Document:

Exhibit
4.1

 

Asbury
Automotive Group, Inc.

 

$200,000,000 8% Senior
Subordinated Notes due 2014

 

Unconditionally Guaranteed as to
the

Payment of Principal, Premium,

if any, and Interest by the

Subsidiary Guarantors

 

 

Exchange and Registration Rights Agreement

 

December 23, 2003

 

Goldman, Sachs & Co.,

J.P. Morgan Securities, Inc.

As representatives of the several Purchasers

named in Schedule I to the Purchase Agreement

c/o Goldman, Sachs & Co.

85 Broad Street

New York, New York 10004

 

Ladies and Gentlemen:

 

Asbury Automotive Group, Inc.,  a Delaware corporation (the “Company”),
proposes to issue and sell to the Purchasers (as defined herein) upon the terms
set forth in the Purchase Agreement (as defined herein) its $200,000,000  8%
Senior Subordinated Notes due 2014, which are  unconditionally  guaranteed
by the Subsidiary Guarantors.  As an
inducement to the Purchasers to enter into the Purchase Agreement and in
satisfaction of a condition to the obligations of the Purchasers thereunder,
the Company and the Subsidiary Guarantors, jointly and severally, agree with
the Purchasers for the benefit of holders (as defined herein) from time to time
of the Registrable Securities (as defined herein) as follows:

 

1.     Certain Definitions.  For purposes of this Exchange
and Registration Rights Agreement, the following terms shall have the following
respective meanings:

 

“Agreement”
means this Exchange and Registration Rights Agreement.

 

“Base
Interest” shall mean the interest that would otherwise accrue
on the Securities under the terms thereof and the Indenture, without giving
effect to the provisions of this Agreement.

 

The term “broker-dealer” shall mean any broker or dealer registered
with the Commission under the Exchange Act.

 

“Closing
Date” shall mean the date on which the Securities are
initially issued.

 

“Commission”
shall mean the United States Securities and Exchange Commission, or

 

 

any other federal agency
at the time administering the Exchange Act or the Securities Act, whichever is
the relevant statute for the particular purpose.

 

“Effective
Time,” in the case of (i) an Exchange Registration,
shall mean the time and date as of which the Commission declares the Exchange
Registration Statement effective or as of which the Exchange Registration
Statement otherwise becomes effective and (ii) a Shelf Registration, shall
mean the time and date as of which the Commission declares the Shelf
Registration Statement effective or as of which the Shelf Registration
Statement otherwise becomes effective.

 

“Electing
Holder” shall mean any holder of Registrable Securities that
has returned a completed and signed Notice and Questionnaire to the Company in
accordance with Section 3(d)(ii) or 3(d)(iii) hereof.

 

“Exchange
Act” shall mean the Securities Exchange Act of 1934, or any
successor thereto, as the same shall be amended from time to time.

 

“Exchange
Offer” shall have the meaning assigned thereto in Section
2(a) hereof.

 

“Exchange
Registration” shall have the meaning assigned thereto in
Section 3(c) hereof.

 

“Exchange
Registration Statement” shall have the meaning assigned
thereto in Section 2(a) hereof.

 

“Exchange
Securities” shall have the meaning assigned thereto in
Section 2(a) hereof.

 

The term “holder” shall mean each of the Purchasers and other persons
who acquire Registrable Securities from time to time (including any successors
or assigns), in each case for so long as such person owns any Registrable
Securities.

 

“Indenture”
shall mean the Indenture, dated as of December 23, 2003 among the Company, the
Subsidiary Guarantors and The Bank of New York, as Trustee, as the same shall
be amended from time to time.

 

“Notice
and Questionnaire” means a Notice of Registration Statement and
Selling Securityholder Questionnaire substantially in the form of Exhibit A
hereto.

 

The term “person” shall mean a corporation, association, partnership,
organization, business, individual, government or political subdivision thereof
or governmental agency.

 

“Purchase
Agreement” shall mean the Purchase Agreement, dated as of
December 18, 2003, among the Purchasers, the Subsidiary Guarantors and the
Company relating to the Securities.

 

“Purchasers”
shall mean the Purchasers named in Schedule I to the Purchase Agreement.

 

“Registrable
Securities” shall mean the Securities; provided, however, that a Security
shall cease to be a Registrable Security when (i) in the circumstances
contemplated by Section 2(a) hereof, the Security has been exchanged for
an Exchange Security in an Exchange Offer as contemplated in Section 2(a)
hereof (provided
that any Exchange Security that, pursuant to the last two sentences of Section
2(a), is included in a prospectus for use in

 

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connection with resales
by broker-dealers shall be deemed to be a Registrable Security with respect to
Sections 5, 6 and 9 until resale of such Registrable Security has been effected
within the 180-day period referred to in Section 2(a)); (ii) in the
circumstances contemplated by Section 2(b) hereof, a Shelf Registration
Statement registering such Security under the Securities Act has been declared
or becomes effective and such Security has been sold or otherwise transferred
by the holder thereof pursuant to and in a manner contemplated by such
effective Shelf Registration Statement; (iii) such Security is sold
pursuant to Rule 144 under circumstances in which any legend borne by such
Security relating to restrictions on transferability thereof, under the
Securities Act or otherwise, is removed by the Company or pursuant to the
Indenture; (iv) such Security is eligible to be sold pursuant to
paragraph (k) of Rule 144; or (v) such Security shall cease to be
outstanding.

 

“Registration
Default” shall have the meaning assigned thereto in
Section 2(c) hereof.

 

“Registration
Expenses” shall have the meaning assigned thereto in Section
4 hereof.

 

“Resale
Period” shall have the meaning assigned thereto in Section
2(a) hereof.

 

“Restricted
Holder” shall mean (i) a holder that is an affiliate of
the Company within the meaning of Rule 405, (ii) a holder who acquires
Exchange Securities outside the ordinary course of such holder’s business,
(iii) a holder who has arrangements or understandings with any person to
participate in the Exchange Offer for the purpose of distributing Exchange
Securities and (iv) a holder that is a broker-dealer, but only with respect to
Exchange Securities received by such broker-dealer pursuant to an Exchange
Offer in exchange for Registrable Securities acquired by the broker-dealer
directly from the Company.

 

“Rule
144,” “Rule 405” and “Rule 415” shall mean, in each case,
such rule promulgated under the Securities Act (or any successor provision), as
the same shall be amended from time to time.

 

“Securities”
shall mean, collectively, the  $200,000,000 8% Senior Subordinated Notes
due 2014 of the Company to be issued and sold to the Purchasers, and securities
issued in exchange therefor or in lieu thereof pursuant to the Indenture. Each
Security is entitled to the benefit of each guarantee provided for in the
Indenture (the “Subsidiary Guarantees”) and, unless the context otherwise
requires, any reference herein to a “Security,” an “Exchange Security” or a
“Registrable Security” shall include a reference to the related Subsidiary
Guarantees.

 

“Securities
Act” shall mean the Securities Act of 1933, or any successor
thereto, as the same shall be amended from time to time.

 

“Shelf
Registration” shall have the meaning assigned thereto in
Section 2(b) hereof.

 

“Shelf
Registration Statement” shall have the meaning assigned
thereto in Section 2(b) hereof.

 

“Special
Interest” shall have the meaning assigned thereto in
Section 2(c) hereof.

 

“Subsidiary
Guarantors” shall have the meaning assigned thereto in the
Indenture.

 

“Trust
Indenture Act” shall mean the Trust Indenture Act of 1939, or
any successor

 

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thereto, and the rules,
regulations and forms promulgated thereunder, all as the same shall be amended
from time to time.

 

Unless the context otherwise requires, any reference herein to a
“Section” or “clause” refers to a Section or clause, as the case may be, of
this Exchange and Registration Rights Agreement, and the words “herein,”
“hereof” and “hereunder” and other words of similar import refer to this
Exchange and Registration Rights Agreement as a whole and not to any particular
Section or other subdivision.

 

2.     Registration Under the Securities Act.

 

(a)  Except as set forth in Section 2(b) below, the Company
agrees to file under the Securities Act, as soon as practicable, but no later
than 90 days after the Closing Date, a registration statement relating to an
offer to exchange (such registration statement, the “Exchange Registration
Statement”, and such offer, the “Exchange Offer”) any and all of the Securities
for a like aggregate principal amount of debt securities issued by the Company
and guaranteed by the Subsidiary Guarantors, which debt securities and
guarantees are substantially identical to the Securities and the related
Subsidiary Guarantees, respectively (and are entitled to the benefits of a
trust indenture which is substantially identical to the Indenture or is the
Indenture and which has been qualified under the Trust Indenture Act), except
that they have been registered pursuant to an effective registration statement
under the Securities Act and do not contain provisions for the additional
interest contemplated in Section 2(c) below (such new debt securities
hereinafter called “Exchange Securities”). 
The Company and the Subsidiary Guarantors agree to use their reasonable
best efforts to cause the Exchange Registration Statement to become effective
under the Securities Act as soon as practicable, but no later than 180 days
after the Closing Date. The Exchange Offer will be registered under the
Securities Act on the appropriate form and will comply with all applicable
tender offer rules and regulations under the Exchange Act.  The Company and the Subsidiary Guarantors
further agree to use their reasonable best efforts to (i) commence and complete
the Exchange Offer on or prior to 30 business days, or longer, if required by
the federal securities laws, after such registration statement has become
effective, (ii) hold the Exchange Offer open for at least 30 days and (iii)
exchange Exchange Securities for all Registrable Securities that have been
properly tendered and not withdrawn on or prior to the expiration of the
Exchange Offer. The Exchange Offer will be deemed to have been “completed” only
if the debt securities and related guarantees received by holders other than
Restricted Holders in the Exchange Offer for Registrable Securities are, upon
receipt, transferable by each such holder without further compliance with
Section 5 of the Securities Act (except for the requirement to deliver a
prospectus included in the Exchange Registration Statement applicable to
resales by broker-dealers of Exchange Securities received by such broker-dealer
pursuant to an Exchange Offer in exchange for Registrable Securities other than
those acquired by the broker-dealer directly from the Company) and without
material restrictions under the blue sky or securities laws of a substantial
majority of the States of the United States of America. The Exchange Offer
shall be deemed to have been completed upon the earlier to occur of (i) the
Company having exchanged the Exchange Securities for all outstanding
Registrable Securities pursuant to the Exchange Offer and (ii) the Company
having exchanged, pursuant to the Exchange Offer, Exchange Securities for all
Registrable Securities that have been properly tendered and not withdrawn
before the expiration of the Exchange Offer, which shall be on a date that is
at least 30 days following the commencement of the Exchange Offer. The Company
agrees (x) to include in the Exchange Registration Statement a prospectus for use
in any resales by any holder of Exchange Securities that is a broker-dealer
(where such Exchange Security was received by a broker-dealer in an Exchange
Offer in exchange for a Registrable Security that

 

4

 

was acquired by such broker-dealer for its own account
as a result of market-making or other trading activities, so long as such
Registrable Security was not acquired directly from the Company or an affiliate
of the Company) and (y) to keep such Exchange Registration Statement effective
for a period (the “Resale Period”) beginning when Exchange Securities are first
issued in the Exchange Offer and ending upon the earlier of the expiration of
the 180th day after the Exchange Offer has been completed or such time as such
broker-dealers no longer own any Registrable Securities.  With respect to such Exchange Registration
Statement, such holders shall have the benefit of the rights of indemnification
and contribution set forth in Sections 6(a), (c), (d) and (e) hereof.

 

(b)  If
(i) the Company and the Subsidiary Guarantors are not (A) required to file the
Exchange Registration Statement; or (B) permitted to consummate the Exchange
Offer, because the Exchange Offer is not permitted by applicable law or
Commission policy, (ii) any holder of Registrable Securities notifies the
Company in writing prior to the 20th day following the consummation of the
Exchange Offer that (X) it is prohibited by applicable law or Commission policy
from participating in the Exchange Offer, or (Y) that it may not resell the
Exchange Notes acquired by it in the Exchange Offer to the public without
delivering a prospectus and the prospectus contained in the Exchange Offer
Registration Statement is not appropriate or available for such resales; or (Z)
that it is a broker-dealer and owns Securities acquired directly from the
Company or an affiliate of the Company, or (iii) the Exchange Offer has not
been completed within 225 days following the Closing Date, the Company and the
Subsidiary Guarantors will use their reasonable best efforts to file under the
Securities Act as soon as practicable, but no later than on or prior to 60 days
after the time such obligation to file arises, a “shelf” registration statement
providing for the registration of, and the sale on a continuous or delayed
basis by the holders of, all of the Registrable Securities affected thereby,
pursuant to Rule 415 or any similar rule that may be adopted by the Commission
(such filing, the “Shelf Registration” and such registration statement, the
“Shelf Registration Statement”).  The
Company and the Subsidiary Guarantors, jointly and severally, agree to use
their reasonable best efforts (x) to cause the Shelf Registration Statement to
become or be declared effective no later than 120 days after such obligation
arises and to keep such Shelf Registration Statement continuously effective for
a period ending on the earlier of the second anniversary of the Effective Time
or such time as there are no longer any Registrable Securities outstanding, provided,
however,
that no holder shall be entitled to be named as a selling securityholder in the
Shelf Registration Statement or to use the prospectus forming a part thereof
for resales of Registrable Securities unless such holder is an Electing Holder
who agrees to be bound by all of the provisions of this Agreement applicable to
such holder, and (y) after the Effective Time of the Shelf Registration
Statement, promptly upon the request of any holder of Registrable Securities
that is not then an Electing Holder, to take any action reasonably necessary to
enable such holder to use the prospectus forming a part thereof for resales of
Registrable Securities, including, without limitation, any action necessary to
identify such holder as a selling securityholder in the Shelf Registration
Statement, provided,
however,
that nothing in this clause (y) shall relieve any such holder of the obligation
to return a completed and signed Notice and Questionnaire to the Company in
accordance with Section 3(d)(iii) hereof. 
The Company and the Subsidiary Guarantors further agree to supplement or
make amendments to the Shelf Registration Statement, as and when required by
the rules, regulations or instructions applicable to the registration form used
by the Company and the Subsidiary Guarantors for such Shelf Registration
Statement or by the Securities Act or rules and regulations thereunder for
shelf registration, and the Company shall furnish to each Electing Holder
copies of any such supplement or amendment prior to its being used or promptly
following its filing with the Commission.

 

5

 

(c)  In
the event that (i) the Company and the Subsidiary Guarantors have not filed the
Exchange Registration Statement or Shelf Registration Statement on or before
the date on which such registration statement is required to be filed pursuant
to Section 2(a) or 2(b), respectively, or (ii) such Exchange Registration
Statement or Shelf Registration Statement has not become effective or been
declared effective by the Commission on or before the date on which such
registration statement is required to become or be declared effective pursuant
to Section 2(a) or 2(b), respectively, or (iii) the Exchange Offer has not been
completed within 30 business days after the initial effective date of the
Exchange Registration Statement relating to the Exchange Offer (if the Exchange
Offer is then required to be made) or (iv) any Exchange Registration
Statement or Shelf Registration Statement required by Section 2(a) or 2(b)
hereof is filed and declared effective but shall thereafter, prior to the time
such Exchange Registration Statement or Shelf Registration Statement is no
longer required to be effective pursuant to Section 2(a) or 2(b) either be withdrawn
by the Company or the Subsidiary Guarantors or shall become subject to an
effective stop order issued pursuant to Section 8(d) of the Securities Act
suspending the effectiveness of such registration statement (except as
specifically permitted herein) without being succeeded immediately by an
additional registration statement filed and declared effective (each such event
referred to in clauses (i) through (iv), a “Registration Default” and each
period during which a Registration Default has occurred and is continuing, a
“Registration Default Period”), then, as liquidated damages for such
Registration Default, subject to the provisions of Section 9(b), special
interest (“Special Interest”), in addition to the Base Interest, shall accrue,
with respect to the first 90-day period immediately following the occurrence of
the first Registration Default, in an amount equal to $.05 per week per $1,000
principal amount of Securities held by the Holders.  The amount of Special Interest will increase by an additional
$.05 per week per $1,000 principal amount of Securities with respect to each
subsequent 90-day period until all Registration Defaults have been cured, up to
a maximum amount of Special Interest for all Registration Defaults of $.50 per
week per $1,000 principal amount of Securities.  Following the cure of all Registration Defaults, the accrual of
Special Interest will cease.  All
accrued Special Interest through each record date with respect to the
succeeding Interest Payment Date will be paid by the Company and the Guarantors
on each Interest Payment Date (as defined in the Indenture) to the Global Note
Holder (as defined in the Indenture) by wire transfer of immediately available
funds or by federal funds check and to Holders of Certificated Notes (as
defined in the Indenture) by wire transfer to the accounts specified by them or
by mailing checks to their registered addresses if no such accounts have been
specified.

 

(d)  The
Company shall take, and shall cause the Subsidiary Guarantors
to take,  all
actions necessary or advisable to be taken by it to ensure that the
transactions contemplated herein are effected as so contemplated, including
all actions necessary or desirable to register the Subsidiary Guarantees under
the registration statement contemplated in Section 2(a) or 2(b) hereof, as
applicable.

 

(e)  Any
reference herein to a registration statement as of any time shall be deemed to
include any document incorporated, or deemed to be incorporated, therein by
reference as of such time and any reference herein to any post-effective
amendment to a registration statement as of any time shall be deemed to include
any document incorporated, or deemed to be incorporated, therein by reference
as of such time.

 

3.     Registration Procedures.  If the Company and the
Subsidiary Guarantors file a registration statement pursuant to
Section 2(a) or Section 2(b), the following provisions shall apply:

 

6

 

(a)  At or before the Effective Time of the Exchange Offer or
the Shelf Registration, as the case may be, the Company shall qualify the
Indenture under the Trust Indenture Act of 1939.

 

(b)  In the event that such qualification would require the
appointment of a new trustee under the Indenture, the Company shall appoint a
new trustee thereunder pursuant to the applicable provisions of the Indenture.

 

(c)  In connection with the obligations of the Company and
the Subsidiary Guarantors with respect to the registration of Exchange
Securities as contemplated by Section 2(a) (the “Exchange Registration”), if
applicable, the Company shall, as soon as practicable (or as otherwise
specified):

 

(i)      prepare
and file with the Commission, no later than 90 days after the Closing Date, an
Exchange Registration Statement on any form which may be utilized by the
Company and which shall permit the Exchange Offer and resales of Exchange
Securities by broker-dealers during the Resale Period to be effected as
contemplated by Section 2(a), and use its reasonable best efforts to cause such
Exchange Registration Statement to become effective as soon as practicable
thereafter, but no later than 180 days after the Closing Date;

 

(ii)     as
soon as practicable prepare and file with the Commission such amendments and
supplements to such Exchange Registration Statement and the prospectus included
therein as may be necessary to effect and maintain the effectiveness of such
Exchange Registration Statement for the periods and purposes contemplated in
Section 2(a) hereof and as may be required by the applicable rules and
regulations of the Commission and the instructions applicable to the form of
such Exchange Registration Statement, and promptly provide each broker-dealer
holding Exchange Securities with such number of copies of the prospectus
included therein (as then amended or supplemented), in conformity in all
material respects with the requirements of the Securities Act and the Trust
Indenture Act and the rules and regulations of the Commission thereunder, as
such broker-dealer reasonably may request, in a timely manner, prior to the
expiration of the Resale Period, for use in connection with resales of Exchange
Securities;

 

(iii)    promptly
notify each broker-dealer that has requested or received copies of the
prospectus included in such registration statement, and confirm such advice in
writing, (A) when such Exchange Registration Statement or the prospectus
included therein or any prospectus amendment or supplement or post-effective
amendment has been filed, and, with respect to such Exchange Registration
Statement or any post-effective amendment, when the same has become effective,
(B) of any comments by the Commission and by the blue sky or securities
commissioner or regulator of any state with respect thereto or any request by
the Commission for amendments or supplements to such Exchange Registration
Statement or prospectus or for additional information, (C) after receipt by the
Company of any notification with respect to the issuance by the Commission of
any stop order suspending the effectiveness of such Exchange Registration
Statement or the initiation or threatening of any proceedings for that purpose,
(D) if at any time the representations and warranties of the Company
contemplated by Section 5 cease to be true and correct in all material respects,
(E) of the receipt by the Company of any notification with respect to the
suspension of the qualification of the Exchange Securities for sale in any
jurisdiction or the initiation or threatening of any proceeding for such
purpose, or (F) at any time during the Resale

 

7

 

Period when a
prospectus is required to be delivered under the Securities Act, that such
Exchange Registration Statement, prospectus, prospectus amendment or supplement
or post-effective amendment does not conform in all material respects to the
applicable requirements of the Securities Act and the Trust Indenture Act and
the rules and regulations of the Commission thereunder or contains an untrue
statement of a material fact or omits to state any material fact required to be
stated therein or necessary to make the statements therein not misleading in
light of the circumstances then existing;

 

(iv)   in
the event that the Company would be required, pursuant to Section 3(e)(iii)(F)
above, to notify any broker-dealers holding Exchange Securities, without undue
delay prepare and furnish to each such holder a reasonable number of copies of
a prospectus supplemented or amended so that, as thereafter delivered to
purchasers of such Exchange Securities during the Resale Period, such
prospectus shall conform in all material respects to the applicable
requirements of the Securities Act and the Trust Indenture Act and the rules
and regulations of the Commission thereunder and shall not contain an untrue statement
of a material fact or omit to state a material fact required to be stated
therein or necessary to make the statements therein not misleading in light of
the circumstances then existing;

 

(v)    use
its reasonable best efforts to obtain the withdrawal of any order suspending
the effectiveness of such Exchange Registration Statement or any post-effective
amendment thereto at the earliest practicable date;

 

(vi)   use
its reasonable best efforts to (A) register or qualify the Exchange Securities
under the securities laws or blue sky laws of such jurisdictions as are
contemplated by Section 2(a) no later than the commencement of the Exchange
Offer, (B) keep such registrations or qualifications in effect and comply with
such laws so as to permit the continuance of offers, sales and dealings therein
in such jurisdictions until the expiration of the Resale Period and (C) take
any and all other actions as may be reasonably necessary or advisable to enable
each broker-dealer holding Exchange Securities to consummate the disposition
thereof in such jurisdictions; provided, however, that neither the Company nor
the Subsidiary Guarantors shall be required for any such purpose to (1) qualify
as a foreign corporation in any jurisdiction wherein it would not otherwise be
required to qualify but for the requirements of this Section 3(c)(vi), (2)
consent to general service of process in any such jurisdiction or (3) make any
changes to its certificate of incorporation or by-laws or any agreement between
it and its stockholders;

 

(vii)  use its reasonable best efforts to obtain the consent
or approval of each governmental agency or authority, whether federal, state or
local, which may be required to effect the Exchange Registration, the Exchange
Offer and the offering and sale of Exchange Securities by broker-dealers during
the Resale Period;

 

(viii) provide a CUSIP number for all Exchange Securities,
not later than the applicable Effective Time;

 

(ix)    comply
with all applicable rules and regulations of the Commission, and make generally
available to its securityholders as soon as practicable but no later than
eighteen months after the effective date of such Exchange Registration
Statement, an earning statement of the Company and its subsidiaries complying
with Section 11(a) of the Securities Act (including, at the option of the
Company, Rule 158 thereunder).

 

8

 

(d)  In
connection with the obligations of the Company and the Subsidiary Guarantors
with respect to the Shelf Registration, if applicable, the Company shall, as
soon as practicable (or as otherwise specified):

 

(i)      prepare
and file with the Commission, as soon as practicable but in any case within the
time periods specified in Section 2(b), a Shelf Registration Statement on any
form which may be utilized by the Company and which shall register all of the
Registrable Securities for resale by the holders thereof in accordance with
such method or methods of disposition as may be specified by such of the
holders as, from time to time, may be Electing Holders and use its reasonable
best efforts to cause such Shelf Registration Statement to become effective as
soon as practicable but in any case within the time periods specified in
Section 2(b);

 

(ii)     not
less than 30 calendar days prior to the Effective Time of the Shelf
Registration Statement, mail the Notice and Questionnaire to the holders of
Registrable Securities; provided, that no holder shall be entitled to be named
as a selling securityholder in the Shelf Registration Statement as of the
Effective Time, and no holder shall be entitled to use the prospectus forming a
part thereof for resales of Registrable Securities at any time, unless such
holder has returned a completed and signed Notice and Questionnaire to the
Company by the deadline for response set forth therein; and provided, further
that holders of Registrable Securities shall have at least 28 calendar days
from the date on which the Notice and Questionnaire is first mailed to such
holders to return a completed and signed Notice and Questionnaire to the
Company;

 

(iii)    after the Effective Time of the Shelf Registration
Statement, upon the request of any holder of Registrable Securities that is not
then an Electing Holder, promptly send a Notice and Questionnaire to such holder;
provided that the Company shall not be required to take any action to name such
holder as a selling securityholder in the Shelf Registration Statement or to
enable such holder to use the prospectus forming a part thereof for resales of
Registrable Securities until such holder has returned a completed and signed
Notice and Questionnaire to the Company;

 

(iv)   as
soon as practicable prepare and file with the Commission such amendments and
supplements to such Shelf Registration Statement and the prospectus included
therein as may be necessary to effect and maintain the effectiveness of such
Shelf Registration Statement for the period specified in Section 2(b)
hereof and as may be required by the applicable rules and regulations of the
Commission and the instructions applicable to the form of such Shelf
Registration Statement, and furnish to the Electing Holders copies of any such
supplement or amendment simultaneously with or prior to its being used or filed
with the Commission;

 

(v)    comply
with the provisions of the Securities Act with respect to the disposition of
all of the Registrable Securities covered by such Shelf Registration Statement
in accordance with the intended methods of disposition by the Electing Holders
provided for in such Shelf Registration Statement;

 

(vi)   provide
(A) the Electing Holders, (B) the underwriters (which term, for
purposes of this Exchange and Registration Rights Agreement, shall include a
person deemed to be an underwriter within the meaning of Section 2(a)(11) of
the Securities Act), if any, thereof, (C) any sales or placement agent
therefor, (D) counsel for any such

 

9

 

underwriter or agent and
(E) not more than one counsel for all the Electing Holders the opportunity to
participate in the preparation of such Shelf Registration Statement, each
prospectus included therein or filed with the Commission and each amendment or
supplement thereto;

 

(vii)     for a reasonable period prior to the filing of
such Shelf Registration Statement, and throughout the period specified in
Section 2(b), make available at reasonable times at the Company’s principal
place of business or such other reasonable place for inspection by the persons
referred to in Section 3(d)(vi) who shall certify to the Company that they have
a current intention to sell the Registrable Securities pursuant to the Shelf
Registration such financial and other information and books and records of the
Company, and cause the officers, employees, counsel and independent certified public
accountants of the Company to respond to such inquiries, as shall be reasonably
necessary, in the judgment of the respective counsel referred to in such
Section, to conduct a reasonable investigation within the meaning of Section 11
of the Securities Act; provided, however, that each such party shall be
required to maintain in confidence and not to disclose to any other person any
information or records reasonably designated by the Company as being
confidential, until such time as (A) such information becomes a matter of
public record (whether by virtue of its inclusion in such registration
statement or otherwise), or (B) such person shall be required so to disclose
such information pursuant to a subpoena or order of any court or other
governmental agency or body having jurisdiction over the matter (subject to the
requirements of such order, and only after such person shall have given the
Company prompt prior written notice of such requirement), or (C) such
information is required to be set forth in such Shelf Registration Statement or
the prospectus included therein or in an amendment to such Shelf Registration
Statement or an amendment or supplement to such prospectus in order that such
Shelf Registration Statement, prospectus, amendment or supplement, as the case
may be, complies with applicable requirements of the federal securities laws
and the rules and regulations of the Commission and does not contain an untrue
statement of a material fact or omit to state therein a material fact required
to be stated therein or necessary to make the statements therein not misleading
in light of the circumstances then existing;

 

(viii)    promptly notify each of the Electing Holders, any
sales or placement agent therefor and any underwriter thereof (which
notification may be made through any managing underwriter that is a
representative of such underwriter for such purpose) and confirm such advice in
writing, (A) when such Shelf Registration Statement or the prospectus included
therein or any prospectus amendment or supplement or post-effective amendment
has been filed, and, with respect to such Shelf Registration Statement or any
post-effective amendment, when the same has become effective, (B) of any
comments by the Commission and by the blue sky or securities commissioner or
regulator of any state with respect thereto or any request by the Commission
for amendments or supplements to such Shelf Registration Statement or
prospectus or for additional information, (C) after receipt by the Company of
any notification with respect to the issuance by the Commission of any stop
order suspending the effectiveness of such Shelf Registration Statement or the
initiation or threatening of any proceedings for that purpose, (D) if at any
time the representations and warranties of the Company contemplated by Section
3(d)(xvii) or Section 5 cease to be true and correct in all material respects,
(E) of the receipt by the Company of any notification with respect to the
suspension of the qualification of the Registrable Securities for sale in any
jurisdiction or the initiation or threatening of any proceeding for such
purpose, or (F) if at

 

10

 

any time when a
prospectus is required to be delivered under the Securities Act, that such
Shelf Registration Statement, prospectus, prospectus amendment or supplement or
post-effective amendment does not conform in all material respects to the
applicable requirements of the Securities Act and the Trust Indenture Act and
the rules and regulations of the Commission thereunder or contains an untrue
statement of a material fact or omits to state any material fact required to be
stated therein or necessary to make the statements therein not misleading in
light of the circumstances then existing;

 

(ix)    use
its reasonable best efforts to obtain the withdrawal of any order suspending
the effectiveness of such registration statement or any post-effective
amendment thereto at the earliest practicable date;

 

(x)     if
requested by any managing underwriter or underwriters, any placement or sales
agent or any Electing Holder, promptly incorporate in a prospectus supplement
or post-effective amendment such information as is required by the applicable
rules and regulations of the Commission and as such managing underwriter or
underwriters, such agent or such Electing Holder specifies should be included
therein relating to the terms of the sale of such Registrable Securities,
including information with respect to the principal amount of Registrable
Securities being sold by such Electing Holder or agent or to any underwriters,
the name and description of such Electing Holder, agent or underwriter, the
offering price of such Registrable Securities and any discount, commission or
other compensation payable in respect thereof, the purchase price being paid
therefor by such underwriters and with respect to any other terms of the
offering of the Registrable Securities to be sold by such Electing Holder or
agent or to such underwriters; and make all required filings of such prospectus
supplement or post-effective amendment promptly after notification of the
matters to be incorporated in such prospectus supplement or post-effective
amendment;

 

(xi)    furnish
to each Electing Holder, each placement or sales agent, if any, therefor, each underwriter,
if any, thereof and the respective counsel referred to in Section 3(d)(vi) a
copy of such Shelf Registration Statement, each such amendment and supplement
thereto (in each case including all exhibits thereto (in the case of an
Electing Holder of Registrable Securities, upon request) and documents
incorporated by reference therein) and such number of copies of such Shelf
Registration Statement (excluding exhibits thereto and documents incorporated
by reference therein unless specifically so requested by such Electing Holder,
agent or underwriter, as the case may be) and of the prospectus included in
such Shelf Registration Statement (including each preliminary prospectus and
any summary prospectus), in conformity in all material respects with the
applicable requirements of the Securities Act and the Trust Indenture Act and
the rules and regulations of the Commission thereunder, and such other
documents, as such Electing Holder, agent, if any, and underwriter, if any, may
reasonably request in order to facilitate the offering and disposition of the
Registrable Securities owned by such Electing Holder, offered or sold by such
agent or underwritten by such underwriter and to permit such Electing Holder,
agent and underwriter to satisfy the prospectus delivery requirements of the
Securities Act; and the Company hereby consents to the use of such prospectus
(including such preliminary and summary prospectus) and any amendment or
supplement thereto by each such Electing Holder and by any such agent and underwriter,
in each case in the form most recently provided to such person by the Company,
in connection with the offering and sale of the Registrable Securities covered
by the prospectus (including such preliminary and summary prospectus) or any
supplement or amendment thereto;

 

11

 

(xii)   use reasonable best efforts to (A) register or
qualify the Registrable Securities to be included in such Shelf Registration
Statement under such securities laws or blue sky laws of such jurisdictions as
any Electing Holder and each placement or sales agent, if any, therefor and
underwriter, if any, thereof shall reasonably request, (B) keep such
registrations or qualifications in effect and comply with such laws so as to permit
the continuance of offers, sales and dealings therein in such jurisdictions
during the period the Shelf Registration is required to remain effective under
Section 2(b) above and for so long as may be necessary to enable any such
Electing Holder, agent or underwriter to complete its distribution of
Securities pursuant to such Shelf Registration Statement and (C) take any and
all other actions as may be reasonably necessary or advisable to enable each
such Electing Holder, agent, if any, and underwriter, if any, to consummate the
disposition in such jurisdictions of such Registrable Securities; provided,
however, that neither the Company nor the Subsidiary Guarantors shall be
required for any such purpose to (1) qualify as a foreign corporation in any
jurisdiction wherein it would not otherwise be required to qualify but for the
requirements of this Section 3(d)(xii), (2) consent to general service of
process in any such jurisdiction or (3) make any changes to its certificate of
incorporation or by-laws or any agreement between it and its stockholders;

 

(xiii)  use its reasonable best efforts to obtain the consent
or approval of each governmental agency or authority, whether federal, state or
local, which may be required to effect the Shelf Registration or the offering
or sale in connection therewith or to enable the selling holder or holders to
offer, or to consummate the disposition of, their Registrable Securities;

 

(xiv)  unless any Registrable Securities shall be in
book-entry only form, cooperate with the Electing Holders and the managing
underwriters, if any, to facilitate the timely preparation and delivery of
certificates representing Registrable Securities to be sold, which
certificates, if so required by any securities exchange upon which any Registrable
Securities are listed, shall be penned, lithographed or engraved, or produced
by any combination of such methods, on steel engraved borders, and which
certificates shall not bear any restrictive legends; and, in the case of an
underwritten offering, enable such Registrable Securities to be in such
denominations and registered in such names as the managing underwriters may
request at least two business days prior to any sale of the Registrable
Securities;

 

(xv)   provide
a CUSIP number for all Registrable Securities, not later than the applicable
Effective Time;

 

(xvi)  enter into such customary agreements, including if
requested, an underwriting agreement in customary form, and take such other
actions in connection therewith as any Electing Holders aggregating at least
20% in aggregate principal amount of the Registrable Securities at the time
outstanding shall request in order to expedite or facilitate the disposition of
such Registrable Securities, provided, that the Company shall not be
required to enter into any such agreement more than two times with respect to
all the Registrable Securities and may delay entering into such agreement until
the consummation of any underwritten public offering in which the Company shall
have then engaged;

 

(xvii) whether or not an agreement of the type referred to in
Section 3(d)(xvi) hereof is entered into and whether or not any portion of the
offering

 

12

 

contemplated by the Shelf
Registration is an underwritten offering or is made through a placement or
sales agent or any other entity, (A) make such representations and warranties
to the Electing Holders and the placement or sales agent, if any, therefor and
the underwriters, if any, thereof in form, substance and scope as are
customarily made in connection with an offering of debt securities pursuant to
any appropriate agreement or to a registration statement filed on the form
applicable to the Shelf Registration; (B) obtain an opinion of counsel to
the Company in customary form and covering matters of the type customarily
covered by such an opinion, as the managing underwriters, if any, or as any
Electing Holders of at least 20% in aggregate principal amount of the
Registrable Securities at the time outstanding may reasonably request,
addressed to such Electing Holder or Electing Holders and the placement or
sales agent, if any, therefor and the underwriters, if any, thereof and dated
the effective date of such Shelf Registration Statement (and if such Shelf
Registration Statement contemplates an underwritten offering of a part or all
of the Registrable Securities, dated the date of the closing under the
underwriting agreement relating thereto) (it being agreed that the matters to
be covered by such opinion shall include the due incorporation and good
standing of the Company and its subsidiaries; the qualification of the Company
and its subsidiaries to transact business as foreign corporations; the due
authorization, execution and delivery of the relevant agreement of the type referred
to in Section 3(d)(xvi) hereof; the due authorization, execution,
authentication and issuance, and the validity and enforceability, of the
applicable registrable Securities; the absence of material legal or
governmental proceedings involving the Company; the absence of a breach by the
Company or any of its subsidiaries of, or a default under, material agreements
binding upon the Company or any subsidiary of the Company; the absence of
governmental approvals required to be obtained in connection with the Shelf
Registration, the offering and sale of the Registrable Securities, this
Exchange and Registration Rights Agreement or any agreement of the type
referred to in Section 3(d)(xvi) hereof, except such approvals as may be
required under state securities or blue sky laws; the material compliance as to
form of such Shelf Registration Statement and any documents incorporated by
reference therein and of the Indenture with the requirements of the Securities
Act and the Trust Indenture Act and the rules and regulations of the Commission
thereunder, respectively; and, as of the date of the opinion and of the Shelf
Registration Statement or most recent post-effective amendment thereto, as the
case may be, the absence from such Shelf Registration Statement and the
prospectus included therein, as then amended or supplemented, and from the
documents incorporated by reference therein (in each case other than the
financial statements and other financial information contained therein) of an
untrue statement of a material fact or the omission to state therein a material
fact necessary to make the statements therein not misleading (in the case of
such documents, in the light of the circumstances existing at the time that
such documents were filed with the Commission under the Exchange Act)); (C)
obtain a “cold comfort” letter or letters from the independent certified public
accountants of the Company addressed to the selling Electing Holders, the
placement or sales agent, if any, therefor or the underwriters, if any, thereof,
dated (i) the effective date of such Shelf Registration Statement and (ii) the
effective date of any prospectus supplement to the prospectus included in such
Shelf Registration Statement or post-effective amendment to such Shelf
Registration Statement which includes unaudited or audited financial statements
as of a date or for a period subsequent to that of the latest such statements
included in such prospectus (and, if such Shelf Registration Statement
contemplates an underwritten offering pursuant to any prospectus supplement to
the prospectus included in such Shelf Registration Statement or post-effective
amendment to such Shelf Registration

 

13

 

Statement which includes
unaudited or audited financial statements as of a date or for a period
subsequent to that of the latest such statements included in such prospectus,
dated the date of the closing under the underwriting agreement relating
thereto), such letter or letters to be in customary form and covering such
matters of the type customarily covered by letters of such type; (D) deliver
such documents and certificates, including officers’ certificates, as may be
reasonably requested by any Electing Holders of at least 20% in aggregate
principal amount of the Registrable Securities at the time outstanding or the
placement or sales agent, if any, therefor and the managing underwriters, if
any, thereof to evidence the accuracy of the representations and warranties
made pursuant to clause (A) above or those contained in Section 5(a) hereof and
the compliance with or satisfaction of any agreements or conditions contained
in the underwriting agreement or other agreement entered into by the Company or
the Subsidiary Guarantors; and (E) undertake such obligations relating to
expense reimbursement, indemnification and contribution as are provided in
Section 6 hereof;

 

(xviii)      notify in writing each holder of Registrable
Securities of any proposal by the Company to amend or waive any provision of
this Exchange and Registration Rights Agreement pursuant to Section 9(h) hereof
and of any amendment or waiver effected pursuant thereto, each of which notices
shall contain the text of the amendment or waiver proposed or effected, as the
case may be;

 

(xix)  in the event that any broker-dealer registered under
the Exchange Act shall underwrite any Registrable Securities or participate as
a member of an underwriting syndicate or selling group or “assist in the
distribution” (within the meaning of the Conduct Rules (the “Conduct Rules) of
the National Association of Securities Dealers, Inc. (“NASD”) or any successor
thereto, as amended from time to time) thereof, whether as a holder of such
Registrable Securities or as an underwriter, a placement or sales agent or a
broker or dealer in respect thereof, or otherwise, assist such broker-dealer in
complying with the requirements of such Conduct Rules, including by (A) if such
Conduct Rules shall so require, engaging a “qualified independent underwriter”
(as defined in such Conduct Rules) to participate in the preparation of the
Shelf Registration Statement relating to such Registrable Securities, to
exercise usual standards of due diligence in respect thereto and, if any
portion of the offering contemplated by such Shelf Registration Statement is an
underwritten offering or is made through a placement or sales agent, to
recommend the yield of such Registrable Securities, (B) indemnifying any such
qualified independent underwriter to the extent of the indemnification of
underwriters provided in Section 6 hereof (or to such other customary extent as
may be requested by such underwriter), and (C) providing such information to
such broker-dealer as may be required in order for such broker-dealer to comply
with the requirements of the Conduct Rules; and

 

(xx)   comply
with all applicable rules and regulations of the Commission, and make generally
available to its securityholders as soon as practicable but in any event not
later than eighteen months after the effective date of such Shelf Registration
Statement, an earning statement of the Company and its subsidiaries complying
with Section 11(a) of the Securities Act (including, at the option of the
Company, Rule 158 thereunder).

 

(e)  In
the event that the Company would be required, pursuant to Section 3(d)(viii)(F)
above, to notify the Electing Holders, the placement or sales agent, if any,
therefor and the managing underwriters, if any, thereof, the Company shall
without undue delay prepare and furnish to

 

14

 

each of the
Electing Holders, to each placement or sales agent, if any, and to each such
underwriter, if any, a reasonable number of copies of a prospectus supplemented
or amended so that, as thereafter delivered to purchasers of Registrable
Securities, such prospectus shall conform in all material respects to the
applicable requirements of the Securities Act and the Trust Indenture Act and
the rules and regulations of the Commission thereunder and shall not contain an
untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein not misleading
in light of the circumstances then existing. Each Electing Holder agrees that
upon receipt of any notice from the Company pursuant to Section 3(d)(viii)(F)
hereof, such Electing Holder shall forthwith discontinue the disposition of
Registrable Securities pursuant to the Shelf Registration Statement applicable
to such Registrable Securities until such Electing Holder shall have received
copies of such amended or supplemented prospectus, and if so directed by the
Company, such Electing Holder shall deliver to the Company (at the Company’s
expense) all copies, other than permanent file copies, then in such Electing
Holder’s possession of the prospectus covering such Registrable Securities at
the time of receipt of such notice.

 

(f)  In
the event of a Shelf Registration, in addition to the information required to
be provided by each Electing Holder in its Notice Questionnaire, the Company
may require such Electing Holder to furnish to the Company such additional
information regarding such Electing Holder and such Electing Holder’s intended
method of distribution of Registrable Securities as may be required in order to
comply with the Securities Act. Each such Electing Holder agrees to notify the
Company as promptly as practicable of any inaccuracy or change in information
previously furnished by such Electing Holder to the Company or of the
occurrence of any event in either case as a result of which any prospectus
relating to such Shelf Registration contains or would contain an untrue
statement of a material fact regarding such Electing Holder or such Electing
Holder’s intended method of disposition of such Registrable Securities or omits
to state any material fact regarding such Electing Holder or such Electing
Holder’s intended method of disposition of such Registrable Securities required
to be stated therein or necessary to make the statements therein not misleading
in light of the circumstances then existing, and promptly to furnish to the
Company any additional information required to correct and update any
previously furnished information or required so that such prospectus shall not
contain, with respect to such Electing Holder or the disposition of such
Registrable Securities, an untrue statement of a material fact or omit to state
a material fact required to be stated therein or necessary to make the
statements therein not misleading in light of the circumstances then existing.

 

(g)  Until
the expiration of two years after the Closing Date, the Company will not, and
will not permit any of its “affiliates” (as defined in Rule 144) to,
resell any of the Securities that have been reacquired by any of them except
pursuant to an effective registration statement under the Securities Act.

 

4.     Registration Expenses.  The Company agrees to bear and
to pay or cause to be paid promptly all expenses incident to the Company’s
performance of or compliance with this Exchange and Registration Rights
Agreement, including (a) all Commission and any NASD registration, filing and
review fees and expenses including fees and disbursements of counsel for the
placement or sales agent or underwriters in connection with such registration,
filing and review, (b) all fees and expenses in connection with the
qualification of the Securities for offering and sale under the State
securities and blue sky laws referred to in Section 3(d)(xii) hereof and
determination of their eligibility for investment under the laws of such
jurisdictions as any managing underwriters or the Electing Holders may
designate, including any fees and disbursements of counsel for the Electing
Holders or underwriters in connection with such

 

15

 

qualification and determination,
(c) all expenses relating to the preparation, printing, production,
distribution and reproduction of each registration statement required to be
filed hereunder, each prospectus included therein or prepared for distribution
pursuant hereto, each amendment or supplement to the foregoing, the expenses of
preparing the Securities for delivery and the expenses of printing or producing
any underwriting agreements, agreements among underwriters, selling agreements
and blue sky or legal investment memoranda and all other documents in
connection with the offering, sale or delivery of Securities to be disposed of
(including certificates representing the Securities), (d) messenger,
telephone and delivery expenses relating to the offering, sale or delivery of
Securities and the preparation of documents referred in clause (c) above,
(e) reasonable fees and expenses of the Trustee under the Indenture, any
agent of the Trustee and any counsel for the Trustee and of any collateral
agent or custodian, (f) internal expenses (including all salaries and
expenses of the Company’s officers and employees performing legal or accounting
duties), (g) fees, disbursements and expenses of counsel and independent
certified public accountants of the Company (including the reasonable expenses
of any opinions or “cold comfort” letters required by or incident to such
performance and compliance), (h) reasonable fees, disbursements and
expenses of any “qualified independent underwriter” engaged pursuant to Section
3(d)(xix) hereof, (i) reasonable fees, disbursements and expenses of one
counsel for the Electing Holders retained in connection with a Shelf
Registration, as selected by the Electing Holders of at least a majority in
aggregate principal amount of the Registrable Securities held by Electing
Holders (which counsel shall be reasonably satisfactory to the Company),
(j) any fees charged by securities rating services for rating the
Securities, and (k) reasonable fees, expenses and disbursements of any other
persons, including special experts, retained by the Company in connection with
such registration (collectively, the “Registration Expenses”). To the extent
that any Registration Expenses are incurred, assumed or paid by any holder of
Registrable Securities or any placement or sales agent therefor or underwriter
thereof, the Company shall reimburse such person for the full amount of the
Registration Expenses so incurred, assumed or paid promptly after receipt of a
request therefor. Notwithstanding the foregoing, the holders of the Registrable
Securities being registered shall pay all agency fees and commissions and
underwriting discounts and commissions attributable to the sale of such
Registrable Securities and the fees and disbursements of any counsel or other
advisors or experts retained by such holders (severally or jointly), other than
the counsel and experts specifically referred to above.

 

5.     Representations and Warranties.  The
Company and the Subsidiary Guarantors, jointly and severally, represent and
warrant to, and agree with, each Purchaser and each of the holders from time to
time of Registrable Securities that:

 

(a)  Each registration statement covering Registrable
Securities and each prospectus (including any preliminary or summary
prospectus) contained therein or furnished pursuant to Section 3(c) or Section
3(d) hereof and any further amendments or supplements to any such registration
statement or prospectus, when it becomes effective or is filed with the
Commission, as the case may be, and, in the case of an underwritten offering of
Registrable Securities, at the time of the closing under the underwriting
agreement relating thereto, will conform in all material respects to the
requirements of the Securities Act and the Trust Indenture Act and the rules
and regulations of the Commission thereunder and will not contain an untrue
statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein not misleading; and
at all times subsequent to the Effective Time when a prospectus would be
required to be delivered under the Securities Act, other than from (i) such
time as a notice has been given to holders of Registrable Securities pursuant
to Section 3(d)(viii)(F) or Section 3(c)(iii)(F) hereof until (ii) such
time as the Company furnishes an amended or supplemented prospectus pursuant to
Section 3(e) or Section 3(c)(iv) hereof, each

 

16

 

such registration
statement, and each prospectus (including any summary prospectus) contained
therein or furnished pursuant to Section 3(d) or Section 3(c) hereof, as then
amended or supplemented, will conform in all material respects to the
requirements of the Securities Act and the Trust Indenture Act and the rules
and regulations of the Commission thereunder and will not contain an untrue
statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein not misleading in
the light of the circumstances then existing; provided, however, that this
representation and warranty shall not apply to any statements or omissions made
in reliance upon and in conformity with information furnished in writing to the
Company by a holder of Registrable Securities expressly for use therein.

 

(b)  Any documents incorporated by reference in any
prospectus referred to in Section 5(a) hereof, when they become or became
effective or are or were filed with the Commission, as the case may be, will
conform or conformed in all material respects to the requirements of the
Securities Act or the Exchange Act, as applicable, and none of such documents
will contain or contained an untrue statement of a material fact or will omit
or omitted to state a material fact required to be stated therein or necessary
to make the statements therein not misleading; provided, however, that this
representation and warranty shall not apply to any statements or omissions made
in reliance upon and in conformity with information furnished in writing to the
Company by a holder of Registrable Securities expressly for use therein.

 

(c)  The compliance by the Company and the Subsidiary
Guarantors with all of the provisions of this Exchange and Registration Rights
Agreement and the consummation of the transactions herein contemplated will not
(i) conflict with or result in a breach of any of the terms or provisions of,
or constitute a default under, any indenture, mortgage, deed of trust, loan
agreement or other agreement or instrument to which the Company, any subsidiary
of the Company or any Subsidiary Guarantor is a party or by which the Company,
any subsidiary of the Company or any Subsidiary Guarantor is bound or to which
any of the property or assets of the Company, any subsidiary of the Company or
any Subsidiary Guarantor is subject, nor (ii) result in any violation of the
provisions of the certificate of incorporation, as amended, or the by-laws of
the Company  or any certificate of incorporation or by-laws, certificate
of formation or limited liability company agreement or certificate of limited
partnership or limited partnership agreement of any Subsidiary Guarantor or any
statute or any order, rule or regulation of any court or governmental agency or
body having jurisdiction over the Company, any subsidiary of the Company or any
Subsidiary Guarantor or any of their respective properties, except, in the case
of the clauses (i) and (ii) above, such breaches or violations which would not,
individually or in the aggregate, have any material adverse change in or
affecting the general affairs, management, financial position, shareholders’
equity or results of operations of the Company and the Subsidiary Guarantors
taken as a whole or be reasonably likely to prevent the Company or the Subsidiary
Guarantors from performing their respective obligations hereunder; and no
consent, approval, authorization, order, registration or qualification of or
with any such court or governmental agency or body is required for the
consummation by the Company and the Subsidiary Guarantors of the transactions
contemplated by this Exchange and Registration Rights Agreement, except the
registration under the Securities Act of the Securities, qualification of the
Indenture under the Trust Indenture Act and such consents, approvals,
authorizations, registrations or qualifications as may be required under State
securities or blue sky laws in connection with the offering and distribution of
the Securities.

 

(d)  This Exchange and Registration Rights Agreement has been
duly authorized, executed and delivered by the Company and each Subsidiary
Guarantor.

 

17

 

6.     Indemnification.

 

(a)  Indemnification by the Company and the Subsidiary
Guarantors.  The Company and the
Subsidiary Guarantors, jointly and severally, will indemnify and hold harmless
each of the holders of Registrable Securities included in an Exchange
Registration Statement, each of the Electing Holders of Registrable Securities
included in a Shelf Registration Statement and each person who participates as
a placement or sales agent or as an underwriter in any offering or sale of such
Registrable Securities against any losses, claims, damages or liabilities,
joint or several, to which such holder, agent or underwriter may become subject
under the Securities Act or otherwise, insofar as such losses, claims, damages
or liabilities (or actions in respect thereof) arise out of or are based upon
an untrue statement or alleged untrue statement of a material fact contained in
any Exchange Registration Statement or Shelf Registration Statement, as the
case may be, under which such Registrable Securities were registered under the
Securities Act, or any preliminary, final or summary prospectus contained
therein or furnished by the Company to any such holder, Electing Holder, agent
or underwriter, or any amendment or supplement thereto, or arise out of or are
based upon the omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein not
misleading, and will reimburse such holder, such Electing Holder, such agent
and such underwriter for any legal or other expenses reasonably incurred by
them in connection with investigating or defending any such action or claim as
such expenses are incurred; provided, however, that neither the
Company nor any Subsidiary Guarantor shall be liable to any such person in any
such case to the extent that any such loss, claim, damage or liability arises
out of or is based upon an untrue statement or alleged untrue statement or
omission or alleged omission made in such registration statement, or
preliminary, final or summary prospectus, or amendment or supplement thereto
(i) in reliance upon and in conformity with written information furnished to
the Company by such person expressly for use therein or (ii) distributed by
such person in contravention of a reasonable written direction provided by the
Company to such person in advance of such distribution in accordance with
Section 3(e).

 

(b)  Indemnification
by the Holders and any Agents and Underwriters. The Company may
require, as a condition to including any Registrable Securities in any
registration statement filed pursuant to Section 2(b) hereof and to entering
into any underwriting agreement with respect thereto, that the Company shall
have received an undertaking reasonably satisfactory to it from the Electing
Holder of such Registrable Securities and from each underwriter named in any
such underwriting agreement, severally and not jointly, to (i) indemnify
and hold harmless the Company, the Subsidiary Guarantors, each person who
controls the Company or any of the Subsidiary Guarantors within the meaning of
the Securities Act or Exchange Act and all other holders of Registrable Securities,
against any losses, claims, damages or liabilities to which the Company, the
Subsidiary Guarantors or such other holders of Registrable Securities may
become subject, under the Securities Act or otherwise, insofar as such losses,
claims, damages or liabilities (or actions in respect thereof) arise out of or
are based upon an untrue statement or alleged untrue statement of a material
fact contained in such registration statement, or any preliminary, final or
summary prospectus contained therein or furnished by the Company to any such
Electing Holder, agent or underwriter, or any amendment or supplement thereto,
or arise out of or are based upon the omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the
statements therein not misleading, in each case to the extent, but only to the
extent, that such untrue statement or alleged untrue statement or omission or
alleged omission was made in reliance upon and in conformity with written
information furnished to the Company by such Electing Holder or underwriter
expressly for use therein, and (ii) reimburse the Company and the

 

18

 

Subsidiary Guarantors for any legal or other expenses reasonably
incurred by the Company and the Subsidiary Guarantors in connection with
investigating or defending any such action or claim as such expenses are
incurred; provided,
however, that no such Electing Holder shall be required to undertake
liability to any person under this Section 6(b) for any amounts in excess of
the dollar amount of the proceeds to be received by such Electing Holder from
the sale of such Electing Holder’s Registrable Securities pursuant to such
registration.

 

(c)  Notices of Claims, Etc. Promptly after
receipt by an indemnified party under subsection (a) or (b) above of written
notice of the commencement of any action or proceeding for which
indemnification is sought, such indemnified party shall, if a claim in respect
thereof is to be made against an indemnifying party pursuant to the
indemnification provisions of or contemplated by this Section 6, notify such
indemnifying party in writing of the commencement of such action; but the
omission so to notify the indemnifying party shall not relieve it from any
liability which it may have to any indemnified party otherwise than under the
indemnification provisions of or contemplated by Section 6(a) or 6(b) hereof.
In case any such action shall be brought against any indemnified party and it
shall notify an indemnifying party of the commencement thereof, such
indemnifying party shall be entitled to participate therein and, to the extent
that it shall wish, jointly with any other indemnifying party similarly
notified, to assume the defense thereof, with counsel reasonably satisfactory
to such indemnified party (who shall not, except with the consent of the
indemnified party, be counsel to the indemnifying party), and, after notice
from the indemnifying party to such indemnified party of its election so to assume
the defense thereof, such indemnifying party shall not be liable to such
indemnified party for any legal expenses of other counsel or any other
expenses, in each case subsequently incurred by such indemnified party, in
connection with the defense thereof other than reasonable costs of
investigation. No indemnifying party shall, without the written consent of the
indemnified party, effect the settlement or compromise of, or consent to the
entry of any judgment with respect to, any pending or threatened action or
claim in respect of which indemnification or contribution may be sought
hereunder (whether or not the indemnified party is an actual or potential party
to such action or claim) unless such settlement, compromise or judgment
(i) includes an unconditional release of the indemnified party from all
liability arising out of such action or claim and (ii) does not include a
statement as to or an admission of fault, culpability or a failure to act by or
on behalf of any indemnified party.

 

(d)  Contribution. If for any reason the
indemnification provisions contemplated by Section 6(a) or Section 6(b) are
unavailable to or insufficient to hold harmless an indemnified party in respect
of any losses, claims, damages or liabilities (or actions in respect thereof)
referred to therein, then each indemnifying party shall contribute to the
amount paid or payable by such indemnified party as a result of such losses,
claims, damages or liabilities (or actions in respect thereof) in such
proportion as is appropriate to reflect the relative fault of the indemnifying
party and the indemnified party in connection with the statements or omissions
which resulted in such losses, claims, damages or liabilities (or actions in
respect thereof), as well as any other relevant equitable considerations. The
relative fault of such indemnifying party and indemnified party shall be
determined by reference to, among other things, whether the untrue or alleged
untrue statement of a material fact or omission or alleged omission to state a material
fact relates to information supplied by such indemnifying party or by such
indemnified party, and the parties’ relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission.
The parties hereto agree that it would not be just and equitable if
contributions pursuant to this Section 6(d) were determined by pro rata
allocation (even if the holders or any agents or underwriters or all of them
were treated as one entity for such purpose) or by any other method of
allocation which does not take account of the equitable considerations referred
to in this Section 6(d). The amount paid or payable by an indemnified

 

19

 

party as a result of the losses, claims, damages, or liabilities (or
actions in respect thereof) referred to above shall be deemed to include any
legal or other fees or expenses reasonably incurred by such indemnified party
in connection with investigating or defending any such action or claim. Notwithstanding
the provisions of this Section 6(d), no holder shall be required to contribute
any amount in excess of the amount by which the dollar amount of the proceeds
received by such holder from the sale of any Registrable Securities (after
deducting any fees, discounts and commissions applicable thereto) exceeds the
amount of any damages which such holder has otherwise been required to pay by
reason of such untrue or alleged untrue statement or omission or alleged
omission, and no underwriter shall be required to contribute any amount in
excess of the amount by which the total price at which the Registrable
Securities underwritten by it and distributed to the public were offered to the
public exceeds the amount of any damages which such underwriter has otherwise
been required to pay by reason of such untrue or alleged untrue statement or
omission or alleged omission. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled
to contribution from any person who was not guilty of such fraudulent
misrepresentation. The holders’ and any underwriters’ obligations in this
Section 6(d) to contribute shall be several in proportion to the principal
amount of Registrable Securities registered or underwritten, as the case may
be, by them and not joint.

 

(e)  The obligations of the Company and the Subsidiary
Guarantors under this Section 6 shall be in addition to any liability which the
Company or the Subsidiary Guarantors may otherwise have and shall extend, upon
the same terms and conditions, to each officer, director and partner of each
holder, agent and underwriter and each person, if any, who controls any holder,
agent or underwriter within the meaning of the Securities Act; and the
obligations of the holders and any agents or underwriters contemplated by this
Section 6 shall be in addition to any liability which the respective holder,
agent or underwriter may otherwise have and shall extend, upon the same terms
and conditions, to each officer and director of the Company or the Subsidiary
Guarantors (including any person who, with his consent, is named in any
registration statement as about to become a director of the Company or the
Subsidiary Guarantors) and to each person, if any, who controls the Company
within the meaning of the Securities Act.

 

7.     Underwritten Offerings.

 

(a)  Selection of Underwriters. If any of the
Registrable Securities covered by the Shelf Registration are to be sold
pursuant to an underwritten offering, the managing underwriter or underwriters
thereof shall be designated by Electing Holders holding at least a majority in
aggregate principal amount of the Registrable Securities to be included in such
offering, provided that such designated managing underwriter or underwriters is
or are reasonably acceptable to the Company.

 

(b)  Participation by Holders. Each holder of
Registrable Securities hereby agrees with each other such holder that no such
holder may participate in any underwritten offering hereunder unless such holder
(i) agrees to sell such holder’s Registrable Securities on the basis provided
in any underwriting arrangements approved by the persons entitled hereunder to
approve such arrangements and (ii) completes and executes all questionnaires,
powers of attorney, indemnities, underwriting agreements and other documents
reasonably required under the terms of such underwriting arrangements.

 

8.     Rule 144.  The Company covenants to the holders of
Registrable Securities that to the extent it shall be required to do so under
the Exchange Act, the Company shall timely file the reports required to be
filed by it under the Exchange Act or the Securities Act (including the

 

20

 

reports under Section 13 and 15(d) of the Exchange Act referred to in
subparagraph (c)(1) of Rule 144 adopted by the Commission under the Securities
Act) and the rules and regulations adopted by the Commission thereunder, and
shall take such further action as any holder of Registrable Securities may reasonably
request, all to the extent required from time to time to enable such holder to
sell Registrable Securities without registration under the Securities Act
within the limitations of the exemption provided by Rule 144 under the
Securities Act, as such Rule may be amended from time to time, or any similar
or successor rule or regulation hereafter adopted by the Commission. Upon the
request of any holder of Registrable Securities in connection with that
holder’s sale pursuant to Rule 144, the Company shall deliver to such
holder a written statement as to whether it has complied with such
requirements.

 

9.     Miscellaneous.

 

(a)  No Inconsistent Agreements.  The Company represents, warrants, covenants
and agrees that it has not granted, and shall not grant, registration rights
with respect to Registrable Securities or any other securities which would be
inconsistent with the terms contained in this Exchange and Registration Rights
Agreement.

 

(b)  Specific Performance.  The parties hereto acknowledge that there would
be no adequate remedy at law if the Company fails to perform any of its
obligations hereunder and that the Purchasers and the holders from time to time
of the Registrable Securities may be irreparably harmed by any such failure,
and accordingly agree that the Purchasers and such holders, in addition to any
other remedy to which they may be entitled at law or in equity, shall be
entitled to compel specific performance of the obligations of the Company under
this Exchange and Registration Rights Agreement in accordance with the terms
and conditions of this Exchange and Registration Rights Agreement, in any court
of the United States or any State thereof having jurisdiction.

 

(c)  Notices.  All notices, requests, claims, demands, waivers and other communications
hereunder shall be in writing and shall be deemed to have been duly given when
delivered by hand, if delivered personally or by courier, or three days after
being deposited in the mail (registered or certified mail, postage prepaid,
return receipt requested) as follows: If to the Company or a Subsidiary
Guarantor, to the Company at 3 Landmark Square, Suite 500, Stamford,
Connecticut 06901, and if to a holder, to the address of such holder set forth
in the security register or other records of the Company, or to such other
address as the Company or any such holder may have furnished to the other in
writing in accordance herewith, except that notices of change of address shall
be effective only upon receipt.

 

(d)  Parties in Interest.  All the terms and provisions of this
Exchange and Registration Rights Agreement shall be binding upon, shall inure
to the benefit of and shall be enforceable by the parties hereto and the
holders from time to time of the Registrable Securities and the respective
successors and assigns of the parties hereto and such holders. In the event
that any transferee of any holder of Registrable Securities shall acquire
Registrable Securities, in any manner, whether by gift, bequest, purchase,
operation of law or otherwise, such transferee shall, without any further
writing or action of any kind, be deemed a beneficiary hereof for all purposes
and such Registrable Securities shall be held subject to all of the terms of
this Exchange and Registration Rights Agreement, and by taking and holding such
Registrable Securities such transferee shall be entitled to receive the
benefits of, and be conclusively deemed to have agreed to be bound by all of
the applicable terms and provisions of this Exchange and Registration Rights
Agreement. If the Company shall so request, any such successor, assign or
transferee shall agree in writing to acquire and hold the Registrable
Securities subject to all of

 

21

 

the applicable terms hereof.

 

(e)  Survival. The respective indemnities,
agreements, representations, warranties and each other provision set forth in
this Exchange and Registration Rights Agreement or made pursuant hereto shall
remain in full force and effect regardless of any investigation (or statement
as to the results thereof) made by or on behalf of any holder of Registrable
Securities, any director, officer or partner of such holder, any agent or
underwriter or any director, officer or partner thereof, or any controlling
person of any of the foregoing, and shall survive delivery of and payment for
the Registrable Securities pursuant to the Purchase Agreement and the transfer
and registration of Registrable Securities by such holder and the consummation
of an Exchange Offer.

 

(f)  Governing Law.  This Exchange and Registration Rights Agreement shall be governed
by and construed in accordance with the laws of the State of New York.

 

(g)  Headings. 
The descriptive headings of the several Sections and paragraphs of this
Exchange and Registration Rights Agreement are inserted for convenience only,
do not constitute a part of this Exchange and Registration Rights Agreement and
shall not affect in any way the meaning or interpretation of this Exchange and
Registration Rights Agreement.

 

(h)  Entire Agreement; Amendments.  This Exchange and Registration Rights
Agreement and the other writings referred to herein (including the Indenture
and the form of Securities) or delivered pursuant hereto which form a part
hereof contain the entire understanding of the parties with respect to its
subject matter. This Exchange and Registration Rights Agreement supersedes all
prior agreements and understandings between the parties with respect to its
subject matter. This Exchange and Registration Rights Agreement may be amended
and the observance of any term of this Exchange and Registration Rights
Agreement may be waived (either generally or in a particular instance and
either retroactively or prospectively) only by a written instrument duly
executed by the Company and the holders of at least a majority in aggregate
principal amount of the Registrable Securities at the time outstanding. Each
holder of any Registrable Securities at the time or thereafter outstanding
shall be bound by any amendment or waiver effected pursuant to this Section
9(h), whether or not any notice, writing or marking indicating such amendment
or waiver appears on such Registrable Securities or is delivered to such
holder.

 

(i)  Inspection.  For so long as this Exchange and Registration Rights Agreement
shall be in effect, this Exchange and Registration Rights Agreement and a
complete list of the names and addresses of all the holders of Registrable
Securities shall be made available for inspection and copying on any business
day by any holder of Registrable Securities for proper purposes only (which
shall include any purpose related to the rights of the holders of Registrable
Securities under the Securities, the Indenture and this Agreement) at the
offices of the Company at the address thereof set forth in Section 9(c) above
and at the office of the Trustee under the Indenture.

 

(j)  Counterparts.  This agreement may be executed by the parties in separate
counterparts, each of which shall be deemed to be an original, but all such
respective counterparts shall together constitute one and the same instrument.

 

[SIGNATURE PAGES FOLLOW]

 

22

 

If the foregoing is in accordance with your
understanding, please sign and return to us eight counterparts hereof, and upon
the acceptance hereof by you, on behalf of each of the Purchasers, this letter
and such acceptance hereof shall constitute a binding agreement among each of
the Purchasers, the Subsidiary Guarantors and the Company.  It is understood that your acceptance of
this letter on behalf of each of the Purchasers is pursuant to the authority
set forth in a form of Agreement among Purchasers, the form of which shall be
submitted to the Company for examination upon request, but without warranty on
your part as to the authority of the signers thereof.

 

 

	
   

  	
  Very truly
  yours,

  
	
   

  	
   

  
	
   

  	
  Asbury
  Automotive Group, Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
  J. Gordon Smith

  
	
   

  	
   

  	
  Title:

  	
  Chief Financial Officer

  
	
   

  
	
   

  
	
   

  	
  Asbury Automotive
  Management L.L.C.

  
	
   

  	
  Asbury Arkansas Hund
  L.L.C.

  
	
   

  	
  Asbury Automotive
  Arkansas Dealership

  Holdings L.L.C.

  
	
   

  	
  Asbury Automotive
  Arkansas L.L.C.

  
	
   

  	
  Asbury MS Gray-Daniels
  L.L.C.

  
	
   

  	
  Asbury MS Metro L.L.C.

  
	
   

  	
  Escude-D L.L.C.

  
	
   

  	
  Escude-M L.L.C.

  
	
   

  	
  Escude-MO L.L.C.

  
	
   

  	
  Escude-NN L.L.C.

  
	
   

  	
  Escude-NS L.L.C.

  
	
   

  	
  Hope CPD L.L.C.

  
	
   

  	
  Hope FLM L.L.C.

  
	
   

  	
  NP FLM L.L.C.

  
	
   

  	
  NP MZD L.L.C.

  
	
   

  	
  NP VKW L.L.C.

  
	
   

  	
  Premier LM L.L.C.

  
	
   

  	
  Premier NSN L.L.C.

  
	
   

  	
  Premier Pon L.L.C.

  
	
   

  	
  Prestige Bay L.L.C.

  
	
   

  	
  TXK CPD, L.P. (by its
  general partner TXK

  L.L.C.)

  
	
   

  	
  TXK FRD, L.P. (by its
  general partner TXK

  L.L.C.)

  
	
   

  	
  TXK L.L.C.

  
	
   

  	
  Asbury Atlanta AC
  L.L.C.

  
	
   

  	
  Asbury Atlanta AU
  L.L.C.

  
	
   

  	
  Asbury Atlanta BM
  L.L.C.

  
					

 

23

 

	
   

  	
  Asbury Atlanta
  Chevrolet L.L.C.

  
	
   

  	
  Asbury Atlanta Hon
  L.L.C.

  
	
   

  	
  Asbury Atlanta Infiniti
  L.L.C.

  
	
   

  	
  Asbury Atlanta Jaguar
  L.L.C.

  
	
   

  	
  Asbury Atlanta VL
  L.L.C.

  
	
   

  	
  Asbury Automotive
  Atlanta L.L.C.

  
	
   

  	
  Atlanta Real Estate
  Holdings L.L.C.

  
	
   

  	
  Spectrum Insurance
  Services L.L.C.

  
	
   

  	
  Asbury Automotive
  Fresno L.L.C.

  
	
   

  	
  Asbury Fresno Imports
  L.L.C.

  
	
   

  	
  AF Motors, L.L.C.

  
	
   

  	
  ALM Motors, L.L.C.

  
	
   

  	
  ANL, L.P. (by its
  general partner Asbury

  Jax Management L.L.C.)

  
	
   

  	
  Asbury Automotive
  Central Florida, L.L.C.

  
	
   

  	
  Asbury Automotive
  Deland, L.L.C.

  
	
   

  	
  Asbury Automotive
  Jacksonville GP L.L.C.

  
	
   

  	
  Asbury Automotive
  Jacksonville, L.P. (by

  its general partner Asbury Automotive

  Jacksonville GP L.L.C.)

  
	
   

  	
  Asbury Deland Imports
  2, L.L.C.

  
	
   

  	
  Asbury Jax Holdings,
  L.P. (by its general

  partner Asbury Jax Management L.L.C.)

  
	
   

  	
  Asbury Jax Management
  L.L.C.

  
	
   

  	
  Asbury-Deland Imports,
  L.L.C.

  
	
   

  	
  Avenues Motors, Ltd.
  (by its general

  partner Asbury Jax Management L.L.C.)

  
	
   

  	
  Bayway Financial
  Services, L.P. (by its

  general partner Asbury Jax Management

  L.L.C.)

  
	
   

  	
  BFP Motors L.L.C.

  
	
   

  	
  C&O Properties,
  Ltd.  (by its general

  partner Asbury Jax Management L.L.C.)

  
	
   

  	
  CFP Motors, Ltd. (by
  its general partner

  Asbury Jax Management L.L.C.)

  
	
   

  	
  CH Motors, Ltd. (by its
  general partner

  Asbury Jax Management L.L.C.)

  
	
   

  	
  CHO Partnership, Ltd.
  (by its general

  partner Asbury Jax Management L.L.C.)

  
	
   

  	
  CK Chevrolet L.L.C.

  
	
   

  	
  CK Motors LLC

  
	
   

  	
  CN Motors, Ltd. (by its
  general partner

  Asbury Jax Management L.L.C.)

  
	
   

  	
  Coggin Automotive Corp.

  
	
   

  	
  Coggin Chevrolet L.L.C.

  
	
   

  	
  Coggin Management, L.P.
  (by its general

  partner Asbury Jax Management L.L.C.)

  
	
   

  	
  Coggin Orlando
  Properties LLC

  
	
   

  	
  CP-GMC Motors, Ltd. (by
  its general

  partner Asbury Jax Management L.L.C.)

  
	
   

  	
  CSA Imports L.L.C.

  

 

24

 

	
   

  	
  HFP Motors L.L.C.

  
	
   

  	
  KP Motors L.L.C.

  
	
   

  	
  Asbury Automotive
  Mississippi, L.L.C.

  
	
   

  	
  Asbury MS Wimber L.L.C.

  
	
   

  	
  Asbury MS Yazoo L.L.C.

  
	
   

  	
  Asbury Automotive North
  Carolina

  Dealership Holdings L.L.C.

  
	
   

  	
  Asbury Automotive North
  Carolina L.L.C.

  
	
   

  	
  Asbury Automotive North
  Carolina

  Management L.L.C.

  
	
   

  	
  Asbury Automotive North
  Carolina Real

  Estate Holdings L.L.C.

  
	
   

  	
  Camco Finance II L.L.C.

  
	
   

  	
  Camco Finance L.L.C.

  
	
   

  	
  Crown Acura/Nissan, LLC

  
	
   

  	
  Crown Battleground, LLC

  
	
   

  	
  Crown CHH L.L.C.

  
	
   

  	
  Crown CHO L.L.C.

  
	
   

  	
  Crown CHV L.L.C.

  
	
   

  	
  Crown Dodge, LLC

  
	
   

  	
  Crown FDO L.L.C.

  
	
   

  	
  Crown FFO Holdings
  L.L.C.

  
	
   

  	
  Crown FFO L.L.C.

  
	
   

  	
  Crown Fordham L.L.C.

  
	
   

  	
  Crown GAC L.L.C.

  
	
   

  	
  Crown GAU L.L.C.

  
	
   

  	
  Crown GBM L.L.C.

  
	
   

  	
  Crown GCA L.L.C.

  
	
   

  	
  Crown GCH L.L.C.

  
	
   

  	
  Crown GDO L.L.C.

  
	
   

  	
  Crown GHO L.L.C.

  
	
   

  	
  Crown GKI L.L.C.

  
	
   

  	
  Crown GMI L.L.C.

  
	
   

  	
  Crown GNI L.L.C.

  
	
   

  	
  Crown GPG L.L.C.

  
	
   

  	
  Crown GVO L.L.C.

  
	
   

  	
  Crown Honda, LLC

  
	
   

  	
  Crown Honda-Volvo, LLC

  
	
   

  	
  Crown Mitsubishi, LLC

  
	
   

  	
  Crown Motorcar Company
  L.L.C.

  
	
   

  	
  Crown Raleigh L.L.C.

  
	
   

  	
  Crown RIA L.L.C.

  
	
   

  	
  Crown RIB L.L.C.

  
	
   

  	
  Crown RIS L.L.C.

  
	
   

  	
  Crown Royal Pontiac,
  LLC

  
	
   

  	
  Crown RPG L.L.C.

  
	
   

  	
  Crown SJC L.L.C.

  
	
   

  	
  Crown SNI L.L.C.

  
	
   

  	
  RER Properties, LLC

  
	
   

  	
  RWIJ Properties, LLC

  
	
   

  	
  Asbury Automotive
  Oregon L.L.C.

  

 

25

 

	
   

  	
  Asbury Automotive
  Oregon Management L.L.C.

  
	
   

  	
  Damerow Ford Co.

  
	
   

  	
  Thomason Frd L.L.C.

  
	
   

  	
  Thomason Auto Credit
  Northwest, Inc.

  
	
   

  	
  Thomason Dam L.L.C.

  
	
   

  	
  Thomason Hon L.L.C.

  
	
   

  	
  Thomason Hund L.L.C.

  
	
   

  	
  Thomason Maz L.L.C.

  
	
   

  	
  Thomason Niss L.L.C.

  
	
   

  	
  Thomason on Canyon,
  L.L.C.

  
	
   

  	
  Thomason Outfitters
  L.L.C.

  
	
   

  	
  Thomason Pontiac-GMC
  L.L.C.

  
	
   

  	
  Thomason Sub L.L.C.

  
	
   

  	
  Thomason Suzu L.L.C.

  
	
   

  	
  Thomason Zuk L.L.C.

  
	
   

  	
  Asbury Automotive St.
  Louis, L.L.C.

  
	
   

  	
  Asbury St. Louis
  Cadillac L.L.C.

  
	
   

  	
  Asbury St. Louis Gen
  L.L.C.

  
	
   

  	
  Asbury Automotive
  Brandon, L.P. (by its

  general partner Asbury Tampa

  Management L.L.C.)

  
	
   

  	
  Asbury Automotive Tampa
  GP L.L.C.

  
	
   

  	
  Asbury Automotive
  Tampa, L.P. (by its

  general partner Asbury Automotive Tampa

  GP L.L.C.)

  
	
   

  	
  Asbury Tampa Management
  L.L.C.

  
	
   

  	
  Dealer Profit Systems
  L.L.C.

  
	
   

  	
  Precision Computer
  Services, Inc.

  
	
   

  	
  Precision Enterprises
  Tampa, Inc.

  
	
   

  	
  Precision Infiniti,
  Inc.

  
	
   

  	
  Precision Motorcars,
  Inc.

  
	
   

  	
  Precision Nissan, Inc.

  
	
   

  	
  Tampa Hund, L.P. (by
  its general partner

  Asbury Tampa Management L.L.C.)

  
	
   

  	
  Tampa Kia, L.P. (by its
  general partner

  Asbury Tampa Management L.L.C.)

  
	
   

  	
  Tampa LM, L.P. (by its
  general partner

  Asbury Tampa Management L.L.C.)

  
	
   

  	
  Tampa Mit, L.P. (by its
  general partner

  Asbury Tampa Management L.L.C.)

  
	
   

  	
  Tampa Suzu, L.P. (by
  its general partner

  Asbury Tampa Management L.L.C.)

  
	
   

  	
  WMZ Brandon Motors,
  L.P. (by its general

  partner Asbury Tampa Management L.L.C.)

  
	
   

  	
  WMZ Motors, L.P. (by
  its general partner

  Asbury Tampa Management L.L.C.)

  
	
   

  	
  Asbury Automotive Texas
  Holdings L.L.C.

  
	
   

  	
  Asbury Automotive Texas
  L.L.C.

  
	
   

  	
  Asbury Automotive Texas
  Real Estate

  

 

26

 

	
   

  	
  Holdings L.P. (by its
  general partner

  Asbury Texas Management L.L.C.)

  
	
   

  	
  Asbury Texas Management
  L.L.C.

  
	
   

  	
  McDavid Auction, L.P.
  (by its general

  partner Asbury Texas Management L.L.C.)

  
	
   

  	
  McDavid Austin-Acra,
  L.P. (by its general

  partner Asbury Texas Management L.L.C.)

  
	
   

  	
  McDavid Frisco-Hon,
  L.P. (by its general

  partner Asbury Texas Management L.L.C.)

  
	
   

  	
  McDavid Grande, L.P.
  (by its general

  partner Asbury Texas Management L.L.C.)

  
	
   

  	
  McDavid Houston-Hon,
  L.P. (by its general

  partner Asbury Texas Management L.L.C.)

  
	
   

  	
  McDavid Houston-Kia,
  L.P. (by its general

  partner Asbury Texas Management L.L.C.)

  
	
   

  	
  McDavid Houston-Niss,
  L.P. (by its general

  partner Asbury Texas Management L.L.C.)

  
	
   

  	
  McDavid Houston-Olds,
  L.P. (by its general

  partner Asbury Texas Management L.L.C.)

  
	
   

  	
  McDavid Irving-Hon,
  L.P. (by its general

  partner Asbury Texas Management L.L.C.)

  
	
   

  	
  McDavid
  Irving-PB&G, L.P. (by its general

  partner Asbury Texas Management L.L.C.)

  
	
   

  	
  McDavid Irving-Zuk,
  L.P. (by its general

  partner Asbury Texas Management L.L.C.)

  
	
   

  	
  McDavid Outfitters,
  L.P. (by its general

  partner Asbury Texas Management L.L.C.)

  
	
   

  	
  McDavid Plano-Acra,
  L.P. (by its general

  partner Asbury Texas Management L.L.C.)

  
	
   

  	
  Plano Lincoln-Mercury,
  Inc.

  

 

 

	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
  J. Gordon Smith

  
	
   

  	
  Title:

  	
  Vice President

  
	
   

  
	
   

  	
  Asbury Automotive Group
  Holdings, Inc.

  
	
   

  	
  Asbury Automotive Group
  L.L.C.

  
	
   

  
	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
  J. Gordon Smith

  
	
   

  	
  Title:

  	
  Senior Vice President

  
							

 

27

 

	
   

  	
  Asbury Automotive
  Financial Services, Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
  Thomas G. McCollum

  
	
   

  	
  Title:

  	
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Asbury Automotive San
  Diego L.L.C.

  
	
   

  	
  Asbury Automotive
  Southern California

  L.L.C.

  
	
   

  
	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
  Robert D. Frank

  
	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Asbury Automotive Used
  Car Centers

  L.L.C.

  
	
   

  	
  Asbury Automotive Used
  Car Centers

  Texas GP L.L.C.

  
	
   

  	
  Asbury Automotive Used
  Car Centers

  Texas L.P. (by its general partner Asbury

  Automotive Used Car Centers GP L.L.C.)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
  John L. Kessler

  
	
   

  	
  Title:

  	
  Secretary

  
							

 

 

	
  Accepted as of the date hereof:

  	
   

  
	
   

  	
   

  
	
  Goldman, Sachs &
  Co.

  
	
  J.P. Morgan
  Securities Inc.

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
    (Goldman, Sachs & Co.)

  
	
   

  	
   

  
	
   

  	
    On behalf of each of the Purchasers

  
				

 

28

 

Exhibit
A

 

Asbury
Automotive Group, Inc.

 

INSTRUCTION TO DTC PARTICIPANTS

 

(Date of
Mailing)

 

URGENT -
IMMEDIATE ATTENTION REQUESTED

 

DEADLINE FOR RESPONSE:  [DATE] *

 

 

The Depository Trust Company (“DTC”) has identified you as a DTC
Participant through which beneficial interests in the Asbury Automotive Group,
Inc. (the “Company”) $200,000,000 8% Senior Subordinated  Notes due 2014 (the
“Securities”) are held.

 

The Company is in the process of registering the Securities under the
Securities Act of 1933 for resale by the beneficial owners thereof.  In order to have their Securities included
in the registration statement, beneficial owners must complete and return the
enclosed Notice of Registration Statement and Selling Securityholder
Questionnaire.

 

It is important that beneficial owners of the Securities receive a copy
of the enclosed materials as soon as possible as their rights
to have the Securities included in the registration statement depend upon their
returning the Notice and Questionnaire by [Deadline For Response].  Please forward a copy of the enclosed
documents to each beneficial owner that holds interests in the Securities
through you.  If you require more copies
of the enclosed materials or have any questions pertaining to this matter,
please contact Asbury Automotive Group, Inc., 3 Landmark Square, Suite 500,
Stamford, Connecticut 06901, (203) 356-4400.

 

Asbury
Automotive Group, Inc.

 

Notice of Registration Statement

and

Selling Securityholder Questionnaire

 

(Date)

 

 

Reference is hereby made to the Exchange and Registration Rights
Agreement (the “Exchange and Registration Rights Agreement”) between Asbury
Automotive Group, Inc. (the “Company”) and the Purchasers named therein.  Pursuant to the Exchange and Registration
Rights Agreement, the Company has filed with the United States Securities and
Exchange Commission (the “Commission”) a registration statement on Form [   ]
(the “Shelf Registration Statement”) for the registration and resale under
Rule 415 of the Securities Act of 1933, as

 

*[Not less than 28 calendar days from date of mailing.]

 

A-1

 

amended (the “Securities Act”), of the Company’s $200,000,000 8% Senior
Subordinated  Notes due 2014 (the “Securities”).  A copy of the Exchange and Registration Rights Agreement is
attached hereto.  All capitalized terms
not otherwise defined herein shall have the meanings ascribed thereto in the
Exchange and Registration Rights Agreement.

 

Each beneficial owner of Registrable Securities (as defined below) is
entitled to have the Registrable Securities beneficially owned by it included
in the Shelf Registration Statement.  In
order to have Registrable Securities included in the Shelf Registration
Statement, this Notice of Registration Statement and Selling Securityholder
Questionnaire (“Notice and Questionnaire”) must be completed, executed and
delivered to the Company’s counsel at the address set forth herein for receipt
ON OR BEFORE [Deadline for Response]. 
Beneficial owners of Registrable Securities who do not complete, execute
and return this Notice and Questionnaire by such date (i) will not be
named as selling securityholders in the Shelf Registration Statement and
(ii) may not use the Prospectus forming a part thereof for resales of
Registrable Securities.

 

Certain legal consequences arise from being named as a selling
securityholder in the Shelf Registration Statement and related Prospectus.  Accordingly, holders and beneficial owners of
Registrable Securities are advised to consult their own securities law counsel
regarding the consequences of being named or not being named as a selling
securityholder in the Shelf Registration Statement and related Prospectus.

 

The term “Registrable Securities” is defined in the Exchange and
Registration Rights Agreement.

 

A-2

 

ELECTION

 

 

The undersigned holder (the “Selling Securityholder”) of Registrable
Securities hereby elects to include in the Shelf Registration Statement the
Registrable Securities beneficially owned by it and listed below in
Item (3).  The undersigned, by
signing and returning this Notice and Questionnaire, agrees to be bound with
respect to such Registrable Securities by the terms and conditions of this
Notice and Questionnaire and the Exchange and Registration Rights Agreement,
including, without limitation, Section 6 of the Exchange and Registration
Rights Agreement, as if the undersigned Selling Securityholder were an original
party thereto.

 

Upon any sale of Registrable Securities pursuant to the Shelf
Registration Statement, the Selling Securityholder will be required to deliver
to the Company and Trustee the Notice of Transfer set forth in Appendix A
to the Prospectus and as Exhibit B to the Exchange and Registration Rights
Agreement.

 

The Selling Securityholder hereby provides the following information to
the Company and represents and warrants that such information is accurate and
complete:

 

A-3

 

QUESTIONNAIRE

 

(1)   (a)   Full Legal Name
of Selling Securityholder:

 

 

(b)   Full Legal Name of Registered Holder (if not the same as in (a) above) of
Registrable Securities Listed in Item (3) below:

 

 

(c)   Full Legal Name of DTC Participant (if applicable and if not the same as
(b) above) Through Which Registrable Securities Listed in Item (3) below are
Held:

 

 

(2)   Address for Notices to Selling Securityholder:

 

 

Telephone:    

 

Fax:

 

Contact Person:

 

 

(3)   Beneficial Ownership of Securities:

 

Except as set forth below in this Item (3), the
undersigned does not beneficially own any Securities.

 

(a)   Principal amount of Registrable Securities beneficially owned: 
                                                                                       

CUSIP No(s). of such Registrable Securities:

 

(b)   Principal amount of Securities other than Registrable Securities
beneficially owned:

 

CUSIP No(s). of such other
Securities:

 

(c)   Principal amount of Registrable Securities which the undersigned wishes to
be included in the Shelf Registration Statement: 
                                                                   
CUSIP No(s). of such Registrable Securities to be included in the Shelf
Registration Statement:

 

 

(4)   Beneficial Ownership of Other Securities of the Company:

 

Except as set forth below in this Item (4), the
undersigned Selling Securityholder is not the beneficial or registered owner of
any other securities of the Company, other than the Securities listed above in
Item (3).

 

State any exceptions here:

 

A-4

 

(5)   Relationships with the Company:

 

Except as set forth below, neither the Selling
Securityholder nor any of its affiliates, officers, directors or principal
equity holders (5% or more) has held any position or office or has had any
other material relationship with the Company (or its predecessors or
affiliates) during the past three years.

 

State any exceptions here:

 

 

(6)   Plan of Distribution:

 

Except as set forth below, the undersigned Selling
Securityholder intends to distribute the Registrable Securities listed above in
Item (3) only as follows (if at all): 
Such Registrable Securities may be sold from time to time directly by
the undersigned Selling Securityholder or, alternatively, through underwriters,
broker-dealers or agents.  Such
Registrable Securities may be sold in one or more transactions at fixed prices,
at prevailing market prices at the time of sale, at varying prices determined
at the time of sale, or at negotiated prices. 
Such sales may be effected in transactions (which may involve crosses or
block transactions) (i) on any national securities exchange or quotation
service on which the Registered Securities may be listed or quoted at the time
of sale, (ii) in the over-the-counter market, (iii) in transactions otherwise
than on such exchanges or services or in the over-the-counter market, or (iv)
through the writing of options.  In
connection with sales of the Registrable Securities or otherwise, the Selling
Securityholder may enter into hedging transactions with broker-dealers, which
may in turn engage in short sales of the Registrable Securities in the course
of hedging the positions they assume. 
The Selling Securityholder may also sell Registrable Securities short
and deliver Registrable Securities to close out such short positions, or loan
or pledge Registrable Securities to broker-dealers that in turn may sell such
securities.

 

State any exceptions here:

 

 

By signing below, the Selling Securityholder acknowledges that it understands
its obligation to comply, and agrees that it will comply, with the provisions
of the Exchange Act and the rules and regulations thereunder, particularly
Regulation M.

 

In the event that the Selling Securityholder transfers all or any
portion of the Registrable Securities listed in Item (3) above after the
date on which such information is provided to the Company, the Selling
Securityholder agrees to notify the transferee(s) at the time of the transfer
of its rights and obligations under this Notice and Questionnaire and the
Exchange and Registration Rights Agreement.

 

By signing below, the Selling Securityholder consents to the disclosure
of the information contained herein in its answers to Items (1) through
(6) above and the inclusion of such information in the Shelf Registration
Statement and related Prospectus.  The
Selling Securityholder understands that such information will be relied upon by
the Company in connection with the preparation of the Shelf Registration
Statement and related Prospectus.

 

A-5

 

In accordance with the Selling Securityholder’s obligation under
Section 3(d) of the Exchange and Registration Rights Agreement to provide
such information as may be required by law for inclusion in the Shelf
Registration Statement, the Selling Securityholder agrees to promptly notify
the Company of any inaccuracies or changes in the information provided herein
which may occur subsequent to the date hereof at any time while the Shelf
Registration Statement remains in effect. 
All notices hereunder and pursuant to the Exchange and Registration
Rights Agreement shall be made in writing, by hand-delivery, first-class mail,
or air courier guaranteeing overnight delivery as follows:

 

(i)  To the Company and
the Subsidiary Guarantors:

 

Asbury Automotive Group Inc.

3 Landmark Square

Stamford, Connecticut 06901

[Attention: ]

 

 

 

(ii)  With a copy to:

 

 

 

 

Once this Notice and Questionnaire is executed by the Selling
Securityholder and received by the Company’s counsel, the terms of this Notice
and Questionnaire, and the representations and warranties contained herein,
shall be binding on, shall inure to the benefit of and shall be enforceable by
the respective successors, heirs, personal representatives, and assigns of the
Company and the Selling Securityholder (with respect to the Registrable
Securities beneficially owned by such Selling Securityholder and listed in Item
(3) above.  This Agreement shall be
governed in all respects by the laws of the State of New York.

 

A-6

 

IN WITNESS WHEREOF, the undersigned, by authority duly given, has
caused this Notice and Questionnaire to be executed and delivered either in
person or by its duly authorized agent.

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Selling
  Securityholder

  
	
   

  	
   

  
	
   

  	
  (Print/type
  full legal name of beneficial owner of Registrable Securities)

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

 

PLEASE RETURN THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE FOR
RECEIPT ON OR BEFORE [DEADLINE FOR RESPONSE] TO THE COMPANY’S
COUNSEL AT:

 

Cravath, Swaine & Moore LLP

825 Eighth Avenue

New York, NY 
10019

Attention:

 

A-7

 

Exhibit B

 

NOTICE
OF TRANSFER PURSUANT TO REGISTRATION STATEMENT

 

The Bank of New York

Asbury Automotive Group, Inc. 

c/o The Bank of New York

101 Barclay Street

 

New York, NY 10286

 

Attention:  Trust Officer

 

Re:          Asbury
Automotive Group, Inc. (the “Company”)

$200,000,000 8% Senior Subordinated  Notes due 2014

 

 

Dear Sirs:

 

Please be advised that
                                       
has transferred $                           
aggregate principal amount of the above-referenced Notes pursuant to an
effective Registration Statement on Form [   ] (File No.
333-            )
filed by the Company.

 

We hereby certify that the prospectus delivery requirements, if any, of
the Securities Act of 1933, as amended, have been satisfied and that the
above-named beneficial owner of the Notes is named as a “Selling Holder” in the
Prospectus dated [   ], 2003 or in supplements thereto, and that
the aggregate principal amount of the Notes transferred are the Notes listed in
such Prospectus opposite such owner’s name.

 

Dated:

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Name)

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  (Authorized Signature)

  

 

B-1<Page>

                                                                     Exhibit 4.1

                               THE BOEING COMPANY

                                       TO

                               JPMORGAN CHASE BANK
                                               TRUSTEE

                                     SENIOR
                                    INDENTURE

                          DATED AS OF FEBRUARY 1, 2003

                  PROVIDING FOR THE ISSUANCE OF DEBT SECURITIES

<Page>

<Table>
<Caption>
Trust Indenture
Act Section                                                          Indenture Section
<S>                                                                     <C>
310(a)(1)........................................................                  609
   (a)(2)........................................................                  609
   (a)(3)........................................................       Not Applicable
   (a)(4)........................................................       Not Applicable
   (a)(5)........................................................                  609
   (b)...........................................................             609, 610
311(a)...........................................................                  613
   (b)...........................................................                  613
312(a)...........................................................          701, 702(a)
   (b)...........................................................               702(b)
   (c)...........................................................                  702
313(a)...........................................................                  703
   (b)...........................................................                  703
   (c)...........................................................                  703
   (d)...........................................................                  703
314(a)...........................................................            704, 1010
   (b)...........................................................       Not Applicable
   (c)(1)........................................................                  102
   (c)(2)........................................................                  102
   (c)(3)........................................................       Not Applicable
   (d)...........................................................       Not Applicable
   (e)...........................................................       Not Applicable
315(a)...........................................................                  102
   (b)...........................................................                  602
   (c)...........................................................               601(b)
   (d)...........................................................               601(c)
   (d)(1)........................................................            601(a)(1)
   (d)(2)........................................................            601(c)(2)
   (d)(3)........................................................            601(c)(3)
   (e)...........................................................                  514
316(a)(1)(A).....................................................             502, 512
   (a)(1)(B).....................................................                  513
   (a)(2)........................................................       Not Applicable
   (b)...........................................................                  508
   (c)...........................................................                 1301
317(a)(1)........................................................                  503
   (a)(2)........................................................                  504
   (b)...........................................................                 1003
318(a)...........................................................                  108
</Table>

Note: This reconciliation and tie shall not, for any purpose, be deemed to be a
part of the Indenture.

                                        i
<Page>

                                   ARTICLE ONE

             DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

<Table>
<S>                                                                                           <C>
SECTION 101. DEFINITIONS......................................................................1
       ACT....................................................................................2
       ADDITIONAL AMOUNTS.....................................................................2
       AFFILIATE..............................................................................2
       ATTRIBUTABLE DEBT......................................................................2
       AUTHENTICATING AGENT...................................................................2
       AUTHORIZED NEWSPAPER...................................................................2
       BEARER SECURITY........................................................................3
       BOARD OF DIRECTORS.....................................................................3
       BOARD RESOLUTION.......................................................................3
       BUSINESS DAY...........................................................................3
       CAPITAL STOCK..........................................................................3
       COMMISSION.............................................................................3
       COMPANY................................................................................3
       COMPANY REQUEST........................................................................3
       CONSOLIDATED NET TANGIBLE ASSETS.......................................................3
       CONTROL................................................................................9
       CORPORATE TRUST OFFICE.................................................................4
       CORPORATION............................................................................4
       COUPON.................................................................................4
       DEBT...................................................................................4
       DEFAULTED INTEREST.....................................................................4
       DOLLAR OR $............................................................................4
       EVENT OF DEFAULT.......................................................................4
       EXCHANGE DATE..........................................................................4
       EXTENSION NOTICE.......................................................................4
       EXTENSION PERIOD.......................................................................4
       EXTENSION PERIOD.......................................................................4
       HOLDER.................................................................................4
       INDENTURE..............................................................................4
       INTEREST...............................................................................5
       INTEREST PAYMENT DATE..................................................................5
       LIEN...................................................................................5
       MATURITY...............................................................................5
       OFFICERS' CERTIFICATE..................................................................5
       OPINION OF COUNSEL.....................................................................5
       OPTIONAL RESET DATE....................................................................5
       ORIGINAL ISSUE DISCOUNT SECURITY.......................................................5
       ORIGINAL STATED MATURITY...............................................................5
       OUTSTANDING............................................................................6
       PAYING AGENT...........................................................................7
       PERSON.................................................................................7
       PLACE OF PAYMENT.......................................................................7
       PREDECESSOR SECURITY...................................................................7
       PRINCIPAL PROPERTY.....................................................................7
       REDEMPTION DATE........................................................................7
       REDEMPTION PRICE.......................................................................7
       REGISTERED SECURITY....................................................................8
       REGULAR RECORD DATE....................................................................8
       RESET NOTICE...........................................................................8
       RESPONSIBLE OFFICER....................................................................8
       SALE AND LEASE-BACK TRANSACTION........................................................8
       SECURITY OR SECURITIES.................................................................8
       SECURITY REGISTER, SECURITY REGISTRAR AND CO-SECURITY REGISTRAR........................8
       SPECIAL RECORD DATE....................................................................8
       STATED MATURITY........................................................................8
</Table>

                                       ii
<Page>

<Table>
<S>                                                                                          <C>
       SUBSEQUENT INTEREST PERIOD.............................................................8
       SUBSIDIARY.............................................................................8
       TRUSTEE................................................................................9
       TRUST INDENTURE ACT....................................................................9
       UNITED STATES..........................................................................9
       UNITED STATES ALIEN....................................................................9
       U.S. DEPOSITARY OR DEPOSITARY..........................................................9
       U.S. GOVERNMENT OBLIGATIONS............................................................9
       VICE PRESIDENT........................................................................10
       VOTING STOCK..........................................................................10
SECTION 102.  COMPLIANCE CERTIFICATES AND OPINIONS...........................................10
SECTION 103.  FORM OF DOCUMENTS DELIVERED TO TRUSTEE.........................................11
SECTION 104.  ACTS OF HOLDERS................................................................11
SECTION 105.  NOTICES, ETC., TO TRUSTEE AND COMPANY..........................................13
SECTION 106.  NOTICE TO HOLDERS OF SECURITIES; WAIVER........................................13
SECTION 107.  LANGUAGE OF NOTICES, ETC.......................................................14
SECTION 108.  CONFLICT WITH TRUST INDENTURE ACT..............................................14
SECTION 109.  EFFECT OF HEADINGS AND TABLE OF CONTENTS.......................................15
SECTION 110.  SUCCESSORS AND ASSIGNS.........................................................15
SECTION 111.  SEPARABILITY CLAUSE............................................................15
SECTION 112.  BENEFITS OF INDENTURE..........................................................15
SECTION 113.  GOVERNING LAW..................................................................15
SECTION 114.  LEGAL HOLIDAYS.................................................................15
SECTION 115.  APPOINTMENT FOR SERVICE........................................................16

                                   ARTICLE TWO

                                 SECURITY FORMS

SECTION 201.  FORMS GENERALLY................................................................16
SECTION 202.  FORM OF TRUSTEE'S CERTIFICATE OF AUTHENTICATION................................17
SECTION 203.  SECURITIES IN GLOBAL FORM......................................................17

                                  ARTICLE THREE

                                 THE SECURITIES

SECTION 301.  AMOUNT UNLIMITED; ISSUABLE IN SERIES...........................................18
SECTION 302.  DENOMINATIONS..................................................................22
SECTION 303.  EXECUTION, AUTHENTICATION, DELIVERY AND DATING.................................23
SECTION 304.  TEMPORARY SECURITIES AND EXCHANGE OF SECURITIES................................25
SECTION 305.  REGISTRATION, REGISTRATION OF TRANSFER AND EXCHANGE............................27
SECTION 306.  MUTILATED, DESTROYED, LOST AND STOLEN SECURITIES...............................31
SECTION 307.  PAYMENT OF INTEREST; INTEREST RIGHTS PRESERVED; OPTIONAL INTEREST RESET........32
SECTION 308.  PERSONS DEEMED OWNERS..........................................................34
SECTION 309.  CANCELLATION...................................................................35
SECTION 310.  COMPUTATION OF INTEREST........................................................35
SECTION 311.  FORM OF CERTIFICATION BY A PERSON ENTITLED TO RECEIVE A BEARER SECURITY........36
SECTION 312.  OPTIONAL EXTENSION OF MATURITY.................................................37

                                  ARTICLE FOUR

                           SATISFACTION AND DISCHARGE

SECTION 401.  SATISFACTION AND DISCHARGE OF INDENTURE........................................38
SECTION 402.  APPLICATION OF TRUST MONEY.....................................................39
SECTION 403.  SATISFACTION, DISCHARGE AND DEFEASANCE OF SECURITIES OF ANY SERIES.............40
</Table>

                                       iii
<Page>

<Table>
<S>                                                                                          <C>
                                  ARTICLE FIVE

                                    REMEDIES

SECTION 501.  EVENTS OF DEFAULT..............................................................42
SECTION 502.  ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT.............................44
SECTION 503.  COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY TRUSTEE................45
SECTION 504.  TRUSTEE MAY FILE PROOFS OF CLAIM...............................................46
SECTION 505.  TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF SECURITIES OR COUPONS.........47
SECTION 506.  APPLICATION OF MONEY COLLECTED.................................................47
SECTION 507.  LIMITATION ON SUITS............................................................47
SECTION 508.  UNCONDITIONAL RIGHT OF HOLDERS TO RECEIVE PRINCIPAL, PREMIUM AND INTEREST......48
SECTION 509.  RESTORATION OF RIGHTS AND REMEDIES.............................................48
SECTION 510.  RIGHTS AND REMEDIES CUMULATIVE.................................................49
SECTION 511.  DELAY OR OMISSION NOT WAIVER...................................................49
SECTION 512.  CONTROL BY HOLDERS OF SECURITIES...............................................49
SECTION 513.  WAIVER OF PAST DEFAULTS........................................................49
SECTION 514.  UNDERTAKING FOR COSTS..........................................................50
SECTION 515.  WAIVER OF STAY OR EXTENSION LAWS...............................................50

                                   ARTICLE SIX

                                   THE TRUSTEE

SECTION 601.  CERTAIN DUTIES AND RESPONSIBILITIES............................................51
SECTION 602.  NOTICE OF DEFAULTS.............................................................52
SECTION 603.  CERTAIN RIGHTS OF TRUSTEE......................................................52
SECTION 604.  NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF SECURITIES.........................53
SECTION 605.  MAY HOLD SECURITIES............................................................54
SECTION 606.  MONEY HELD IN TRUST............................................................54
SECTION 607.  COMPENSATION AND REIMBURSEMENT.................................................54
SECTION 608.  TRUSTEE'S LIEN.................................................................55
SECTION 609.  CORPORATE TRUSTEE REQUIRED; ELIGIBILITY; CONFLICTING INTERESTS.................55
SECTION 610.  RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR..............................55
SECTION 611.  ACCEPTANCE OF APPOINTMENT BY SUCCESSOR.........................................57
SECTION 612.  MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS....................58
SECTION 613.  PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY..............................58
SECTION 614.  APPOINTMENT OF AUTHENTICATING AGENT............................................58

                                  ARTICLE SEVEN

                HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY

SECTION 701.  HOLDERS' LISTS.................................................................60
SECTION 702.  PRESERVATION OF INFORMATION; COMMUNICATIONS BY HOLDERS WITH OTHER HOLDERS......61
SECTION 703.  REPORTS BY TRUSTEE TO HOLDERS..................................................61
SECTION 704.  REPORTS BY COMPANY.............................................................61

                                  ARTICLE EIGHT

              CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

SECTION 801.  COMPANY MAY CONSOLIDATE, ETC., ONLY ON CERTAIN TERMS...........................62
SECTION 802.  SUCCESSOR CORPORATION SUBSTITUTED..............................................63

                                  ARTICLE NINE

                             SUPPLEMENTAL INDENTURES

SECTION 901.  SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF HOLDERS.............................63
SECTION 902.  SUPPLEMENTAL INDENTURES WITH CONSENT OF HOLDERS................................65
SECTION 903.  EXECUTION OF SUPPLEMENTAL INDENTURES...........................................66
SECTION 904.  EFFECT OF SUPPLEMENTAL INDENTURES..............................................66
SECTION 905.  CONFORMITY WITH TRUST INDENTURE ACT............................................66
</Table>

                                       iv
<Page>

<Table>
<S>                                                                                          <C>
SECTION 906.  REFERENCE IN SECURITIES TO SUPPLEMENTAL INDENTURES.............................67

                                   ARTICLE TEN

                                    COVENANTS

SECTION 1001. PAYMENT OF PRINCIPAL, PREMIUM AND INTEREST.....................................67
SECTION 1002. MAINTENANCE OF OFFICE OR AGENCY................................................67
SECTION 1003. MONEY FOR SECURITIES PAYMENTS TO BE HELD IN TRUST..............................68
SECTION 1004. ADDITIONAL AMOUNTS.............................................................70
SECTION 1005. CORPORATE EXISTENCE............................................................71
SECTION 1006. MAINTENANCE OF PROPERTIES......................................................71
SECTION 1007. PAYMENT OF TAXES AND OTHER CLAIMS..............................................71
SECTION 1008. LIMITATION UPON LIENS..........................................................71
SECTION 1009. LIMITATIONS ON SALE AND LEASE-BACK TRANSACTIONS................................74
SECTION 1010. STATEMENT AS TO COMPLIANCE.....................................................75
SECTION 1011. WAIVER OF CERTAIN COVENANTS....................................................76

                                 ARTICLE ELEVEN

                            REDEMPTION OF SECURITIES

SECTION 1101. APPLICABILITY OF ARTICLE.......................................................76
SECTION 1102. ELECTION TO REDEEM; NOTICE TO TRUSTEE..........................................76
SECTION 1103. SELECTION BY TRUSTEE OF SECURITIES TO BE REDEEMED..............................77
SECTION 1104. NOTICE OF REDEMPTION...........................................................77
SECTION 1105. DEPOSIT OF REDEMPTION PRICE....................................................79
SECTION 1106. SECURITIES PAYABLE ON REDEMPTION DATE..........................................79
SECTION 1107. SECURITIES REDEEMED IN PART....................................................80

                                 ARTICLE TWELVE

                                  SINKING FUNDS

SECTION 1201. APPLICABILITY OF ARTICLE.......................................................80
SECTION 1202. SATISFACTION OF SINKING FUND PAYMENTS WITH SECURITIES..........................80
SECTION 1203. REDEMPTION OF SECURITIES FOR SINKING FUND......................................81

                                ARTICLE THIRTEEN

                        MEETINGS OF HOLDERS OF SECURITIES

SECTION 1301. PURPOSES FOR WHICH MEETINGS MAY BE CALLED......................................82
SECTION 1302. CALL, NOTICE AND PLACE OF MEETINGS.............................................82
SECTION 1303. PERSONS ENTITLED TO VOTE AT MEETINGS...........................................83
SECTION 1304. QUORUM; ACTION.................................................................83
SECTION 1305. DETERMINATION OF VOTING RIGHTS; CONDUCT AND ADJOURNMENT OF MEETINGS............84
SECTION 1306. COUNTING VOTES AND RECORDING ACTION OF MEETINGS................................85

                                ARTICLE FOURTEEN

                            MISCELLANEOUS PROVISIONS

SECTION 1401. SECURITIES IN FOREIGN CURRENCIES...............................................85
SECTION 1402. IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS, DIRECTORS AND EMPLOYEES.....86

                                 ARTICLE FIFTEEN

                       REPAYMENT AT THE OPTION OF HOLDERS

SECTION 1501. APPLICABILITY OF ARTICLE.......................................................86
</Table>

                                        v
<Page>

     SENIOR INDENTURE, dated as of February 1, 2003, between The Boeing Company,
a corporation duly organized and existing under the laws of the State of
Delaware (herein called the "Company"), having a principal office at 100 North
Riverside, Chicago, Illinois 60606-1596, and JPMorgan Chase Bank, a banking
corporation duly organized and existing under the laws of the State of New York,
as Trustee (herein called the "Trustee").

                             RECITALS OF THE COMPANY

     The Company has duly authorized the execution and delivery of this
Indenture to provide for the issuance from time to time of its unsecured and
unsubordinated debentures, notes or other evidences of indebtedness (herein
called the "Securities"), unlimited as to principal amount, to be issued in one
or more series as in this Indenture provided.

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

     NOW, THEREFORE, THIS INDENTURE WITNESSETH:

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

                                   ARTICLE ONE
             DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

SECTION 101. DEFINITIONS.

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

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

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

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

<Page>

     generally accepted in the United States of America at the date of such
     computation; and

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

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

     "Act", when used with respect to any Holder of a Security, has the meaning
specified in Section 104.

     "Additional Amounts" means any additional amounts which are required by a
Security or by or pursuant to a Board Resolution, under circumstances specified
therein, to be paid by the Company in respect of certain taxes imposed on
certain Holders and which are owing to such Holders.

     "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.

     "Attributable Debt" in respect of any Sale and Lease-Back Transaction
means, as of any time of determination, the lesser of (i) the sale price of the
Principal Property so leased multiplied by a fraction the numerator of which is
the remaining portion of the base term of the lease included in such transaction
and the denominator of which is the base term of such lease and (ii) the total
obligation (discounted to present value at the implicit interest factor,
determined in accordance with generally accepted financial practice, included in
the rental payments of, if such interest factor cannot be readily determined, at
a rate of interest of 10% per annum, compounded semiannually) of the lessee for
rental payments (other than amounts required to be paid on account of property
taxes as well as maintenance, repairs, insurance, water rates and other items
which do not constitute payments for property rights) during the remaining
portion of the base term of the lease included in such transaction.

     "Authenticating Agent" means any Person authorized by the Trustee to act on
behalf of the Trustee to authenticate one or more series of Securities.

     "Authorized Newspaper" means a newspaper, in an official language of the
country of publication or in the English language, customarily published on each
Business Day, whether or not published on Saturdays, Sundays or holidays, and of
general circulation in the place in connection with which the term is used or in
the financial community of such

                                        2
<Page>

place. Where successive publications are required to be made in Authorized
Newspapers, the successive publications may be made in the same or in different
newspapers in the same city meeting the foregoing requirements and in each case
on any Business Day.

     "Bearer Security" means any Security established pursuant to Section 201
which is payable to bearer.

     "Board of Directors" means either the board of directors of the Company or
any duly authorized committee of the officers and/or directors of the Company
appointed by that board.

     "Board Resolution" means a copy of a resolution certified by the Secretary
or an Assistant Secretary of the Company to have been duly adopted by the Board
of Directors, or, to the extent permitted by applicable law and the Company's
by-laws, the Executive Committee of the Board of Directors, and to be in full
force and effect on the date of such certification, and delivered to the
Trustee.

     "Business Day", when used with respect to a particular location specified
in the Securities or this Indenture, means any day which is not a Saturday or a
Sunday or a day on which banking institutions in such location are authorized or
obligated by law or regulation to close, except as may otherwise be provided in
the form of securities of any particular series pursuant to the provisions of
this Indenture.

     "Capital Stock" means any and all shares, interest, participations or other
equivalents (however designated) evidencing equity ownership.

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

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

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

     "Consolidated Net Tangible Assets" means the total amount of assets (less
applicable reserves and other properly deductible items) after, deducting
therefrom (i) all current liabilities (excluding any thereof which are by their
terms extendible or renewable

                                        3
<Page>

at the option of the obligor thereon to a time more than 12 months after the
time as of which the amount thereof is being computed), and (ii) all good will,
trade names, trademarks, patents, unamortized debt discount and expenses and
other like intangibles, all as set forth on the most recent balance sheet of the
Company and its consolidated Subsidiaries and computed in accordance with
generally accepted accounting principles.

     "Corporate Trust Office" means the principal office of the Trustee in the
Borough of Manhattan, The City of New York, at which at any particular time its
corporate trust business shall be administered, which office at the date of
execution of this Indenture is located at 450 W. 33rd Street, New York, NY
10001, Attention: Institutional Trust Services.

     "corporation" includes corporations, partnerships, limited liability
partnerships or companies, joint ventures, incorporated or unincorporated
associations, companies and business trusts.

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

     "Debt" has the meaning specified in Section 1008.

     "Defaulted Interest" has the meaning specified in Section 307.

     "Dollar" or "$" or any similar reference shall mean the currency of the
United States, except as may otherwise be provided in the form of Securities of
any particular series pursuant to the provisions of this Indenture.

     "Event of Default" has the meaning specified in Section 501.

     "Exchange Date" has the meaning specified in Section 304.

     "Extension Notice" has the meaning specified in Section 312.

     "Extension Period" has the meaning specified in Section 312.

     "Final Maturity" has the meaning specified in Section 312.

     "Holder", when used with respect to any Security, means in the case of a
Registered Security the Person in whose name the Security is registered in the
Security Register and in the case of a Bearer Security the bearer thereof and,
when used with respect to any coupon, means the bearer thereof.

     "Indenture" means this instrument as originally executed or as it may from
time to time be supplemented or amended by one or more indentures supplemental
hereto entered into pursuant to the applicable provisions hereof and shall
include the terms of particular series of Securities established as contemplated
by Section 301; PROVIDED, HOWEVER, that if

                                        4
<Page>

at any time more than one Person is acting as Trustee under this instrument,
"Indenture" shall mean with respect to any one or more series of Securities for
which such Person is Trustee, this instrument as originally executed or as it
may from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable provisions hereof
and shall include the terms of particular Securities for which such Person is
Trustee established as contemplated by Section 301, exclusive, however, of any
provisions or terms which relate solely to other series of Securities for which
such Person is not Trustee, regardless of when such terms or provisions were
adopted, and exclusive of any provisions or terms adopted by means of one or
more indentures supplemental hereto and delivered after such Person had become
such Trustee but to which such Person, as such Trustee, was not a party.

     "interest", when used with respect to an Original Issue Discount Security
which by its terms bears interest only after Maturity, means interest payable
after Maturity, and, when used with respect to a security which provides for the
payment of Additional Amounts, shall include such Additional Amounts as provided
in Section 1004.

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

     "Lien" has the meaning specified in Section 1008.

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

     "Officers' Certificate" means a certificate signed by the Chairman of the
Board of Directors, the Chief Executive Officer or a Vice President, and by the
Treasurer, an Assistant Treasurer, the Controller, an Assistant Controller, the
Secretary or an Assistant Secretary, of the Company, and delivered to the
Trustee.

     "Opinion of Counsel" means a written opinion of counsel, who may be an
employee of or counsel for the Company, and who shall be acceptable to the
Trustee.

     "Optional Reset Date" has the meaning specified in Section 307.

     "Original Issue Discount Security" means any Security which provides for an
amount less than the principal amount thereof to be due and payable upon a
declaration of acceleration of the Maturity thereof pursuant to Section 502.

     "Original Stated Maturity" has the meaning specified in Section 312.

                                        5
<Page>

     "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 cancelled by the Trustee or delivered to
     the Trustee for cancellation;

          (ii) Securities for whose payment or redemption 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 and any coupons thereto appertaining; PROVIDED
     that, if such Securities are to be redeemed, notice of such redemption has
     been duly given pursuant to this Indenture and provision therefor
     satisfactory to the Trustee has been made;

          (iii) Securities, except to the extent provided in Section 403, with
     respect to which the Company has effected defeasance and/or covenant
     defeasance as provided in such Section; and

          (iv) Securities which have been paid pursuant to Section 306 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;

PROVIDED, HOWEVER, that in determining whether the Holders of the requisite
principal amount of the Outstanding Securities have given any request, demand,
authorization, direction, notice, consent or waiver hereunder or are present at
a meeting of Holders of Securities for quorum purposes, the principal amount of
an Original Issue Discount Security that may be counted in making such
determination and that shall be deemed to be Outstanding for such purposes shall
be equal to the amount of the principal thereof that could be declared to be due
and payable pursuant to the terms of such Original Issue Discount Security at
the time the taking of such action by the Holders of such requisite principal
amount is evidenced to the Trustee as provided in Section 104(a), and, PROVIDED
FURTHER, that Securities owned beneficially 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 request, demand,
authorization, direction, notice, consent or waiver, only Securities which the
Trustee knows to be so owned shall be so disregarded. Securities so owned which
have been pledged in good faith may be regarded as Outstanding if the pledgee
establishes to the satisfaction of the Trustee the pledgee's right so to act
with respect to such Securities and that the pledgee is not the Company or any
other obligor upon the Securities or any Affiliate of the Company or such other
obligor.

                                        6
<Page>

     "Paying Agent" means any Person, which may include the Company, authorized
by the Company to pay the principal of (and premium, if any) or interest on any
Securities on behalf of the Company.

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

     "Place of Payment", when used with respect to the Securities of any series,
means the place or places where the principal of (and premium, if any) and
interest on the Securities of that series are payable as specified as
contemplated by Sections 301 and 1002.

     "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 306 in exchange for or in lieu of a
mutilated, destroyed, lost or stolen security or a Security to which a
mutilated, destroyed, lost or stolen coupon appertains shall be deemed to
evidence the same debt as the mutilated, destroyed, lost or stolen Security or
the Security to which the mutilated, destroyed, lost or stolen coupon
appertains, as the case may be.

     "Principal Property" shall mean all real property and tangible personal
property constituting a manufacturing plant located within the United States
owned by the Company or a Subsidiary, exclusive of (i) motor vehicles, mobile
materials-handling equipment and other rolling stock, (ii) office furnishings
and equipment, information and electronic data processing equipment, (iii) any
property financed through obligations issued by a state, territory or possession
of the United States, or any political subdivision or instrumentality of the
foregoing, the interest on which is, in the opinion of tax counsel of recognized
standing or in accordance with a ruling issued by the Internal Revenue Service,
excludible from gross income of the holders thereof pursuant to Section 103(a)
of the Internal Revenue Code of 1986 (or any successor to such provision), as in
effect at the time of the issuance of such obligations, (iv) any real property
held for development or sale, or (v) any property the gross book value of which
(including related land and improvements thereon and all machinery and equipment
included therein without deduction of any depreciation reserves) is less than
15% of Consolidated Net Tangible Assets or which the Board of Directors
determines is not material to the operation of the business of the Company and
its Subsidiaries taken as a whole.

     "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.

                                        7
<Page>

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

     "Regular Record Date" for the interest payable on any Interest Payment Date
on the Registered Securities of any series means the date specified for that
purpose as contemplated by Section 301.

     "Reset Notice" has the meaning specified in Section 307.

     "Responsible Officer", when used with respect to the Trustee, means any
officer within the Corporate Trust Office (or any successor group of the
Trustee) including any managing director, any vice president, any assistant
treasurer, any assistant vice president, any assistant secretary, any other
officer or assistant officer of the Trustee customarily performing functions
similar to those performed by the persons who at the time shall be such
officers, respectively, or to whom any corporate trust matter is referred at the
Trustee's Corporate Trust Office because of his knowledge of and familiarity
with the particular subject.

     "Sale and Lease-Back Transaction" shall mean any arrangement whereby (i)
property has been or is to be sold or transferred by the Company or a Subsidiary
to any Person with the intention on the part of the Company or a Subsidiary of
taking back a lease of such property pursuant to which the rental payments are
calculated to amortize the purchase price of such property substantially over
the useful life of such property and (ii) such property is in fact so leased by
the Company or a Subsidiary.

     "Security" or "Securities" means any Security or Securities authenticated
and delivered under this Indenture.

     "Security Register", "Security Registrar" and "Co-Security Registrar" have
the respective meanings specified in Section 305.

     "Special Record Date" for the payment of any Defaulted Interest on the
Registered Securities of any series means a date fixed by the Trustee pursuant
to Section 307.

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

     "Subsequent Interest Period" has the meaning specified in Section 307.

     "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.

                                        8
<Page>

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

     "Trust Indenture Act" means the Trust Indenture Act of 1939, as amended,
and any reference herein to the Trust Indenture Act or a particular provision
thereof shall mean such Act or provision, as the case may be, as amended or
replaced from time to time or as supplemented from time to time by rules or
regulations adopted by the Commission under or in furtherance of the purposes of
such Act or provision, as the case may be.

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

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

     "U.S. Depositary" or "Depositary" means, with respect to any Security
issuable or issued in the form of one or more global Securities, the Person
designated as U.S. Depositary or Depositary by the Company in or pursuant to
this Indenture, which Person must be, to the extent required by applicable law
or regulation, a clearing agency registered under the Securities Exchange Act of
1934, as amended, and, if so provided with respect to any Security, any
successor to such Person. If at any time there is more than one such Person,
"U.S. Depositary" or "Depositary" shall mean, with respect to any Securities,
the qualifying entity which has been appointed with respect to such Securities.

     "U.S. Government Obligations" means direct obligations of the United States
for the payment of which its full faith and credit is pledged, or obligations of
a person controlled or supervised by and acting as an agency or instrumentality
of the United States and the payment of which is unconditionally guaranteed as a
full faith and credit obligation by the United States which, in either case, are
not callable or redeemable at the option of the issuer thereof, and shall also
include a depository receipt issued by a bank (as defined in Section 3(a)(2) of
the Securities Act of 1933, as amended) as custodian with respect to any such
U.S. Government Obligations or a specific payment of or interest on any such
U.S. Government Obligations held by such custodian for the account of the holder
of such depository receipt, provided that (except as required by law) such
custodian is not authorized to make any deduction from the amount payable to the
holder of such depository receipt from any amount received by the custodian in
respect of the U.S.

                                        9
<Page>

Government Obligations or the specific payment of principal of or interest on
the U.S. Government Obligations evidenced by such depository receipt.

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

     "Voting Stock", as applied to stock of any corporation, means shares,
interests, participations or other equivalents in the equity interest (however
designated) of such corporation having ordinary voting power for the election of
a majority of the board of directors, managers or trustees (or the equivalent)
of such corporation, other than shares, interests, participations or other
equivalents having such power by reason of the occurrence of any contingency.

SECTION 102. 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 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.

     Every certificate or opinion with respect to compliance with a condition or
covenant provided for in this Indenture 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 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.

                                       10
<Page>

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 one person authorized to sign an Officers'
Certificate, including any person specified as so authorized in any such
certificate previously delivered and not superseded.

SECTION 103. FORM OF DOCUMENTS DELIVERED TO TRUSTEE.

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

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

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

SECTION 104. ACTS OF HOLDERS.

     (a)  Any request, demand, authorization, direction, notice, consent, waiver
or other action provided by this Indenture to be given or taken by Holders of
the Outstanding Securities of all series or by one or more series, as the case
may be, may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by such Holders in person or by agent duly
appointed in writing. If Securities of a series are issuable as Bearer
Securities, any request, demand, authorization, direction, notice, consent,
waiver or other action provided by this Indenture to be given or taken by
Holders may, alternatively, be embodied in and evidenced by the record of
Holders of Securities voting in favor thereof, either in person or by proxies
duly appointed in writing, at any meeting of Holders of Securities duly called
and held in accordance with the provisions of Article Thirteen, or a combination
of such instruments and any such record. Except as herein otherwise expressly
provided, such action shall become effective when such instrument or instruments
or record or both are delivered to the Trustee and, where it is

                                       11
<Page>

hereby expressly required, to the Company. Such instrument or instruments and
any such record (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 any such meeting. Proof of execution of any such
instrument or of a writing appointing any such agent, or of the holding by any
Person of a Security, shall be sufficient for any purpose of this Indenture and
(subject to Section 601) 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 of Securities shall be proved in the manner provided in Section 1306.

     (b)  The fact and date of the execution by any Person of any such
instrument or writing may be proved in any reasonable manner which the Trustee
deems sufficient.

     (c)  The ownership of Registered Securities and the principal amount and
serial numbers of Registered Securities held by any Person, and the date of
holding the same, shall be proved by the Security Register.

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

     (e)  The fact and date of execution of any such instrument or writing, the
authority of the Person executing the same and the principal amount and serial
numbers of Bearer Securities held by the Person so executing such instrument or
writing and the date of holding the same may also be proved in any other manner
which the Trustee deems sufficient; and the Trustee may (but shall not be
required to) in any instance require further proof with respect to any of the
matters referred to in this Section.

     (f)  If the Company shall solicit from the Holders of any Registered
Securities any request, demand, authorization, direction, notice, consent,
waiver or other Act, the Company may, at its option, by Board Resolution, fix in
advance a record date for the determination of Holders of Registered Securities
entitled to give such request, demand, authorization, direction, notice,
consent, waiver or other Act, but the Company shall have no obligation to do so.
If such a record date is fixed, such request, demand, authorization, direction,
notice, consent, waiver or other Act may be given before or after such record
date, but only the Holders of Registered Securities of record at the close of
business on

                                       12
<Page>

such record date shall be deemed to be Holders for the purposes of determining
whether Holders of the requisite percentage of Outstanding Securities have
authorized or agreed or consented to such request, demand, authorization,
direction, notice, consent, waiver or other Act, and for that purpose the
Outstanding Securities shall be computed as of such record date; provided that
no such authorization, agreement or consent by the Holders of Registered
Securities on such record date shall be deemed effective unless it shall become
effective pursuant to the provisions of this Indenture not later than six months
after the record date.

     (g)  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, any
Security Registrar, any Paying Agent or the Company in reliance thereon, whether
or not notation of such action is made upon such Security.

SECTION 105. NOTICES, ETC., TO TRUSTEE AND COMPANY.

     Any request, demand, authorization, direction, notice, consent, election,
waiver or 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 of a Security or by the Company shall
     be sufficient for every purpose hereunder if made, given, furnished or
     filed in writing to or with the Trustee at its Corporate Trust Office,
     Attention: Institutional Trust Services, or

          (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 and mailed, first-class postage prepaid, to the Company
     addressed to it at the address of its principal office specified in the
     first paragraph of this instrument or at any other address previously
     furnished in writing to the Trustee by the Company.

SECTION 106. NOTICE TO HOLDERS OF SECURITIES; WAIVER.

     Except as otherwise expressly provided herein or in the form of Securities
of any particular series pursuant to the provisions of this Indenture, where
this Indenture provides for notice to Holders of Securities of any event,

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

                                       13
<Page>

          (2)  such notice shall be sufficiently given to Holders of Bearer
     Securities if published in an Authorized Newspaper in The City of New York,
     in any other city or cities as may be specified in such Securities, and, if
     the Securities of such series are then listed on a stock exchange of any
     stock exchange outside the United States, in an Authorized Newspaper in
     such city as the Company shall advise the Trustee in writing that such
     exchange so requires, on a Business Day at least twice, the first such
     publication to be not earlier than the earliest date and not later than the
     latest date prescribed for the giving of such notice.

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

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

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

SECTION 107. LANGUAGE OF NOTICES, ETC.

     Any request, demand, authorization, direction, notice, consent, election or
waiver required or permitted under this Indenture shall be in the English
language, except that any published notice may be in an official language of the
country of publication.

SECTION 108. CONFLICT WITH TRUST INDENTURE ACT.

     If any provision hereof limits, qualifies or conflicts with another
provision hereof which is required or deemed to be included in this Indenture by
any of the provisions of the Trust Indenture Act, such required or deemed
provision shall control.

                                       14
<Page>

SECTION 109. 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 110. 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 111. SEPARABILITY CLAUSE.

     In case any provision in this Indenture or the Securities or coupons 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 112. BENEFITS OF INDENTURE.

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

SECTION 113. GOVERNING LAW.

     This Indenture and the Securities and coupons shall be governed by and
construed in accordance with the laws of the State of New York. The parties
hereto hereby irrevocably submit to the venue and jurisdiction of any New York
State or federal court sitting in the Borough of Manhattan in New York City in
any action or proceeding arising out of or relating to this Indenture, the
Securities or the coupons and the parties hereby irrevocably agree that all
claims in respect of such action or proceeding arising out of or relating to
this Indenture, the Securities or the coupons, shall be heard and determined in
such a New York State or federal court.

SECTION 114. LEGAL HOLIDAYS.

     In any case where any Interest Payment Date, Redemption Date or Stated
Maturity of any Security shall not be a Business Day at any Place of Payment,
then (notwithstanding any other provision of this Indenture or of the Securities
or coupons) payment of interest or principal (and premium, if any) need not be
made at such Place of Payment on such date, but may be made on the next
succeeding Business Day at such Place of Payment with the same force and effect
as if made on the Interest Payment Date or Redemption Date, or at the Stated
Maturity, PROVIDED that no interest shall accrue on the amount so payable for
the

                                       15
<Page>

period from and after such Interest Payment Date, Redemption Date or Stated
Maturity, as the case may be.

SECTION 115. APPOINTMENT FOR SERVICE.

     By the execution and delivery of this Indenture, the Company hereby
appoints the Trustee as its agent upon which process may be served in any legal
action or proceeding which may be instituted in any Federal or State court in
the Borough of Manhattan, The City of New York, arising out of or relating to
the Securities, the coupons or this Indenture. Service of process upon such
agent at the office of such agent at 450 W. 33rd Street, New York, NY 10001,
Attention: Institutional Trust Services, and written notice of said service to
the Company by the Person serving the same addressed as provided in Section 105
shall be deemed in every respect effective service of process upon the Company
in any such legal action or proceeding, and the Company hereby submits to the
jurisdiction of any such court in which any such legal action or proceeding is
so instituted. Such appointment shall be irrevocable so long as the Holders of
Securities or coupons shall have any rights pursuant to the terms thereof or of
this Indenture until the appointment of a successor by the Company with the
consent of the Trustee and such successor's acceptance of such appointment. The
Company further agrees to take any and all action, including the execution and
filing of any and all such documents and instruments, as may be necessary to
continue such designation and appointment of such agent or successor.

     By the execution and delivery of this Indenture, the Trustee hereby agrees
to act as such agent and undertakes promptly to notify the Company of receipt by
it of service of process in accordance with this Section.

                                   ARTICLE TWO
                                 SECURITY FORMS

SECTION 201. FORMS GENERALLY.

     The Registered Securities, if any, of each series and the Bearer
Securities, if any, of each series and related coupons, if any, and temporary
global Securities shall be in the form established by or pursuant to a Board
Resolution or in one or more indentures supplemental hereto, in each case with
such appropriate insertions, omissions, substitutions and other variations as
are required or permitted by this Indenture, and may have such letters, numbers
or other marks of identification and such legends or endorsements placed thereon
as may be required to comply with the rules of any securities exchange or as
may, consistently herewith, be determined by the officers executing such
Securities or coupons, as evidenced by their execution of the Securities or
coupons. If the forms of Securities or coupons of any series (or any such
temporary global Security) are established by action taken pursuant to a Board
Resolution, a copy of an appropriate record of such action shall be certified by
the Secretary or an Assistant Secretary of the Company and delivered to the

                                       16
<Page>

Trustee at or prior to the delivery of the Company Order contemplated by Section
303 for the authentication and delivery of such Securities or coupons.

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

     Unless otherwise provided as contemplated by Section 301 with respect to
any series of Securities, the Securities of each series shall be issuable in
registered form without coupons. If so provided as contemplated by Section 301,
the Securities of a series also shall be issuable in bearer form, with or
without interest coupons attached.

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

SECTION 202. FORM OF TRUSTEE'S CERTIFICATE OF AUTHENTICATION.

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

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

                                      OR
------------------------------------       -------------------------------------
              AS TRUSTEE                                AS TRUSTEE

By:
   ---------------------------------
        AS AUTHENTICATING AGENT

By:                                        By:
      ---------------------------------       ----------------------------------
           AUTHORIZED OFFICER                        AUTHORIZED OFFICER

SECTION 203. SECURITIES IN GLOBAL FORM.

     If Securities of a series are issuable in global form, any such Security
may provide that it or any number of such Securities shall represent the
aggregate amount of all Outstanding Securities of such series (or such lesser
amount as is permitted by the terms thereof) from time to time endorsed thereon
and may also provide that the aggregate amount of Outstanding Securities
represented thereby may from time to time be increased or reduced to reflect
exchanges. Any endorsement of any Security in global form to reflect the amount,
or any increase or decrease in the amount, or changes in the rights of Holders,
of Outstanding Securities represented thereby shall be made in such manner and
by such Person or Persons as shall be specified therein or in the Company Order
to be delivered

                                       17
<Page>

pursuant to Section 303 or 304 with respect thereto. Subject to the provisions
of Section 303 and, if applicable, Section 304, the Trustee shall deliver and
redeliver any Security in permanent global form in the manner and upon
instructions given by the Person or Persons specified therein or in the
applicable Company Order. If a Company Order pursuant to Section 304 has been,
or simultaneously is, delivered, any instructions by the Company with respect to
a Security in global form shall be in writing but need not be accompanied by or
contained in an Officers' Certificate and need not be accompanied by an Opinion
of Counsel.

     The provisions of the last sentence of Section 303 shall apply to any
Security represented by a Security in global form if such Security was never
issued and sold by the Company and the Company delivers to the Trustee the
Security in global form together with written instructions (which need not
comply with Section 102 and need not be accompanied by an Opinion of Counsel)
with regard to the reduction in the principal amount of the Securities
represented thereby, together with the written statement contemplated by the
last sentence of Section 303.

     Notwithstanding the provisions of Section 307, unless otherwise specified
as contemplated by Section 301, payment of principal of and any premium and
interest on any Security in permanent global form shall be made to the Person or
Persons specified therein.

     Notwithstanding the provisions of Section 308 and except as provided in the
preceding paragraph, the Company, the Trustee and any agent of the Company and
the Trustee shall treat as the Holder of such principal amount of Outstanding
Securities represented by a permanent global Security (i) in the case of a
permanent global Security in registered form, the Holder of such permanent
global Security in registered form, or (ii) in the case of a permanent global
Security in bearer form, the Person or Persons specified pursuant to Section
301.

                                  ARTICLE THREE
                                 THE SECURITIES

SECTION 301. AMOUNT UNLIMITED; ISSUABLE IN SERIES.

     The aggregate principal amount of Securities which may be authenticated and
delivered under this Indenture is unlimited.

     The Securities may be issued in one or more series. There shall be
established in or pursuant to a Board Resolution, and set forth in an Officers'
Certificate, or established in one or more indentures supplemental hereto, prior
to the issuance of Securities of any series, any or all of the following, as
applicable (each of which (except for the matters set forth in clauses (1), (2)
and (14) below), if so provided, may be determined from time to time by the
Company with respect to unissued Securities of the series and set forth in such
Securities of the series when issued from time to time):

                                       18
<Page>

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

          (2)  any limit upon the aggregate principal amount of the Securities
     of the series which may be authenticated and delivered under this Indenture
     (except for Securities authenticated and delivered upon registration of
     transfer of, or in exchange for, or in lieu of, other Securities of the
     series pursuant to Section 304, 305, 306, 906 or 1107 and except for any
     Securities which, pursuant to Section 303, are deemed never to have been
     authenticated and delivered hereunder);

          (3)  whether such Securities are to be issuable as Registered
     Securities, as Bearer Securities or alternatively as Bearer Securities and
     Registered Securities, and whether the Bearer Securities are to be issuable
     with coupons, without coupons or both, and any restrictions applicable to
     the offer, sale or delivery of the Bearer Securities and the terms, if any,
     upon which Bearer Securities may be exchanged for Registered Securities and
     vice versa;

          (4)  the Person to whom any interest on any Registered Security of the
     series shall be payable if other than the Person in whose name that
     Registered Security (or one or more Predecessor Securities) is registered
     at the close of business on the Regular Record Date for such interest and
     the manner in which, or the Person to whom, any interest on any Bearer
     Security of the series shall be payable if otherwise than upon presentation
     and surrender of the coupons appertaining thereto as they severally mature;

          (5)  the date or dates, or the method or methods, if any, by which
     such date or dates shall be determined, on which the principal of such
     Securities is payable or the manner in which such dates are determined or
     extended;

          (6)  the rate or rates at which such Securities shall bear interest,
     if any or the method or methods, if any, by which such rate or rates are to
     be determined, the date or dates, if any, from which such interest shall
     accrue or the method or methods, if any, by which such date or dates are to
     be determined, the Interest Payment Dates, if any, on which such interest
     shall be payable and the Regular Record Date, if any, for the interest
     payable on Registered Securities on any Interest Payment Date, whether and
     under what circumstances Additional Amounts on such Securities or any of
     them shall be payable, the notice, if any, to Holders regarding the
     determination of interest on a floating rate Security and the manner of
     giving such notice, and the basis upon which interest shall be calculated
     if other than that of a 360-day year of twelve 30-day months;

          (7)  the place or places where the principal of (and premium, if any)
     and interest on or Additional Amounts, if any, on Securities of the series
     shall be payable, any of such Securities that are Registered Securities may
     be surrendered

                                       19
<Page>

     for registration of transfer, any of such Securities may be surrendered for
     exchange and notices or demands to or upon the Company in respect of such
     Securities and this Indenture may be served; the extent to which, or the
     manner in which, any interest payment on a global Security on an Interest
     Payment Date, will be paid and the manner in which any principal of or
     premium, if any, on any global Security will be paid;

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

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

          (10) if Bearer Securities of the series are to be issuable, whether
     interest in respect of any portion of a temporary Bearer Security in global
     form (representing all of the Outstanding Bearer Securities of the series)
     payable in respect of an Interest Payment Date prior to the exchange of
     such temporary Bearer Security for definitive Securities of the series
     shall be paid to any clearing organization with respect to the portion of
     such temporary Bearer Security held for its account and, in such event, the
     terms and conditions (including any certification requirements) upon which
     any such interest payment received by a clearing organization will be
     credited to the Persons entitled to interest payable on such Interest
     Payment Date;

          (11) the denominations in which Registered Securities of the series,
     if any, shall be issuable if other than denominations of $1,000 and any
     integral multiple thereof, and the denominations in which Bearer Securities
     of the series, if any, shall be issuable if other than the denomination of
     $5,000;

          (12) the date as of which any Bearer Securities of the series and any
     temporary global Security representing Outstanding Securities of the series
     shall be dated if other than the date of original issuance of the first
     Security of the series to be issued;

          (13) the currency or currencies, including composite currencies, in
     which payment of the principal of (and premium, if any) and interest on,
     and Additional Amounts in respect of, the Securities of the series shall be
     payable (if other than the currency of the United States of America), and
     the particular provisions applicable thereto and, if applicable, the amount
     of Securities of the series which entitles the

                                       20
<Page>

     Holder of a Security of the series or proxy to one vote for purposes of
     Section 1305(c);

          (14) any addition to, or modification or deletion of, any Event of
     Default or any covenant of the Company specified herein with respect to the
     Securities of the series;

          (15) the terms, if any, upon which Securities of the series may be
     convertible into or exchanged for the common stock, preferred stock or
     other securities of the Company and the terms and conditions upon which the
     conversion or exchange shall be effected, including the initial conversion
     or exchange price or rate, the conversion or exchange period, and any other
     additional provisions;

          (16) if the principal of (and premium, if any) or interest, and
     Additional Amounts in respect of, if any, on such Securities are to be
     payable, at the election of the Company or a Holder thereof, in a coin or
     currency, including composite currencies, other than that in which the
     Securities are stated to be payable, the period or periods within which,
     and the terms and conditions upon which, such election may be made, and the
     time and manner of determining the exchange rate between the currency in
     which such Securities are denominated or stated to be payable and the
     currency in which such Securities or any of them are to be so payable;

          (17) whether the amount of payments of principal of, any premium or
     interest on or any Additional Amounts with respect to, such Securities may
     be determined with reference to an index, formula, or other method or
     methods (which index, formula or method or methods may be based, without
     limitation, on one or more currencies, commodities, equity indices or other
     indices), and, if so, the terms and conditions upon which and the manner in
     which such shall be determined and paid or payable;

          (18) if any such Securities are to be issuable in global form and are
     to be issuable in definitive form (whether upon original issue or upon
     exchange of a temporary Security) only upon receipt of certain certificates
     or other documents or satisfaction of other conditions, then the form and
     terms of such certificates, documents or conditions;

          (19) if other than the principal amount thereof, the portion of the
     principal amount of Securities of the series which shall be payable upon
     declaration of acceleration of the Maturity thereof pursuant to Section
     502;

          (20) the application, if any, of Section 403 to the Securities of the
     series;

          (21) if any such Securities are to be issuable in global form, when
     any of such Securities are to be issuable in global form and (i) whether
     beneficial owners

                                       21
<Page>

     of interests in any such global Security may exchange such interests for
     Securities of the same series and of like tenor and of any authorized form
     and denomination and the circumstances under which any such exchanges may
     occur, if other than in the manner specified in Section 305, and (ii) the
     name of the Depositary or U.S. Depositary, as the case may be, to any
     global Security;

          (22) if there is more than one Trustee, the identity of the Trustee,
     and if not the Trustee, the identity of each Security Registrar, Paying
     Agent or Authenticating Agent with respect to such Securities; and

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

     All Securities of any one series and all coupons, if any, appertaining to
Bearer Securities of such series shall be substantially identical except as to
currency of payments due thereunder, denomination and the rate or rates of
interest, or method of determining the rate of interest, if any, Maturity, and
the date from which interest, if any, shall accrue and except as may otherwise
be provided by the Company in or pursuant to the Board Resolution and set forth
in the Officers' Certificate or in any indenture or indentures supplemental
hereto pertaining to such series of Securities. The terms of the Securities of
any series may provide, without limitation, that the Securities shall be
authenticated and delivered by the Trustee upon receipt of a Company Order by
the Trustee pursuant to Section 303 on original issue from time to time upon
written order of persons designated in the Officers' Certificate or supplemental
indenture and that such persons are authorized to determine, consistent with
such Officers' Certificate or any applicable supplemental indenture, such terms
and conditions of the Securities of such series as are specified in such
Officers' Certificate or supplemental indenture. All securities of any one
series need not be issued at the same time, and unless otherwise so provided by
the Company, a series may be reopened for issuance of additional Securities of
such series or to establish additional terms of such series of Securities.

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

SECTION 302. DENOMINATIONS.

     All Securities shall be issuable in such denominations as shall be
specified as contemplated by Section 301. With respect to any Securities
denominated in Dollars, in the absence of any such provisions, the Registered
Securities, other than Registered Securities issued in global form (which may be
of any denomination) shall be issuable in denominations of $1,000 and any
integral multiple thereof and the Bearer Securities, other than the Bearer
Securities issued in global form (which may be of any denomination) shall be
issuable in denominations of $5,000.

                                       22
<Page>

SECTION 303. EXECUTION, AUTHENTICATION, DELIVERY AND DATING.

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

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

     At any time and from time to time after the execution and delivery of this
Indenture, the Company may deliver Securities of any series, together with any
coupons appertaining thereto, executed by the Company to the Trustee or its
designated agent for authentication by the Trustee, together with a Company
Order for the authentication and delivery of such Securities, and the Trustee in
accordance with the Company Order shall authenticate and deliver such
Securities; PROVIDED, HOWEVER, that, unless otherwise specified with respect to
any series of Securities pursuant to Section 301, a Bearer Security may be
delivered in connection with its original issuance only outside the United
States and only if the Trustee shall have received from the person entitled to
receive such Bearer Security a certificate in the form required by Section 311,
dated no earlier than 15 days prior to the earlier of the date on which such
Bearer Security is delivered and the date on which any temporary Security or
permanent global Security first becomes exchangeable for such Bearer Security in
accordance with the terms of such temporary Security or permanent global
Security and this Indenture. If any Security shall be represented by a permanent
global Security, then, for purposes of this Section and Section 304, the
notation of a beneficial owner's interest therein upon original issuance of such
Security or upon exchange of a portion of a temporary global Security shall be
deemed to be delivery in connection with its original issuance of such
beneficial owner's interest in such permanent global Security. Except as
permitted by Section 306, the Trustee shall not authenticate and deliver any
Bearer Security unless all appurtenant coupons for interest then matured have
been detached and cancelled. If not all the Securities of any series are to be
issued at one time and if the Board Resolution or supplemental indenture
establishing such series shall so permit, such Company Order may set forth
procedures acceptable to the Trustee for the issuance of such Securities and
determining terms of particular Securities of such series such as interest rate,
maturity date, date of issuance and date from which interest shall accrue.

     In authenticating such Securities, and accepting the additional
responsibilities under this Indenture in relation to such Securities, the
Trustee shall be entitled to receive, and

                                       23
<Page>

(subject to Section 601) shall be fully protected in relying upon, an Opinion of
Counsel stating:

          (a)  that the form or forms of such Securities and any coupons have
     been established in conformity with the provisions of this Indenture;

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

          (c)  that such Securities, together with any coupons appertaining
     thereto, when completed by appropriate insertions and executed and
     delivered by the Company to the Trustee for authentication in accordance
     with this Indenture, authenticated and delivered by the Trustee and issued
     by the Company in the manner and subject to any conditions specified in
     such Opinion of Counsel, will constitute legal, valid and binding
     obligations of the Company, enforceable in accordance with their terms,
     subject to applicable bankruptcy, insolvency, reorganization and other
     similar laws of general applicability relating to or affecting the
     enforcement of creditors' rights, to general equitable principles and to
     such other qualifications as such counsel shall conclude do not materially
     affect the rights of Holders of such Securities and any coupons;

          (d)  that all laws and requirements in respect of the execution and
     delivery by the Company of such Securities, any coupons, and of any
     supplemental indentures, if any, have been complied with and that
     authentication and delivery of the Securities and any coupons and the
     execution and delivery of the supplemental indenture, if any, by the
     Trustee will not violate the terms of the Indenture;

          (e)  that the Company has the corporate power to issue such Securities
     and any coupons, and has taken all necessary corporate action with respect
     to such issuance; and

          (f)  that the issuance of such Securities and any coupons will not
     contravene the articles of incorporation or by-laws of the Company or
     result in any violation of any of the terms or provisions of any law or
     regulation or of any indenture, mortgage or other agreement known to such
     counsel by which the Company is bound.

     Notwithstanding the provisions of Section 301 and of the preceding two
paragraphs, if not all the Securities of any series are to be issued at one
time, it shall not be necessary to deliver the Officers' Certificate otherwise
required to be delivered pursuant to Section 301 or the Company Order and
Opinion of Counsel otherwise required pursuant to the preceding two paragraphs
prior to or at the time of issuance of each Security, but such documents shall
be delivered prior to or at the time of issuance of the first Security of such
series.

                                       24
<Page>

     The Trustee shall not be required to authenticate such Securities if the
issuance of such Securities pursuant to this Indenture will affect the Trustee's
own rights, duties or immunities under the Securities and this Indenture or
otherwise in a manner which is not reasonably acceptable to the Trustee.

     Each Registered Security shall be dated the date of its authentication.
Each Bearer Security shall be dated as of the date specified as contemplated by
Section 301.

     In authenticating such Securities, and accepting the additional
responsibilities under this Indenture in relation to such Securities and any
coupons appertaining thereto, the Trustee shall also be entitled to receive
annually, and shall be fully protected in relying upon, an Officers' Certificate
stating that, to the best knowledge of the Persons executing such certificate,
no event which is, or after notice or lapse of time would become, an Event of
Default with respect to any of the Securities shall have occurred and be
continuing.

     No Security or coupon appertaining thereto shall be entitled to any benefit
under this Indenture or be valid or obligatory for any purpose unless there
appears on such Security a certificate of authentication substantially in the
form provided for herein executed by the Trustee by manual signature, and such
certificate upon any Security shall be conclusive evidence, and the only
evidence, that such Security has been duly authenticated and delivered hereunder
and is entitled to the benefits of this Indenture. Except as permitted by
Section 306 or 307, the Trustee shall not authenticate and deliver any Bearer
Security unless all appurtenant coupons for interest then matured have been
detached and cancelled. Notwithstanding the foregoing, if any Security shall
have been authenticated and delivered hereunder but never issued and sold by the
Company, and the Company shall deliver such Security to the Trustee for
cancellation as provided in Section 309 together with a written statement (which
need not comply with Section 102 and need not be accompanied by an Opinion of
Counsel) stating that such Security has never been issued and sold by the
Company, for all purposes of this Indenture such Security shall be deemed never
to have been authenticated and delivered hereunder and shall never be entitled
to the benefits of this Indenture.

SECTION 304. TEMPORARY SECURITIES AND EXCHANGE OF SECURITIES.

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

                                       25
<Page>

     Except in the case of temporary Securities in global form (which shall be
exchanged in accordance with the provisions of the following paragraphs), if
temporary Securities of any series are issued, the Company will cause definitive
Securities of that series to be prepared without unreasonable delay. After the
preparation of definitive Securities of such series, the temporary Securities of
such series shall be exchangeable for definitive Securities of such series upon
surrender of the temporary Securities of such series at the office or agency of
the Company in a Place of Payment for that series, without charge to the Holder.
Upon surrender for cancellation of any one or more temporary Securities of any
series (accompanied by any unmatured coupons appertaining thereto) the Company
shall execute and the Trustee shall authenticate and deliver in exchange
therefor a like principal amount of definitive Securities of the same series of
authorized denominations and of like tenor; PROVIDED, HOWEVER, that no
definitive Bearer Security shall be delivered in exchange for a temporary
Registered Security; and PROVIDED, FURTHER, that no definitive Bearer Security
shall be delivered in exchange for a temporary Bearer Security unless the
Trustee shall have received from the person entitled to receive the definitive
Bearer Security a certificate in the form required by Section 311 and upon which
the Trustee may conclusively rely. Until so exchanged the temporary Securities
of any series shall in all respects be entitled to the same benefits under this
Indenture as definitive Securities of such series.

     If temporary Securities of any series are issued in global form, such
temporary global Security shall, unless otherwise provided therein, be delivered
to the Depositary or U.S. Depositary with respect thereto, for credit to the
respective accounts of the beneficial owners of such Securities (or to such
other accounts as they may direct).

     Without unnecessary delay but in any event not later than the date
specified in, or determined pursuant to the terms of, any such temporary global
security (the "Exchange Date"), the Company shall deliver to the Trustee
definitive Securities, in aggregate principal amount equal to the principal
amount of such temporary global Security, executed by the Company. On or after
the Exchange Date such temporary global Security shall be surrendered by the
Depositary or U.S. Depositary to the Trustee, as the Company's agent for such
purpose, to be exchanged, in whole or from time to time in part, for definitive
Securities without charge and the Trustee shall authenticate and deliver, in
exchange for each portion of such temporary global Security, an equal aggregate
principal amount of definitive Securities of the same series of authorized
denominations and of like tenor as the portion of such temporary global Security
to be exchanged. The definitive Securities to be delivered in exchange for any
such temporary global Security shall be in bearer form, registered form,
permanent global bearer form or permanent global registered form, or any
combination thereof, as specified by Section 301, and, if any combination
thereof is specified, as requested by the beneficial owner thereof; PROVIDED,
HOWEVER, that, unless otherwise specified in such temporary global Security,
upon such presentation by the Depositary or U.S. Depositary, such temporary
global Security is accompanied by a written instrument in form satisfactory to
the Company, the Trustee and the Security Registrar dated the Exchange Date or a
subsequent date and signed by the Depositary or U.S. Depositary as to the
portion of such temporary global Security held for its account then to

                                       26
<Page>

be exchanged and a written instrument in form satisfactory to the Company, the
Trustee and the Security Registrar dated the Exchange Date or a subsequent date
and signed by the Depositary or U.S. Depositary as to the portion of such
temporary global Security held for its account then to be exchanged; and
PROVIDED, FURTHER, that definitive Bearer Securities shall be delivered in
exchange for a portion of a temporary global Security only in compliance with
the requirements of Section 311.

     Unless otherwise specified in such temporary global Security, the interest
of a beneficial owner of Securities of a series in a temporary global Security
shall be exchanged for definitive Securities of the same series and of like
tenor following the Exchange Date when the account holder instructs the
Depositary or U.S. Depositary, as the case may be, to request such exchange on
his behalf and delivers to such Depositary or U.S. Depositary, as the case may
be, a written instrument in form satisfactory to the Company, the Trustee and
the Security Registrar dated no earlier than 15 days prior to the Exchange Date.
Unless otherwise specified in such temporary global Security, any such exchange
shall be made free of charge to the beneficial owners of such temporary global
Security, except that a Person receiving definitive Securities must bear the
cost of insurance, postage, transportation and the like in the event that such
Person does not take delivery of such definitive Securities in person at the
offices of the Depositary or U.S. Depositary, as the case may be. Definitive
Securities in bearer form to be delivered in exchange for any portion of a
temporary global Security shall be delivered only outside the United States.

     Until exchanged in full as hereinabove provided, the temporary Securities
of any series shall in all respects be entitled to the same benefits under this
Indenture as definitive Securities of the same series and of like tenor
authenticated and delivered hereunder, except that, unless otherwise specified
as contemplated by Section 301, interest payable on a temporary global Security
on an Interest Payment Date for Securities occurring prior to the applicable
Exchange Date shall be payable to the Depositary or U.S. Depositary, as the case
may be, on such Interest Payment Date upon delivery by such Depositary or U.S.
Depositary of a written instrument in form satisfactory to the Company, the
Trustee and the Security Registrar, for credit without further interest on or
after such Interest Payment Date to the respective accounts of the Persons who
are the beneficial owners of such temporary global Security on such Interest
Payment Date and who have each delivered to the Depositary or U.S. Depositary,
as the case may be, a written instrument in form satisfactory to the Company,
the Trustee and the Security Registrar. Any interest so received by the
Depositary or U.S. Depositary and not paid as herein provided shall be returned
to the Trustee immediately prior to the expiration of two years after such
Interest Payment Date in order to be repaid to the Company in accordance with
Section 1003.

SECTION 305. REGISTRATION, REGISTRATION OF TRANSFER AND EXCHANGE.

     The Company shall cause to be kept at the offices or agencies designated
for such purpose pursuant to this Section 305 or Section 1002 a register or
registers (collectively, including all registers of Co-Security Registrars the
"Security Register") in which, subject to such reasonable regulations as it may
prescribe, the Company shall provide for the

                                       27
<Page>

registration of Registered Securities and of transfers of Registered Securities.
The register for purposes of Registering Securities as provided in this
Indenture (the "Security Registrar" and, if more than one shall be appointed,
the "Co-Security Registrars") shall be appointed as authorized by Board
Resolution. The Security Register shall be in written form or any other form
capable of being converted into written form within a reasonable time. At all
reasonable times, the Security Register shall be open to inspection by the
Trustee. The Trustee is hereby initially appointed Security Registrar.

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

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

     If (but only if) expressly permitted in or pursuant to the applicable Board
Resolution and (subject to Section 303) set forth in the applicable Officers'
Certificate, or in any indenture supplemental hereto, delivered as contemplated
by Section 301, at the option of the Holder, Bearer Securities of any series may
be exchanged for Registered Securities of the same series containing identical
terms and provisions, of any authorized denominations and of like tenor and
aggregate principal amount, upon surrender of the Bearer Securities to be
exchanged at any such office or agency, with all unmatured coupons and all
matured coupons in default thereto appertaining. If the Holder of a Bearer
Security is unable to produce any such unmatured coupon or coupons or matured
coupon or coupons in default, such exchange may be effected if the Bearer
Securities are accompanied by payment in funds acceptable to the Company and the
Trustee in an amount equal to the face amount of such missing coupon or coupons,
or the surrender of such missing coupon or coupons may be waived by the Company
and the Trustee if there be furnished to them such security or indemnity as they
may require to save each of them and any Paying Agent harmless. If the Holder of
such Security shall surrender to any Paying Agent any such missing coupon in
respect of which such a payment shall have been made, such Holder shall be
entitled to receive the amount of such payment; PROVIDED, HOWEVER, that, except
as otherwise provided in Section 1002, interest represented by coupons shall be
payable only upon presentation and surrender of those coupons at an office or
agency located outside the United States. Notwithstanding the foregoing, in case
a Bearer Security of any series is surrendered at any such office or agency in
exchange for a Registered Security of the same series after the close of
business at such office or agency on (i) any Regular Record Date and before the
opening of business at such office or agency on the

                                       28
<Page>

relevant Interest Payment Date, or (ii) any Special Record Date and before the
opening of business at such office or agency on the related date for payment of
Defaulted Interest, such Bearer Security shall be surrendered without the coupon
relating to such Interest Payment Date or proposed date of payment, as the case
may be (or, if such coupon is so surrendered with such Bearer Security, such
coupon shall be returned to the person so surrendering the Bearer Security), and
interest or Defaulted Interest, as the case may be, will not be payable on such
Interest Payment Date or proposed date for payment, as the case may be, in
respect of the Registered Security issued in exchange for such Bearer Security,
but will be payable only to the Holder of such coupon when due in accordance
with the provisions of this Indenture.

     If expressly provided with respect to the Securities of any series, at the
option of the Holder, Registered Securities of such series may be exchanged for
Bearer Securities upon such terms and conditions as may be provided with respect
to such series.

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

     Notwithstanding the foregoing, except as otherwise specified as
contemplated in Section 301, any permanent global Security shall be exchangeable
only as provided in this paragraph. If any beneficial owner of an interest in a
permanent global Security is entitled to exchange such interest for Securities
of such series and of like tenor and principal amount of another authorized form
and denomination, as specified as contemplated by Section 301 and provided that
any applicable notice provided in the permanent global Security shall have been
given, then without unnecessary delay but in any event not later than the
earliest date on which such interest may be so exchanged, the Company shall
deliver to the Trustee definitive Securities in aggregate principal amount equal
to the principal amount of such beneficial owner's interest in such permanent
global Security, executed by the Company. On or after the earliest date on which
such interests may be so exchanged, such permanent global Security shall be
surrendered by the Depositary or U.S. Depositary, as the case may be, as the
Company's agent for such purpose, to be exchanged, in whole or from time to time
in part, for definitive Securities without charge and the Trustee shall
authenticate and deliver, in exchange for each portion of such permanent global
Security, an equal aggregate principal amount of definitive Securities of the
same series of authorized denominations and of like tenor as the portion of such
permanent global Security to be exchanged which, unless the Securities of the
series are not issuable both as Bearer Securities and as Registered Securities,
as specified as contemplated in Section 301, shall be in the form of Bearer
Securities or Registered Securities, or any combination thereof, as shall be
specified by the beneficial owner thereof; PROVIDED, HOWEVER, that no such
exchanges may occur during a period beginning at the opening of business 15 days
before any selection of Securities to be redeemed and ending on the relevant
Redemption Date if the Security for which exchange is requested may be among
those selected for redemption; and PROVIDED, FURTHER, that no Bearer Security
delivered in exchange for a portion of a permanent global Security shall be
mailed or otherwise

                                       29
<Page>

delivered to any location in the United States. If a Registered Security is
issued in exchange for any portion of a permanent global Security after the
close of business at the office or agency where such exchange occurs on (i) any
Regular Record Date and before the opening of business at such office or agency
on the relevant Interest Payment Date, or (ii) any Special Record Date and the
opening of business at such office or agency on the related proposed date for
payment of Defaulted Interest, interest or Defaulted Interest, as the case may
be, will not be payable on such Interest Payment Date or proposed date for
payment, as the case may be, in respect of such Registered Security, but will be
payable on such Interest Payment Date or proposed date for payment, as the case
may be, only to the Person to whom interest in respect of such portion of such
permanent global Security is payable in accordance with the provisions of this
Indenture.

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

     Every Registered Security presented or surrendered for registration of
transfer or for exchange shall (if so required by the Company or the Trustee) 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.

     No service charge shall be made for any registration of transfer or
exchange of Securities, 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 Sections 304, 906 or 1107 not involving any transfer.

     The Company shall not be required (i) to issue, register the transfer of or
exchange Securities of any series during a period of 15 days immediately
preceding the date notice is given identifying the serial numbers of the
Securities of that series called for redemption and ending at the close of
business on (A) if Securities of the series are issuable only as Registered
Securities, the day of the mailing of the relevant notice of redemption and (B)
if Securities of the series are issuable as Bearer Securities, the day of the
first publication of the relevant notice of redemption or, if Securities of the
series are also issuable as Registered Securities and there is no publication,
the mailing of the relevant notice of redemption, or (ii) to register the
transfer of or exchange any Registered Security so selected for redemption in
whole or in part, except the unredeemed portion of any Security being redeemed
in part, or (iii) to exchange any Bearer Security so selected for redemption
except that such a Bearer Security may be exchanged for a Registered Security of
that series, PROVIDED that such Registered Security shall be immediately
surrendered for redemption with written instruction for payment consistent with
the provisions of this Indenture, or (iv) to issue, register the transfer of or
exchange any Security which has been

                                       30
<Page>

surrendered for repayment at the option of the Holder, except the portion, if
any, of such Security not to be so repaid.

SECTION 306. MUTILATED, DESTROYED, LOST AND STOLEN SECURITIES.

     If any mutilated Security or a Security with a mutilated coupon
appertaining to it is surrendered to the Trustee, the Company shall execute and
the Trustee shall authenticate and deliver in exchange therefor a new Security
of the same series containing identical terms and provisions and of like tenor
and principal amount and bearing a number not contemporaneously outstanding,
with coupons corresponding to the coupons, if any, appertaining to the
surrendered Security.

     If there shall be delivered to the Company and the Trustee (i) evidence to
their satisfaction of the destruction, loss or theft of any Security or coupon
and (ii) such security or indemnity as may be required by them to save each of
them and any agent of either of them harmless, then, in the absence of notice to
the Company or the Trustee that such Security or coupon has been acquired by a
bona fide or protected purchaser, the Company shall execute and upon its request
the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost
or stolen Security or in exchange for the Security to which a destroyed, lost or
stolen coupon appertains (with all appurtenant coupons not destroyed, lost or
stolen), a new Security of the same series containing identical terms and
provisions and of like tenor and principal amount and bearing a number not
contemporaneously outstanding, with coupons corresponding to the coupons, if
any, appertaining to such destroyed, lost or stolen Security or to the Security
to which such destroyed, lost or stolen coupon appertains.

     Notwithstanding the foregoing provisions of this Section 306, in case any
mutilated, destroyed, lost or stolen Security or coupon has become or is about
to become due and payable, the Company in its discretion may, instead of issuing
a new Security, pay such Security or coupon; PROVIDED, HOWEVER, that payment of
principal of, any premium or interest on or any Additional Amounts with respect
to any Bearer Securities shall, except as otherwise provided in Section 1002, be
payable only at an office or agency for such Securities located outside the
United States and, unless otherwise provided in or pursuant to this Indenture,
any interest on Bearer Securities and any Additional Amounts with respect to
such interest shall be payable only upon presentation and surrender of the
coupons appertaining thereto.

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

     Every new Security of any series, with its coupons, if any, issued pursuant
to this Section in lieu of any destroyed, lost or stolen Security, or in
exchange for a Security to which a destroyed, lost or stolen coupon appertains,
shall constitute an original additional contractual obligation of the Company,
whether or not the destroyed, lost or stolen Security

                                       31
<Page>

and its coupons, if any, or the destroyed, lost or stolen coupon shall be at any
time enforceable by anyone, and any such new Security and coupons, if any, shall
be entitled to all the benefits of this Indenture equally and proportionately
with any and all other Securities of that series and their coupons, if any, duly
issued hereunder.

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

SECTION 307. PAYMENT OF INTEREST; INTEREST RIGHTS PRESERVED; OPTIONAL INTEREST
RESET.
     (a)  Unless otherwise provided as contemplated by Section 301 with respect
to any series of Securities, interest on any Registered 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 at the office or agency of the Company maintained
for such purpose pursuant to Section 1002; PROVIDED, HOWEVER, that each
installment of interest on any Registered Security may at the Company's option
be paid by mailing a check for such interest, payable to or upon the written
order of the Person entitled thereto pursuant to Section 308, to the address of
such Person as it appears on the Security Register. Unless otherwise provided as
contemplated by Section 301 with respect to the Securities in any series,
payment of interest may be made, in the case of a Bearer Security, by transfer
to an account maintained by the payee with a bank located outside the United
States. In case a Bearer Security of any series is surrendered in exchange for a
Registered Security of such series after the close of business (at an office or
agency in a Place of Payment for such series) on any Regular Record Date and
before the opening of business (at such office or agency) on the next succeeding
Interest Payment Date, such Bearer Security shall be surrendered without the
coupon relating to such Interest Payment Date and interest will not be payable
on such Interest Payment Date in respect of the Registered Security issued in
exchange for such Bearer Security, but will be payable only to the Holder of
such coupon when due in accordance with the provisions of this Indenture.

     Any interest on any Registered Security of any series 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:

          (l)  The Company may elect to make payment of any Defaulted Interest
     to the Persons in whose names the Registered Securities of such series (or
     their respective Predecessor Securities) are registered at the close of
     business on a Special Record Date for the payment of such Defaulted
     Interest, which shall be fixed in the following manner. The Company shall
     notify the Trustee in writing at least 25 days prior to the date of the
     proposed payment of the amount of Defaulted Interest proposed to be paid on
     each Registered Security of such series and the date

                                       32
<Page>

     of the proposed payment, and at the same time the Company shall deposit
     with the Trustee an amount of money equal to the aggregate amount proposed
     to be paid in respect of such Defaulted Interest or shall make arrangements
     satisfactory to the Trustee for such deposit prior to the date of the
     proposed payment, such money when deposited to be held in trust for the
     benefit of the Persons entitled to such Defaulted Interest as in this
     clause provided. Thereupon the Trustee shall fix the Record Date for the
     payment of such Defaulted Interest which 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 15 days after the receipt by the Trustee of the notice of the
     proposed payment. The Trustee shall promptly notify the Company of such
     Special Record Date and, in the name and at the expense of the Company,
     shall cause notice of the proposed payment of such Defaulted Interest and
     the Special Record Date therefor to be mailed, first-class postage prepaid,
     to each Holder of Registered Securities of such series at the address of
     such Holder 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 Registered Securities of such series (or their respective Predecessor
     Securities) are registered at the close of business on such Special Record
     Date and shall no longer be payable pursuant to the following clause (2).
     In case a Bearer Security of any series is surrendered at the office or
     agency in a Place of Payment for such series in exchange for a Registered
     Security of such series after the close of business at such office or
     agency on any Special Record Date and before the opening of business at
     such office or agency on the related proposed date for payment of Defaulted
     Interest, such Bearer Security shall be surrendered without the coupon
     relating to such proposed date of payment and Defaulted Interest will not
     be payable on such proposed date of payment in respect of the Registered
     Security issued in exchange for such Bearer Security, but will be payable
     only to the holder of such coupon when due in accordance with the
     provisions of this Indenture.

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

     (b)  The provisions of this Section 307(b) may be made applicable to any
series of Securities pursuant to Section 301 (with such modifications,
additional or substitutions as may be specified pursuant to such Section 301).
The interest rate on any Security of such series may be reset by the Company on
the date or dates specified on the face of such Security (each an "Optional
Reset Date"). The Company may exercise such option with respect to a Security by
notifying the Trustee of all of the relevant information relating to such
exercise at least 50 but not more than 60 days prior to an Optional Reset Date,
the

                                       33
<Page>

Trustee shall transmit, in the manner provided for in Section 106, to the Holder
of any such Security a notice (the "Reset Notice") indicating whether the
Company has elected to reset the interest rate, and if so (i) such new interest
rate and (ii) the provisions, if any, for redemption during the period from such
Optional Reset Date to the next Optional Reset Date or if there is no such next
Optional Reset Date, to the Stated Maturity Date of such Security (each such
period a "Subsequent Interest Period"), including the date or dates on which or
the period or periods during which and the price or prices at which such
redemption may occur during the Subsequent Interest Period.

     Notwithstanding the foregoing, not later than 20 days prior to the Optional
Reset Date, the Company may, at its option, revoke the interest rate provided
for in the Reset Notice and establish a higher interest rate for the Subsequent
Interest Period by causing the Trustee to transmit, in the manner provided for
in Section 106, notice of such higher interest rate to the Holder of such
Security. Such notice shall be irrevocable. All Securities with respect to which
the interest rate is reset on an Optional Reset Date will bear such higher
interest rate.

     The Holder of any such Security will have the option to elect repayment by
the Company of the principal of such Security on each Optional Reset Date at a
price equal to the principal amount thereof plus interest accrued to such
Optional Reset Date. In order to obtain repayment on an Optional Reset Date, the
Holder must follow the procedures set forth in Article Fifteen for repayment at
the option of Holders, as such apply to such Security, except that the period
for delivery or notification to the Trustee shall be at least 25 but not more
than 35 days prior to such Optional Reset Date and except that, if the holder
has tendered any Security for repayment pursuant to the Reset Notice, the Holder
may, by written notice to the Trustee, revoke such tender or repayment until the
close of business on the tenth day before such Optional Reset Date.

     Subject to the foregoing provisions of this Section and Section 305, each
Security delivered under this Indenture upon registration of transfer of or in
exchange for or in lieu of any other Security shall carry the rights to interest
accrued and unpaid, and to accrue, which were carried by such other Security.

SECTION 308. PERSONS DEEMED OWNERS.

     Prior to due presentment of a Registered Security for registration of
transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name such Registered Security is registered as the
owner of such Registered Security for the purpose of receiving payment of
principal of (and premium, if any) and (subject to Section 307) interest on such
Registered Security and for all other purposes whatsoever, whether or not such
Registered Security be overdue, and neither the Company, the Trustee nor any
agent of the Company or the Trustee shall be affected by notice to the contrary.

                                       34
<Page>

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

     None of the Company, the Trustee, any Paying Agent or the Security
Registrar will have any responsibility or liability for any aspect of the
records relating to or payments made on account of beneficial ownership
interests in a Security in global form or for maintaining, supervising or
reviewing any records relating to such beneficial ownership interests.
Notwithstanding the foregoing, with respect to any global Security, nothing
herein shall prevent the Company, the Trustee, or any agent of the Company or
the Trustee, from giving effect to any written certification, proxy or other
authorization furnished by any Depositary, as a Holder, with respect to such
global Security or impair, as between such Depositary and owners of beneficial
interests in such global Security, the operation of customary practices
governing the exercise of the rights of such Depositary (or its nominee) as
Holder of such global Security.

SECTION 309. CANCELLATION.

     All Securities and coupons surrendered for payment, redemption,
registration of transfer or exchange or for credit against any sinking fund
payment shall, if surrendered to any Person other than the Trustee, be delivered
to the Trustee and shall be promptly cancelled by the Trustee. The Company may
at any time deliver to the Trustee for cancellation any Securities previously
authenticated and delivered hereunder which the Company may have acquired in any
manner whatsoever, and all Securities so delivered shall be promptly cancelled
by the Trustee. If the Company shall so acquire any of the Securities, however,
such acquisition shall not operate as a redemption or satisfaction of the
indebtedness represented by such Securities unless and until the same are
surrendered to the Trustee for cancellation. No Securities shall be
authenticated in lieu of or in exchange for any Securities cancelled as provided
in this Section, except as expressly permitted by this Indenture. All cancelled
Securities and coupons held by the Trustee shall be destroyed, and the Trustee
shall promptly deliver a certificate of destruction to the Company unless by a
Company Order the Company shall direct that cancelled Securities be returned to
it.

SECTION 310. COMPUTATION OF INTEREST.

     Except as otherwise specified as contemplated by Section 301 for Securities
of any series, interest on the Securities of each series shall be computed on
the basis of a 360-day year of twelve 30-day months.

                                       35
<Page>

SECTION 311. FORM OF CERTIFICATION BY A PERSON ENTITLED TO RECEIVE A BEARER
SECURITY.

     Whenever any provision of this Indenture or the forms of Security
contemplates that certification be given by a Person entitled to receive a
Bearer Security, such certification shall be provided substantially in the form
of the following certificate, with only such changes as shall be approved by the
Company:

                       [FORM OF CERTIFICATE TO BE GIVEN BY
                   PERSON ENTITLED TO RECEIVE BEARER SECURITY]
                                   CERTIFICATE

                                   ----------

     This is to certify that the above-captioned Security is not being acquired
by or on behalf of a United States person, or for offer to resell or for resale
to a United States person, or, if a beneficial interest in the Security is being
acquired by a United States person, that such person is a financial institution
or is acquiring through a financial institution and that the Security is held by
a financial institution that has agreed in writing to comply with the
requirements of Section 165(j)(3)(A), (B) or (C) of the Internal Revenue Code of
1986, as amended, and the regulations thereunder. If this certificate is being
provided by a clearing organization, it is based on statements provided to it by
its member organizations. As used herein, "United States" means the United
States of America (including the States and the District of Columbia), its
territories and possessions and other areas subject to its jurisdiction, and
"United States person" means any citizen or resident of the United States, any
corporation, partnership or other entity created or organized in or under the
laws of the United States or any political subdivision thereof and any estate or
trust the income of which is subject to United States Federal income taxation
regardless of its source. If the undersigned is a dealer, the undersigned agrees
to obtain a similar certificate from each person entitled to delivery of any of
the above-captioned Securities in bearer form purchased from it; PROVIDED,
HOWEVER, that, if the undersigned has actual knowledge that the information
contained in such a certificate is false, the undersigned will not deliver a
Security in temporary or definitive bearer form to the person who signed such
certificate notwithstanding the delivery of such certificate to the undersigned.

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

                                       36
<Page>

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

Dated:___________, 20________

                                                     ___________________________

SECTION 312. OPTIONAL EXTENSION OF MATURITY.

     The provisions of this Section 312 may be made applicable to any series of
Securities pursuant to Section 301 (with such modifications, additions or
substitutions as may be specified pursuant to such Section 301). The Stated
Maturity of any Security of such series may be extended at the option of the
Company for the period or periods specified on the face of such Security (each
an "Extension Period") up to but not beyond the date (the "Final Maturity") set
forth on the face of such Security. The Company may exercise such option with
respect to any Security by notifying the Trustee of such exercise at least 50
but not more than 60 days prior to the Stated Maturity of such Security in
effect prior to the exercise of such (the "Original Stated Maturity"). If the
Company exercises such option, the Trustee shall transmit, in the manner
provided for in Section 106, to the Holder of such Security not later than 40
days prior to the Original Stated Maturity a notice (the "Extension Notice")
indicating (i) the election of the Company to extend the Maturity, (ii) the new
Stated Maturity Date, (iii) the interest rate applicable to the Extension Period
and (iv) the provisions, if any, for redemption during such Extension Period.
Upon the Trustee's transmittal of the Extension Notice, the Stated Maturity Date
of such Security shall be extended automatically and, except as modified by the
Extension Notice and as described in the next paragraph, such Security will have
the same terms as prior to the transmittal of such Notice.

     Notwithstanding the foregoing, not later than 20 days before the Original
Stated Maturity of such Security, the Company may, at its option, revoke the
interest rate provided for in the Extension Notice and establish a higher
interest rate for the Extension Period by causing the Trustee to transmit, in
the manner provided for in Section 106, notice of such higher interest rate to
the Holder of such Security. Such notice shall be irrevocable. All Securities
with respect to which the Stated Maturity is extended will bear such higher
interest rate.

     If the Company extends the Maturity of any Security, the Holder will have
the option to elect repayment of such Security by the Company on the Original
Stated Maturity at a price equal to the outstanding principal amount thereof,
plus interest accrued to such date. In order to obtain repayment on the Original
Stated Maturity once the Company has extended the Maturity thereof, the Holder
of an Outstanding Security must follow the procedures set forth in Article
Fifteen for repayment at the option of Holders, as such applies to the
Securities of such series, except that the period for delivery or notification
to

                                       37
<Page>

the Trustee shall be at least 25 but not more than 35 days prior to the Original
Stated Maturity and except that, if the Holder has tendered any Security for
repayment pursuant to an Extension Notice, the Holder may by written notice to
the Trustee revoke such tender for repayment until the close of business on the
tenth day before the Original Stated Maturity unless the Trustee has previously
delivered repayment of such Security to such Holder.

                                  ARTICLE FOUR
                           SATISFACTION AND DISCHARGE

SECTION 401. SATISFACTION AND DISCHARGE OF INDENTURE.

     This Indenture shall upon Company Request cease to be of further effect
(except as to any surviving rights of registration of transfer or exchange of
Securities herein expressly provided for, and any right to receive Additional
Amounts, as provided in Section 1004), and the Trustee, at the expense of the
Company, shall execute proper instruments acknowledging satisfaction and
discharge of this Indenture, when

          (1)  either

               (A)  all Securities theretofore authenticated and delivered and
          all coupons appertaining thereto (other than (i) coupons appertaining
          to Bearer Securities surrendered for exchange for Registered
          Securities and maturing after such exchange, whose surrender is not
          required or has been waived as provided in Section 305, (ii)
          Securities and coupons which have been destroyed, lost or stolen and
          which have been replaced or paid as provided in Section 306, (iii)
          coupons appertaining to Securities called for redemption and maturing
          after the relevant Redemption Date, whose surrender has been waived as
          provided in Section 1107, and (iv) Securities and coupons 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 1003) have been
          delivered to the Trustee for cancellation; or

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

                    (i)     have become due and payable, or

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

                    (iii)   are to be called for redemption within one year
               under arrangements satisfactory to the Trustee for the giving of
               notice of

                                       38
<Page>

               redemption by the Trustee in the name, and at the expense, of
               the Company,

          and the Company, in the case of (i), (ii) or (iii) above, has
          deposited or caused to be deposited with the Trustee as trust funds in
          trust for the purpose an amount sufficient to pay and discharge the
          entire indebtedness on such Securities and coupons not theretofore
          delivered to the Trustee for cancellation, for principal (and premium,
          if any) and interest to the date of such deposit (in the case of
          Securities which have become due and payable) or to the Stated
          Maturity or Redemption Date, as the case may be;

          (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.

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

     Notwithstanding the satisfaction and discharge of this Indenture, the
obligations of the Company to the Trustee under Section 607, the obligations of
the Trustee to any Authenticating Agent under Section 614 and, if money shall
have been deposited with the Trustee pursuant to subclause (B) of clause (1) of
this Section, the obligations of the Trustee under Section 402 and the last
paragraph of Section 1003 shall survive.

SECTION 402. APPLICATION OF TRUST MONEY.

     Subject to the provisions of the last paragraph of Section 1003, all money
deposited with the Trustee pursuant to Section 401 or 403 shall be held in trust
and applied by it, in accordance with the provisions of the Securities, the
coupons and this Indenture, to the payment, either directly or through any
Paying Agent (including the Company acting as its own Paying Agent) as the
Trustee may determine, to the Persons entitled thereto, of the principal (and
premium, if any) and interest for whose payment such money has been deposited
with the Trustee.

                                       39
<Page>

SECTION 403. SATISFACTION, DISCHARGE AND DEFEASANCE OF SECURITIES OF ANY SERIES.

     If this Section 403 is specified, as contemplated by Section 301, to be
applicable to Securities of any series, then notwithstanding Section 401, (i)
the Company shall be deemed to have paid and discharged the entire indebtedness
on all the Outstanding Securities of any such series; (ii) the provisions of
this Indenture as it relates to such Outstanding Securities shall no longer be
in effect (except as to the rights of Holders of Securities to receive, from the
trust fund described in subparagraph (1) below, payment of the principal of (and
premium, if any) and any installment of principal of (and premium, if any) or
interest on such Securities on the Stated Maturity of such principal or
installment of principal or interest or any mandatory sinking fund payments or
analogous payments applicable to the Securities of that series on the day on
which such payments are due and payable in accordance with the terms of the
Indenture and of such Securities, the Company's obligations with respect to such
Securities under Sections 304, 305, 306, 1002 and 1004 and the rights, powers,
trusts, duties and immunities of the Trustee hereunder, including those under
Section 607 hereof); and (iii) the Trustee, at the expense of the Company,
shall, upon Company Request, execute proper instruments acknowledging
satisfaction and discharge of such indebtedness, when

          (1)  either

               (A)  with respect to all Outstanding Securities of such series,
          with reference to this Section 403, the Company has deposited or
          caused to be deposited with the Trustee (or another trustee satisfying
          the requirements of Section 609) irrevocably (but subject to the
          provisions of Section 402 and the last paragraph of Section 1004), as
          trust funds in trust, specifically pledged as security for, and
          dedicated solely to, the benefit of the Holders of the Securities of
          that series, (X) lawful money of the United States in an amount, or
          (Y) U.S. Government Obligations which through the payment of interest
          and principal in respect thereof in accordance with their terms will
          provide not later than the opening of business on the due dates of any
          payment referred to in clause (i) or (ii) of this subparagraph (l)(A)
          lawful money of the United States in an amount, or (Z) a combination
          thereof, sufficient, in the opinion of a nationally recognized firm of
          independent public accountants expressed in a written certification
          thereof delivered to the Trustee, to pay and discharge (i) the
          principal of (and premium, if any) and each installment of principal
          (and premium, if any) and interest on the Outstanding Securities of
          that series on the Stated Maturity of such principal or installment of
          principal or interest and (ii) any mandatory sinking fund payments or
          analogous payments applicable to Securities of such series on the day
          on which such payments are due and payable in accordance with the
          terms of this Indenture and of such Securities; PROVIDED, HOWEVER, the
          Company shall not make or cause to be made the deposit provided for by
          this subparagraph (A) unless the Company shall have delivered to the
          Trustee an Opinion of Counsel to the effect that either (i), as a
          result of such

                                       40
<Page>

          deposit and the related exercise of the Company's option under this
          Section 403, registration will not be required under the Investment
          Company Act of 1940, as amended, by the Company, the trust funds
          representing such deposit or the Trustee or (ii) all necessary
          registrations under such Investment Company Act of 1940 have been
          effected; or

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

          (2)  the Company has paid or caused to be paid all other sums payable
     with respect to the Outstanding Securities of such series;

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

          (4)  no Event of Default or event which with the giving of notice or
     lapse of time, or both, would become an Event of Default with respect to
     the Securities of that series shall have occurred and be continuing on the
     date of such deposit and no Event of Default under Section 501(5) or
     Section 501(6) or event which with the giving of notice or lapse of time,
     or both, would become an Event of Default under Section 501(5) or Section
     501(6) shall have occurred and be continuing on the 91st day after such
     date;

          (5)  the Company has delivered to the Trustee an Opinion of Counsel to
     the effect that (a) the Company has received from, or there has been
     published by, the Internal Revenue Service a ruling, or (b) since the date
     of this Indenture there has been a change in applicable Federal income tax
     law, in either case to the effect that, and based thereon such Opinion of
     Counsel shall confirm that, the Holders of Securities of such series will
     not recognize income, gain or loss for Federal income tax purposes as a
     result of such deposit, defeasance and discharge and will be subject to
     Federal income tax on the same amount and in the same manner and at the
     same times, as would have been the case if such deposit, defeasance and
     discharge had not occurred;

          (6)  if the Securities of that series are then listed on any national
     securities exchange, the Company shall have delivered to the Trustee an
     Opinion of Counsel to the effect that such deposit, defeasance and
     discharge will not cause such Securities to be delisted; and

          (7)  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 the
     entire indebtedness on all Outstanding Securities of any such series have
     been complied with.

                                       41
<Page>

     Any deposits with the Trustee referred to in Section 403(1)(A) above shall
be irrevocable and shall be made under the terms of an escrow trust agreement in
form and substance satisfactory to the Trustee. If any Outstanding Securities of
such series are to be redeemed prior to their Stated Maturity, whether pursuant
to any optional redemption provisions or in accordance with any mandatory
sinking fund requirement, the applicable escrow trust agreement shall provide
therefor and the Company shall make such arrangements as are satisfactory to the
Trustee for the giving of notice of redemption by the Trustee in the name, and
at the expense, of the Company.

     Upon the satisfaction of the conditions set forth in this Section 403 with
respect to all the Outstanding Securities of any series, the terms and
conditions of such series, including the terms and conditions with respect
thereto set forth in this Indenture, shall no longer be binding upon, or
applicable to, the Company; PROVIDED that the Company shall not be discharged
from any payment obligations in respect of Securities of such series which are
deemed not to be Outstanding under clause (iii) of the definition thereof if
such obligations continue to be valid obligations of the Company under
applicable law.

     Notwithstanding the cessation, termination and discharge of all
obligations, covenants and agreements (except as provided above in this Section
403) of the Company under the Indenture with respect to any series of
Securities, the obligations of the Company to the Trustee under Section 607, the
obligations of the Trustee under Section 402 and the last paragraph of Section
1004 shall survive with respect to such series of Securities.

     Each supplemental indenture with respect to a series of Securities may
contain other provisions with respect to the satisfaction, discharge and
defeasance of such series, which provisions may be additional to, or in
replacement of, the provisions set forth in this Section 403.

                                  ARTICLE FIVE
                                    REMEDIES

SECTION 501. EVENTS OF DEFAULT.

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

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

                                       42
<Page>

          (2)  default in the payment of the principal of (or premium, if any,
     on) any Security of that series when it becomes due and payable at
     Maturity; or

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

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

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

                                       43
<Page>

          (7)  any other Event of Default provided in a supplemental indenture
     with respect to Securities of that series or in a Board Resolution
     establishing the terms of the Securities of such series in accordance with
     Section 301 of this Indenture.

SECTION 502. ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT.

     If an Event of Default with respect to Securities of any series at the time
Outstanding 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
of that series may declare the principal amount (or, if the Securities of that
series are Original Issue Discount Securities, such portion of the principal
amount as may be specified in the terms of that series) of all of the Securities
of that series to be due and payable immediately, by a notice in writing to the
Company (and to the Trustee if given by Holders), and upon any such declaration
such principal amount (or specified amount) shall become immediately due and
payable.

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

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

               (A)  all overdue interest on all Securities of that series,

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

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

               (D)  all sums paid or advanced by the Trustee hereunder and the
          reasonable compensation, expenses, disbursements and advances of the
          Trustee, its agents and counsel and any other amounts due the Trustee
          under Section 607;

                                       44
<Page>

     and

          (2)  all Events of Default with respect to Securities of that series,
     other than the non-payment of the principal of Securities of that series
     which have become due solely by such declaration of acceleration, have been
     cured or waived as provided in Section 513.

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

SECTION 503. 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 such interest 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, pay to it, for the benefit of the
Holders of such Securities and coupons, the whole amount then due and payable on
such Securities and coupons for principal (and premium, if any) and interest
and, to the extent that payment of such interest shall be legally enforceable,
interest on any overdue principal (and premium, if any) and on any overdue
interest, at the rate or rates borne by or provided for in such Securities, and,
in addition thereto, such further amount as shall be sufficient to cover the
costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel and
any other amounts due the Trustee under Section 607.

     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 sum 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 such Securities and collect the
moneys adjusted or decreed to be payable in the manner provided by law out of
the property of the Company or any other obligor upon such Securities, wherever
situated.

     If an Event of Default with respect to Securities of any series occurs and
is continuing, the Trustee may in its discretion proceed to protect and enforce
its rights and the rights of the Holders of Securities of such series and any
related coupons 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

                                       45
<Page>

in this Indenture or in aid of the exercise of any power granted herein, or to
enforce any other proper remedy.

SECTION 504. TRUSTEE MAY FILE PROOFS OF CLAIM.

     In case of the pendency of any receivership, insolvency, liquidation,
bankruptcy, reorganization, arrangement, adjustment, composition or other
judicial proceeding relative to the Company or any other obligor upon the
Securities or the property of the Company or of such other obligor or their
creditors, the Trustee (irrespective of whether the principal of 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,

          (i)     to file and prove a claim for the whole amount of principal
     (or, if the Securities of such series are Original Issue Discount
     Securities, such portion of the principal amount as may be due and payable
     with respect to such series pursuant to a declaration in accordance with
     Section 502) (and premium, if any) and any interest owing and unpaid in
     respect of the Securities and to file such other papers or documents as may
     be necessary or advisable in order to have the claims of the Trustee
     (including any claim for the reasonable compensation, expenses,
     disbursements and advances of the Trustee, its agents and counsel and any
     other amounts due the Trustee under Section 607) and of the Holders of
     Securities and coupons allowed in such judicial proceeding, and

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

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or
other similar official in any such judicial proceeding is hereby authorized by
each Holder of Securities and coupons 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 of Securities and coupons, to pay to the Trustee any
amount due it for the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel, and any other amounts due the
Trustee under Section 607.

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

                                       46
<Page>

SECTION 505. TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF SECURITIES OR
COUPONS.

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

SECTION 506. APPLICATION OF MONEY COLLECTED.

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

          FIRST: To the payment of all amounts due the Trustee under Section
     607; and

          SECOND: To the payment of the amounts then due and unpaid for
     principal of (and premium, if any) and interest on the Securities and
     coupons 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 and coupons for principal
     (and premium, if any) and interest, respectively; and

          THIRD: To the payment of the remainder, if any, to the Company, its
     successors or assigns or to whosoever may be lawfully entitled to receive
     the same or as a court of competent jurisdiction may direct.

SECTION 507. LIMITATION ON SUITS.

     Subject to Section 508, no Holder of any Security of any series or any
related coupons shall have any right to institute any proceeding, judicial or
otherwise, with respect to this Indenture, or for the appointment of a receiver
or trustee, or for any other remedy hereunder, unless:

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

          (2)  the Holders of not less than 25% in principal amount of the
     Outstanding Securities of that series shall have made written request to
     the Trustee

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     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 reasonable
     indemnity 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 of that series;

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 Holders of any other series, or to obtain or to seek to obtain
priority or preference over any other of such Holders or to enforce any right
under this Indenture, except in the manner herein provided and for the equal and
ratable benefit of all of such Holders.

SECTION 508. UNCONDITIONAL RIGHT OF HOLDERS TO RECEIVE PRINCIPAL, PREMIUM AND
INTEREST.

     Notwithstanding any other provision in this Indenture, the Holder of any
Security or coupon shall have the right, which is absolute and unconditional, to
receive payment of the principal of (and premium, if any) and (subject to
Section 307) interest on such Security or payment of such coupon on the Stated
Maturity or Maturities expressed in such Security or coupon (or, in the case of
redemption, on the Redemption Date) and to institute suit for the enforcement of
any such payment, and such rights shall not be impaired without the consent of
such Holder.

SECTION 509. RESTORATION OF RIGHTS AND REMEDIES.

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

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SECTION 510. RIGHTS AND REMEDIES CUMULATIVE.

     Except as otherwise provided with respect to the replacement or payment of
mutilated, destroyed, lost or stolen Securities or coupons in the last paragraph
of Section 306, no right or remedy herein conferred upon or reserved to the
Trustee or to the Holders of Securities or coupons 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 511. DELAY OR OMISSION NOT WAIVER.

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

SECTION 512. CONTROL BY HOLDERS OF SECURITIES.

     The Holders of a majority in principal amount of the Outstanding Securities
of any series shall have the right to direct the time, method and place of
conducting any proceeding for any remedy available to the Trustee, or exercising
any trust or power conferred on the Trustee, with respect to the Securities of
such series, PROVIDED that

          (1)  such direction shall not be in conflict with any rule of law or
     with this Indenture, expose the Trustee to personal liability, or be unduly
     prejudicial to Holders not joining therein, and

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

SECTION 513. WAIVER OF PAST DEFAULTS.

     The Holders of not less than a majority in principal amount of the
Outstanding Securities of any series may on behalf of the Holders of all the
Securities of such series and any related coupons waive any past default
hereunder with respect to such series and its consequences, except a default

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

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

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

SECTION 514. UNDERTAKING FOR COSTS.

     All parties to this Indenture agree, and each Holder of any Security or
coupon by his acceptance thereof shall be deemed to have agreed, that any court
may in its discretion require, in any suit for 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, against any party litigant in such suit, having due regard to the merits
and good faith of the claims or defenses made by such party litigant; but the
provisions of this Section shall not apply to any suit instituted by the
Company, to any suit instituted by the Trustee, to any suit instituted by any
Holder, or group of Holders, holding in the aggregate more than 10% in principal
amount of the Outstanding Securities of any series, or to any suit instituted by
any Holder of any Security or coupon for the enforcement of the payment of the
principal of (or premium, if any) or interest on any Security or the payment of
any coupon on or after the Stated Maturity or Maturities expressed in such
Security (or, in the case of redemption, on or after the Redemption Date) or
interest on any overdue principal of any Security.

SECTION 515. WAIVER OF STAY OR EXTENSION LAWS.

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

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                                   ARTICLE SIX
                                   THE TRUSTEE

SECTION 601. CERTAIN DUTIES AND RESPONSIBILITIES.

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

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

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

     (b)  In case an Event of Default with respect to Securities of any series
has occurred and is continuing, the Trustee shall exercise, with respect to
Securities of such series, 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.

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

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

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

          (3)  the Trustee shall not be liable with respect to any action taken
     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 of any series relating to the time, method and place of
     conducting any proceeding for any remedy available to the Trustee, or
     exercising any trust or power conferred upon the Trustee, under this
     Indenture with respect to the Securities of such series; and

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<Page>

          (4)  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.

     (d)  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 602. NOTICE OF DEFAULTS.

     Within 90 days after the occurrence of any default hereunder with respect
to the Securities of any series, the Trustee shall transmit by mail to all
Holders of Securities of such series entitled to receive reports pursuant to
Section 703, notice of all defaults hereunder known to the Trustee, unless such
default shall have been cured or waived; PROVIDED, HOWEVER, that, except in the
case of a default in the payment of the principal of (or premium, if any) or
interest on any Security of such series or in the payment of any sinking fund
installment with respect to Securities of such series, the Trustee shall be
protected in withholding such notice if and so long as the board of directors,
the executive committee, or a trust committee of directors or Responsible
Officers of the Trustee in good faith determine that the withholding of such
notice is in the interests of the Holders of Securities and coupons of such
series; and PROVIDED, FURTHER, that in the case of any default of the character
specified in Section 501(4) with respect to Securities of such series, no such
notice to Holders shall be given until at least 60 days after the occurrence
thereof. 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 with respect to Securities of such series.

SECTION 603. CERTAIN RIGHTS OF TRUSTEE.

     Subject to the provisions of Section 601:

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

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

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

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

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

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

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

     (h)  the Trustee shall not be charged with knowledge of any Event of
Default with respect to the Securities of any series for which it is acting as
Trustee unless either (1) a Responsible Officer of the Trustee assigned to the
Corporate Trust Office of the Trustee (or any successor division or department
of the Trustee) shall have actual knowledge of the Event of Default or (2)
written notice of such Event of Default shall have been given to the Trustee by
the Company, any other obligor on such Securities or by any Holder of such
Securities.

SECTION 604. NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF SECURITIES.

     The recitals contained herein and in the Securities (except the Trustee's
certificates of authentication) and in any coupons shall be taken as the
statements of the Company, and neither the Trustee nor any Authenticating Agent
assumes any responsibility for their correctness. The Trustee makes no
representations as to the validity or sufficiency of this

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Indenture or of the Securities or coupons. The Trustee or any Authenticating
Agent shall not be accountable for the use or application by the Company of
Securities or the proceeds thereof.

SECTION 605. MAY HOLD SECURITIES.

     The Trustee, any Authenticating Agent, any Paying Agent, any Security
Registrar or any other agent of the Company, in its individual or any other
capacity, may become the owner or pledgee of Securities and coupons and, subject
to Sections 608 and 613, may otherwise deal with the Company with the same
rights it would have if it were not Trustee, Authenticating Agent, Paying Agent,
Security Registrar or such other agent.

SECTION 606. 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 with the Company.

SECTION 607. COMPENSATION AND REIMBURSEMENT.

     The Company agrees

          (1)  to pay to the Trustee from time to time reasonable compensation
     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,
     disbursements or advance as may be attributable to its negligence or bad
     faith; and

          (3)  to indemnify the Trustee (which for purposes of this Section
     607(3) shall include its officers, directors, employees and agents) for,
     and to hold it harmless against, any loss, liability or expense incurred
     without negligence or bad faith on its part, arising out of or in
     connection with the acceptance or administration of the trust or trusts
     hereunder, including the costs and expenses of defending itself against any
     claim or liability in connection with the exercise or performance of any of
     its powers or duties hereunder.

     The provisions of this Section 607 shall survive the termination of this
Indenture or the resignation or removal of the Trustee.

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SECTION 608. TRUSTEE'S LIEN.

     To secure the Company's payment obligations in this Section, the Trustee
shall have a lien prior to the Securities on all money or property held or
collected by the Trustee, except that held in trust to pay principal and
interest on particular Securities. Such lien shall survive the satisfaction and
discharge of this Indenture.

SECTION 609. CORPORATE TRUSTEE REQUIRED; ELIGIBILITY; CONFLICTING INTERESTS.

     There shall at all times be a Trustee hereunder which shall 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 exercise corporate trust powers, having a combined capital and surplus
of at least $50,000,000 and subject to supervision or examination by Federal or
State authority. 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.

     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, Section 310(b) of the Trust Indenture Act and this Indenture.
There shall be excluded from the terms of Section 310(b) of the Trust Indenture
Act the Indenture dated as of the date hereof pursuant to which the Company's
subordinated securities may be issued, and the Indenture dated as of August 15,
1991 pursuant to which the Company's senior securities have been issued and are
outstanding.

SECTION 610. RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR.

          (a)  No resignation or removal of the Trustee and no appointment of a
     successor Trustee pursuant to this Article shall become effective until the
     acceptance of appointment by the successor Trustee in accordance with the
     applicable requirements of Section 611.

          (b)  The Trustee may resign at any time with respect to the Securities
     of one or more series by giving written notice thereof to the Company. If
     the instrument of acceptance by successor Trustee required by Section 611
     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 with respect to the Securities of such series.

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          (c)  The Trustee may be removed at any time with respect to the
     Securities of any series by Act of the Holders of a majority in principal
     amount of the Outstanding Securities of such series delivered to the
     Trustee and to the Company.

          (d)  If at any time:

               (1)  the Trustee shall cease to be eligible under Section 609 and
          shall fail to resign after written request therefor by the Company or
          by any such Holder, or

               (2)  the Trustee shall become incapable of acting or shall be
          adjudged a bankrupt or insolvent or a receiver of the Trustee or of
          its property shall be appointed or any public officer shall take
          charge or control of the Trustee or of its property or affairs for the
          purpose of rehabilitation, conservation or liquidation, then, in any
          such case, (i) the Company by a Board Resolution may remove the
          Trustee with respect to all Securities, or (ii) subject to Section
          514, any Holder of a Security who has been a bona fide Holder of a
          Security for at least six months may, on behalf of himself and all
          others similarly situated, petition any court of competent
          jurisdiction for the removal of the Trustee with respect to all
          Securities and the appointment of a successor Trustee or Trustees.

     (e)  If the Trustee shall resign, be removed or become incapable of acting,
or if a vacancy shall occur in the office of Trustee for any cause, with respect
to the Securities of one or more series, the Company, by a Board Resolution,
shall promptly appoint a successor Trustee or Trustees with respect to the
Securities of that or those series (it being understood that any such successor
Trustee may be appointed with respect to the securities of one or more or all of
such series and that at any time there shall be only one Trustee with respect to
the Securities of any particular series) and shall comply with the applicable
requirements of Section 611. If, within one year after such resignation, removal
or incapability, or the occurrence of such vacancy, a successor Trustee with
respect to the Securities of any series shall be appointed by Act of the Holders
of a majority in principal amount of the Outstanding Securities of such series
delivered to the Company and the retiring Trustee, the successor Trustee so
appointed shall, forthwith upon its acceptance of such appointment in accordance
with the applicable requirements of Section 611, become the successor Trustee
with respect to the Securities of such series and to that extent supersede the
successor Trustee appointed by the Company. If no successor Trustee with respect
to the securities of any series shall have been so appointed by the Company or
the Holders of Securities and accepted appointment in the manner required by
Section 611, any Holder of a Security who has been a bona fide Holder of a
security of such series for at least six months may, on behalf of himself and
all others similarly situated, petition any court of competent jurisdiction for
the appointment of a successor Trustee with respect to the securities of such
series.

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

SECTION 611. ACCEPTANCE OF APPOINTMENT BY SUCCESSOR.

     (a)  In case of the appointment hereunder of a successor Trustee with
respect to all Securities, every such successor Trustee so appointed 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.

     (b)  In case of the appointment hereunder of a successor Trustee with
respect to the Securities of one or more (but not all) series, the Company, the
retiring Trustee and each successor Trustee with respect to the Securities of
one or more series shall execute and deliver an indenture supplemental hereto
wherein each successor Trustee shall accept such appointment and which (1) shall
contain such provisions as shall be necessary or desirable to transfer and
confirm to, and to vest in, each successor Trustee all the rights, powers,
trusts and duties of the retiring Trustee with respect to the Securities or that
or those series to which the appointment of such successor Trustee relates, (2)
if the retiring Trustee is not retiring with respect to all Securities, shall
contain such provisions as shall be deemed necessary or desirable to confirm
that all the rights, powers, trusts and duties of the retiring Trustee with
respect to the Securities of that or those series as to which the retiring
Trustee is not retiring shall continue to be vested in the retiring Trustee, and
(3) shall add to or change any of the provisions of this Indenture as shall be
necessary to provide for or facilitate the administration of the trusts
hereunder by more than one Trustee, it being understood that nothing herein or
in such supplemental indenture shall constitute such Trustees as co-trustees of
the same trust and that each such Trustee shall be trustee of a trust or trusts
hereunder separate and apart from any trust or trusts hereunder administered by
any other such Trustee; and upon the execution and delivery of such supplemental
indenture the resignation or removal of the retiring Trustee shall become
effective to the extent provided therein and each such successor Trustee,
without any further act, deed or conveyance, shall become vested with all the
rights, powers, trusts and

                                       57
<Page>

duties of the retiring Trustee with respect to the Securities of that or those
series to which the appointment of such successor Trustee relates; but, on
request of the Company or any successor Trustee, such retiring Trustee shall
duly assign, transfer and deliver to such successor Trustee all property and
money held by such retiring Trustee hereunder with respect to the Securities of
that or those series to which the appointment of such successor Trustee relates.

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

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

SECTION 612. 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 the corporate trust business
of the Trustee, shall be the successor of the Trustee hereunder, PROVIDED such
corporation shall be otherwise qualified and eligible under this Article Six;
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 613. PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY.

     If and when the Trustee shall be or become a creditor of the Company (or
any other obligor on the Securities), the Trustee shall be subject to the terms
of Section 311 of the Trust Indenture Act. A Trustee who has resigned or been
removed shall be subject to Section 311 of the Trust Indenture Act to the extent
indicated therein.

SECTION 614. APPOINTMENT OF AUTHENTICATING AGENT.

     At any time the Trustee may appoint an Authenticating Agent or Agents with
respect to one or more series of Securities which shall be authorized to act on
behalf of the Trustee to authenticate Securities of such series issued upon
exchange, registration of transfer or partial redemption thereof or pursuant to
Section 306, and Securities so authenticated shall be entitled to the benefits
of this Indenture and shall be valid and obligatory for all purposes as if
authenticated by the Trustee hereunder. Wherever reference is made in this
Indenture to the authentication and delivery of Securities by the Trustee or

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the Trustee's certificate of authentication, such reference 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
acceptable to 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, having a combined capital and surplus of not less than $50,000,000 and
subject to supervision or examination by Federal or State authority. If such
Authenticating Agent 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
Authenticating Agent shall be deemed to be its combined capital and surplus as
set forth in its most recent report of condition so published. If at any time an
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, such Authenticating Agent shall resign immediately
in the manner and with the effect specified in this Section.

     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, 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 Authenticating Agent by giving written notice thereof to such
Authenticating Agent and to the Company. Upon receiving such a notice of
resignation or upon such a termination, or in case at any time such
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, the Trustee may appoint a successor Authenticating
Agent which shall be acceptable to the Company and shall, at the expense of the
Company, (i) mail written notice of such appointment by first-class mail,
postage prepaid, to all Holders of Registered Securities, if any, of the series
with respect to which such Authenticating Agent will serve, as their names and
addresses appear in the Security Register, and (ii) if Securities of the series
are issuable as Bearer Securities, publish notice of such appointment at least
once in an Authorized Newspaper in the place where such successor Authenticating
Agent has its principal office if such office is located outside the United
States. Any successor Authenticating Agent upon acceptance of its appointment
hereunder shall become vested with all the rights, powers and duties of its
predecessor hereunder, with like effect as if originally named as an
Authenticating Agent. No successor Authenticating Agent shall be appointed
unless eligible under the provisions of this Section.

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

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     The provisions of Sections 308, 604 and 605 shall be applicable to each
Authenticating Agent.

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

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

                                             -----------------------------------
                                             AS TRUSTEE

                                             BY
                                                --------------------------------
                                             AS AUTHENTICATING AGENT

                                             BY
                                                --------------------------------
                                             AUTHORIZED SIGNATORY

                                             BY
                                                --------------------------------
                                             AUTHORIZED SIGNATORY

     If all of the Securities of any series may not be originally issued at one
time, and if the Trustee does not have an office capable of authenticating
Securities upon original issuance located in a Place of Payment where the
Company wishes to have Securities of such series authenticated upon original
issuance, the Trustee, if so requested in writing (which writing need not comply
with Section 102) by the Company, shall appoint in accordance with this Section
614 an Authenticating Agent having an office in a Place of Payment designated by
the Company with respect to such series of Securities.

                                  ARTICLE SEVEN
                HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY

SECTION 701. HOLDERS' LISTS.

The Company will furnish or cause to be furnished to the Trustee:

          (a)  semi-annually, not later than February 15 and August 15 in each
     year, commencing on the first February 15 or August 15 following the date
     of this Indenture, a list, in such form as such Trustee may reasonably
     require, of the names

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     and addresses of the Holders as of a date not more than 15 days prior to
     the time such list is furnished, and

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

provided, however, that so long as the Trustee is Security Registrar, no such
list shall be required to be furnished with respect to Holders for which the
Trustee is the Security Registrar.

SECTION 702. PRESERVATION OF INFORMATION; COMMUNICATIONS BY HOLDERS WITH OTHER
HOLDERS.

          (a)  The Trustee shall preserve, in as current a form as is reasonably
     practicable, all information as to the names and addresses of the Holders
     of Securities (1) contained in the most recent list furnished to it as
     provided in Section 701, and (2) received by it in the capacity of Paying
     Agent or Security Registrar (if so acting) hereunder. The Trustee may
     destroy any list furnished to it as provided in Section 701 upon receipt of
     a new list so furnished.

          (b)  Holders may communicate pursuant to Section 312(b) of the Trust
     Indenture Act with other Holders with respect to their rights under this
     Indenture. The Company, the Trustee, any Co-Securities Registrar and any
     other Person shall have the protection of Section 312(c) of the Trust
     Indenture Act.

SECTION 703. REPORTS BY TRUSTEE TO HOLDERS.

          (a)  Within 60 days after May 15 in each year, beginning with the May
     15 following the date of this Indenture, the Trustee shall mail to the
     Holders a brief report dated as of such reporting date in accordance with,
     and to the extent required under, Section 313 of the Trust Indenture Act.

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

SECTION 704. REPORTS BY COMPANY.

     The Company shall:

               (1)  file with the Trustee, within 15 days after the Company is
     required to file the same with the Commission, copies of the annual reports
     and of the information,

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

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

               (3)  transmit to all Holders, in the manner and to the extent
     provided in Section 313 of the Trust Indenture Act, within 30 days after
     the filing thereof with the Trustee, such summaries of any information,
     documents and reports required to be filed by the Company pursuant to
     paragraphs (1) and (2) of this Section as may be required by rules and
     regulations prescribed from time to time by the Commission.

                                  ARTICLE EIGHT
              CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

SECTION 801. COMPANY MAY CONSOLIDATE, ETC., ONLY ON CERTAIN TERMS

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

          (l)  the corporation formed by such consolidation or into which the
     Company is merged or the Person which acquires by conveyance or transfer,
     or which leases, the properties and assets of the Company substantially as
     an entirety shall be a corporation organized and existing under the laws of
     the United States of America, any State thereof or the District of
     Columbia, and if such surviving corporation is not 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 (and premium, if any) and interest
     (including all Additional Amounts, if any, payable pursuant to Section
     1004) on all the Securities and the performance of every covenant of this
     Indenture on the part of the Company to be performed or observed;

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          (2)  immediately after giving effect to such transaction and treating
     any indebtedness which becomes an obligation of the Company or a Subsidiary
     as a result of such transaction as having been incurred by the Company or
     such Subsidiary at the time of such transaction, no Event of Default, and
     no event which, after notice or lapse of time or both, would become an
     Event of Default, shall have happened and be continuing; and

          (3)  the Company has delivered to the Trustee an Officers' Certificate
     and an Opinion of Counsel, each stating that such consolidation (if the
     corporation formed by such consolidation is not the Company), merger,
     conveyance, transfer or lease and such supplemental indenture comply with
     this Article and that all conditions precedent herein provided for relating
     to such transaction have been complied with.

SECTION 802. SUCCESSOR CORPORATION SUBSTITUTED.

     Upon any consolidation by the Company with or merger by the Company into
any other corporation or any conveyance, transfer or lease of properties and
assets of the Company substantially as an entirety in accordance with Section
801, the successor corporation formed by such consolidation or into 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
corporation had been named as the Company herein, and thereafter, except in the
case of a lease, the predecessor corporation shall be relieved of all
obligations and covenants under this Indenture and the Securities and coupons.

                                  ARTICLE NINE
                             SUPPLEMENTAL INDENTURES

SECTION 901. SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF HOLDERS.

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

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

          (2)  to add to the covenants of the Company for the benefit of the
     Holders of all or any series of Securities (and if such covenants are to be
     for the benefit of less than all series of Securities, stating that such
     covenants are expressly

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     being included solely for the benefit of such series) or to surrender any
     right or power herein conferred upon the Company; or

          (3)  to add any additional Events of Default for the benefit of the
     Holders of all or any series of Securities (and if such Events of Defaults
     are to be for the benefit of less than all series of Securities, stating
     that such Events of Default are expressly being included solely for the
     benefit of such series); PROVIDED, HOWEVER, that in respect of any such
     additional Events of Default such supplemental indenture may provide for a
     particular period of grace after default (which period may be shorter or
     longer than that allowed in the case of other defaults) or may provide for
     the immediate enforcement upon such default or may limit the remedies
     available to the Trustee upon such default or may limit the right of the
     Holders of a majority in aggregate principal amount of that or those series
     of Securities to which such additional Events of Default apply to waive
     such default; or

          (4)  to add to or change any of the provisions of this Indenture to
     provide that Bearer Securities may be registrable as to principal, to
     change or eliminate any restrictions on the payment of principal (or
     premium, if any) on Registered Securities or of principal (or premium, if
     any) or any interest on Bearer Securities, to permit Registered Securities
     to be exchanged for Bearer Securities or to permit the issuance of
     Securities in uncertificated form, PROVIDED any such action shall not
     adversely affect the interests of the Holders of Securities of any series
     or any related coupons in any material respect; or

          (5)  to change or eliminate any of the provisions of this Indenture,
     PROVIDED that any such change or elimination shall become effective only
     when there is no Security Outstanding of any series created prior to the
     execution of such supplemental indenture which is entitled to the benefit
     of such provision; or

          (6)  to secure the Securities; or

          (7)  to establish the form or terms of Securities of any series and
     any related coupons as permitted by Sections 201 and 301; or

          (8)  to evidence and provide for the acceptance of appointment
     hereunder by a successor Trustee with respect to the Securities of one or
     more series and to add to or change any of the provisions of this Indenture
     as shall be necessary to provide for or facilitate the administration of
     the trusts hereunder by more than one Trustee, pursuant to the requirements
     of Section 611(b); or

          (9)  to cure any ambiguity, to correct or supplement any provision
     herein which may be defective or inconsistent with any other provision
     herein, or to make any other provisions with respect to matters or
     questions arising under this Indenture which shall not be inconsistent with
     the provisions of this Indenture,

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     provided such other provisions shall not adversely affect the interests of
     the Holders of Securities of any series or any related coupons in any
     material respect; or

          (10) to supplement any of the provisions of this Indenture to such
     extent as shall be necessary to permit or facilitate the defeasance and
     discharge of any series of Securities pursuant to Sections 401 and 403;
     PROVIDED that such action shall not adversely affect the interests of the
     Holders of Securities of such series and any related coupons or any other
     series of Securities in any material respect.

     The Trustee is hereby authorized to join with the Company in the execution
of any such supplemental indenture, to make any further appropriate agreements
and stipulations which may be therein contained and to accept the conveyance,
transfer, assignment, mortgage or pledge of any property thereunder.

SECTION 902. SUPPLEMENTAL INDENTURES WITH CONSENT OF HOLDERS.

     With the consent of the Holders of not less than 66 2/3% in principal
amount of the Outstanding Securities of each series affected by such
supplemental indenture, by Act of said Holders of Securities delivered to the
Company and the Trustee, the Company, when authorized by a Board Resolution, and
the Trustee may enter into an indenture or indentures supplemental hereto for
the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Indenture or of modifying in any manner the rights
of the Holders of Securities of such series and any related coupons under this
Indenture; PROVIDED, HOWEVER, that no such supplemental indenture shall, without
the consent of the Holder of each Outstanding Security or coupon affected
thereby,

          (1)  change the Stated Maturity of the principal of, or any
     installment of principal of or interest on, any Security, or reduce the
     principal amount thereof or the rate of interest thereon or any premium
     payable upon the redemption thereof, or change any obligation of the
     Company to pay Additional Amounts (pursuant to Section 1004 (except as
     contemplated by Section 801(1) and permitted by Section 901(1)), or reduce
     the amount of the principal of an Original Issue Discount Security that
     would be due and payable upon a declaration of acceleration of the Maturity
     thereof pursuant to Section 502, or change any Place of Payment, or the
     coin or currency in which, any Security or any premium or the interest
     thereon is payable, or impair the right to institute suit for the
     enforcement of any such payment on or after the Stated Maturity thereof
     (or, in the case of redemption, on or after the Redemption Date), or

          (2)  reduce the percentage in principal amount of the Outstanding
     Securities of any series, the consent of whose Holders is required for any
     such supplemental indenture, or the consent of whose Holders is required
     for any waiver (of compliance with certain provisions of this Indenture or
     certain defaults hereunder and their consequences) provided for in this
     Indenture, or reduce the requirements of Section 1304 for quorum or voting,
     or

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          (3)  change any obligation of the Company to maintain an office or
     agency in Section 1002, or

          (4)  modify any of the provisions of this Section, Section 513 or
     Section 1011, except to increase any such percentage or to provide that
     certain other provisions of this Indenture cannot be modified or waived
     without the consent of the Holder of each Outstanding Security affected
     thereby, PROVIDED, HOWEVER, that this clause shall not be deemed to require
     the consent of any Holder of a Security or coupon with respect to changes
     in the references to "the Trustee" and concomitant changes in this Section
     and Section 1011, or the deletion of this proviso, in accordance with the
     requirements of Sections 611(b) and 901(8).

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

     It shall not be necessary for any Act of Holders of Securities 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 903. EXECUTION OF SUPPLEMENTAL INDENTURES.

     In executing, or accepting the additional trusts created by, any
supplemental indenture permitted by this Article or the modifications thereby of
the trusts created by this Indenture, the Trustee shall be entitled to receive,
and (subject to Section 601) shall be fully protected in relying upon, an
Opinion of Counsel stating that the execution of such supplemental indenture is
authorized or permitted by this Indenture. 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 904. EFFECT OF SUPPLEMENTAL INDENTURES.

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

SECTION 905. CONFORMITY WITH TRUST INDENTURE ACT.

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

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SECTION 906. REFERENCE IN SECURITIES TO SUPPLEMENTAL INDENTURES.

     Securities of any series authenticated and delivered after 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 of any series so modified as to conform, in the opinion of the
Trustee and the Company, to any such supplemental indenture may be prepared and
executed by the Company and authenticated and delivered by the Trustee in
exchange for Outstanding Securities of such series.

                                   ARTICLE TEN
                                    COVENANTS

SECTION 1001. PAYMENT OF PRINCIPAL, PREMIUM AND INTEREST.

     The Company covenants and agrees for the benefit of each series of
Securities that it will duly and punctually pay the principal of (and premium,
if any) and interest (including all Additional Amounts, if any, contemplated by
Section 1004) on the Securities of that series in accordance with the terms of
the Securities, any coupons appertaining thereto and this Indenture. Any
interest due on Bearer Securities on or before Maturity, other than Additional
Amounts, if any, payable as provided in Section 1004 in respect of principal of
(or premium, if any, on) such a Security, shall be payable only upon
presentation and surrender of the several coupons for such interest installments
as are evidenced thereby as they severally mature.

SECTION 1002. MAINTENANCE OF OFFICE OR AGENCY.

     If securities of a series are issuable only as Registered Securities, the
Company will maintain in each Place of Payment for such series an office or
agency where Securities of that series may be presented or surrendered for
payments, where Securities of that series may be surrendered for registration of
transfer or exchange and where notices and demands to or upon the Company in
respect of the Securities of that series and this Indenture may be served. If
Securities of a series are issuable as Bearer Securities, the Company will
maintain (A) in the Borough of Manhattan, The City of New York, an office or
agency where any Registered Securities of that series may be presented or
surrendered for payment, where any Registered Securities of that series may be
surrendered for registration of transfer, where Securities of that series may be
surrendered for exchange, where notices and demands to or upon the Company in
respect of the Securities of that series and this Indenture may be served and
where Bearer Securities of that series and related coupons may be presented or
surrendered for payment in the circumstances described in the following
paragraph (and not otherwise), (B) subject to any laws or regulations applicable
thereto, in a Place of Payment for that series which is located outside the
United States, an office or agency where Securities of that series and related
coupons may be presented and surrendered for payment (including payment of any
Additional Amounts payable on

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Securities of that series pursuant to Section 1004); PROVIDED, HOWEVER, that if
the Securities of that series are listed on The Stock Exchange of the United
Kingdom and the Republic of Ireland, the Luxembourg Stock Exchange or any other
stock exchange located outside the United States and such stock exchange shall
so require, the Company will maintain a Paying Agent for the Securities of that
series in London, Luxembourg or any other required city located outside the
United States, as the case may be, so long as the Securities of that series are
listed on such exchange, and (C) subject to any laws or regulations applicable
thereto, in a Place of Payment for that series located outside the United States
an office or agency where any Registered Securities of that series may be
surrendered for registration of transfer, where Securities of that series may be
surrendered for exchange and where notices and demands to or upon the Company in
respect of the Securities of that series and this Indenture may be served. The
Company will give prompt written notice to the Trustee of the location, and any
change in the location, of any such office or agency. If at any time the Company
shall fail to maintain any such required office or agency in respect to any
series of Securities or shall fail to furnish the Trustee with the address
thereof, such presentations, and surrenders of Securities of that series may be
made and notices and demands may be made or served at the Corporate Trust Office
of the Trustee, or such other office as the Company shall designate if so
required by any such stock exchange located outside the United States.

     No payment of principal, premium or interest on Bearer Securities shall be
made at any office or agency of the Company in the United States or by check
mailed to any address in the United States or by transfer to an account
maintained with a bank located in the United States; PROVIDED, HOWEVER, payment
of principal of and any premium and interest in Dollars (including Additional
Amounts payable in respect thereof) on any Bearer Security may be made at the
Corporate Trust Office of the Trustee in the Borough of Manhattan, The City of
New York if (but only if) payment of the full amount of such principal, premium,
interest or Additional Amounts at all offices outside the United States
maintained for the purpose by the Company in accordance with this Indenture is
illegal or effectively precluded by exchange controls or other similar
restrictions.

     The Company may also from time to time designate one or more other offices
or agencies where the Securities of one or more series may be presented or
surrendered for any or all such purposes and may from time to time rescind such
designations; PROVIDED, HOWEVER, that no such designation or rescission shall in
any manner relieve the Company of its obligation to maintain an office or agency
in each Place of Payment in accordance with the requirements set forth above for
Securities of any series for such purposes. The Company will give prompt written
notice to the Trustee of any such designation or rescission and of any change in
the location of any such other office or agency.

SECTION 1003. MONEY FOR SECURITIES PAYMENTS TO BE HELD IN TRUST.

     If the Company shall at any time act as its own Paying Agent with respect
to any series of Securities, it will, on or before each due date of the
principal of (and premium, if any) or interest on any of the Securities of that
series, segregate and hold in trust for the

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benefit of the Persons entitled thereto a sum sufficient to pay the principal
(and 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 will promptly
notify the Trustee of its action or failure to so act.

     Whenever the Company shall have one or more Paying Agents for any series of
Securities, it will, on or before each due date of the principal of (and
premium, if any) or interest on any Securities of that series, deposit with a
Paying Agent a sum sufficient to pay the principal (and premium, if any) or
interest so becoming due, such sum to be held in trust for the benefit of the
Persons entitled to such principal, premium or interest, and (unless such Paying
Agent is the Trustee) the Company will promptly notify the Trustee of its action
or failure so to act.

     The Company will cause each Paying Agent for any series of Securities 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 (and
     premium, if any) or interest on Securities of that series in trust 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 of that series) in the making of any
     payment of (and premium, if any) or interest on the Securities of that
     series; 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 in trust by such Paying Agent.

     The Company may at any time, for the purpose of obtaining the satisfaction
and discharge of this Indenture or for any other purpose, pay, or 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
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 (and premium, if any)
or interest on any Security of any series and remaining unclaimed for two years
after such principal (and 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 or
any coupon appertaining thereto shall thereafter, as an

                                       69
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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; PROVIDED, HOWEVER, that the Trustee or such Paying Agent, before being
required to make any such repayment, shall at the expense of the Company cause
to be published once in an Authorized Newspaper in each Place of Payment or
mailed to each such Holder or both, notice that such money remains unclaimed and
that, after a date specified therein, which shall not be less than 30 days nor
more than 90 days from the date of such publication or mailing, any unclaimed
balance of such money then remaining will be repaid to the Company.

SECTION 1004. ADDITIONAL AMOUNTS.

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

     If the Securities of a series provide for the payment of Additional
Amounts, at least 10 days prior to the first Interest Payment Date with respect
to that series of Securities (or if the Securities of that series will not bear
interest prior to Maturity, the first day on which a payment of principal (and
premium, if any) is made), and at least 10 days prior to each date of payment of
principal (and premium, if any) or interest if there has been any change with
respect to the matters set forth in the below-mentioned Officers' Certificate,
the Company will furnish the Trustee and the Company's principal Paying Agent or
Paying Agents, if other than the Trustee, with an Officers' Certificate
instructing the Trustee and such Paying Agent or Paying Agents whether such
payment of principal (and premium, if any) or interest on the Securities of that
series shall be made to Holders of Securities of that series or the related
coupons who are United States Aliens without withholding for or on account of
any tax, assessment or other governmental charge described in the Securities of
that series. If any such withholding shall be required, then such Officers'
Certificate shall specify by country the amount, if any, required to be withheld
on such payments to such Holders of Securities or coupons and the Company will
pay to the Trustee or such Paying Agent the Additional Amounts required by this
Section. The Company covenants to indemnify the Trustee and any Paying Agent
for, and to hold them harmless against, any loss, liability or expense
reasonably incurred without negligence or bad faith on their part arising out of
or in connection with actions taken or omitted by any of them in reliance on any
Officers' Certificate furnished pursuant to this Section.

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SECTION 1005. CORPORATE EXISTENCE.

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

SECTION 1006. MAINTENANCE OF PROPERTIES.

     The Company will cause all Principal Properties to be maintained and kept
in good condition, repair and working order and supplied with all necessary
equipment and will cause to be made all necessary repairs, renewals,
replacements, betterments and improvements thereof, all as in the judgment of
the Company may be necessary so that the business carried on in connection
therewith may be properly and advantageously conducted at all times; PROVIDED,
HOWEVER, that nothing in this Section shall prevent the Company from
discontinuing the operation or maintenance of any of such properties, or
disposing of them if such discontinuance or disposal is, in the judgment of the
Company or of the Subsidiary concerned, desirable in the conduct of its business
or the business of any Subsidiary.

SECTION 1007. PAYMENT OF TAXES AND OTHER CLAIMS.

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

SECTION 1008. LIMITATION UPON LIENS.

     (a)  The Company will not, and will not permit any Subsidiary to, create,
incur, issue, assume or guarantee any notes, bonds, debentures or other similar
evidences of indebtedness for money borrowed (notes, bonds, debentures or other
similar evidences of indebtedness for money borrowed being hereinafter referred
to for purposes of this Section 1008 and Section 1009 as "Debt") secured by any
pledge of, or mortgage, lien,

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encumbrance, or security interest on (herein referred to for purposes of this
Section 1008 and Section 1009 as a "Lien") any Principal Property and the
Company will not, and will not permit any Subsidiary to, create, incur, issue,
assume or guarantee any Debt secured by any Lien on any Capital Stock or Debt of
the Company or any Subsidiary, whether owned at the date of this Indenture or
thereafter acquired, without making effective provision, and the Company in each
case will make or cause to be made effective provision, whereby the Securities
(together with, if the Company shall so determine, any other Debt of the Company
then existing or thereafter created which is not subordinate to the Securities)
shall be secured equally and ratably with (or prior to) any and all other Debt
thereby secured, so long as such Debt shall be so secured (for the purpose of
providing such equal and ratable security the principal amount of the Securities
shall mean and shall not be less than that principal amount that could be
declared to be due and payable pursuant to Section 502 on the date of the making
of such effective provision and the extent of such equal and ratable security
shall be adjusted as and when said principal amount changes over time pursuant
to Section 502 and any other provision hereof); PROVIDED, HOWEVER, that the
foregoing restriction shall not apply to Debt secured by any of the following:

          (1)  Liens on any property of the Company or any Subsidiary existing
at the time of acquisition thereof or at the date of this Indenture;

          (2)  Liens on property of a corporation existing at the time such
corporation is merged into or consolidated with the Company or a Subsidiary or a
Subsidiary is merged into such corporation or at the time of a sale, lease or
other disposition of the properties of such corporation (or a division thereof)
as an entirety or substantially as an entirety to the Company or a Subsidiary,
PROVIDED that such mortgage as a result of such merger, consolidation, sale,
lease or other disposition is not extended to property owned by the Company or
such Subsidiary immediately prior thereto;

          (3)  Liens on property of a corporation existing at the time such
corporation first becomes a Subsidiary;

          (4)  Liens securing Debt of a Subsidiary to the Company or to another
Subsidiary;

          (5)  Liens on property to secure all or part of the cost of acquiring,
substantially repairing or altering, constructing, developing or substantially
improving all or any part of such property, or to secure Debt incurred to
provide funds for any such purpose or for reimbursement of funds previously
expended for any such purpose, PROVIDED the commitment of the creditor to extend
the credit secured by any such Debt shall have been obtained not later than 120
days after the later of (a) the completion of the acquisition, substantial
repair or alteration, construction, development or substantial improvement of
such property or (b) the placing in operation of such property or of such
property as so substantially repaired or altered, constructed, developed or
substantially improved;

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          (6)  Liens arising from the assignment of moneys due and to become due
under contracts between the Company or any Subsidiary and the United States of
America, any state, commonwealth, territory or possession thereof or any agency,
department, instrumentality or political subdivision of any thereof; or Liens in
favor of the United States of America, any state, commonwealth, territory or
possession thereof or any agency, department, instrumentality or political
subdivision of any thereof, pursuant to the provisions or any contract not
directly or indirectly in connection with securing Debt; or Liens in favor of
any governmental body to secure progress, advance or other payments or the
acquisition of real or personal property from such governmental body pursuant to
any contract or provision of any statute;

          (7)  materialmen's, carriers', mechanics', workmen's, repairmen's and
other like liens arising in the ordinary course of business in respect of
obligations which are not overdue or which are being contested in good faith by
appropriate proceedings; any deposit or pledge as security for the performance
of any bid, tender, contract, lease, or undertaking not directly or indirectly
in connection with the securing of Debt; any deposit or pledge with any
governmental agency required or permitted to qualify the Company or any
Subsidiary to conduct business, maintain self-insurance or to obtain the
benefits of any law pertaining to workmen's compensation, unemployment
insurance, old age pensions, social security or similar matters, or to obtain
any stay or discharge in any legal or administrative proceedings; deposits or
pledges to obtain the release of materialmen's, mechanics', workmen's,
repairmen's or other like liens or the release of property in the possession of
a common carrier; any security interest created in connection with the sale,
discount or guarantee of notes, chattel mortgages, leases, accounts receivable,
trade acceptances or other paper, or contingent repurchase obligations, arising
out of sales of merchandise in the ordinary course of business; Liens permitted
under Section 1007; or other deposits or pledges similar to those referred to in
this clause (7);

          (8)  Liens arising by reason of any judgment, decree or other of any
court, so long as any appropriate legal proceedings which may have been
initiated for the review of such judgment, decree or order shall not have been
finally terminated or so long as the period within which such proceedings may be
initiated shall not have expired; any deposit or pledge with any surety company
or clerk of any court, or in escrow, as collateral in connection with, or in
lieu of, any bond on appeal from any judgment or decree against the Company or
any Subsidiary, or in connection with other proceedings or actions at law or in
equity by or against the Company or any Subsidiary;

          (9)  Liens, charges and encumbrances incidental to construction, to
the conduct of business or the ownership of property of the Company or any
Subsidiary which were not incurred in connection with the borrowing of money or
the obtaining of advance or credits or the acquisition of property and do not in
the aggregate materially impair the use of any Principal Property for the
purposes for which it is held or which are being contested in good faith by the
Company or such Subsidiary;

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          (10) any extension, renewal, substitution or replacement (or
successive extensions, renewals, substitutions or replacements), as a whole or
in part, of any Lien referred to in the foregoing clauses (1) to (9), inclusive,
or the Debt secured thereby; PROVIDED, HOWEVER, that the principal amount of
Debt secured thereby and not otherwise authorized by said clauses (1) to (9),
inclusive, shall not exceed the principal amount of indebtedness, plus any
premium or fee payable in connection with any such extension, renewal,
substitution or replacement, so secured at the time of such extension, renewal,
substitution or replacement; and

          (11) Liens on any property or assets owned by Boeing Capital
Corporation and/or its Subsidiaries including, without limitation, securities
owned by Boeing Capital Corporation and/or its Subsidiaries.

     (b)  Notwithstanding the provisions of subparagraph (a) of this Section,
the Company or any Subsidiary may create, incur, issue, assume or guarantee Debt
secured by a Lien which would otherwise be subject to the restrictions of
subparagraph (a) of this Section in an aggregate amount which, together with all
Attributable Debt outstanding pursuant to subparagraph (b) of Section 1009 and
all Debt outstanding pursuant to this subparagraph (b) does not at the time of
such creation, incurrence, issuance, assumption or guarantee of such Debt exceed
15% of Consolidated Net Tangible Assets.

     For purposes of this Section and Section 1009, the giving of a guarantee
which is secured by a Lien on a Principal Property, and the creation of a Lien
on a Principal Property or Capital Stock or Debt to secure Debt which existed
prior to the creation of such Lien, shall be deemed to involve the creation of
Debt in an amount equal to the principal amount guaranteed or secured by such
Lien; but the amount of Debt secured by Liens on Principal Properties and shares
of Capital Stock and Debt shall be computed without cumulating the underlying
Debt with any guarantee thereof or Lien securing the same.

SECTION 1009. LIMITATIONS ON SALE AND LEASE-BACK TRANSACTIONS.

     (a)  The Company will not, nor will it permit any Subsidiary to, enter into
any Sale and Lease-Back Transaction with respect to any Principal Property
(except for a transaction providing for a lease for a term, including any
renewal thereof, of not more than three years, except for a transaction between
the Company and a Subsidiary or between Subsidiaries and except for any lease of
property acquired after the date of this Indenture if the rent payable by the
Company or such Subsidiary thereunder is to be reimbursed under a contract with
the government of the United States or any instrumentality or agency thereof),
if the commitment by or on behalf of the purchaser is obtained more than 120
days after the later of (i) the completion of the acquisition, substantial
repair or alteration, construction, development or substantial improvement of
such Principal Property or (ii) the placing in operation of such Principal
Property or of such Principal Property as so substantially repaired or altered,
constructed, developed or substantially improved, unless either (x) the Company
or such Subsidiary would be entitled pursuant to subparagraph (a) of Section
1008 to create, incur, issue, assume or guarantee Debt secured by a Lien on such

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Principal Property without equally and ratably securing the Securities or (y)
the Company shall apply or cause to be applied, in the case of a sale or
transfer for cash, an amount equal to the net proceeds thereof (but not in
excess of the net book value of such Principal Property at the date of such sale
or transfer) and, in the case of a sale or transfer otherwise than for cash, an
amount equal to the fair value (as determined by the Board of Directors) of the
Principal Property so leased, to the retirement, within 180 days after the
effective date of such Sale and Lease-Back Transaction, of Securities of any
series or other Debt of the Company or a Subsidiary having a Stated Maturity
more than 12 months from the date of such application which is not subordinate
to the Securities; PROVIDED, HOWEVER, that any such retirement of Securities
shall be in accordance with Article Eleven and PROVIDED, FURTHER, that the
amount to be applied to such retirement of Securities or other Debt shall be
reduced by an amount equal to the sum of (A) an amount equal to the principal
amount of Securities delivered within 180 days after the effective date of such
Sale and Lease-Back Transaction to the Trustee for retirement and cancellation
(for purposes of making such calculation the principal amount of Original Issue
Discount Securities so retired or cancelled shall mean the portion thereof that
could have been declared due and payable pursuant to Section 502 at the time
retired and cancelled) and (B) the principal amount, plus any premium or fee
paid in connection with any redemption in accordance with the terms, of other
indebtedness voluntarily retired by the Company within such 180-day period,
excluding retirements pursuant to prepayment provisions, sinking fund provisions
and payments at maturity.

     (b)  Notwithstanding the provisions of subparagraph (a) of this Section,
(i) the Company or any Subsidiary may enter into a Sale and Lease-Back
Transaction which would otherwise be subject to the restrictions of subparagraph
(a) of this Section so as to create an aggregate amount of Attributable Debt
which, together with all Debt outstanding pursuant to subparagraph (b) of
Section 1008, and all Attributable Debt outstanding pursuant to this
subparagraph (b), does not at the time of such Sale and Lease-Back Transaction
exceed 15% of Consolidated Net Tangible Assets, and (ii) Boeing Capital
Corporation and/or its Subsidiaries may enter into Sale and Lease-Back
Transactions solely with respect to their properties and assets which would
otherwise be subject to the restrictions of subparagraph (a) of this Section.

SECTION 1010. STATEMENT AS TO COMPLIANCE.

     The Company will deliver to the Trustee, within 120 days after the end of
each fiscal year (which on the date hereof ends on December 31), a written
statement, which need not comply with Section 102, signed by the principal
executive officer, the principal financial officer or the principal accounting
officer and by the Treasurer, an Assistant Treasurer, the Controller or an
Assistant Controller of the Company, stating as to each signer thereof, that

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

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          (2)  to the best of his knowledge, based on such review, (a) the
     Company has fulfilled all its obligations under this Indenture throughout
     such year, or, if there has been a default in the fulfillment of any such
     obligation, specifying each such default known to him and the nature and
     status thereof, and (b) no event has occurred and is continuing which is,
     or after notice or lapse of time or both would become, an Event of Default,
     or, if such an event has occurred and is continuing, specifying each such
     event known to him and the nature and status thereof.

SECTION 1011. WAIVER OF CERTAIN COVENANTS.

     The Company may omit in any particular instance to comply with any term,
provision or condition set forth in Sections 1004 to 1009, inclusive, with
respect to the Securities of any series if before the time for such compliance
the Holders of at least 66 2/3% in principal amount of the Outstanding
Securities of such series shall, by Act of such Holders, either waive such
compliance in such instance or generally waive compliance with such term,
provision or condition, but no such waiver shall extend to or affect such term,
provision or condition except to the extent so expressly waived, and, until such
waiver shall become effective, the obligations of the Company and the duties of
the Trustee in respect of any such term, provision or condition shall remain in
full force and effect.

                                 ARTICLE ELEVEN
                            REDEMPTION OF SECURITIES

SECTION 1101. APPLICABILITY OF ARTICLE.

     Securities of any series which are redeemable before their Stated Maturity
shall be redeemable in accordance with their terms and (except as otherwise
specified as contemplated by Section 301 for Securities of any series) in
accordance with this Article.

SECTION 1102. 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
all of the Securities of any series, the Company shall, at least 60 days prior
to the Redemption Date fixed by the Company (unless a shorter notice shall be
satisfactory to the Trustee), notify the Trustee in writing of such Redemption
Date. In case of any redemption at the election of the Company of less than all
the Securities of any series, the Company shall, at least 60 days prior to the
Redemption Date fixed by the Company (unless a shorter notice shall be
satisfactory to the Trustee) notify the Trustee in writing of such Redemption
Date and of the principal amount of Securities of such series to be redeemed. In
the case of any redemption of Securities (i) prior to the expiration of any
restriction on such redemption provided in the terms of such Securities or
elsewhere in this Indenture or (ii) pursuant to an election of the Company which
is subject to a condition specified in the terms of such

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Securities, the Company shall furnish the Trustee with an Officers' Certificate
evidencing compliance with such restriction or condition.

SECTION 1103. SELECTION BY TRUSTEE OF SECURITIES TO BE REDEEMED.

     If less than all the Securities of any series with the same issue date,
interest rate or formula, Stated Maturity and other terms are to be redeemed,
the particular Securities to be redeemed shall be selected pro rata not more
than 60 days prior to the Redemption Date by the Trustee from the Outstanding
Securities of such series not previously called for redemption, or by such other
method as the Trustee shall deem fair and appropriate and which may provide for
the selection for redemption of portions of the principal amount of Registered
Securities of such series not redeemed to be less than the minimum denomination
for a Security of such series established herein or pursuant hereto. Unless
otherwise provided in the Securities of a series, partial redemption must be in
an amount not less than $1,000,000 principal amount of Securities.

     The Trustee shall promptly notify the Company and the Security Registrar
(if other than the Trustee) in writing of the Securities selected for redemption
and, in the case of any Securities selected for partial redemption, the
principal amount 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 of such Securities which has been or is to be redeemed.

SECTION 1104. NOTICE OF REDEMPTION.

     Notice of redemption shall be given in the manner provided in Section 106,
not less than 30 nor more than 60 days prior to the Redemption Date, unless a
shorter period is specified in the Securities to be redeemed, to the Holders of
Securities to be redeemed. Failure to give notice by mailing in the manner
herein provided to the Holder of any Registered Securities designated for
redemption as a whole or in part, or any defect in the notice of any such
Holder, shall not affect the validity of the proceedings for the redemption of
any other Securities or portion thereof.

     Any notice that is mailed to the Holder of any Registered Securities in the
manner herein provided shall be conclusively presumed to have been duly given,
whether or not such Holder receives the notice.

     All notices of redemption shall state:

          (1)  the Redemption Date,

          (2)  the Redemption Price,

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

          (4)  in case any Registered Security is to be redeemed in part only,
     the notice which relates to such Security shall state that on and after the
     Redemption Date, upon surrender of such Security, the Holder of such
     Security will receive, without charge, a new Registered Security or
     Registered Securities of authorized denominations for the principal amount
     thereof remaining unredeemed,

          (5)  that on the Redemption Date the Redemption Price will become due
     and payable upon each such Security or portion thereof to be redeemed, and,
     if applicable, that interest thereon shall cease to accrue on and after
     said date,

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

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

          (8)  that, unless otherwise specified in such notice, Bearer
     Securities of any series, if any, surrendered for redemption must be
     accompanied by all coupons maturing subsequent to the date fixed for
     redemption or the amount of any such missing coupon or coupons will be
     deducted from the Redemption Price, unless security or indemnity
     satisfactory to the Company, the Trustee and any Paying Agent is furnished,

          (9)  if Bearer Securities of any series are to redeemed and any
     Registered Securities of such series are not to be redeemed, and if such
     Bearer Securities may be exchanged for Registered Securities not subject to
     redemption on the Redemption Date pursuant to Section 305 or otherwise, the
     last date, as determined by the Company, on which such exchanges may be
     made, and

          (10) the CUSIP number or the Euroclear or the Cedel reference numbers
     of such Securities, if any (or any other numbers used by a Depositary or a
     U.S. Depositary to identify such Securities).

     A notice of redemption published as contemplated by Section 106 need not
identify particular Registered Securities to be redeemed.

     Notice of redemption of Securities to be redeemed at the election of the
Company shall be given by the Company or, at the Company's request, by the
Trustee in the name and at the expense of the Company.

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SECTION 1105. DEPOSIT OF REDEMPTION PRICE.

     On or prior to any Redemption Date, the Company shall deposit with the
Trustee or with a Paying Agent (or, if the Company is acting as its own Paying
Agent, segregate and hold in trust as provided in Section 1003) an amount of
money sufficient to pay the Redemption Price of, and (except if the Redemption
Date shall be an Interest Payment Date) any accrued interest on and Additional
Amounts with respect to all the Securities or portions thereof which are to be
redeemed on that date.

SECTION 1106. 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 and accrued
interest) such Securities shall cease to bear interest and the coupons for such
interest appertaining to any Bearer Securities so to be redeemed, except to the
extent provided below, shall be void. Upon surrender of any such Security for
redemption in accordance with said notice, together with all coupons, if any,
appertaining thereto maturing after the Redemption Date, such Security shall be
paid by the Company at the Redemption Price, together with accrued interest and
Additional Amounts to the Redemption Date; PROVIDED, HOWEVER, that installments
of interest on Bearer Securities whose Stated Maturity is on or prior to the
Redemption Date shall be payable only upon presentation and surrender of coupons
for such interest (at an office or agency located outside the United States
except as otherwise provided in Section 1002), and PROVIDED, FURTHER, that
installments of interest on Registered Securities whose Stated Maturity is on or
prior to the Redemption Date shall be payable to the Holders of such Securities,
or one or more Predecessor Securities, registered as such at the close of
business on the relevant Record Dates according to their terms and the
provisions of Section 307.

     If any Bearer Securities surrendered for redemption shall not be
accompanied by all appurtenant coupons maturing after the Redemption Date, such
Security may be paid after deducting from the Redemption Price an amount equal
to the face amount of all such missing coupons, or the surrender of such missing
coupon or coupons may be waived by the Company and the Trustee if there be
furnished to them such security or indemnity as they may require to save each of
them and any Paying Agent harmless. If thereafter the Holder of such Security
shall surrender to the Trustee or any Paying Agent any such missing coupon in
respect of which a deduction shall have been made from the Redemption Price,
such Holder shall be entitled to receive the amount so deducted; PROVIDED,
HOWEVER, that interest and Additional Amounts represented by coupons shall be
payable only upon presentation and surrender of those coupons at an office or
agency located outside of the United States except as otherwise provided in
Section 1002.

     If any Security called for redemption shall not be so paid upon surrender
thereof for redemption, the principal (and premium, if any) shall, until paid,
bear interest from the Redemption Date at the rate prescribed therefor in the
Security.

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SECTION 1107. SECURITIES REDEEMED IN PART.

     Any Registered Security which is to be redeemed only in part shall be
surrendered at any Place of Payment for such Security (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 deliver to the Holder of such
Security without service charge, a new Registered Security or Securities of the
same series, containing identical terms and provisions, 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. If a Security in global form is so surrendered the Company shall
execute, and the Trustee shall authenticate and deliver to the U.S. Depositary
or other Depositary for such Security in global form as shall be specified in
the Company Order with respect thereto to the Trustee, without service charge, a
new Security in global form in a denomination equal to and in exchange for the
unredeemed portion of the principal of the Security in global form so
surrendered.

                                 ARTICLE TWELVE
                                  SINKING FUNDS

SECTION 1201.  APPLICABILITY OF ARTICLE.

     The provisions of this Article shall be applicable to any sinking fund or
the retirement of Securities of a series except as otherwise specified as
contemplated by Section 301 for Securities of such series.

     The minimum amount of any sinking fund payment provided for by the terms of
Securities of any series is herein referred to as a "mandatory sinking fund
payment", and any payment in excess of such minimum amount provided for by the
terms of Securities of any series is herein referred to as an "optional sinking
fund payment". If provided for by the terms of Securities of any series, the
cash amount of any sinking fund payment may be subject to reduction as provided
in Section 1202. Each sinking fund payment shall be applied to the redemption of
Securities of any series as provided for by the terms of Securities of such
series.

SECTION 1202.  SATISFACTION OF SINKING FUND PAYMENTS WITH SECURITIES.

     The Company (1) may deliver Outstanding Securities of a series (other than
any previously called for redemption), together in the case of any Bearer
Securities of such series with all unmatured coupons appertaining thereto, and
(2) may apply as a credit Securities of a series which have been redeemed either
at the election of the Company pursuant to the terms of such Securities or
through the application of permitted optional

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sinking fund payments pursuant to the terms of such Securities, in each case in
satisfaction of all or any part of any sinking fund payment with respect to the
Securities of such series required to be made pursuant to the terms of such
Securities as provided for by the terms of such series; PROVIDED that such
Securities have not been previously so credited. Such Securities shall be
received and credited for such purpose by the Trustee in accordance with the
written instructions of the Company set forth in the Officers' Certificate
referenced below at the Redemption Price specified in such Securities for
redemption through operation of the sinking fund and the amount of such sinking
fund payment shall be reduced accordingly.

SECTION 1203.  REDEMPTION OF SECURITIES FOR SINKING FUND.

     Not less than 60 days prior to each sinking fund payment date for any
series of Securities, the Company will deliver to the Trustee an Officers'
Certificate specifying the amount of the next ensuing sinking fund payment for
that series pursuant to the terms of that series, the portion thereof, if any,
which is to be satisfied by payment of cash and the portion thereof, if any,
which is to be satisfied by delivering and crediting Securities of that series
pursuant to Section 1202 and will also deliver to the Trustee any Securities to
be so delivered and whether the Company intends to exercise its right to make a
permitted optional sinking fund payment with respect to such series of
Securities. Such certificate shall be irrevocable and upon its delivery the
Company shall be obligated to make the cash payment or payments therein referred
to, if any, on or before the next succeeding sinking fund payment date. In the
case of the failure of the Company to deliver such certificate, the sinking fund
payment due on the next succeeding sinking fund payment date for that series
shall be paid entirely in cash and shall be sufficient to redeem the principal
amount of such Securities subject to mandatory sinking fund payment without the
option to deliver or credit Securities as provided in Section 1202 and without
the right to make any optional sinking fund payment, if any, with respect to
such series.

     Not more than 60 days before each sinking fund payment date the Trustee
shall select the Securities to be redeemed upon such sinking fund payment date
in the manner specified in Section 1103 and cause notice of the redemption
thereof to be given in the name of and at the expense of the Company in the
manner provided in Section 1104. Such notice having been duly given, the
redemption of such Securities shall be made upon the terms and in the manner
stated in Sections 1106 and 1107.

     On or prior to any sinking fund payment date, the Company shall pay to the
Trustee in cash a sum equal to any interest accrued to the date fixed for
redemption of Securities or portions hereof to be redeemed on such sinking fund
payment date pursuant to this Section 1203.

     Notwithstanding the foregoing, with respect to a sinking fund for any
series of Securities, if at any time the amount of cash to be paid into such
sinking fund on the next succeeding sinking fund payment date, together with any
unused balance of any preceding sinking fund payment or payments for such
series, shall not exceed in the aggregate

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$100,000, the Trustee, unless requested by the Company, shall not give the next
succeeding notice of the redemption of Securities of such series through the
operation of the sinking fund. Such unused balance of moneys deposited in such
sinking fund shall be added to the sinking fund payment for such series to be
made in cash in the next succeeding year or, at the request of the Company,
shall be applied at any time or from time to time to the purchase of Securities
of such series, by public or private purchase, in the open market or otherwise,
at not in excess of (excluding accrued interest and brokerage commissions, for
which the Trustee or any paying agent will be reimbursed by the Company) the
principal amount thereof.

                                ARTICLE THIRTEEN
                        MEETINGS OF HOLDERS OF SECURITIES

SECTION 1301.  PURPOSES FOR WHICH MEETINGS MAY BE CALLED.

     If Securities of a series are issuable as Bearer Securities, a meeting of
Holders of Securities of such series 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 of Securities of such
series.

SECTION 1302.  CALL, NOTICE AND PLACE OF MEETINGS.

          (a)  The Trustee may at any time call a meeting of Holders of
     Securities of any series for any purpose specified in Section l301, to be
     held at such time and at such place in the Borough of Manhattan, The City
     of New York, or in London as the Trustee shall determine. Notice of every
     meeting of Holders of Securities of any series, setting forth the time and
     the place of such meeting and in general terms the action proposed to be
     taken at such meeting, shall be given, in the manner provided in Section
     106, not less than 21 nor more than 180 days prior to the date fixed for
     the meeting.

          (b)  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 of any series shall have requested the Trustee to call a meeting
     of the Holders of Securities of such series for any purpose specified in
     Section 1301, by written request setting forth in reasonable detail the
     action proposed to be taken at the meeting, and the Trustee shall not have
     made the first publication of the notice of such meeting within 2l 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 of
     Securities of such series in the amount above specified, as the case may
     be, may determine the time and the place in the Borough of Manhattan, The
     City of New York, or in London for such meeting and may call such meeting
     for such purposes by giving notice thereof as provided in subparagraph (a)
     of this Section.

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SECTION 1303.  PERSONS ENTITLED TO VOTE AT MEETINGS.

     To be entitled to vote at any meeting of Holders of Securities of any
series, a Person shall be (l) a Holder of one or more Outstanding Securities of
such series, or (2) a Person appointed by an instrument in writing as proxy for
a Holder or Holders of one or more Outstanding Securities of such series by such
Holder or Holders. The only Persons who shall be entitled to be present or to
speak at any meeting of Holders of Securities of any series shall be the Persons
entitled to vote at such meeting and their counsel, any representative of the
Trustee and its counsel and any representatives of the Company and its counsel.

SECTION 1304.  QUORUM; ACTION.

     The Persons entitled to vote a majority in principal amount of the
Outstanding Securities of a series shall constitute a quorum for a meeting of
Holders of Securities of such series; PROVIDED, HOWEVER, that if any action is
to be taken at such meeting with respect to a consent or waiver which this
Indenture expressly provides may be given by the Holders of not less than 66
2/3% in principal amount of the Outstanding Securities of a series, the Persons
entitled to vote 66 2/3% in principal amount of the Outstanding Securities of
such series 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 the Holders of Securities of such series, 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 of not
less than 10 days as determined by the chairman of the meeting prior to the
adjournment of such adjourned meeting. Notice of the reconvening of any
adjourned meeting shall be given as provided in Section 1302(a), except that
such notice needs to 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, as
provided above, of the principal amount of the Outstanding Securities of such
series which shall constitute a quorum.

     Except as limited by the proviso to Section 902, any resolution presented
to a meeting or adjourned meeting duly reconvened at which a quorum is present
as aforesaid may be adopted only by the affirmative vote of the Holders of a
majority in principal amount of the Outstanding Securities of that series;
PROVIDED, HOWEVER, that, except as limited by the proviso to Section 902, any
resolution with respect to any consent or waiver which this Indenture expressly
provides may be given by the Holders of not less than 66 2/3% in principal
amount of the Outstanding Securities of a series may be adopted at a meeting or
an adjourned meeting duly convened and at which a quorum is present as aforesaid
only by the affirmative vote of the Holders of 66 2/3% in principal amount of
the Outstanding Securities of that series; and PROVIDED, FURTHER, that, except
as limited by the proviso to Section 902, any resolution with respect to any
request, demand, authorization,

                                       83
<Page>

direction, notice, consent, waiver or other action which this Indenture
expressly provides may be made, given or taken by the Holders of a specified
percentage, which is less than a majority, in principal amount of the
Outstanding Securities of a series may be adopted at a meeting or an adjourned
duly reconvened meeting and at which a quorum is present as aforesaid by the
affirmative vote of the Holders of such specified percentage in principal amount
of the Outstanding Securities of that series.

     Any resolution passed or decision taken at any meeting of Holders of
Securities of any series duly held in accordance with this Section shall be
binding on all the Holders of Securities of such series and the related coupons,
whether or not present or represented at the meeting.

SECTION 1305. DETERMINATION OF VOTING RIGHTS; CONDUCT AND ADJOURNMENT OF
MEETINGS.

     (a)  Notwithstanding any other provisions of this Indenture, the Trustee
may take such reasonable regulations as it may deem advisable for any meeting of
Holders of Securities of such series in regard to proof of the holding of
Securities of such series 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 104 and the
appointment of any proxy shall be proved in the manner specified in Section 104
or by having the signature of the person executing the proxy witnessed or
guaranteed by any trust company, bank or banker authorized by Section 104 to
certify to the holding of Bearer Securities. Such regulations may provide that
written instruments appointing proxies, regular on their face, may be presumed
valid and genuine without the proof specified in Section 104 or other proof.

     (b)  The Trustee shall, by an instrument in writing, appoint a temporary
chairman of the meeting, unless the meeting shall have been called by the
Company or by the Holders of Securities as provided in Section 1302(b), in which
case the Company or the Holders of Securities of the series 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 of such series represented at the meeting.

     (c)  At any meeting each Holder of a Security of such series or proxy shall
be entitled to one vote for each $1,000 principal amount of Securities of such
series 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 of a
Security of such series or proxy.

                                       84
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     (d)  Any meeting of Holders of Securities of any series duly called
pursuant to Section 1302 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 of such series represented at the meeting; and the
meeting may be held as so adjourned without further notice.

SECTION 1306.  COUNTING VOTES AND RECORDING ACTION OF MEETINGS.

     The vote upon any resolution submitted to any meeting of Holders of
Securities of any series shall be by written ballots on which shall be
subscribed the signatures of the Holders of Securities of such series or of
their representatives by proxy and the principal amounts and serial numbers of
the Outstanding Securities of such series 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 written verified
reports in triplicate of all votes cast at the meeting. A record, at least in
triplicate, of the proceedings of each meeting of Holders of Securities of any
series 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 1302 and, if
applicable, Section 1304. 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.

                                ARTICLE FOURTEEN
                            MISCELLANEOUS PROVISIONS

SECTION 1401.  SECURITIES IN FOREIGN CURRENCIES.

     Whenever this Indenture provides for (i) any action by, or the
determination of any of the rights of, Holders of Securities of any series in
which not all of such Securities are denominated in the same currency, or (ii)
any distribution to Holders of Securities, in the absence of any provision to
the contrary in the form of Security of any particular series, any amount in
respect of any Security denominated in a currency other than Dollars shall be
treated for any such action or distribution as that amount of Dollars that could
be obtained for such amount on such reasonable basis of exchange and as of the
record date with respect to Registered Securities of such series (if any) for
such action, determination of rights or distribution (or, if there shall be no
applicable record date, such other date reasonably proximate to the date of such
action, determination of rights or distribution) as the Company may specify in a
written notice to the Trustee.

                                       85
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SECTION 1402. IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS, DIRECTORS AND
EMPLOYEES.

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

                                 ARTICLE FIFTEEN
                       REPAYMENT AT THE OPTION OF HOLDERS

SECTION 1501.  APPLICABILITY OF ARTICLE.

     Securities of any series which are repayable at the option of the Holders
thereof before their Stated Maturity shall be repaid in accordance with the
terms of the Securities of such series. The repayment of any principal amount of
Securities pursuant to such option of the Holder to require repayment of
Securities before their Stated Maturity, for purposes of Section 309, shall not
operate as a payment, redemption or satisfaction of the indebtedness represented
by such Securities unless and until the Company, at its option, shall deliver or
surrender the same to the Trustee with a directive that such Securities be
cancelled. Notwithstanding anything to the contrary contained in this Section
1501, in connection with any repayment of Securities, the Company may arrange
for the purchase of any Securities by an agreement with one or more investment
bankers or other purchasers to purchase such Securities by paying to the Holders
of such Securities on or before the close of business on the repayment date an
amount not less than the repayment price payable by the Company on repayment of
such Securities, and the obligation of the Company to pay the repayment price of
such Securities shall be satisfied and discharged to the extent such payment is
so paid by such purchasers to the respective Holders thereof.

                                       86
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     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.

                                       87
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     IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be
duly executed, and attested, all as of the day and year first above written.

                                          THE BOEING COMPANY

                                          By /s/ Dave Dohnalek
                                             -------------------------------
                                            Title: Assistant Treasurer

ATTEST:

/s/ Jim Johnson
----------------------------------
            SECRETARY

                                          JPMORGAN CHASE BANK,
                                            TRUSTEE

                                          By /s/ James Freedman
                                             -------------------------------
                                            Title: Vice President
                                                   -------------------------

ATTEST:

/s/ Rosa Ciaccia
--------------------------------
   Title:
         ----------------------

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