security shall remain convertible](66) until the Redemption
Price of such Security (or portion thereof, as the case may be) shall have been
paid or duly provided for.

         Any Security which is to be redeemed only in part shall be surrendered
at the Corporate Trust Office or an office or agency of the Company designated
for that purpose pursuant to Section 10.2 (with, if the Company or the Trustee
so requires, due endorsement by, or a written instrument of transfer in form
satisfactory to the Company and the Trustee duly executed by, the Holder thereof
or his attorney duly authorized in writing), and the Company shall execute, and
the Trustee shall authenticate and make available for delivery to the Holder of
such Security without service charge, a new Security or Securities, of any
authorized denomination 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 11.8  CONVERSION ARRANGEMENT ON CALL FOR REDEMPTION.

         In connection with any redemption of Securities, the Company may
arrange for the purchase and conversion of any Securities by an agreement
with one or more investment bankers or other purchasers (the "Purchasers") to
purchase such Securities by paying to the Trustee in trust for the Holders,
on or before the Redemption Date, an amount not less than the applicable
Redemption Price, together with interest accrued and unpaid to the Redemption
Date, of such Securities. Notwithstanding anything to the contrary contained
in this Article XI, the obligation of the Company to pay the Redemption
Price, together with interest accrued and unpaid to the Redemption Date,
shall be deemed to be satisfied and discharged to the extent such amount is
so paid by such Purchasers. If such an agreement is entered into (a copy of
which shall be filed with the Trustee prior to the close of business on the
Business Day immediately prior to the Redemption Date), any Securities called
for redemption that are not duly surrendered for conversion by the Holders
thereof may, at the option of the Company, be deemed, to the fullest extent
permitted by law, and consistent with any agreement or agreements with such
Purchasers, to be acquired by such Purchasers from such Holders and
(notwithstanding anything to the contrary contained in Article XII)
surrendered by such Purchasers for conversion, all as of immediately prior to
the close of business on the Redemption Date (and the right to convert any
such Securities shall be extended through such time), subject to payment of
the above amount as aforesaid. At the direction of the Company, the Trustee
shall hold and dispose of any such amount paid to it by the Purchasers to the
Holders in the same manner as it would monies deposited with it by the
Company for the redemption of Securities. Without the Trustee's prior written
consent, no arrangement between the Company and such Purchasers for the
purchase and conversion of any Securities shall increase or otherwise affect
any of the powers, duties, responsibilities or obligations of the Trustee as
set forth in this Indenture, and the Company agrees to indemnify the Trustee
from, and hold it harmless against, any and all loss, liability, claim,
damage or expense arising out of or in connection with any such arrangement
for the purchase and

----------
         (66) INSERT IF SECURITIES ARE CONVERTIBLE

                                      -69-
<PAGE>

conversion of any Securities between the Company and such Purchasers, including
the costs and expenses, including reasonable legal fees, incurred by the Trustee
in the defense of any claim or liability arising out of or in connection with
the exercise or performance of any of its powers, duties, responsibilities or
obligations under this Indenture.](67)

                                  [ARTICLE XII

                            CONVERSION OF SECURITIES

         SECTION 12.1  CONVERSION PRIVILEGE AND CONVERSION RATE.

         Subject to and upon compliance with the provisions of this Article, at
the option of the Holder thereof, any Security may be converted into fully paid
and nonassessable shares (calculated as to each conversion to the nearest
1/100th of a share) of Common Stock of the Company at the Conversion Rate,
determined as hereinafter provided, in effect at the time of conversion. Such
conversion right shall commence upon the original issuance date of the
Securities and expire at the close of business on the date of Maturity, subject,
in the case of conversion of any Global Security, to any Applicable Procedures.
In case a Security or portion thereof is called for redemption at the election
of the Company or the Holder thereof exercises his right to require the Company
to repurchase the Security, such conversion right in respect of the Security, or
portion thereof so called, shall expire at the close of business on the Business
Day immediately preceding the Redemption Date or the Repurchase Date, as the
case may be, unless the Company defaults in making the payment due upon
redemption or repurchase, as the case may be (in each case subject as aforesaid
to any Applicable Procedures with respect to any Global Security).

         The rate at which shares of Common Stock shall be delivered upon
conversion (herein called the "Conversion Rate") shall be initially ______
shares of Common Stock for each U.S.$1,000 principal amount of Securities. The
Conversion Rate shall be adjusted in certain instances as provided in this
Article XII.

         SECTION 12.2  EXERCISE OF CONVERSION PRIVILEGE.

         In order to exercise the conversion privilege, the Holder of any
Security to be converted shall surrender such Security, duly endorsed in blank,
at any office or agency of the Company maintained for that purpose pursuant to
Section 10.2, accompanied by a duly signed conversion notice substantially in
the form set forth in Section 2.4 stating that the Holder elects to convert

----------
         (67) INSERT IF SECURITIES ARE CONVERTIBLE

                                      -70-
<PAGE>

such Security or, if less than the entire principal amount thereof is to be
converted, the portion thereof to be converted. Each Security surrendered for
conversion (in whole or in part) during the Record Date Period shall (except in
the case of any Security or portion thereof which has been called for redemption
on a Redemption Date, or is repurchasable on a Repurchase Date, occurring, in
either case, within such Record Date Period and, as a result, the right to
convert would terminate in such period) be accompanied by payment in New York
Clearing House funds or other funds acceptable to the Company of an amount equal
to the interest payable on such Interest Payment Date on the principal amount of
such Security (or part thereof, as the case may be) being surrendered for
conversion. The interest so payable on such Interest Payment Date with respect
to any Security (or portion thereof, if applicable) which is surrendered for
conversion during the Record Date Period shall be paid to the Holder of such
Security as of such Regular Record Date in an amount equal to the interest that
would have been payable on such Security if such Security had been converted as
of the close of business on such Interest Payment Date. Interest payable in
respect of any Security surrendered for conversion on or after an Interest
Payment Date shall be paid to the Holder of such Security as of the next
preceding Regular Record Date, notwithstanding the exercise of the right of
conversion. Except as provided in this paragraph and subject to the last
paragraph of Section 3.7, no cash payment or adjustment shall be made upon any
conversion on account of any interest accrued from the Interest Payment Date
next preceding the conversion date, in respect of any Security (or part thereof,
as the case may be) surrendered for conversion, or on account of any dividends
on the Common Stock issued upon conversion. The Company's delivery to the Holder
of the number of shares of Common Stock (and cash in lieu of fractions thereof,
as provided in this Indenture) into which a Security is convertible will be
deemed to satisfy the Company's obligation to pay the principal amount of the
Security.

         Securities shall be deemed to have been converted immediately prior to
the close of business on the day of surrender of such Securities for conversion
in accordance with the foregoing provisions, and at such time the rights of the
Holders of such Securities as Holders shall cease, and the Person or Persons
entitled to receive the Common Stock issuable upon conversion shall be treated
for all purposes as the record holder or holders of such Common Stock at such
time. As promptly as practicable on or after the conversion date, the Company
shall issue and deliver to the Trustee, for delivery to the Holder, a
certificate or certificates for the number of full shares of Common Stock
issuable upon conversion, together with payment in lieu of any fraction of a
share, as provided in Section 12.3.

         In the case of any Security which is converted in part only, upon
such conversion the Company shall execute and the Trustee shall authenticate
and deliver to the Holder thereof, at the expense of the Company, a new
Security or Securities of authorized denominations in an aggregate principal
amount equal to the unconverted portion of the principal amount of such
Security. A Security may be converted in part, but only if the principal
amount of such Security to be converted is an integral multiple of U.S.
$1,000 and the principal amount of such security to remain Outstanding after
such conversion is an integral multiple of $1,000.

                                      -71-
<PAGE>

         SECTION 12.3  FRACTIONS OF SHARES.

         No fractional shares of Common Stock shall be issued upon conversion
of any Security or Securities. If more than one Security shall be surrendered
for conversion at one time by the same Holder, the number of full shares
which shall be issuable upon conversion thereof shall be computed on the
basis of the aggregate principal amount of the Securities (or specified
portions thereof) so surrendered. Instead of any fractional share of Common
Stock which would otherwise be issuable upon conversion of any Security or
Securities (or specified portions thereof), the Company shall calculate and
pay a cash adjustment in respect of such fraction (calculated to the nearest
1/100th of a share) in an amount equal to the same fraction of the Closing
Price Per Share at the close of business on the day of conversion.

         SECTION 12.4  ADJUSTMENT OF CONVERSION RATE.

         The Conversion Rate shall be subject to adjustments from time to time
as follows:

         (1) In case the Company shall pay or make a dividend or other
distribution on shares of any class of capital stock of the Company payable in
shares of Common Stock, the Conversion Rate in effect at the opening of business
on the day following the date fixed for the determination of stockholders
entitled to receive such dividend or other distribution shall be increased by
dividing such Conversion Rate by a fraction of which the numerator shall be the
number of shares of Common Stock outstanding at the close of business on the
date fixed for such determination and the denominator shall be the sum of such
number of shares and the total number of shares constituting such dividend or
other distribution, such increase to become effective immediately after the
opening of business on the day following the date fixed for such determination.
If, after any such date fixed for determination, any dividend or distribution is
not in fact paid, the Conversion Rate shall be immediately readjusted, effective
as of the date the Board of Directors determines not to pay such dividend or
distribution, to the Conversion Rate that would have been in effect if such
determination date had not been fixed. For the purposes of this paragraph (1),
the number of shares of Common Stock at any time outstanding shall not include
shares held in the treasury of the Company but shall include shares issuable in
respect of scrip certificates issued in lieu of fractions of shares of Common
Stock. The Company will not pay any dividend or make any distribution on shares
of Common Stock held in the treasury of the Company.

         (2) In case the Company shall issue rights, options or warrants to all
holders of its Common Stock entitling them to subscribe for or purchase shares
of Common Stock at a price per share less than the current market price per
share (determined as provided in paragraph (8) of this Section 12.4) of the
Common Stock on the date fixed for the determination of stockholders entitled to
receive such rights, options or warrants (other than any rights, options or
warrants that by their terms will also be issued to any Holder upon conversion
of a Security into shares of Common Stock without any action required by the
Company or any other Person), the Conversion Rate in effect at the opening of
business on the day following the date fixed for such determination shall be
increased by dividing such Conversion Rate by a fraction of which the

                                      -72-
<PAGE>

numerator shall be the number of shares of Common Stock outstanding at the close
of business on the date fixed for such determination plus the number of shares
of Common Stock which the aggregate of the offering price of the total number of
shares of Common Stock so offered for subscription or purchase would purchase at
such current market price and the denominator shall be the number of shares of
Common Stock outstanding at the close of business on the date fixed for such
determination plus the number of shares of Common Stock so offered for
subscription or purchase, such increase to become effective immediately after
the opening of business on the day following the date fixed for such
determination. If, after any such date fixed for determination, any such rights,
options or warrants are not in fact issued, or are not exercised prior to the
expiration thereof, the Conversion Rate shall be immediately readjusted,
effective as of the date such rights, options or warrants expire, or the date
the Board of Directors determines not to issue such rights, options or warrants,
to the Conversion Rate that would have been in effect if the unexercised rights,
options or warrants had never been granted or such determination date had not
been fixed, as the case may be. For the purposes of this paragraph (2), the
number of shares of Common Stock at any time outstanding shall not include
shares held in the treasury of the Company but shall include shares issuable in
respect of scrip certificates issued in lieu of fractions of shares of Common
Stock. The Company will not issue any rights, options or warrants in respect of
shares of Common Stock held in the treasury of the Company.

         (3) In case the outstanding shares of Common Stock shall be subdivided
into a greater number of shares of Common Stock, the Conversion Rate in effect
at the opening of business on the day following the day upon which such
subdivision becomes effective shall be proportionately increased, and,
conversely, in case the outstanding shares of Common Stock shall be combined
into a smaller number of shares of Common Stock, the Conversion Rate in effect
at the opening of business on the day following the day upon which such
subdivision or combination becomes effective shall be proportionately reduced,
such increase or reduction, as the case may be, to become effective immediately
after the opening of business on the day following the day upon which such
subdivision or combination becomes effective.

         (4) In case the Company shall, by dividend or otherwise, distribute to
all holders of its Common Stock evidences of its indebtedness, shares of any
class of capital stock or other property (including cash or assets or
securities, but excluding (i) any rights, options or warrants referred to in
paragraph (2) of this Section, (ii) any dividend or distribution paid
exclusively in cash, (iii) any dividend or distribution referred to in paragraph
(1) of this Section and (iv) any mergers or consolidations to which Section
12.11 applies), the Conversion Rate shall be adjusted so that the same shall
equal the rate determined by dividing the Conversion Rate in effect immediately
prior to the close of business on the date fixed for the determination of
stockholders entitled to receive such distribution by a fraction of which the
numerator shall be the current market price per share (determined as provided in
paragraph (8) of this Section 12.4) of the Common Stock on the date fixed for
such determination less the then fair market value (as determined by the Board
of Directors, whose determination shall be conclusive and described in a Board
Resolution filed with the Trustee) of the portion of the assets, shares or
evidences of indebtedness so distributed applicable to one share of Common Stock
and the denominator shall be such current market price per share of the Common
Stock, such adjustment to become

                                      -73-
<PAGE>

effective immediately prior to the opening of business on the day following the
date fixed for the determination of stockholders entitled to receive such
distribution. If, after any such date fixed for determination, any such
distribution is not in fact made, the Conversion Rate shall be immediately
readjusted, effective as of the date that the Board of Directors determines not
to make such distribution, to the Conversion Rate that would have been in effect
if such determination date had not been fixed.

         (5) In case the Company shall, by dividend or otherwise, distribute to
all holders of its Common Stock cash (excluding any cash that is distributed as
part of a distribution referred to in paragraph (4) of this Section or cash
distributed upon a merger or consolidation to which Section 12.11 applies) in an
aggregate amount that, combined together with (I) the aggregate amount of any
other cash distributions to all holders of its Common Stock made exclusively in
cash within the 365-day period preceding the date of payment of such
distribution and in respect of which no adjustment pursuant to this paragraph
(5) has been made and (II) the aggregate of any cash plus the fair market value
(as determined by the Board of Directors, whose determination shall be
conclusive and described in a Board Resolution) of consideration payable in
respect of any tender offer by the Company or any of its Subsidiaries for all or
any portion of the Common Stock concluded within the 365-day period preceding
the date of payment of such distribution and in respect of which no adjustment
pursuant to paragraph (6) of this Section 12.4 has been made (the "combined cash
and tender amount") exceeds 10% of the product of the current market price per
share (determined as provided in paragraph (8) of this Section 12.4) of the
Common Stock on the date for the determination of holders of shares of Common
Stock entitled to receive such distribution times the number of shares of Common
Stock outstanding on such date (the "aggregate current market price"), then, and
in each such case, immediately after the close of business on such date for
determination, the Conversion Rate shall be adjusted so that the same shall
equal the rate determined by dividing the Conversion Rate in effect immediately
prior to the close of business on the date fixed for determination of the
stockholders entitled to receive such distribution by a fraction (i) the
numerator of which shall be equal to the current market price per share
(determined as provided in paragraph (8) of this Section) of the Common Stock on
the date fixed for such determination less an amount equal to the quotient of
(x) the excess of such combined cash and tender amount over such aggregate
current market price divided by (y) the number of shares of Common Stock
outstanding on such date for determination and (ii) the denominator of which
shall be equal to the current market price per share (determined as provided in
paragraph (8) of this Section 12.4) of the Common Stock on such date fixed for
determination.

         (6) In case a tender offer made by the Company or any Subsidiary for
all or any portion of the Common Stock shall expire and such tender offer (as
amended upon the expiration thereof) shall require the payment to stockholders
(based on the acceptance (up to any maximum specified in the terms of the tender
offer) of Purchased Shares (as defined below)) of an aggregate consideration
having a fair market value (as determined by the Board of Directors, whose
determination shall be conclusive and described in a Board Resolution) that
combined together with (I) the aggregate of the cash plus the fair market value
(as determined by the Board of Directors, whose determination shall be
conclusive and described in a Board Resolution), as of

                                      -74-
<PAGE>

the expiration of such tender offer, of consideration payable in respect of any
other tender offer by the Company or any Subsidiary for all or any portion of
the Common Stock expiring within the 365-day period preceding the expiration of
such tender offer and in respect of which no adjustment pursuant to this
paragraph (6) has been made and (II) the aggregate amount of any cash
distributions to all holders of the Common Stock within the 365-day period
preceding the expiration of such tender offer and in respect of which no
adjustment pursuant to paragraph (5) of this Section has been made (the
"combined tender and cash amount") exceeds ___% of the product of the current
market price per share of the Common Stock (determined as provided in paragraph
(8) of this Section 12.4) as of the last time (the "Expiration Time") tenders
could have been made pursuant to such tender offer (as it may be amended) times
the number of shares of Common Stock outstanding (including any tendered shares)
as of the Expiration Time, then, and in each such case, immediately prior to the
opening of business on the day after the date of the Expiration Time, the
Conversion Rate shall be adjusted so that the same shall equal the rate
determined by dividing the Conversion Rate immediately prior to close of
business on the date of the Expiration Time by a fraction (i) the numerator of
which shall be equal to (A) the product of (I) the current market price per
share of the Common Stock (determined as provided in paragraph (8) of this
Section 12.4) on the date of the Expiration Time multiplied by (II) the number
of shares of Common Stock outstanding (including any tendered shares) on the
Expiration Time less (B) the combined tender and cash amount, and (ii) the
denominator of which shall be equal to the product of (A) the current market
price per share of the Common Stock (determined as provided in paragraph (8) of
this Section 12.4) as of the Expiration Time multiplied by (B) the number of
shares of Common Stock outstanding (including any tendered shares) as of the
Expiration Time less the number of all shares validly tendered and not withdrawn
as of the Expiration Time (the shares deemed so accepted up to any such maximum,
being referred to as the "Purchased Shares").

         (7) The reclassification of Common Stock into securities other than
Common Stock (other than any reclassification upon a consolidation or merger to
which Section 12.11 applies) shall be deemed to involve (a) a distribution of
such securities other than Common Stock to all holders of Common Stock (and the
effective date of such reclassification shall be deemed to be "the date fixed
for the determination of stockholders entitled to receive such distribution" and
"the date fixed for such determination" within the meaning of paragraph (4) of
this Section), and (b) a subdivision or combination, as the case may be, of the
number of shares of Common Stock outstanding immediately prior to such
reclassification into the number of shares of Common Stock outstanding
immediately thereafter (and the effective date of such reclassification shall be
deemed to be "the day upon which such subdivision becomes effective" or "the day
upon which such combination becomes effective", as the case may be, and "the day
upon which such subdivision or combination becomes effective" within the meaning
of paragraph (3) of this Section 12.4).

         (8) For the purpose of any computation under paragraphs (2), (4), (5)
or (6) of this Section 12.4, the current market price per share of Common Stock
on any date shall be calculated by the Company and be deemed to be the average
of the daily Closing Prices Per Share for the five consecutive Trading Days
selected by the Company commencing not more than 10 Trading

                                      -75-
<PAGE>

Days before, and ending not later than the earlier of the day in question and
the day before the "ex" date with respect to the issuance or distribution
requiring such computation. For purposes of this paragraph, the term "'ex'
date", when used with respect to any issuance or distribution, means the first
date on which the Common Stock trades the regular way in the applicable
securities market or on the applicable securities exchange without the right to
receive such issuance or distribution.

         (9) No adjustment in the Conversion Rate shall be required unless such
adjustment (plus any adjustments not previously made by reason of this paragraph
(9)) would require an increase or decrease of at least one percent in such rate;
provided, however, that any adjustments which by reason of this paragraph (9)
are not required to be made shall be carried forward and taken into account in
any subsequent adjustment. All calculations under this Article shall be made to
the nearest cent or to the nearest one-hundredth of a share, as the case may be.

         (10) The Company may in its sole discretion make such increases in the
Conversion Rate, for the remaining term of the Securities or any shorter term,
in addition to those required by paragraphs (1), (2), (3), (4), (5) and (6) of
this Section 12.4, as it considers to be advisable in order to avoid or diminish
any income tax liability to any holders of shares of Common Stock resulting from
any dividend or distribution of stock or issuance of rights or warrants to
purchase or subscribe for stock or from any event treated as such for income tax
purposes. The Company shall have the power to resolve any ambiguity or correct
any error in this paragraph (10) and its actions in so doing shall, absent
manifest error, be final and conclusive.

         (11) Notwithstanding the foregoing provisions of this Section, no
adjustment of the Conversion Rate shall be required to be made (a) upon the
issuance of shares of Common Stock pursuant to any present or future plan for
the reinvestment of dividends or (b) because of a tender or exchange offer of
the character described in Rule 13e-4(h)(5) under the Exchange Act or any
successor rule thereto.

         (12) To the extent permitted by applicable law, the Company from time
to time may increase the Conversion Rate by any amount for any period of time if
the period is at least twenty (20) days and the Board of Directors shall have
made a determination that such increase would be in the best interests of the
Company, which determination shall be conclusive; provided, however, that no
such increase shall be taken into account for purposes of determining whether
the Closing Price Per Share of the Common Stock equals or exceeds ____% of the
Conversion Price in connection with an event which would otherwise be a Change
of Control pursuant to Section 14.4. Whenever the Conversion Rate is increased
pursuant to the preceding sentence, the Company shall give notice of the
increase to the Holders in the manner provided in Section 1.6 at least fifteen
(15) days prior to the date the increased Conversion Rate takes effect, and such
notice shall state the increased Conversion Rate and the period during which it
will be in effect.

         SECTION 12.5  NOTICE OF ADJUSTMENTS OF CONVERSION RATE.

         Whenever the Conversion Rate is adjusted as herein provided:

                                      -76-
<PAGE>

         (1) the Company shall compute the adjusted Conversion Rate in
accordance with Section 12.4 and shall prepare a certificate signed by the Chief
Financial Officer of the Company setting forth the adjusted Conversion Rate and
showing in reasonable detail the facts upon which such adjustment is based, and
such certificate shall promptly be filed with the Trustee and with each
Conversion Agent; and

         (2) upon each such adjustment, a notice stating that the Conversion
Rate has been adjusted and setting forth the adjusted Conversion Rate shall be
required, and as soon as practicable after it is required, such notice shall be
provided by the Company to all Holders in accordance with Section 1.6.

         Neither the Trustee nor any Conversion Agent shall be under any duty or
responsibility with respect to any such certificate or the information and
calculations contained therein, except to exhibit the same to any Holder
desiring inspection thereof at its office during normal business hours, and
shall not be deemed to have knowledge of any adjustment in the Conversion Rate
unless and until a Responsible Officer of the Trustee shall have received such a
certificate. Until a Responsible Officer of the Trustee receives such a
certificate, the Trustee and each Conversion Agent may assume without inquiry
that the last Conversion Rate of which the Trustee has knowledge of remains in
effect.

         SECTION 12.6  NOTICE OF CERTAIN CORPORATE ACTION.

         In case:

         (1) the Company shall declare a dividend (or any other distribution) on
its Common Stock payable (i) otherwise than exclusively in cash or (ii)
exclusively in cash in an amount that would require any adjustment pursuant to
Section 12.4; or

         (2) the Company shall authorize the granting to all or substantially
all of the holders of its Common Stock of rights, options or warrants to
subscribe for or purchase any shares of capital stock of any class or of any
other rights; or

         (3) of any reclassification of the Common Stock, or of any
consolidation, merger or share exchange to which the Company is a party and for
which approval of any stockholders of the Company is required, or of the
conveyance, sale, transfer or lease of all or substantially all of the assets of
the Company; or

         (4) of the voluntary or involuntary dissolution, liquidation or winding
up of the Company; then the Company shall cause to be filed at each office or
agency maintained for the purpose of conversion of Securities pursuant to
Section 10.2, and shall cause to be provided to all Holders in accordance with
Section 1.6, at least 20 days (or 10 days in any case specified in clause (1) or
(2) above) prior to the applicable record or effective date hereinafter
specified, a notice stating (x) the date on which a record is to be taken for
the purpose of such dividend,

                                      -77-
<PAGE>

distribution, rights, options or warrants, or, if a record is not to be taken,
the date as of which the holders of Common Stock of record to be entitled to
such dividend, distribution, rights, options or warrants are to be determined or
(y) the date on which such reclassification, consolidation, merger, conveyance,
transfer, sale, lease, dissolution, liquidation or winding up is expected to
become effective, and the date as of which it is expected that holders of Common
Stock of record shall be entitled to exchange their shares of Common Stock for
securities, cash or other property deliverable upon such reclassification,
consolidation, merger, conveyance, transfer, sale, lease, dissolution,
liquidation or winding up. Neither the failure to give such notice or the notice
referred to in the following paragraph nor any defect therein shall affect the
legality or validity of the proceedings described in clauses (1) through (4) of
this Section 12.6. If at the time the Trustee shall not be the Conversion Agent,
a copy of such notice shall also forthwith be filed by the Company with the
Trustee. The Company shall cause to be filed at each office or agency maintained
for the purpose of conversion of Securities pursuant to Section 10.2, and shall
cause to be provided to all Holders in accordance with Section 1.6, notice of
any tender offer by the Company or any Subsidiary for all or any portion of the
Common Stock at or about the time that such notice of tender offer is provided
to the public generally.

         SECTION 12.7  COMPANY TO RESERVE COMMON STOCK.

         The Company shall at all times reserve and keep available, free from
preemptive rights, out of its authorized but unissued Common Stock, for the
purpose of effecting the conversion of Securities, the full number of shares of
Common Stock then issuable upon the conversion of all Outstanding Securities.

         SECTION 12.8  TAXES ON CONVERSIONS.

         Except as provided in the next sentence, the Company will pay any and
all taxes and duties that may be payable in respect of the issue or delivery of
shares of Common Stock on conversion of Securities pursuant hereto. The Company
shall not, however, be required to pay any tax or duty which may be payable in
respect of any transfer involved in the issue and delivery of shares of Common
Stock in a name other than that of the Holder of the Security or Securities to
be converted, and no such issue or delivery shall be made unless and until the
Person requesting such issue has paid to the Company the amount of any such tax
or duty, or has established to the satisfaction of the Company that such tax or
duty has been paid.

         SECTION 12.9  COVENANT AS TO COMMON STOCK.

         The Company agrees that all shares of Common Stock which may be
delivered upon conversion of Securities, upon such delivery, will have been duly
authorized and validly issued and will be fully paid and nonassessable and,
except as provided in Section 12.8, the Company will pay all taxes, liens and
charges with respect to the issue thereof.

                                      -78-
<PAGE>

         SECTION 12.10  CANCELLATION OF CONVERTED SECURITIES.

         All Securities delivered for conversion shall be delivered to the
Trustee or its agent to be canceled by or at the direction of the Trustee, which
shall dispose of the same as provided in Section 3.9.

         SECTION 12.11  PROVISION IN CASE OF CONSOLIDATION, MERGER OR SALE OF
ASSETS.

         In case of any consolidation or merger of the Company with or into any
other Person, any merger of another Person with or into the Company (other than
a merger which does not result in any reclassification, conversion, exchange or
cancellation of outstanding shares of Common Stock of the Company) or any
conveyance, sale, transfer or lease of all or substantially all of the assets of
the Company, the Person formed by such consolidation or resulting from such
merger or which acquires such assets, as the case may be, shall execute and
deliver to the Trustee a supplemental indenture providing that the Holder of
each Security then Outstanding shall have the right thereafter, during the
period such Security shall be convertible as specified in Section 12.1, to
convert such Security only into the kind and amount of securities, cash and
other property receivable upon such consolidation, merger, conveyance, sale,
transfer or lease by a holder of the number of shares of Common Stock of the
Company into which such Security might have been converted immediately prior to
such consolidation, merger, conveyance, sale, transfer or lease, assuming such
holder of Common Stock of the Company (i) is not (A) a Person with which the
Company consolidated or merged with or into or which merged into or with the
Company or to which such conveyance, sale, transfer or lease was made, as the
case may be (a "Constituent Person"), or (B) an Affiliate of a Constituent
Person and (ii) failed to exercise his rights of election, if any, as to the
kind or amount of securities, cash and other property receivable upon such
consolidation, merger, conveyance, sale, transfer or lease (provided that if the
kind or amount of securities, cash and other property receivable upon such
consolidation, merger, conveyance, sale, transfer, or lease is not the same for
each share of Common Stock of the Company held immediately prior to such
consolidation, merger, conveyance, sale, transfer or lease by others than a
Constituent Person or an Affiliate thereof and in respect of which such rights
of election shall not have been exercised ("Non-electing Share"), then for the
purpose of this Section 12.11 the kind and amount of securities, cash and other
property receivable upon such consolidation, merger, conveyance, sale, transfer
or lease by the holders of each Non-electing Share shall be deemed to be the
kind and amount so receivable per share by a plurality of the Non-electing
Shares). Such supplemental indenture shall provide for adjustments which, for
events subsequent to the effective date of such supplemental indenture, shall be
as nearly equivalent as may be practicable to the adjustments provided for in
this Article. The above provisions of this Section 12.11 shall similarly apply
to successive consolidations, mergers, conveyances, sales, transfers or leases.
Notice of the execution of such a supplemental indenture shall be given by the
Company to the Holder of each Security as provided in Section 1.6 promptly upon
such execution.

         Neither the Trustee nor any Conversion Agent shall be under any
responsibility to determine the correctness of any provisions contained in any
such supplemental indenture relating either to the kind or amount of shares of
stock or other securities or property or cash

                                      -79-
<PAGE>

receivable by Holders upon the conversion of their Securities after any such
consolidation, merger, conveyance, transfer, sale or lease or to any such
adjustment, but may accept as conclusive evidence of the correctness of any such
provisions, and shall be protected in relying upon, an Officers' Certificate or
Opinion of Counsel with respect thereto, which the Company shall cause to be
furnished to the Trustee upon request.

         SECTION 12.12  RIGHTS ISSUED IN RESPECT OF COMMON STOCK.

         Rights, options or warrants distributed by the Company to all holders
of Common Stock entitling the holders thereof to subscribe for or purchase
shares of the Company's capital stock (either initially or under certain
circumstances), which rights, options or warrants, until the occurrence of a
specified event or events ("Trigger Event"):

         (i)      are deemed to be transferred with such shares of Common Stock,

         (ii)     are not exercisable, and

         (iii)    are also issued in respect of future issuances of Common Stock

shall not be deemed distributed for purposes of Section 12.4(2) until the
occurrence of the earliest Trigger Event. If such right, option or warrant is
subject to subsequent events, upon the occurrence of which such right, option or
warrant shall become exercisable to purchase different securities, evidences of
indebtedness or other assets or entitle the holder to purchase a different
number or amount of the foregoing or to purchase any of the foregoing at a
different purchase price, then the occurrence of each such event shall be deemed
to be the date of issuance and record date with respect to a new right, option
or warrant (and a termination or expiration of the existing right, option or
warrant without exercise by the holder thereof). In addition, in the event of
any distribution (or deemed distribution) of rights, options or warrants, or any
Trigger Event or other event (of the type described in the preceding sentence)
with respect thereto, that shall have resulted in an adjustment to the
Conversion Rate under Section 12.4(2), (1) in the case of any such rights,
options or warrants which shall all have been redeemed or repurchased without
exercise by any holders thereof, the Conversion Rate shall be readjusted upon
such final redemption or repurchase to give effect to such distribution or
Trigger Event, as the case may be, as though it were a cash distribution, equal
to the per share redemption or repurchase price received by a holder of Common
Stock with respect to such rights, options or warrants (assuming such holder had
retained such rights, options or warrants), made to all holders of Common Stock
as of the date of such redemption or repurchase, and (2) in the case of any such
rights, options or warrants all of which shall have expired without exercise by
any holder thereof, the Conversion Price shall be readjusted as if such issuance
had not occurred.

                                      -80-
<PAGE>

         SECTION 12.13  RESPONSIBILITY OF TRUSTEE FOR CONVERSION PROVISIONS.

         The Trustee, subject to the provisions of Section 6.1, and any
Conversion Agent shall not at any time be under any duty or responsibility to
any Holder to determine whether any facts exist which may require any adjustment
of the Conversion Rate, or with respect to the nature or extent of any such
adjustment when made, or with respect to the method employed, or herein or in
any supplemental indenture provided to be employed, in making the same, or
whether a supplemental indenture need be entered into. Neither the Trustee,
subject to the provisions of Section 6.1, nor any Conversion Agent shall be
accountable with respect to the validity or value (or the kind or amount) of any
Common Stock, or of any other securities or property or cash, which may at any
time be issued or delivered upon the conversion of any Security; and it or they
do not make any representation with respect thereto. Neither the Trustee,
subject to the provisions of Section 6.1, nor any Conversion Agent shall be
responsible for any failure of the Company to make or calculate any cash payment
or to issue, transfer or deliver any shares of Common Stock or share
certificates or other securities or property or cash upon the surrender of any
Security for the purpose of conversion; and the Trustee, subject to the
provisions of Section 6.1, and any Conversion Agent shall not be responsible for
any failure of the Company to comply with any of the covenants of the Company
contained in this Article.](68)

----------
         (68) INSERT IF SECURITIES ARE CONVERTIBLE

                                      -81-
<PAGE>

                                  ARTICLE XIII

                     REPURCHASE OF SECURITIES AT THE OPTION
                     OF THE HOLDER UPON A CHANGE IN CONTROL

         SECTION 13.1 RIGHT TO REQUIRE REPURCHASE.

         In the event that a Change in Control (as hereinafter defined) shall
occur, then each Holder shall have the right, at the Holder's option, but
subject to the provisions of Section 13.2, to require the Company to repurchase,
and upon the exercise of such right the Company shall repurchase, all of such
Holder's Securities not theretofore called for redemption, or any portion of the
principal amount thereof that an integral multiple of U.S. $1,000 (provided that
no single Security may be repurchased in part unless the portion of the
principal amount of such Security to be Outstanding after such repurchase is
equal to an integral multiple of U.S. $1,000), on the date (the "Repurchase
Date") that is 45 days after the date of the Company Notice (as defined in
Section 13.3) at a purchase price equal to _____% of the principal amount of the
Securities to be repurchased plus interest accrued to the Repurchase Date (the
"Repurchase Price"); provided, however, that installments of interest on
Securities whose Stated Maturity is on or prior to the Repurchase Date shall be
payable to the Holders of such Securities, or one or more Predecessor
Securities, registered as such on the relevant Record Date according to their
terms and the provisions of Section 3.7. Such right to require the repurchase of
the Securities shall not continue after a discharge of the Company from its
obligations with respect to the Securities in accordance with Article IV, unless
a Change in Control shall have occurred prior to such discharge. At the option
of the Company, the Repurchase Price may be paid in cash or, subject to the
fulfillment by the Company of the conditions set forth Section 13.2, by delivery
of shares of Common Stock having a fair market value equal to the Repurchase
Price. Whenever in this Indenture (including Sections 2.2, 3.1, 5.1(1) and 5.8)
there is a reference, in any context, to the principal of any Security as of any
time, such reference shall be deemed to include reference to the Repurchase
Price payable in respect of such Security to the extent that such Repurchase
Price is, was or would be so payable at such time, and express mention of the
Repurchase Price in any provision of this Indenture shall not be construed as
excluding the Repurchase Price in those provisions of this Indenture when such
express mention is not made; provided, however, that for the purposes of Article
XIII such reference shall be deemed to include reference to the Repurchase Price
only to the extent the Repurchase Price is payable in cash.

         SECTION 13.2 CONDITIONS TO THE COMPANY'S ELECTION TO PAY THE REPURCHASE
PRICE OR THE MAKE-WHOLE PAYMENT IN COMMON STOCK.

         The Company may elect to pay the Repurchase Price by delivery of shares
of Common Stock pursuant to Section 13.1, and the Company may elect to pay the
Make-Whole Payment by delivery of shares of Common Stock pursuant to Section
2.2, if and only if the following conditions shall have been satisfied:

                                      -82-
<PAGE>

         (1) The shares of Common Stock deliverable in payment of the Repurchase
Price or Make-Whole Payment, as the case may be, shall have a fair market value
as of the Repurchase Date or the Redemption Date, as the case may be, of not
less than the Repurchase Price or Make-Whole Payment, as the case may be. For
purposes of Section 13.1 and this Section 13.2, the fair market value of shares
of Common Stock shall be determined by the Company and shall be equal to ____%
of the average of the Closing Price Per Share for the five consecutive Trading
Days immediately preceding and including the third Trading Day prior to the
Repurchase Date or the Redemption Date, as the case may be;

         (2) The Repurchase Price or Make-Whole Payment, as the case may be,
shall be paid only in cash in the event any shares of Common Stock to be issued
upon repurchase or redemption, as the case may be, of Securities hereunder (i)
require registration under any federal securities law before such shares may be
freely transferable without being subject to any transfer restrictions under the
Securities Act upon repurchase and if such registration is not completed or does
not become effective prior to the Repurchase Date or the Redemption Date, as the
case may be, and/or (ii) require registration with or approval of any
governmental authority under any state law or any other federal law before such
shares may be validly issued or delivered upon repurchase or redemption, as the
case may be, and if such registration is not completed or does not become
effective or such approval is not obtained prior to the Repurchase Date or the
Redemption Date, as the case may be;

         (3) Payment of the Repurchase Price or Make-Whole Payment, as the case
may be, may not be made in Common Stock unless such stock is, or shall have
been, approved for quotation on the Nasdaq National Market or listed on a
national securities exchange, in either case, prior to the Repurchase Date or
the Redemption Date, as the case may be; and

         (4) All shares of Common Stock which may be issued upon repurchase or
redemption, as the case may be, of Securities will be issued out of the
Company's authorized but unissued Common Stock and, will upon issue, be duly and
validly issued and fully paid and non-assessable and free of any preemptive
rights or rights of first refusal.

         If all of the conditions set forth in this Section 13.2 are not
satisfied in accordance with the terms thereof, the Repurchase Price or
Make-Whole Payment, as the case may be, shall be paid by the Company only in
cash.

         SECTION 13.3  NOTICES; METHOD OF EXERCISING REPURCHASE RIGHT, ETC.

         (1) Unless the Company shall have theretofore called for redemption all
of the Outstanding Securities, on or before the 30th day after the occurrence of
a Change in Control, the Company or, at the request and expense of the Company
on or before the 30th day after such occurrence, the Trustee, shall give to all
Holders, in the manner provided in Section 1.6, notice (the "Company Notice") of
the occurrence of the Change of Control and of the repurchase right set forth
herein arising as a result thereof. The Company shall also deliver a copy of
such notice

                                      -83-
<PAGE>

of a repurchase right to the Trustee and notify one or more
nationally-recognized reporting institutions such as Bloomberg of the Change in
Control and repurchase right.

         Each notice of a repurchase right shall state:

                  (i)      the Repurchase Date,

                  (ii)     the date by which the repurchase right must be
         exercised,

                  (iii) the Repurchase Price, and whether the Repurchase Price
         shall be paid by the Company in cash or by delivery of shares of Common
         Stock,

                  (iv) a description of the procedure which a Holder must follow
         to exercise a repurchase right, and the place or places where such
         Securities are to be surrendered for payment of the Repurchase Price
         and accrued interest, if any to the Repurchase Date,

                  (v) that on the Repurchase Date the Repurchase Price, and
         accrued interest, if any to the Repurchase Date, will become due and
         payable upon each such Security designated by the Holder to be
         repurchased, and that interest thereon shall cease to accrue on and
         after said date,

                  [(vi) the Conversion Rate then in effect, the date on which
         the right to convert the principal amount of the Securities to be
         repurchased will terminate and the place or places where such
         Securities may be surrendered for conversion,](69) and

                  (vii) the place or places that the Notice of Election of
         Holder to Require Repurchase as specified in Section 2.2 shall be
         delivered.

         No failure of the Company to give the foregoing notices or defect
therein shall limit any Holder's right to exercise a repurchase right or affect
the validity of the proceedings for the repurchase of Securities.

         If any of the foregoing provisions or other provisions of this Article
XIV are inconsistent with applicable law, such law shall govern.

         (2) To exercise a repurchase right, a Holder shall deliver to the
Trustee on or before the 30th day after the date of the Company Notice (i)
irrevocable written notice of the Holder's exercise of such right, which notice
shall set forth the name of the Holder, the principal amount of the Securities
to be repurchased (and, if any Security is to repurchased in part, the serial
number thereof, the portion of the principal amount thereof to be repurchased
and the name of the Person in which the portion thereof to remain Outstanding
after such repurchase is to be

----------
         (69) INSERT IF SECURITIES ARE CONVERTIBLE

                                      -84-
<PAGE>

registered) and a statement that an election to exercise the repurchase right is
being made thereby, and, in the event that the Repurchase Price shall be paid in
shares of Common Stock, the name or names (with addresses) in which the
certificate or certificates for shares of Common Stock shall be issued, and (ii)
the Securities with respect to which the repurchase right is being exercised.
Such written notice shall be irrevocable[, except that the right of the Holder
to convert the Securities with respect to which the repurchase right is being
exercised shall continue until the close of business on the Business Day
immediately preceding the Repurchase Date](70).

         (3) In the event that a repurchase right shall be exercised in
accordance with the terms hereof, the Company shall pay or cause to be paid to
the Trustee the Repurchase Price in cash or shares of Common Stock, as provided
above, for payment to the Holder on the Repurchase Date or, if shares of Common
Stock are to be paid, as promptly after the Repurchase Date as practicable,
together with accrued and unpaid interest to the Repurchase Date payable with
respect to the Securities as to which the repurchase right has been exercised;
provided, however, that installments of interest that mature on or prior to the
Repurchase Date shall be payable in cash to the Holders of such Securities, or
one or more Predecessor Securities, registered as such at the close of business
on the relevant Regular Record Date.

         (4) If any Security (or portion thereof) surrendered for repurchase
shall not be so paid on the Repurchase Date, the principal amount of such
Security (or portion thereof, as the case may be) shall, until paid, bear
interest to the extent permitted by applicable law from the Repurchase Date at
the rate of _____% per annum[, and each Security shall remain convertible into
Common Stock until the principal of such Security (or portion thereof, as the
case may be) shall have been paid or duly provided for](71).

         (5) Any Security which is to be repurchased only in part shall be
surrendered to the Trustee (with, if the Company or the Trustee so requires, due
endorsement by, or a written instrument of transfer in form satisfactory to the
Company and the Trustee duly executed by, the Holder thereof or his attorney
duly authorized in writing), and the Company shall execute, and the Trustee
shall authenticate and make available for delivery to the Holder of such
Security without service charge, a new Security or Securities, containing
identical terms and conditions, each in an authorized denomination in aggregate
principal amount equal to and in exchange for the unrepurchased portion of the
principal of the Security so surrendered.

         (6) Any issuance of shares of Common Stock in respect of the Repurchase
Price shall be deemed to have been effected immediately prior to the close of
business on the Repurchase Date and the Person or Persons in whose name or names
any certificate or certificates for shares of Common Stock shall be issuable
upon such repurchase shall be deemed to have become on the Repurchase Date the
holder or holders of record of the shares represented thereby; provided,
however, that any surrender for repurchase on a date when the stock transfer
books of the

----------
         (70) INSERT IF SECURITIES ARE CONVERTIBLE

         (71) INSERT IF SECURITIES ARE CONVERTIBLE

                                      -85-
<PAGE>

Company shall be closed shall constitute the Person or Persons in whose name or
names the certificate or certificates for such shares are to be issued as the
record holder or holders thereof for all purposes at the opening of business on
the next succeeding day on which such stock transfer books are open. No payment
or adjustment shall be made for dividends or distributions on any Common Stock
issued upon repurchase of any Security declared prior to the Repurchase Date.

         (7) No fractions of shares shall be issued upon repurchase of
Securities. If more than one Security shall be repurchased from the same Holder
and the Repurchase Price shall be payable in shares of Common Stock, the number
of full shares which shall be issuable upon such repurchase shall be computed on
the basis of the aggregate principal amount of the Securities so repurchased.
Instead of any fractional share of Common Stock which would otherwise be
issuable on the repurchase of any Security or Securities, the Company will
deliver to the applicable Holder its check for the current market value of such
fractional share. The current market value of a fraction of a share is
determined by multiplying the current market price of a full share by the
fraction, and rounding the result to the nearest cent. For purposes of this
Section, the current market price of a share of Common Stock is the Closing
Price Per Share on the Trading Day immediately preceding the Repurchase Date.

         (8) Any issuance and delivery of certificates for shares of Common
Stock on repurchase of Securities shall be made without charge to the Holder
being repurchased for such certificates or for any tax or duty in respect of the
issuance or delivery of such certificates or the securities represented thereby;
provided, however, that the Company shall not be required to pay any tax or duty
which may be payable in respect of (i) income of the Holder or (ii) any transfer
involved in the issuance or delivery of certificates for shares of Common Stock
in a name other than that of the Holder of the Securities being repurchased, and
no such issuance or delivery shall be made unless and until the Person
requesting such issuance or delivery has paid to the Company the amount of any
such tax or duty or has established, to the reasonable satisfaction of the
Company, that such tax or duty has been paid.

         (9) All Securities delivered for repurchase shall be delivered to the
Trustee to be canceled at the direction of the Trustee, which shall dispose of
the same as provided in Section 3.9.

         SECTION 13.4  CERTAIN DEFINITIONS.

         For purposes of this Article XIII,

         (1) the term "beneficial owner" shall be determined in accordance with
Rule 13d-3, as in effect on the date of the original execution of this
Indenture, promulgated by the Commission pursuant to the Exchange Act;

         (2) a "Change in Control" shall be deemed to have occurred at the time,
after the original issuance of the Securities, of:

                                      -86-
<PAGE>

                  (i) the acquisition by any Person of beneficial ownership,
         directly or indirectly, through a purchase, merger or other acquisition
         transaction or series of transactions, of shares of capital stock of
         the Company entitling such person to exercise 50% or more of the total
         voting power of all shares of capital stock of the Company entitled to
         vote generally in the elections of directors, other than any such
         acquisition by the Company, any subsidiary of the Company or any
         employee benefit plan of the Company; or

                  (ii) any consolidation of the Company with, or merger of the
         Company into, any other Person, any merger of another Person into the
         Company, or any conveyance, sale, transfer or lease of all or
         substantially all of the assets of the Company to another Person (other
         than (a) any such transaction [(X)](72) which does not result in any
         reclassification, conversion, exchange or cancellation of outstanding
         shares of capital stock of the Company and (y) pursuant to which the
         holders of the Common Stock immediately prior to such transaction have
         the entitlement to exercise, directly or indirectly, 50% or more of the
         total voting power of all shares of capital stock entitled to vote
         generally in the election of directors of the continuing or surviving
         Person immediately after such transaction and (b) any merger which is
         effected solely to change the jurisdiction of incorporation of the
         Company and results in a reclassification, conversion or exchange of
         outstanding shares of Common Stock into solely shares of common stock);
         provided, however, that a Change in Control shall not be deemed to have
         occurred if (x) the Closing Price Per Share on any five Trading Days
         within the period of 10 consecutive Trading Days ending immediately
         after the later of the date of the Change in Control or the date of the
         public announcement of the Change in Control (in the case of a Change
         in Control under clause (i) above) or the period of 10 consecutive
         Trading Days ending immediately before the Change in Control (in the
         case of a Change in Control under clause (ii) above) shall equal or
         exceed _______________ [or (y) all of the consideration (excluding cash
         payments for fractional shares and cash payments made pursuant to
         dissenters' appraisal rights) in a merger or consolidation otherwise
         constituting a Change of Control under clause (i) and/or clause (ii)
         above consists of shares of common stock traded on a national
         securities exchange or quoted on the Nasdaq National Market (or will be
         so traded or quoted immediately following such merger or consolidation)
         and as a result of such merger or consolidation the notes become
         convertible into such common stock](73).

         [(3) the term "Conversion Price" shall equal U.S. $1,000 divided by the
Conversion Rate (rounded to the nearest cent)(74); and

----------
         (72) INSERT IF SECURITIES ARE CONVERTIBLE

         (73) INSERT IF SECURITIES ARE CONVERTIBLE

         (74) INSERT IF SECURITIES ARE CONVERTIBLE

                                      -87-
<PAGE>

         (4) for purposes of Section 13.4(2)(i), the term "Person" shall include
any syndicate or group which would be deemed to be a "Person" under Section
13(d)(3) of the Exchange Act, as in effect on the date of the original execution
of this Indenture.

         [SECTION 13.5  CONSOLIDATION, MERGER, ETC.

         In the case of any merger, consolidation, conveyance, sale, transfer or
lease of all or substantially all of the assets of the Company to which Section
12.11 applies, in which the Common Stock of the Company is changed or exchanged
as a result into the right to receive shares of stock and other securities or
property or assets (including cash) which includes shares of Common Stock of the
Company or common stock of another Person that are, or upon issuance will be,
traded on a United States national securities exchange or approved for trading
on an established automated over-the-counter trading market in the United States
and such shares constitute at the time such change or exchange becomes effective
in excess of 50% of the aggregate fair market value of such shares of stock and
other securities, property and assets (including cash) (as determined by the
Company, which determination shall be conclusive and binding), then the Person
formed by such consolidation or resulting from such merger or combination or
which acquires the properties or assets (including cash) of the Company, as the
case may be, shall execute and deliver to the Trustee a supplemental indenture
(which shall comply with the Trust Indenture Act as in force at the date of
execution of such supplemental indenture) modifying the provisions of this
Indenture relating to the right of Holders to cause the Company to repurchase
the Securities following a Change in Control, including without limitation the
applicable provisions of this Article XIII and the definitions of the Common
Stock and Change in Control, as appropriate, and such other related definitions
set forth herein as determined in good faith by the Company (which determination
shall be conclusive and binding), to make such provisions apply in the event of
a subsequent Change in Control to the common stock and the issuer thereof if
different from the Company and Common Stock of the Company (in lieu of the
Company and the Common Stock of the Company).](75)

                                   ARTICLE XIV

         HOLDERS LISTS AND REPORTS BY TRUSTEE AND COMPANY; NON-RECOURSE

         SECTION 14.1  COMPANY TO FURNISH TRUSTEE NAMES AND ADDRESSES OF
HOLDERS.

         The Company will furnish or cause to be furnished to the Trustee:

----------
         (75) INSERT IF SECURITIES ARE CONVERTIBLE

                                      -88-
<PAGE>

         (1) semi-annually, not more than 15 days after the Regular Record Date,
a list, in such form as the Trustee may reasonably require, of the names and
addresses of the Holders as of such Regular Record Date, and

         (2) at such other times as the Trustee may reasonably request in
writing, within 30 days after the receipt by the Company of any such request, a
list of similar form and content as of a date not more than 15 days prior to the
time such list is furnished; excluding from any such list names and addresses
received by the Trustee acting in its capacity as Security Registrar.

         SECTION 14.2  PRESERVATION OF INFORMATION.

         (1) 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 14.1 and the names and
addresses of Holders received by the Trustee in its capacity as Security
Registrar. The Trustee may destroy any list, if any, furnished to it as provided
in Section 14.1 upon receipt of a new list so furnished.

         (2) The rights of Holders to communicate with other Holders with
respect to their rights under this Indenture or under the Securities, and the
corresponding rights and duties of the Trustee, shall be as provided by the
Trust Indenture Act.

         (3) Every Holder, 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 any disclosure of
information as to names and addresses of Holders made pursuant to the Trust
Indenture Act.

         SECTION 14.3  REPORTS BY TRUSTEE.

         (1) The Trustee shall transmit to Holders such reports concerning the
Trustee and its actions under this Indenture as may be required pursuant to the
Trust Indenture Act at the times and in the manner provided pursuant thereto.

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

         SECTION 14.4  REPORTS BY COMPANY.

         The Company shall file with the Trustee and the Commission, and
transmit to Holders, such information, documents and other reports, and such
summaries thereof, as may be required pursuant to the Trust Indenture Act at the
times and in the manner provided pursuant to the Trust Indenture Act; provided
that any such information, documents or reports required to be filed with

                                      -89-
<PAGE>

the Commission pursuant to Section 13 or 15(d) of the Exchange Act shall be
filed with the Trustee within 15 days after the same is so required to be filed
with the Commission.

                                   ARTICLE XV

         IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS

         SECTION 15.1 INDENTURE AND SECURITIES SOLELY CORPORATE OBLIGATIONS.

         No recourse for the payment of the principal of or premium (including
any Make-Whole Payment), if any, or interest on any Security and no recourse
under or upon any obligation, covenant or agreement of the Company in this
Indenture or in any supplemental indenture or in any Security, or because of the
creation of any indebtedness represented thereby, shall be had against any
incorporator, stockholder, employee, agent, officer, or director or subsidiary,
as such, past, present or future, of the Company or of any successor
corporation, whether by virtue of any constitution, statute or rule of law, or
by the enforcement of any assessment or penalty or otherwise; it being expressly
understood that all such liability is hereby waived and released as a condition
of, and as a consideration for, the execution of this Indenture and the issue of
the Securities.

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

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

SONUS NETWORKS, INC.

By:___________________________
Name:
Title:

_______________________________,
as Trustee

By:___________________________
Name:
Title:

                                      -90-

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