Document:

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                                                                     EXHIBIT 4.2

                                 SWIFT & COMPANY

                          10 1/8% Senior Notes due 2009

                          REGISTRATION RIGHTS AGREEMENT

                                                              New York, New York
                                                              September 19, 2002

Salomon Smith Barney Inc.
J.P. Morgan Securities Inc.

As Representatives of the Initial Purchasers
c/o Salomon Brothers Inc
388 Greenwich Street
New York, New York 10013

Dear Sirs:

                  Swift & Company, a corporation organized under the laws of the
State of Delaware (the "Company"), proposes to issue and sell its 10 1/8% Senior
Notes due 2009 (the "Notes") to certain purchasers (the "Initial Purchasers"),
upon the terms set forth in a Purchase Agreement, dated as of September 13,
2002, between the Company, S&C Holdco 3, Inc., the subsidiary guarantors
signatory thereto and the Initial Purchasers (the "Purchase Agreement") relating
to the initial placement of the Notes (the "Initial Placement"). The Notes will
be guaranteed (the "Guarantees" and, together with the Notes, the "Securities")
on an unsecured senior basis by S&C Holdco 3, Inc. and each of the Company's
direct and indirect domestic subsidiaries set forth on the signature page hereto
(the "Guarantors"). To induce the Initial Purchasers to enter into the Purchase
Agreement and to satisfy a condition of your obligations thereunder, the Company
and the Guarantors agree with you for your benefit and the benefit of the
holders from time to time of the Securities (including the Initial Purchasers)
(each a "Holder" and, together, the "Holders"), as follows:

                  1. Definitions. Capitalized terms used herein without
definition shall have their respective meanings set forth in the Purchase
Agreement. As used in this Agreement, the following capitalized defined terms
shall have the following meanings:

                  "Act" shall mean the Securities Act of 1933, as amended, and
the rules and regulations of the Commission promulgated thereunder.

                  "Affiliate" of any specified Person shall mean any other
Person that, directly or indirectly, is in control of, is controlled by, or is
under common control with, such specified Person. For purposes of this
definition, control of a Person shall mean the power, direct or indirect, to
direct or cause the direction of the management and policies of such Person
whether

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by contract or otherwise; and the terms "controlling" and "controlled" shall
have meanings correlative to the foregoing.

                  "Broker-Dealer" shall mean any broker or dealer registered as
such under the Exchange Act.

                  "Business Day" shall mean any day other than a Saturday, a
Sunday or a legal holiday or a day on which banking institutions or trust
companies are authorized or obligated by law to close in New York City.

                  "Commission" shall mean the Securities and Exchange
Commission.

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

                  "Exchange Offer Registration Period" shall mean the 180-day
period following the consummation of the Registered Exchange Offer, exclusive of
any period during which any stop order shall be in effect suspending the
effectiveness of the Exchange Offer Registration Statement.

                  "Exchange Offer Registration Statement" shall mean a
registration statement of the Company and the Guarantors on an appropriate form
under the Act with respect to the Registered Exchange Offer, all amendments and
supplements to such registration statement, including post-effective amendments
thereto, in each case including the Prospectus contained therein, all exhibits
thereto and all material incorporated by reference therein.

                  "Exchanging Dealer" shall mean any Holder (which may include
any Initial Purchaser) that is a Broker-Dealer and elects to exchange for New
Securities any Securities that it acquired for its own account as a result of
market-making activities or other trading activities (but not directly from the
Company or any Affiliate of the Company) for New Securities.

                  "Final Memorandum" shall have the meaning set forth in the
Purchase Agreement.

                  "Holder" shall have the meaning set forth in the preamble
hereto.

                  "Indenture" shall mean the Indenture relating to the
Securities, dated as of September 19, 2002, between the Company, the Guarantors
and The Bank of New York Trust Company of Florida, N.A., as trustee, as the same
may be amended from time to time in accordance with the terms thereof.

                  "Initial Placement" shall have the meaning set forth in the
preamble hereto.

                  "Initial Purchaser" shall have the meaning set forth in the
preamble hereto.

                  "Losses" shall have the meaning set forth in Section 7(d)
hereof.

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                  "Majority Holders" shall mean the Holders of a majority of the
aggregate principal amount of Securities registered under a Registration
Statement.

                  "Managing Underwriters" shall mean the investment banker or
investment bankers and manager or managers that shall administer an underwritten
offering.

                  "New Securities" shall mean debt securities of the Company and
the Guarantors identical in all material respects to the Securities (except that
the cash interest and interest rate step-up provisions and the transfer
restrictions shall be modified or eliminated, as appropriate) and to be issued
under the Indenture or the New Securities Indenture.

                  "New Securities Indenture" shall mean an indenture between the
Company, the Guarantors and the New Securities Trustee, identical in all
material respects to the Indenture (except that the cash interest and interest
rate step-up provisions will be modified or eliminated, as appropriate).

                  "New Securities Trustee" shall mean a bank or trust company
reasonably satisfactory to the Initial Purchasers, as trustee with respect to
the New Securities under the New Securities Indenture.

                  "Prospectus" shall mean the prospectus included in any
Registration Statement (including, without limitation, a prospectus that
discloses information previously omitted from a prospectus filed as part of an
effective registration statement in reliance upon Rule 430A under the Act), as
amended or supplemented by any prospectus supplement, with respect to the terms
of the offering of any portion of the Securities or the New Securities covered
by such Registration Statement, and all amendments and supplements thereto and
all material incorporated by reference therein.

                  "Purchase Agreement" shall have the meaning set forth in the
preamble hereto.

                  "Registered Exchange Offer" shall mean the proposed offer of
the Company to issue and deliver to the Holders of the Securities that are not
prohibited by any law or policy of the Commission from participating in such
offer, in exchange for the Securities, a like aggregate principal amount of the
New Securities.

                  "Registration Statement" shall mean any Exchange Offer
Registration Statement or Shelf Registration Statement that covers any of the
Securities or the New Securities pursuant to the provisions of this Agreement,
any amendments and supplements to such registration statement, including
post-effective amendments (in each case including the Prospectus contained
therein), all exhibits thereto and all material incorporated by reference
therein.

                  "Securities" shall have the meaning set forth in the preamble
hereto.

                  "Shelf Registration" shall mean a registration effected
pursuant to Section 3 hereof.

                  "Shelf Registration Period" has the meaning set forth in
Section 3(b)(ii) hereof.

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                  "Shelf Registration Statement" shall mean a "shelf"
registration statement of the Company and the Guarantors pursuant to the
provisions of Section 3 hereof which covers some or all of the Securities or New
Securities, as applicable, on an appropriate form under Rule 415 under the Act,
or any similar rule that may be adopted by the Commission, amendments and
supplements to such registration statement, including post-effective amendments,
in each case including the Prospectus contained therein, all exhibits thereto
and all material incorporated by reference therein.

                  "Trustee" shall mean the trustee with respect to the
Securities under the Indenture.

                  "underwriter" shall mean any underwriter of Securities in
connection with an offering thereof under a Shelf Registration Statement.

                  2. Registered Exchange Offer.

                              (a) The Company and the Guarantors shall prepare
               and, not later than 90 days following the date of the original
               issuance of the Securities (or if such 90th day is not a Business
               Day, the next succeeding Business Day), shall file with the
               Commission the Exchange Offer Registration Statement with respect
               to the Registered Exchange Offer. The Company and the Guarantors
               shall use their respective reasonable best efforts to cause the
               Exchange Offer Registration Statement to become effective under
               the Act within 180 days of the date of the original issuance of
               the Securities (or if such 180th day is not a Business Day, the
               next succeeding Business Day).

                              (b) Upon the effectiveness of the Exchange Offer
               Registration Statement, the Company and the Guarantors shall
               promptly commence the Registered Exchange Offer, it being the
               objective of such Registered Exchange Offer to enable each Holder
               electing to exchange Securities for New Securities (assuming that
               such Holder is not an Affiliate of the Company, acquires the New
               Securities in the ordinary course of such Holder's business, has
               no arrangements with any Person to participate in the
               distribution of the New Securities and is not prohibited by any
               law or policy of the Commission from participating in the
               Registered Exchange Offer) to trade such New Securities from and
               after their receipt without any limitations or restrictions under
               the Act and without material restrictions under the securities
               laws of a substantial proportion of the several states of the
               United States.

                              (c) In connection with the Registered Exchange
               Offer, the Company and the Guarantors shall:

                                    (i) mail to each Holder a copy of the
                           Prospectus forming part of the Exchange Offer
                           Registration Statement, together with an appropriate
                           letter of transmittal and related documents;

                                    (ii) keep the Registered Exchange Offer open
                           for not less than 20 Business Days and not more than
                           30 Business Days after the date notice thereof is
                           mailed to the Holders (or, in each case, longer if
                           required by applicable law);

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                                    (iii) use their respective reasonable best
                           efforts to keep the Exchange Offer Registration
                           Statement continuously effective under the Act,
                           supplemented and amended as required under the Act,
                           to ensure that it is available for sales of New
                           Securities by Exchanging Dealers during the Exchange
                           Offer Registration Period;

                                    (iv) utilize the services of a depositary
                           for the Registered Exchange Offer with an address in
                           the Borough of Manhattan in New York City, which may
                           be the Trustee, the New Securities Trustee or an
                           Affiliate of either of them;

                                    (v) permit Holders to withdraw tendered
                           Securities at any time prior to the close of
                           business, New York time, on the last Business Day on
                           which the Registered Exchange Offer is open;

                                    (vi) prior to effectiveness of the Exchange
                           Offer Registration Statement, if requested by the
                           Commission, provide a supplemental letter to the
                           Commission (A) stating that the Company and the
                           Guarantors are conducting the Registered Exchange
                           Offer in reliance on the position of the Commission
                           in Exxon Capital Holdings Corporation (pub. avail.
                           May 13, 1988) and Morgan Stanley and Co., Inc. (pub.
                           avail. June 5, 1991); and (B) including a
                           representation that the Company and the Guarantors
                           have not entered into any arrangement or
                           understanding with any Person to distribute the New
                           Securities to be received in the Registered Exchange
                           Offer and that the Company and the Guarantors will
                           not issue New Securities to any Holder participating
                           in the Registered Exchange Offer who fails to certify
                           to the Company that such Holder is acquiring the New
                           Securities in the ordinary course of business and has
                           no arrangement or understanding with any Person to
                           participate in the distribution of the New
                           Securities; and

                                    (vii) comply in all respects with all
                           applicable laws.

                              (d) As soon as practicable after the close of the
               Registered Exchange Offer, the Company and the Guarantors shall:

                                    (i) accept for exchange all Securities
                           tendered and not validly withdrawn pursuant to the
                           Registered Exchange Offer;

                                    (ii) deliver to the Trustee for cancellation
                           in accordance with Section 5(s) all Securities so
                           accepted for exchange; and

                                    (iii) cause the Trustee or the New
                           Securities Trustee, as the case may be, promptly to
                           authenticate and deliver to each Holder of Securities
                           a principal amount of New Securities equal to the
                           principal amount of the Securities of such Holder so
                           accepted for exchange.

                              (e) Each Holder hereby acknowledges and agrees
               that any Broker-Dealer and any such Holder using the Registered
               Exchange Offer to participate in a

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               distribution of the New Securities, if the resales are of New
               Securities obtained by such Holder in exchange for Securities
               acquired by such Holder directly from the Company or one of its
               Affiliates, (x) could not under Commission policy as in effect on
               the date of this Agreement rely on the position of the Commission
               in Morgan Stanley and Co., Inc. (pub. avail. June 5, 1991) and
               Exxon Capital Holdings Corporation (pub. avail. May 13, 1988), as
               interpreted in the Commission's letter to Shearman & Sterling
               dated July 2, 1993 and similar no-action letters; and (y) must
               comply with the registration and prospectus delivery requirements
               of the Act in connection with any secondary resale transaction
               and such transaction must be covered by an effective registration
               statement containing the selling security holder information
               required by Item 507 or 508, as applicable, of Regulation S-K
               under the Act. Accordingly, each Holder participating in the
               Registered Exchange Offer shall be required to represent in
               writing to the Company and the Guarantors that, at the time of
               the consummation of the Registered Exchange Offer:

                                    (i) any New Securities received by such
                           Holder will be acquired in the ordinary course of
                           business;

                                    (ii) such Holder will have no arrangement or
                           understanding with any Person to participate in the
                           distribution of the Securities or the New Securities
                           within the meaning of the Act; and

                                    (iii) such Holder is not an Affiliate of the
                           Company or any of the Guarantors (or if it is, that
                           it will comply with the registration and prospectus
                           delivery requirements of the Act to the extent
                           applicable).

                              (f) If any Initial Purchaser determines that it is
               not eligible to participate in the Registered Exchange Offer with
               respect to the exchange of Securities constituting any portion of
               an unsold allotment, at the request of such Initial Purchaser,
               the Company and the Guarantors shall issue and deliver to such
               Initial Purchaser or the Person purchasing New Securities
               registered under a Shelf Registration Statement as contemplated
               by Section 3 hereof from such Initial Purchaser, in exchange for
               such Securities, a like principal amount of New Securities. The
               Company and the Guarantors shall use their respective best
               efforts to cause the CUSIP Service Bureau to issue the same CUSIP
               number for such New Securities as for New Securities issued
               pursuant to the Registered Exchange Offer.

                  3. Shelf Registration.

                              (a) If (i) due to any change in law or applicable
               interpretations thereof by the Commission's staff, the Company
               determines upon advice of its outside counsel that it is not
               permitted to effect the Registered Exchange Offer as contemplated
               by Section 2 hereof; or (ii) for any other reason the Exchange
               Offer Registration Statement is not declared effective by the
               Commission under the Act within 180 days of the date of the
               original issuance of the Securities or the Registered Exchange
               Offer is not consummated within 30 Business Days of the date of
               the effectiveness of the Exchange Offer Registration Statement;
               (iii) any Initial Purchaser so requests with respect to

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               Securities that are not eligible to be exchanged for New
               Securities in the Registered Exchange Offer and that are held by
               it following consummation of the Registered Exchange Offer; (iv)
               any Holder (other than an Initial Purchaser) is not eligible to
               participate in the Registered Exchange Offer or does not receive
               freely tradable New Securities in the Registered Exchange Offer,
               other than by reason of such Holder being an Affiliate of the
               Company (it being understood that the requirement that a
               participating Broker-Dealer deliver the prospectus contained in
               the Exchange Offer Registration Statement in connection with
               sales of New Securities shall not result in such New Securities
               being not "freely tradable"); or (v) in the case of any Initial
               Purchaser that participates in the Registered Exchange Offer or
               acquires New Securities pursuant to Section 2(f) hereof, such
               Initial Purchaser does not receive freely tradeable New
               Securities in exchange for Securities constituting any portion of
               an unsold allotment, other than by reason of such Holder being an
               Affiliate of the Company (it being understood that (x) the
               requirement that an Initial Purchaser deliver a Prospectus
               containing the information required by Item 507 or 508 of
               Regulation S-K under the Act in connection with sales of New
               Securities acquired in exchange for such Securities shall not
               result in such New Securities being not "freely tradeable"; and
               (y) the requirement that an Exchanging Dealer deliver a
               Prospectus in connection with sales of New Securities acquired in
               the Registered Exchange Offer in exchange for Securities acquired
               as a result of market-making activities or other trading
               activities shall not result in such New Securities being not
               "freely tradeable"), the Company and the Guarantors shall effect
               a Shelf Registration Statement in accordance with subsection (b)
               below.

                              (b) (i) The Company and the Guarantors shall as
               promptly as practicable (but in no event more than 90 days after
               so required or requested pursuant to this Section 3), file with
               the Commission and thereafter shall use their respective
               reasonable best efforts to cause to be declared effective under
               the Act a Shelf Registration Statement relating to the offer and
               sale of the Securities or the New Securities, as applicable, by
               the Holders thereof from time to time in accordance with the
               methods of distribution elected by such Holders and set forth in
               such Shelf Registration Statement; provided, however, that no
               Holder (other than an Initial Purchaser) shall be entitled to
               have the Securities held by it covered by such Shelf Registration
               Statement unless such Holder agrees in writing to be bound by all
               of the provisions of this Agreement applicable to such Holder;
               and provided further, that with respect to New Securities
               received by an Initial Purchaser in exchange for Securities
               constituting any portion of an unsold allotment, the Company and
               the Guarantors may, if permitted by current interpretations by
               the Commission's staff, file a post-effective amendment to the
               Exchange Offer Registration Statement containing the information
               required by Item 507 or 508 of Regulation S-K, as applicable, in
               satisfaction of their obligations under this subsection with
               respect thereto, and any such Exchange Offer Registration
               Statement, as so amended, shall be referred to herein as, and
               governed by the provisions herein applicable to, a Shelf
               Registration Statement.

                                   (ii) The Company and the Guarantors shall use
                            their respective reasonable best efforts to keep the
                            Shelf Registration Statement continuously effective,
                            supplemented and amended as required by the Act, in
                            order to permit the Prospectus forming part thereof
                            to be usable by Holders for a period of two

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                           years from the date the Shelf Registration Statement
                           is declared effective by the Commission or such
                           shorter period that will terminate when all the
                           Securities or New Securities, as applicable, covered
                           by the Shelf Registration Statement have been sold
                           pursuant to the Shelf Registration Statement (in any
                           such case, such period being called the "Shelf
                           Registration Period"). The Company and the Guarantors
                           shall be deemed not to have used their respective
                           reasonable best efforts to keep the Shelf
                           Registration Statement effective during the requisite
                           period if they voluntarily take any action that would
                           result in Holders of Securities covered thereby not
                           being able to offer and sell such Securities during
                           that period, unless (A) such action is required by
                           applicable law; or (B) such action is taken by the
                           Company and the Guarantors in good faith and for
                           valid business reasons (not including avoidance of
                           the Company and the Guarantors' obligations
                           hereunder), including the acquisition or divestiture
                           of assets (to the extent permitted by the terms of
                           the Indenture), so long as the Company and the
                           Guarantors promptly thereafter comply with the
                           requirements of Section 5(k) hereof, if applicable.

                                    (iii) The Company and the Guarantors shall
                           cause the Shelf Registration Statement and the
                           related Prospectus and any amendment or supplement
                           thereto, as of the effective date of the Shelf
                           Registration Statement or such amendment or
                           supplement, (A) to comply in all material respects
                           with the applicable requirements of the Act; and (B)
                           not to contain any untrue statement of a material
                           fact or omit to state a material fact required to be
                           stated therein or necessary in order to make the
                           statements therein, in the light of the circumstances
                           under which they were made, not misleading.

                  4. Special Interest. If (a) on or prior to the 90th day
following the original issue date of the Securities, the Exchange Offer
Registration Statement has not been filed with the Commission or on or prior to
the 90th day after the obligation to file the Shelf Registration Statement has
arisen, the Shelf Registration Statement has not been filed with the Commission,
(b) on or prior to the 180th day following the original issue date of the
Securities, the Exchange Offer Registration Statement has not been declared
effective by the Commission, (c) on or prior to the 30th Business Day following
the date the Exchange Offer Registration Statement is declared effective, the
Registered Exchange Offer has not been consummated, or (d) after either the
Exchange Offer Registration Statement or the Shelf Registration Statement has
been declared effective, such Registration Statement thereafter ceases to be
effective or usable in connection with resales of Securities or New Securities
in accordance with and during the periods specified in this Agreement (each such
event referred to in clauses (a) through (d), a ("Registration Default"),
interest ("Special Interest") will accrue on the principal amount of the
Securities and the New Securities (in addition to the stated interest on the
Securities and New Securities) from and including the date on which any such
Registration Default shall occur to but excluding the date on which all
Registration Defaults have been cured. Special Interest will accrue at a rate of
0.25% per annum during the 90-day period immediately following the occurrence of
such Registration Default and shall increase by 0.25% per annum at the end of
each subsequent 90-day period, but in no event shall such rate exceed 1.00% per
annum.

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                  All obligations of the Company and the Guarantors set forth in
the preceding paragraph that are outstanding with respect to any Security at the
time such Security is exchanged for a New Security shall survive until such time
as all such obligations with respect to such Security have been satisfied in
full.

                  5. Additional Registration Procedures. In connection with any
Shelf Registration Statement and, to the extent applicable, any Exchange Offer
Registration Statement, the following provisions shall apply.

                  (a) The Company and the Guarantors shall:

                                    (i) furnish to you, not less than five
                           Business Days prior to the filing thereof with the
                           Commission, a copy of any Exchange Offer Registration
                           Statement and any Shelf Registration Statement, and
                           each amendment thereof and each amendment or
                           supplement, if any, to the Prospectus included
                           therein (including, upon request, all documents
                           incorporated by reference therein after the initial
                           filing) and shall use their respective reasonable
                           best efforts to reflect in each such document, when
                           so filed with the Commission, such comments as you
                           reasonably propose;

                                    (ii) include the information set forth in
                           Annex A hereto on the facing page of the Exchange
                           Offer Registration Statement, in Annex B hereto in
                           the forepart of the Exchange Offer Registration
                           Statement in a section setting forth details of the
                           Exchange Offer, in Annex C hereto in the underwriting
                           or plan of distribution section of the Prospectus
                           contained in the Exchange Offer Registration
                           Statement, and in Annex D hereto in the letter of
                           transmittal delivered pursuant to the Registered
                           Exchange Offer;

                                    (iii) if requested by an Initial Purchaser,
                           include the information required by Item 507 or 508
                           of Regulation S-K, as applicable, in the Prospectus
                           contained in the Exchange Offer Registration
                           Statement; and

                                    (iv) in the case of a Shelf Registration
                           Statement, include the names of the Holders that
                           propose to sell Securities pursuant to the Shelf
                           Registration Statement as selling security holders.

                  (b) The Company and the Guarantors shall ensure that:

                                    (i) any Registration Statement and any
                           amendment thereto and any Prospectus forming part
                           thereof and any amendment or supplement thereto
                           complies in all material respects with the Act and
                           the rules and regulations thereunder; and

                                    (ii) any Registration Statement and any
                           amendment thereto does not, when it becomes
                           effective, 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.

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                              (c) The Company and the Guarantors shall advise
               you, the Holders of Securities covered by any Shelf Registration
               Statement and any Exchanging Dealer under any Exchange Offer
               Registration Statement that has provided in writing to the
               Company and the Guarantors a telephone or facsimile number and
               address for notices, and, if requested by you or any such Holder
               or Exchanging Dealer, shall confirm such advice in writing (which
               notice pursuant to clauses (ii) through (v) hereof shall be
               accompanied by an instruction to suspend the use of the
               Prospectus until the Company and the Guarantors shall have
               remedied the basis for such suspension):

                                    (i) when the Registration Statement and any
                           amendment thereto has been filed with the Commission
                           and when the Registration Statement or any
                           post-effective amendment thereto has become
                           effective;

                                    (ii) of any request by the Commission for
                           any amendment or supplement to the Registration
                           Statement or the Prospectus or for additional
                           information;

                                    (iii) of the issuance by the Commission of
                           any stop order suspending the effectiveness of the
                           Registration Statement or the initiation of any
                           proceedings for that purpose;

                                    (iv) of the receipt by the Company and the
                           Guarantors of any notification with respect to the
                           suspension of the qualification of the securities
                           included therein for sale in any jurisdiction or the
                           initiation of any proceeding for such purpose; and

                                    (v) of the happening of any event that
                           requires any change in the Registration Statement or
                           the Prospectus so that, as of such date, the
                           statements therein are not misleading and do not omit
                           to state a material fact required to be stated
                           therein or necessary to make the statements therein
                           (in the case of the Prospectus, in the light of the
                           circumstances under which they were made) not
                           misleading.

                              (d) The Company and the Guarantors shall use their
               respective reasonable best efforts to obtain the withdrawal of
               any order suspending the effectiveness of any Registration
               Statement or the qualification of the securities therein for sale
               in any jurisdiction at the earliest possible time.

                              (e) The Company and the Guarantors shall furnish
               to each Holder of Securities covered by any Shelf Registration
               Statement, without charge, at least one copy of such Shelf
               Registration Statement and any post-effective amendment thereto,
               including all material incorporated therein by reference, and, if
               the Holder so requests in writing, all exhibits thereto
               (including exhibits incorporated by reference therein).

                              (f) The Company and the Guarantors shall, during
               the Shelf Registration Period, deliver to each Holder of
               Securities covered by any Shelf Registration Statement, without
               charge, as many copies of the Prospectus (including each
               preliminary Prospectus) included in such Shelf Registration
               Statement and any

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               amendment or supplement thereto as such Holder may reasonably
               request. The Company and the Guarantors consent to the use of the
               Prospectus or any amendment or supplement thereto by each of the
               selling Holders of securities in connection with the offering and
               sale of the securities covered by the Prospectus, or any
               amendment or supplement thereto, included in the Shelf
               Registration Statement.

                              (g) The Company and the Guarantors shall furnish
               to each Exchanging Dealer which so requests, without charge, at
               least one copy of the Exchange Offer Registration Statement and
               any post-effective amendment thereto, including all material
               incorporated by reference therein, and, if the Exchanging Dealer
               so requests in writing, all exhibits thereto (including exhibits
               incorporated by reference therein).

                              (h) The Company and the Guarantors shall promptly
               deliver to each Initial Purchaser, each Exchanging Dealer and
               each other Person required to deliver a Prospectus during the
               Exchange Offer Registration Period, without charge, as many
               copies of the Prospectus included in such Exchange Offer
               Registration Statement and any amendment or supplement thereto as
               any such Person may reasonably request. The Company and the
               Guarantors consent to the use of the Prospectus or any amendment
               or supplement thereto by any Initial Purchaser, any Exchanging
               Dealer and any such other Person that may be required to deliver
               a Prospectus following the Registered Exchange Offer in
               connection with the offering and sale of the New Securities
               covered by the Prospectus, or any amendment or supplement
               thereto, included in the Exchange Offer Registration Statement.

                              (i) Prior to the Registered Exchange Offer or any
               other offering of Securities or New Securities pursuant to any
               Registration Statement, the Company and the Guarantors shall
               arrange, if necessary, for the qualification of the Securities or
               the New Securities for sale under the laws of such jurisdictions
               as any Holder shall reasonably request and will maintain such
               qualification in effect so long as required; provided that in no
               event shall the Company or the Guarantors be obligated to qualify
               to do business in any jurisdiction or as a dealer in securities
               where they are not then so qualified or to take any action that
               would subject them to service of process in suits or taxation,
               other than suits arising out of the Initial Placement, the
               Registered Exchange Offer or any offering pursuant to a Shelf
               Registration Statement, in any such jurisdiction where they are
               not then so subject.

                              (j) The Company and the Guarantors shall cooperate
               with the Holders of Securities to facilitate the timely
               preparation and delivery of certificates representing New
               Securities or Securities to be issued or sold pursuant to any
               Registration Statement free of any restrictive legends and in
               such denominations and registered in such names as Holders may
               request.

                              (k) Upon the occurrence of any event contemplated
               by subsections (c)(ii) through (v) above during the period of
               time in which the Company is required to maintain an effective
               Registration Statement, the Company and the Guarantors shall
               promptly prepare a post-effective amendment to the applicable
               Registration Statement or an amendment or supplement to the
               related Prospectus or file

                                       11
<PAGE>

               any other required document so that, as thereafter delivered to
               initial purchasers of the securities included therein, the
               Prospectus will not include an untrue statement of a material
               fact or omit to state any material fact necessary to make the
               statements therein, in the light of the circumstances under which
               they were made, not misleading. In such circumstances, the period
               of effectiveness of the Exchange Offer Registration Statement
               provided for in Section 2 and the Shelf Registration Statement
               provided for in Section 3(b) shall each be extended by the number
               of days from and including the date of the giving of a notice of
               suspension pursuant to Section 5(c) to and including the date
               when the Initial Purchasers, the Holders of the Securities and
               any known Exchanging Dealer shall have received such amended or
               supplemented Prospectus pursuant to this Section.

                              (l) Not later than the effective date of any
               Registration Statement, the Company and the Guarantors shall
               provide a CUSIP number for the Securities or the New Securities,
               as the case may be, registered under such Registration Statement
               and provide the Trustee or the New Securities Trustee, as the
               case may be, with printed certificates for such Securities or New
               Securities, in a form eligible for deposit with The Depository
               Trust Company.

                              (m) The Company and the Guarantors shall comply
               with all applicable rules and regulations of the Commission and
               shall make generally available to their security holders as soon
               as reasonably practicable after the effective date of the
               applicable Registration Statement an earnings statement
               satisfying the provisions of Section 11(a) of the Act.

                              (n) The Company and the Guarantors shall cause the
               Indenture or the New Securities Indenture, as the case may be, to
               be qualified under the Trust Indenture Act in a timely manner.

                              (o) The Company and the Guarantors may require
               each Holder of Securities or New Securities to be sold pursuant
               to any Shelf Registration Statement to furnish to the Company and
               the Guarantors such information regarding the Holder and the
               distribution of such Securities or New Securities as the Company
               and the Guarantors may from time to time reasonably require for
               inclusion in such Registration Statement. The Company and the
               Guarantors may exclude from such Shelf Registration Statement the
               Securities or New Securities of any Holder that unreasonably
               fails to furnish such information within a reasonable time after
               receiving such request.

                              (p) In the case of any Shelf Registration
               Statement, the Company and the Guarantors shall enter into such
               agreements and take all other appropriate actions (including if
               requested an underwriting agreement in customary form) in order
               to expedite or facilitate the registration or the disposition of
               the Securities or New Securities, and in connection therewith, if
               an underwriting agreement is entered into, cause the same to
               contain indemnification provisions and procedures no less
               favorable than those set forth in Section 7 (or such other
               provisions and procedures acceptable to the Majority Holders and
               the Managing Underwriters, if any) with respect to all parties to
               be indemnified pursuant to Section 7.

                                       12
<PAGE>

                              (q) In the case of any Shelf Registration
               Statement, the Company and the Guarantors shall:

                                    (i) make reasonably available for inspection
                           by the Holders of Securities or New Securities to be
                           registered thereunder, any underwriter participating
                           in any disposition pursuant to such Registration
                           Statement, and any attorney, accountant or other
                           agent retained by the Holders or any such underwriter
                           all relevant financial and other records, pertinent
                           corporate documents and properties of the Company and
                           its subsidiaries; provided, however, that the
                           foregoing inspection and information gathering shall
                           be coordinated on behalf of the Initial Purchasers by
                           you and on behalf of the other parties referred to
                           herein by the counsel designated by and on behalf of
                           such other parties as described in Section 6 hereof;

                                    (ii) cause the Company's officers, directors
                           and employees to supply all relevant information
                           reasonably requested by the Holders or any
                           underwriter, attorney, accountant or agent in
                           connection with any such Registration Statement as is
                           customary for similar due diligence examinations;
                           provided, however, that any information that is
                           designated in writing by the Company, in good faith,
                           as confidential at the time of delivery of such
                           information shall be kept confidential by the Holders
                           or any such underwriter, attorney, accountant or
                           agent, unless such disclosure is made in connection
                           with a court proceeding or required by law, or such
                           information becomes available to the public generally
                           or through a third party without an accompanying
                           obligation of confidentiality;

                                    (iii) make such representations and
                           warranties to the Holders of Securities or New
                           Securities registered thereunder and the
                           underwriters, if any, in form, substance and scope as
                           are customarily made by issuers to underwriters in
                           primary underwritten offerings and covering matters
                           including, but not limited to, those set forth in the
                           Purchase Agreement;

                                    (iv) obtain opinions of counsel to the
                           Company and the Guarantors and updates thereof (which
                           counsel and opinions (in form, scope and substance)
                           shall be reasonably satisfactory to the Managing
                           Underwriters, if any) addressed to each selling
                           Holder and the underwriters, if any, covering such
                           matters as are customarily covered in opinions
                           requested in underwritten offerings and such other
                           matters as may be reasonably requested by such
                           Holders and underwriters, if any;

                                    (v) obtain "cold comfort" letters and
                           updates thereof from the independent certified public
                           accountants of the Company (and, if necessary, any
                           other independent certified public accountants of any
                           subsidiary of the Company or of any business acquired
                           by the Company for which financial statements and
                           financial data are, or are required to be, included
                           in the Registration Statement), addressed to each
                           selling Holder of Securities or New Securities
                           registered thereunder and the underwriters, if any,
                           in customary form and covering matters

                                       13
<PAGE>

                           of the type customarily covered in "cold comfort"
                           letters in connection with primary underwritten
                           offerings; and

                                    (vi) deliver such documents and certificates
                           as may be reasonably requested by the Majority
                           Holders and the Managing Underwriters, if any,
                           including those to evidence compliance with Section
                           5(k) and with any customary conditions contained in
                           the underwriting agreement or other agreement entered
                           into by the Company and the Guarantors.

The actions set forth in clauses (iii), (iv), (v) and (vi) of this Section shall
be performed at (A) the effectiveness of such Registration Statement and each
post-effective amendment thereto; and (B) each closing under any underwriting or
similar agreement as and to the extent required thereunder.

                              (r) In the case of any Exchange Offer Registration
               Statement, the Company and the Guarantors shall:

                                    (i) make reasonably available for inspection
                           by such Initial Purchaser, and any attorney,
                           accountant or other agent retained by such Initial
                           Purchaser, all relevant financial and other records,
                           pertinent corporate documents and properties of the
                           Company and its subsidiaries; provided, however, that
                           the foregoing inspection and information gathering
                           shall be coordinated on behalf of the Initial
                           Purchasers by you and on behalf of the other parties
                           referred to herein by the counsel designated by on
                           and behalf of such other parties as described in
                           Section 6 hereof;

                                    (ii) cause the Company's officers, directors
                           and employees to supply all relevant information
                           reasonably requested by such Initial Purchaser or any
                           such attorney, accountant or agent in connection with
                           any such Registration Statement as is customary for
                           similar due diligence examinations; provided,
                           however, that any information that is designated in
                           writing by the Company, in good faith, as
                           confidential at the time of delivery of such
                           information shall be kept confidential by such
                           Initial Purchaser or any such attorney, accountant or
                           agent, unless such disclosure is made in connection
                           with a court proceeding or required by law, or such
                           information becomes available to the public generally
                           or through a third party without an accompanying
                           obligation of confidentiality;

                                    (iii) make such representations and
                           warranties to such Initial Purchaser, in form,
                           substance and scope as are customarily made by
                           issuers to underwriters in primary underwritten
                           offerings and covering matters including, but not
                           limited to, those set forth in the Purchase
                           Agreement;

                                    (iv) obtain opinions of counsel to the
                           Company and updates thereof (which counsel and
                           opinions (in form, scope and substance) shall be
                           reasonably satisfactory to such Initial Purchaser and
                           its counsel, addressed to such Initial Purchaser,
                           covering such matters as are customarily covered in
                           opinions

                                       14
<PAGE>

                           requested in underwritten offerings and such other
                           matters as may be reasonably requested by such
                           Initial Purchaser or its counsel;

                                    (v) obtain "cold comfort" letters and
                           updates thereof from the independent certified public
                           accountants of the Company (and, if necessary, any
                           other independent certified public accountants of any
                           subsidiary of the Company or of any business acquired
                           by the Company for which financial statements and
                           financial data are, or are required to be, included
                           in the Registration Statement), addressed to such
                           Initial Purchaser, in customary form and covering
                           matters of the type customarily covered in "cold
                           comfort" letters in connection with primary
                           underwritten offerings, or if requested by such
                           Initial Purchaser or its counsel in lieu of a "cold
                           comfort" letter, an agreed-upon procedures letter
                           under Statement on Auditing Standards No. 35,
                           covering matters requested by such Initial Purchaser
                           or its counsel; and

                                    (vi) deliver such documents and certificates
                           as may be reasonably requested by such Initial
                           Purchaser or its counsel, including those to evidence
                           compliance with Section 5(k) and with conditions
                           customarily contained in underwriting agreements.

The foregoing actions set forth in clauses (iii), (iv), (v), and (vi) of this
Section shall be performed at the close of the Registered Exchange Offer and the
effective date of any post-effective amendment to the Exchange Offer
Registration Statement.

                              (s) If a Registered Exchange Offer is to be
               consummated, upon delivery of the Securities by Holders to the
               Company (or to such other Person as directed by the Company) in
               exchange for the New Securities, the Company shall mark, or
               caused to be marked, on the Securities so exchanged that such
               Securities are being canceled in exchange for the New Securities.
               In no event shall the Securities be marked as paid or otherwise
               satisfied.

                              (t) The Company and the Guarantors will use their
               respective reasonable best efforts (i) if the Securities have
               been rated prior to the initial sale of such Securities, to
               confirm such ratings will apply to the Securities or the New
               Securities, as the case may be, covered by a Registration
               Statement; or (ii) if the Securities were not previously rated,
               to cause the Securities covered by a Registration Statement to be
               rated with at least one nationally recognized statistical rating
               agency, if so requested by Majority Holders with respect to the
               related Registration Statement or by any Managing Underwriters.

                              (u) In the event that any Broker-Dealer shall
               underwrite any Securities or participate as a member of an
               underwriting syndicate or selling group or "assist in the
               distribution" (within the meaning of the Rules of Fair Practice
               and the By-Laws of the National Association of Securities
               Dealers, Inc.) thereof, whether as a Holder of such Securities or
               as an underwriter, a placement or sales agent or a broker or
               dealer in respect thereof, or otherwise, the Company and the
               Guarantors shall assist such Broker-Dealer in

                                       15
<PAGE>

               complying with the requirements of such Rules and By-Laws,
               including, without limitation, by:

                                             (i) if such Rules or By-Laws shall
                              so require, engaging a "qualified independent
                              underwriter" (as defined in such Rules) to
                              participate in the preparation of the Registration
                              Statement, to exercise usual standards of due
                              diligence with respect thereto and, if any portion
                              of the offering contemplated by such Registration
                              Statement is an underwritten offering or is made
                              through a placement or sales agent, to recommend
                              the yield of such Securities;

                                             (ii) indemnifying any such
                              qualified independent underwriter to the extent of
                              the indemnification of underwriters provided in
                              Section 7 hereof; and

                                             (iii) providing such information to
                              such Broker-Dealer as may be required in order for
                              such Broker-Dealer to comply with the requirements
                              of such Rules.

                              (v) The Company and the Guarantors shall use their
               respective reasonable best efforts to take all other steps
               necessary to effect the registration of the Securities or the New
               Securities, as the case may be, covered by a Registration
               Statement.

                  6. Registration Expenses. The Company shall bear all expenses
incurred in connection with the performance of its and the Guarantors
obligations under Sections 2, 3 and 5 hereof and, in the event of any Shelf
Registration Statement, will reimburse the Holders for the reasonable fees and
disbursements of one firm or counsel designated by the Majority Holders to act
as counsel for the Holders in connection therewith, and, in the case of any
Exchange Offer Registration Statement, will reimburse the Initial Purchasers for
the reasonable fees and disbursements of one firm or counsel acting in
connection therewith.

                  7. Indemnification and Contribution.

                              (a) The Company and the Guarantors, jointly and
               severally, agree to indemnify and hold harmless each Holder of
               Securities or New Securities, as the case may be, covered by any
               Registration Statement (including each Initial Purchaser and,
               with respect to any Prospectus delivery as contemplated in
               Section 5(h) hereof, each Exchanging Dealer), the directors,
               officers, employees and agents of each such Holder and each
               Person who controls any such Holder within the meaning of either
               the Act or the Exchange Act against any and all losses, claims,
               damages or liabilities, joint or several, to which they or any of
               them may become subject under the Act, the Exchange Act or other
               Federal or state statutory law or regulation, at common law or
               otherwise, insofar as such losses, claims, damages or liabilities
               (or actions in respect thereof) arise out of or are based upon
               any untrue statement or alleged untrue statement of a material
               fact contained in the Registration Statement as originally filed
               or in any amendment thereof, or in any preliminary Prospectus or
               the Prospectus, or in any amendment thereof or supplement
               thereto, or arise out of or are based upon the omission or
               alleged omission

                                       16
<PAGE>

               to state therein a material fact required to be stated therein or
               necessary to make the statements therein not misleading, and
               agrees to reimburse each such indemnified party, as incurred, for
               any legal or other expenses reasonably incurred by them in
               connection with investigating or defending any such loss, claim,
               damage, liability or action; provided, however, that the Company
               and the Guarantors will not be liable in any case to the extent
               that any such loss, claim, damage or liability arises out of or
               is based upon any such untrue statement or alleged untrue
               statement or omission or alleged omission made therein in
               reliance upon and in conformity with written information
               furnished to the Company and the Guarantors by or on behalf of
               any such Holder specifically for inclusion therein. This
               indemnity agreement will be in addition to any liability which
               the Company and the Guarantors may otherwise have.

                   The Company and the Guarantors also, jointly and severally,
               agree to indemnify or contribute as provided in Section 7(d) to
               Losses of any underwriter of any Securities or New Securities, as
               the case may be, registered under a Shelf Registration Statement,
               their directors, officers, employees or agents and each Person
               who controls such underwriter (within the meaning of the Act or
               the Exchange Act) on substantially the same basis as that of the
               indemnification of the Initial Purchasers and the selling Holders
               provided in this Section 7(a) and shall, if requested by any
               Holder, enter into an underwriting agreement reflecting such
               agreement, as provided in Section 5(p) hereof.

                   With respect to any untrue statement or omission of material
               fact made in any preliminary Prospectus, the indemnity agreement
               contained in this Section 7(a) shall not inure to the benefit of
               any indemnified person from whom the person asserting any such
               loss, claim, damage or liability purchased the securities
               concerned, to the extent that any such loss, claim, damage or
               liability of such indemnified person occurs under the
               circumstance where it shall have been determined by a court of
               competent jurisdiction by final and non-appealable judgment that
               (w) the Company had previously furnished copies of the Final
               Prospectus to such indemnified person, (x) delivery of the Final
               Prospectus was required by the Act to be made to such person, (y)
               the untrue statement or omission of a material fact contained in
               the preliminary Prospectus was corrected in the Final Prospectus
               and (z) there was not sent or given to such person, at or prior
               to the written confirmation of the sale of such securities to
               such person, a copy of the Final Prospectus.

                              (b) Each Holder of securities covered by a
               Registration Statement (including each Initial Purchaser and,
               with respect to any Prospectus delivery as contemplated in
               Section 5(h) hereof, each Exchanging Dealer) severally agrees to
               indemnify and hold harmless the Company and the Guarantors, each
               of their directors, each of their officers who sign such
               Registration Statement and each Person who controls the Company
               or any of the Guarantors within the meaning of either the Act or
               the Exchange Act, to the same extent as the foregoing indemnity
               from the Company and the Guarantors to each such Holder, but only
               with reference to written information relating to such Holder
               furnished to the Company or the Guarantors by or on behalf of
               such Holder specifically for inclusion in the documents referred
               to in the foregoing indemnity. This indemnity agreement will be
               in addition to any liability which any such Holder may otherwise
               have.

                                       17
<PAGE>

                              (c) Promptly after receipt by an indemnified party
               under this Section 7 of notice of the commencement of any action,
               such indemnified party will, if a claim in respect thereof is to
               be made against the indemnifying party under this Section, notify
               the indemnifying party in writing of the commencement thereof;
               but the failure so to notify the indemnifying party (i) will not
               relieve it from liability under paragraph (a) or (b) above unless
               and to the extent it did not otherwise learn of such action and
               such failure results in the forfeiture by the indemnifying party
               of substantial rights and defenses; and (ii) will not, in any
               event, relieve the indemnifying party from any obligations to any
               indemnified party other than the indemnification obligation
               provided in paragraph (a) or (b) above. The indemnifying party
               shall be entitled to appoint counsel of the indemnifying party's
               choice at the indemnifying party's expense to represent the
               indemnified party in any action for which indemnification is
               sought (in which case the indemnifying party shall not thereafter
               be responsible for the fees and expenses of any separate counsel
               retained by the indemnified party or parties except as set forth
               below); provided, however, that such counsel shall be reasonably
               satisfactory to the indemnified party. Notwithstanding the
               indemnifying party's election to appoint counsel to represent the
               indemnified party in an action, the indemnified party shall have
               the right to employ separate counsel (including local counsel),
               and the indemnifying party shall bear the reasonable fees, costs
               and expenses of such separate counsel if (i) the use of counsel
               chosen by the indemnifying party to represent the indemnified
               party would present such counsel with a conflict of interest;
               (ii) the actual or potential defendants in, or targets of, any
               such action include both the indemnified party and the
               indemnifying party and the indemnified party shall have
               reasonably concluded that there may be legal defenses available
               to it and/or other indemnified parties which are different from
               or additional to those available to the indemnifying party; (iii)
               the indemnifying party shall not have employed counsel
               satisfactory to the indemnified party to represent the
               indemnified party within a reasonable time after notice of the
               institution of such action; or (iv) the indemnifying party shall
               authorize the indemnified party to employ separate counsel at the
               expense of the indemnifying party. An indemnifying party will
               not, without the prior written consent of the indemnified
               parties, settle or compromise or consent to the entry of any
               judgment with respect to any pending or threatened claim, action,
               suit or proceeding in respect of which indemnification or
               contribution may be sought hereunder (whether or not the
               indemnified parties are actual or potential parties to such claim
               or action) unless such settlement, compromise or consent includes
               an unconditional release of each indemnified party from all
               liability arising out of such claim, action, suit or proceeding.

                              (d) In the event that the indemnity provided in
               paragraph (a) or (b) of this Section is unavailable to or
               insufficient to hold harmless an indemnified party for any
               reason, then each applicable indemnifying party shall have a
               joint and several obligation to contribute to the amount paid or
               payable by such indemnified party as a result of the aggregate
               losses, claims, damages and liabilities (including legal or other
               expenses reasonably incurred in connection with investigating or
               defending same) (collectively "Losses") to which such indemnified
               party may be subject in such proportion as is appropriate to
               reflect the relative benefits received by such indemnifying
               party, on the one hand, and such indemnified party, on the other
               hand, from the Initial Placement and the Registration Statement
               which resulted in such Losses; provided, however, that in no case
               shall any Initial Purchaser of any Security or New Security be
               responsible, in the

                                       18
<PAGE>

               aggregate, for any amount in excess of the purchase discount or
               commission applicable to such Security, or in the case of a New
               Security, applicable to the Security that was exchangeable into
               such New Security, as set forth on the cover page of the Final
               Memorandum, nor shall any underwriter be responsible for any
               amount in excess of the underwriting discount or commission
               applicable to the securities purchased by such underwriter under
               the Registration Statement which resulted in such Losses, nor
               shall any Holder (other than the Initial Purchasers) be
               responsible for any amount by which the net proceeds received
               from the sale of such Security by such Holder exceeds the amount
               of damages for which such Holder has otherwise been required to
               pay by reason of such untrue or alleged untrue statement or
               omission or alleged omission. If the allocation provided by the
               immediately preceding sentence is unavailable for any reason, the
               indemnifying party and the indemnified party shall contribute in
               such proportion as is appropriate to reflect not only such
               relative benefits but also the relative fault of such
               indemnifying party, on the one hand, and such indemnified party,
               on the other hand, in connection with the statements or omissions
               which resulted in such Losses as well as any other relevant
               equitable considerations. Benefits received by the Company and
               the Guarantors shall be deemed to be equal to the sum of the
               total net proceeds from the Initial Placement (before deducting
               expenses) as set forth on the cover page of the Final Memorandum.
               Benefits received by the Initial Purchasers shall be deemed to be
               equal to the total purchase discounts and commissions as set
               forth on the cover page of the Final Memorandum, and benefits
               received by any other Holders shall be deemed to be equal to the
               proceeds received from the sale of the Securities or New
               Securities, as applicable. Benefits received by any underwriter
               shall be deemed to be equal to the total underwriting discounts
               and commissions, as set forth on the cover page of the Prospectus
               forming a part of the Registration Statement which resulted in
               such Losses. Relative fault shall be determined by reference to,
               among other things, whether any alleged untrue statement or
               omission relates to information provided by the indemnifying
               party, on the one hand, or by the indemnified party, on the other
               hand, the intent of the parties and their relative knowledge,
               access to information and opportunity to correct or prevent such
               untrue statement or omission. The parties agree that it would not
               be just and equitable if contribution were determined by pro rata
               allocation (even if the Holders were treated as one entity for
               such purpose) or any other method of allocation which does not
               take account of the equitable considerations referred to above.
               Notwithstanding the provisions of this paragraph (d), no Person
               guilty of fraudulent misrepresentation (within the meaning of
               Section 11(f) of the Act) shall be entitled to contribution from
               any Person who was not guilty of such fraudulent
               misrepresentation. For purposes of this Section, each Person who
               controls a Holder within the meaning of either the Act or the
               Exchange Act and each director, officer, employee and agent of
               such Holder shall have the same rights to contribution as such
               Holder, and each Person who controls the Company or any of the
               Guarantors within the meaning of either the Act or the Exchange
               Act, each officer of the Company or any of the Guarantors who
               shall have signed the Registration Statement and each director of
               the Company or any of the Guarantors shall have the same rights
               to contribution as the Company, subject in each case to the
               applicable terms and conditions of this paragraph (d).

                              (e) The provisions of this Section will remain in
               full force and effect, regardless of any investigation made by or
               on behalf of any Holder or the Company and

                                       19
<PAGE>

               the Guarantors or any of the officers, directors or controlling
               Persons referred to in this Section hereof, and will survive the
               sale by a Holder of securities covered by a Registration
               Statement.

                   8. Underwritten Registrations.

                              (a) If any of the Securities or New Securities, as
               the case may be, covered by any Shelf Registration Statement are
               to be sold in an underwritten offering, the Managing Underwriters
               shall be selected by the Majority Holders and shall be reasonably
               acceptable to the Company.

                              (b) No Person may participate in any underwritten
               offering pursuant to any Shelf Registration Statement, unless
               such Person (i) agrees to sell such Person's Securities or New
               Securities, as the case may be, on the basis reasonably 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.

                   9. No Inconsistent Agreements. The Company has not, as of the
date hereof, entered into, nor shall it, on or after the date hereof, enter
into, any agreement with respect to its securities that is inconsistent with the
rights granted to the Holders herein or otherwise conflicts with the provisions
hereof.

                   10. Amendments and Waivers. The provisions of this Agreement,
including the provisions of this sentence, may not be amended, qualified,
modified or supplemented, and waivers or consents to departures from the
provisions hereof may not be given, unless the Company has obtained the written
consent of the Majority Holders; provided that, with respect to any matter that
directly or indirectly affects the rights of any Initial Purchaser hereunder,
the Company shall obtain the written consent of each such Initial Purchaser
against which such amendment, qualification, supplement, waiver or consent is to
be effective. Notwithstanding the foregoing, a waiver or consent to departure
from the provisions hereof with respect to a matter that relates exclusively to
the rights of Holders whose Securities or New Securities, as the case may be,
are being sold pursuant to a Registration Statement and that does not directly
or indirectly affect the rights of other Holders may be given by the Holders
representing a majority of the aggregate principal amount of the Securities or
the New Securities, as the case may be, being sold rather than registered under
such Registration Statement, voting together as a single class.

                   11. Notices. All notices and other communications provided
for or permitted hereunder shall be made in writing by hand-delivery,
first-class mail, telex, telecopier or air courier guaranteeing overnight
delivery:

                              (a) if to a Holder, at the most current address
               given by such holder to the Company in accordance with the
               provisions of this Section, which address initially is, with
               respect to each Holder, the address of such Holder maintained by
               the Registrar under the Indenture, with a copy in like manner to
               Salomon Smith Barney Inc.;

                                       20
<PAGE>

                              (b) if to you, initially at the respective
               addresses set forth in the Purchase Agreement; and

                              (c) if to the Company or the Guarantors, initially
               at its respective address set forth in the Purchase Agreement.

                   All such notices and communications shall be deemed to have
been duly given when received.

                   The Initial Purchasers, the Company or the Guarantors by
notice to the other parties may designate additional or different addresses for
subsequent notices or communications.

                   12. Successors. This Agreement shall inure to the benefit of
and be binding upon the successors and assigns of each of the parties,
including, without the need for an express assignment or any consent by the
Company thereto, subsequent Holders of Securities and the New Securities. The
Company hereby agrees to extend the benefits of this Agreement to any Holder of
Securities and the New Securities, and any such Holder may specifically enforce
the provisions of this Agreement as if an original party hereto.

                   13. Counterparts. This agreement may be in signed
counterparts, each of which shall an original and all of which together shall
constitute one and the same agreement.

                   14. Headings. The headings used herein are for convenience
only and shall not affect the construction hereof.

                   15. Applicable Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of New York applicable to
contracts made and to be performed in the State of New York.

                   16. Severability. In the event that any one of more of the
provisions contained herein, or the application thereof in any circumstances, is
held invalid, illegal or unenforceable in any respect for any reason, the
validity, legality and enforceability of any such provision in every other
respect and of the remaining provisions hereof shall not be in any way impaired
or affected thereby, it being intended that all of the rights and privileges of
the parties shall be enforceable to the fullest extent permitted by law.

                   17. Securities Held by the Company, etc. Whenever the consent
or approval of Holders of a specified percentage of principal amount of
Securities or New Securities is required hereunder, Securities or New
Securities, as applicable, held by the Company or its Affiliates (other than
subsequent Holders of Securities or New Securities if such subsequent Holders
are deemed to be Affiliates solely by reason of their holdings of such
Securities or New Securities) shall not be counted in determining whether such
consent or approval was given by the Holders of such required percentage.

                                       21
<PAGE>
                   If the foregoing is in accordance with your understanding of
our agreement, please sign and return to us the enclosed duplicate hereof,
whereupon this Agreement and your acceptance shall represent a binding agreement
among the Company, the Guarantors and the several Initial Purchasers.

                                         Very truly yours,

                                         SWIFT & COMPANY

                                         By: /s/ JOHN SIMONS
                                            -----------------------------------
                                            Name: John Simons
                                            Title: Vice President

                                         S&C HOLDCO 3, INC.

                                         By: /s/ JOHN SIMONS
                                            -----------------------------------
                                            Name: John Simons
                                            Title: Vice President

                                         SWIFT BEEF COMPANY

                                         By: /s/ JOHN SIMONS
                                            -----------------------------------
                                            Name: John Simons
                                            Title: President

                                         SWIFT PORK COMPANY

                                         By: /s/ JOHN SIMONS
                                            -----------------------------------
                                            Name: John Simons
                                            Title: Vice President

                                         SWIFT BRANDS COMPANY

                                         By: /s/ JOHN SIMONS
                                            -----------------------------------
                                            Name: John Simons
                                            Title: Vice President

                                SIGNATURE PAGES TO REGISTRATION RIGHTS AGREEMENT

<PAGE>

                                         MILLER BROS. CO., INC.

                                         By: /s/ JOHN SIMONS
                                            -----------------------------------
                                            Name: John Simons
                                            Title: President

                                         MONFORT FOOD DISTRIBUTION COMPANY

                                         By: /s/ JOHN SIMONS
                                            -----------------------------------
                                            Name: John Simons
                                            Title: President

                                         MONFORT INTERNATIONAL SALES
                                         CORPORATION

                                         By: /s/ JOHN SIMONS
                                            -----------------------------------
                                            Name: John Simons
                                            Title: President

                                         MONFORT, INC.

                                         By: /s/ JOHN SIMONS
                                            -----------------------------------
                                            Name: John Simons
                                            Title: President

<PAGE>

The foregoing Agreement is hereby confirmed and
accepted as of the date first above written.
Salomon Smith Barney Inc.
J.P. Morgan Securities Inc.

By:  SALOMON SMITH BARNEY INC.

By: /s/ STEPHEN P. CUNNINGHAM
   -----------------------------------
   Name: Stephen P. Cunningham
   Title: Director

<PAGE>

ANNEX A

                   Each Broker-Dealer that receives New Securities for its own
account pursuant to the Exchange Offer must acknowledge that it will deliver a
prospectus in connection with any resale of such New Securities. The Letter of
Transmittal states that by so acknowledging and by delivering a prospectus, a
Broker-Dealer will not be deemed to admit that it is an "underwriter" within the
meaning of the Securities Act. This Prospectus, as it may be amended or
supplemented from time to time, may be used by a Broker-Dealer in connection
with resales of New Securities received in exchange for Securities where such
Securities were acquired by such Broker-Dealer as a result of market-making
activities or other trading activities. The Company has agreed that, starting on
the Expiration Date (as defined herein) and ending on the close of business 180
days after the Expiration Date, it will make this Prospectus available to any
Broker-Dealer for use in connection with any such resale. See "Plan of
Distribution."

<PAGE>

                                                                         ANNEX B

                   Each Broker-Dealer that receives New Securities for its own
account in exchange for Securities, where such Securities were acquired by such
Broker-Dealer as a result of market-making activities or other trading
activities, must acknowledge that it will deliver a prospectus in connection
with any resale of such New Securities. See "Plan of Distribution."

<PAGE>

                                                                         ANNEX C

                              PLAN OF DISTRIBUTION

                   Each Broker-Dealer that receives New Securities for its own
account pursuant to the Exchange Offer must acknowledge that it will deliver a
prospectus in connection with any resale of such New Securities. This
Prospectus, as it may be amended or supplemented from time to time, may be used
by a Broker-Dealer in connection with resales of New Securities received in
exchange for Securities where such Securities were acquired as a result of
market-making activities or other trading activities. The Company and the
Guarantors have agreed that, starting on the Expiration Date and ending on the
close of business 180 days after the Expiration Date, they will make this
Prospectus, as amended or supplemented, available to any Broker-Dealer for use
in connection with any such resale. In addition, until __________, 200__, all
dealers effecting transactions in the New Securities may be required to deliver
a prospectus.

                   The Company will not receive any proceeds from any sale of
New Securities by broker-dealers. New Securities received by Broker-Dealers for
their own account pursuant to the Exchange Offer may be sold from time to time
in one or more transactions in the over-the-counter market, in negotiated
transactions, through the writing of options on the New Securities or a
combination of such methods of resale, at market prices prevailing at the time
of resale, at prices related to such prevailing market prices or negotiated
prices. Any such resale may be made directly to purchasers or to or through
brokers or dealers who may receive compensation in the form of commissions or
concessions from any such Broker-Dealer and/or the purchasers of any such New
Securities. Any Broker-Dealer that resells New Securities that were received by
it for its own account pursuant to the Exchange Offer and any broker or dealer
that participates in a distribution of such New Securities may be deemed to be
an "underwriter" within the meaning of the Securities Act and any profit of any
such resale of New Securities and any commissions or concessions received by any
such Persons may be deemed to be underwriting compensation under the Securities
Act. The Letter of Transmittal states that by acknowledging that it will deliver
and by delivering a prospectus, a Broker-Dealer will not be deemed to admit that
it is an "underwriter" within the meaning of the Securities Act.

                   For a period of 180 days after the Expiration Date, the
Company and the Guarantors will promptly send additional copies of this
Prospectus and any amendment or supplement to this Prospectus to any
Broker-Dealer that requests such documents in the Letter of Transmittal. The
Company has agreed to pay all expenses incident to the Exchange Offer (including
the expenses of one counsel for the holder of the Securities) other than
commissions or concessions of any brokers or dealers and will indemnify the
holders of the Securities (including any Broker-Dealers) against certain
liabilities, including liabilities under the Securities Act.

<PAGE>
                                                                         ANNEX D

Rider A

               CHECK HERE IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE 10
               ADDITIONAL COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY
               AMENDMENTS OR SUPPLEMENTS THERETO.

               Name:
                                ------------------------------------
               Address:
                                ------------------------------------

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

Rider B

If the undersigned is not a Broker-Dealer, the undersigned represents that it
acquired the New Securities in the ordinary course of its business, it is not
engaged in, and does not intend to engage in, a distribution of New Securities
and it has no arrangements or understandings with any Person to participate in a
distribution of the New Securities. If the undersigned is a Broker-Dealer that
will receive New Securities for its own account in exchange for Securities, it
represents that the Securities to be exchanged for New Securities were acquired
by it as a result of market-making activities or other trading activities and
acknowledges that it will deliver a prospectus in connection with any resale of
such New Securities; however, by so acknowledging and by delivering a
prospectus, the undersigned will not be deemed to admit that it is an
"underwriter" within the meaning of the Securities Act.<PAGE>
                                                                     EXHIBIT 4.3

                                                               EXECUTION VERSION
================================================================================

                                SWIFT & COMPANY,
                                    as Issuer

                          10-1/8% SENIOR NOTES DUE 2009

                                   ----------

                                    INDENTURE

                         Dated as of September 19, 2002

                                   ----------

                       THE BANK OF NEW YORK TRUST COMPANY
                                OF FLORIDA, N.A.,
                                   as Trustee

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

<PAGE>
                                TABLE OF CONTENTS

<Table>
<Caption>
                                                                                                      PAGE
<S>                                                                                                   <C>
ARTICLE 1.            DEFINITIONS AND INCORPORATION BY REFERENCE........................................1

         Section 1.01.     Definitions..................................................................1

         Section 1.02.     Other Definitions...........................................................25

         Section 1.03.     Incorporation by Reference of Trust Indenture Act...........................25

         Section 1.04.     Rules of Construction.......................................................26

ARTICLE 2.            THE NOTES........................................................................26

         Section 2.01.     Form and Dating.............................................................26

         Section 2.02.     Execution and Authentication................................................27

         Section 2.03.     Registrar and Paying Agent..................................................28

         Section 2.04.     Paying Agent to Hold Money in Trust.........................................28

         Section 2.05.     Holder Lists................................................................28

         Section 2.06.     Transfer and Exchange.......................................................28

         Section 2.07.     Replacement Notes...........................................................39

         Section 2.08.     Outstanding Notes...........................................................39

         Section 2.09.     Treasury Notes..............................................................40

         Section 2.10.     Temporary Notes.............................................................40

         Section 2.11.     Cancellation................................................................40

         Section 2.12.     Payment of Interest; Defaulted Interest.....................................40

         Section 2.13.     CUSIP or ISIN Numbers.......................................................41

         Section 2.14.     Special Interest............................................................41

         Section 2.15.     Issuance of Additional Notes................................................41

ARTICLE 3.            REDEMPTION AND PREPAYMENT........................................................41

         Section 3.01.     Notices to Trustee..........................................................41

         Section 3.02.     Selection of Notes to Be Redeemed...........................................42

         Section 3.03.     Notice of Redemption........................................................42

         Section 3.04.     Effect of Notice of Redemption..............................................43

         Section 3.05.     Deposit of Redemption Price.................................................43

         Section 3.06.     Notes Redeemed in Part......................................................43

         Section 3.07.     Optional Redemption.........................................................43

         Section 3.08.     Mandatory Redemption........................................................44

         Section 3.09.     Offer To Purchase by Application of Excess Proceeds.........................44

ARTICLE 4.            COVENANTS........................................................................46

         Section 4.01.     Payment of Notes............................................................46

         Section 4.02.     Maintenance of Office or Agency.............................................46
</Table>

                                       i
<PAGE>
                                TABLE OF CONTENTS
                                   (CONTINUED)

<Table>
<Caption>
                                                                                                      PAGE
<S>                                                                                                   <C>
         Section 4.03.     Reports.....................................................................46

         Section 4.04.     Compliance Certificate......................................................47

         Section 4.05.     Taxes.......................................................................47

         Section 4.06.     Stay, Extension and Usury Laws..............................................47

         Section 4.07.     Corporate Existence.........................................................48

         Section 4.08.     Payments for Consent........................................................48

         Section 4.09.     Incurrence of Additional Debt and Issuance of Capital Stock.................48

         Section 4.10.     Restricted Payments.........................................................49

         Section 4.11.     Liens.......................................................................52

         Section 4.12.     Asset Sales.................................................................52

         Section 4.13.     Restrictions on Distributions from Restricted Subsidiaries..................54

         Section 4.14.     Affiliate Transactions......................................................56

         Section 4.15.     Sale and Leaseback Transactions.............................................57

         Section 4.16.     Issuance or Sale of Capital Stock of Restricted Subsidiaries................57

         Section 4.17.     Designation of Restricted and Unrestricted Subsidiaries.....................58

         Section 4.18.     Repurchase at the Option of Holders Upon a Change of Control................58

         Section 4.19.     Future Subsidiary Guarantors................................................59

         Section 4.20.     Business Activities.........................................................60

         Section 4.21.     Guarantees of Debt by Restricted Subsidiaries...............................60

         Section 4.22.     Seller Note.................................................................61

ARTICLE 5.            SUCCESSORS.......................................................................61

         Section 5.01.     Merger, Consolidation and Sale of Assets....................................61

         Section 5.02.     Successor Corporation Substituted...........................................62

ARTICLE 6.            DEFAULTS AND REMEDIES............................................................63

         Section 6.01.     Events of Default...........................................................63

         Section 6.02.     Acceleration................................................................64

         Section 6.03.     Other Remedies..............................................................65

         Section 6.04.     Waiver of Past Defaults.....................................................65

         Section 6.05.     Control by Majority.........................................................65

         Section 6.06.     Limitation on Suits.........................................................66

         Section 6.07.     Rights of Holders to Receive Payment........................................66

         Section 6.08.     Collection Suit by Trustee..................................................66

         Section 6.09.     Trustee May File Proofs of Claim............................................66

         Section 6.10.     Priorities..................................................................67
</Table>

                                       ii
<PAGE>
                                TABLE OF CONTENTS
                                   (CONTINUED)

<Table>
<Caption>
                                                                                                      PAGE
<S>                                                                                                   <C>
         Section 6.11.     Undertaking for Costs.......................................................67

ARTICLE 7.            TRUSTEE .........................................................................67

         Section 7.01.     Duties of Trustee ..........................................................67

         Section 7.02.     Rights of Trustee ..........................................................68

         Section 7.03.     Individual Rights of Trustee ...............................................69

         Section 7.04.     Trustee's Disclaimer .......................................................69

         Section 7.05.     Notice of Defaults .........................................................69

         Section 7.06.     Reports by Trustee to Holders ..............................................70

         Section 7.07.     Compensation and Indemnity .................................................70

         Section 7.08.     Replacement of Trustee .....................................................70

         Section 7.09.     Successor Trustee by Merger, etc. ..........................................71

         Section 7.10.     Eligibility; Disqualification ..............................................71

         Section 7.11.     Preferential Collection of Claims Against Company ..........................72

ARTICLE 8.            LEGAL DEFEASANCE AND COVENANT DEFEASANCE ........................................72

         Section 8.01.     Option to Effect Legal Defeasance or Covenant Defeasance ...................72

         Section 8.02.     Legal Defeasance and Discharge .............................................72

         Section 8.03.     Covenant Defeasance ........................................................72

         Section 8.04.     Conditions to Legal or Covenant Defeasance .................................73

         Section 8.05.     Deposited Cash and U.S. Government Securities to be Held in Trust; Other
                           Miscellaneous Provisions ...................................................74

         Section 8.06.     Repayment to Company .......................................................74

         Section 8.07.     Reinstatement ..............................................................74

ARTICLE 9.            AMENDMENT, SUPPLEMENT AND WAIVER ................................................75

         Section 9.01.     Without Consent of Holders of Notes ........................................75

         Section 9.02.     With Consent of Holders of Notes ...........................................75

         Section 9.03.     Compliance with Trust Indenture Act ........................................76

         Section 9.04.     Revocation and Effect of Consents ..........................................77

         Section 9.05.     Notation on or Exchange of Notes ...........................................77

         Section 9.06.     Trustee to Sign Amendments, etc. ...........................................77

ARTICLE 10.           GUARANTEES ......................................................................77

         Section 10.01.    Guarantee ..................................................................77

         Section 10.02.    Limitation on Guarantor Liability ..........................................78

         Section 10.03.    Execution and Delivery of Guarantee ........................................79

         Section 10.04.    Guarantors May Consolidate, etc., on Certain Terms .........................79

         Section 10.05.    Releases Following Sale of Assets ..........................................79
</Table>

                                      iii
<PAGE>
                                TABLE OF CONTENTS
                                   (CONTINUED)

<Table>
<Caption>
                                                                                                      PAGE
<S>                                                                                                   <C>
ARTICLE 11.           SATISFACTION AND DISCHARGE ......................................................80

         Section 11.01.    Satisfaction and Discharge .................................................80

         Section 11.02.    Deposited Cash and U.S. Government Securities to be Held in Trust; Other
                           Miscellaneous Provisions ...................................................80

         Section 11.03.    Repayment to Company .......................................................81

ARTICLE 12.           MISCELLANEOUS ...................................................................81

         Section 12.01.    Trust Indenture Act Controls ...............................................81

         Section 12.02.    Notices ....................................................................81

         Section 12.03.    Communication by Holders of Notes with Other Holders of Notes ..............82

         Section 12.04.    Certificate and Opinion as to Conditions Precedent .........................82

         Section 12.05.    Statements Required in Certificate or Opinion ..............................82

         Section 12.06.    Rules by Trustee and Agents ................................................83

         Section 12.07.    No Personal Liability of Directors, Officers, Employees and Stockholders ...83

         Section 12.08.    Governing Law ..............................................................83

         Section 12.09.    No Adverse Interpretation of Other Agreements ..............................83

         Section 12.10.    Successors .................................................................83

         Section 12.11.    Severability ...............................................................83

         Section 12.12.    Counterpart Originals ......................................................83

         Section 12.13.    Table of Contents, Headings, etc. ..........................................84

         Section 12.14.    Qualification of this Indenture ............................................84
</Table>

                                       iv

<PAGE>

                              CROSS-REFERENCE TABLE

<Table>
<Caption>
 TIA SECTION REFERENCE                                                                            INDENTURE
                                                                                                   SECTION
<S>                                                                                               <C>
310(a)(1)...............................................................................            7.10
(a)(2)..................................................................................            7.10
(a)(3)..................................................................................            N.A.
(a)(4)..................................................................................            N.A.
(a)(5)..................................................................................            7.10
(b).....................................................................................            7.08, 7.10
(c).....................................................................................            N.A.
311(a)..................................................................................            7.11
(b).....................................................................................            7.11
(c).....................................................................................            N.A.
312(a)..................................................................................            2.05
(b).....................................................................................            12.03
(c).....................................................................................            12.03
313(a)..................................................................................            7.06
(b)(1)..................................................................................            N.A.
(b)(2)..................................................................................            7.06, 7.07
(c).....................................................................................            7.06, 12.02
(d).....................................................................................            7.06
314(a)..................................................................................            4.03, 4.04, 12.02
(b).....................................................................................            N.A.
(c)(1)..................................................................................            12.04
(c)(2)..................................................................................            12.04
(c)(3)..................................................................................            N.A.
(d).....................................................................................            N.A.
(e).....................................................................................            12.05
315(a)..................................................................................            7.01
(b).....................................................................................            7.05, 12.02
(c).....................................................................................            7.01
(d).....................................................................................            7.01
(e).....................................................................................            6.11
316(a) (last sentence)..................................................................            2.09
(a)(1)(A)...............................................................................            6.05
(a)(1)(B)...............................................................................            6.04
(a)(2)..................................................................................            N.A.
(b).....................................................................................            6.07
317(a)(1)...............................................................................            6.08
(a)(2)..................................................................................            6.09
(b).....................................................................................            2.04
318(a)..................................................................................            12.01
</Table>

N.A. means Not Applicable.

Note: This Cross-Reference Table shall not, for any purpose, be deemed to be
part of this Indenture.

<PAGE>

                                                               EXECUTION VERSION

                  This INDENTURE dated as of September 19, 2002, is by and among
Swift & Company, a Delaware corporation (the "Company"), the Guarantors listed
on the signature pages hereto, and The Bank of New York Trust Company of
Florida, N.A., as trustee (the "Trustee").

                  The Company, the Guarantors and the Trustee agree as follows
for the benefit of each other and for the equal and ratable benefit of the
Holders of the 10-1/8% Senior Notes due 2009 (the "Notes"):

                                   ARTICLE 1.

                   DEFINITIONS AND INCORPORATION BY REFERENCE

Section 1.01. DEFINITIONS.

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

                  "144A Global Note" means the Global Note in the form of
Exhibit A hereto bearing the Global Note Legend and the Private Placement Legend
and deposited with and registered in the name of the Depositary or its nominee
that will be issued in a denomination equal to the outstanding principal amount
of the Notes sold in reliance on Rule 144A.

                  "Acquired Debt" means Debt of a Person or any of its
Subsidiaries existing at the time that Person becomes a Restricted Subsidiary of
the Company or at the time it merges or consolidates with the Company or any of
its Restricted Subsidiaries or assumed in connection with the acquisition of
assets from that Person.

                  "Acquisition Agreement" means the agreement by and among
ConAgra Foods, S&C Holdco, Inc. (now known as Swift Foods Company) and HMTF
Rawhide, L.P., dated as of May 20, 2002, as amended from time to time in
accordance with this Indenture.

                  "Additional Notes" means any Notes (other than Initial Notes
and Exchange Notes) issued under this Indenture in accordance with Sections
2.02, 2.15 and 4.09 hereof, as part of the same series as the Initial Notes or
as an additional series.

                  "Affiliate" means, as to any Person, any other Person which,
directly or indirectly, through one or more intermediaries, controls, or is
controlled by, or is under common control with, such Person. The term "control"
means the possession, directly or indirectly, of the power to direct or cause
the direction of the management and policies of a Person, whether through the
ownership of voting securities, by contract or otherwise; and the terms
"controlling" and "controlled" have meanings correlative to the foregoing.

                  "Agent" means any Registrar, co-registrar, Paying Agent or
additional paying agent.

                  "Applicable Procedures" means, with respect to any transfer,
redemption or exchange of or for beneficial interests in any Global Note, the
rules and procedures of the Depositary, Euroclear and Clearstream that apply to
such transfer, redemption or exchange.

                  "Asset Sale" means any sale, lease (other than operating
leases entered into in the ordinary course of business), transfer, issuance or
other disposition (or series of related sales, leases, transfers, issuances or
dispositions that are part of a common plan) of shares of Capital Stock of a
Restricted Subsidiary (other than directors' qualifying shares), property or
other assets (each referred to for the purposes of this definition as a
"disposition") by the Company or any of its Restricted Subsidiaries (including
any disposition by means of a merger, consolidation or similar transaction)
other than:

                  (1) a disposition by a Restricted Subsidiary to the Company,
         by the Company or a Restricted Subsidiary to a Wholly Owned Subsidiary
         Guarantor or by a Foreign Restricted Subsidiary to another Foreign
         Restricted Subsidiary;

<PAGE>

                  (2) a disposition of inventory in the ordinary course of
         business;

                  (3) a disposition of obsolete or worn out equipment or
         equipment that is no longer useful in the conduct of the business of
         the Company and its Restricted Subsidiaries and that is disposed of in
         each case in the ordinary course of business;

                  (4) dispositions or a series of related dispositions of
         property for net proceeds which, when taken collectively with the net
         proceeds of any other such dispositions under this clause (4) that were
         consummated since the beginning of the calendar year in which such
         disposition is consummated, are less than $1.0 million;

                  (5) transactions permitted under Section 5.01 hereof;

                  (6) the making of a Permitted Investment or any other
         transaction permitted by Section 4.10 hereof;

                  (7) licenses or similar agreements with respect to
         intellectual property or other general intangibles owned or licensed by
         the Company or any of its Restricted Subsidiaries in the ordinary
         course of business;

                  (8) any transaction that constitutes a Change of Control;

                  (9) a disposition of Cash Equivalents in the ordinary course
         of business;

                  (10) a Sale and Leaseback Transaction otherwise permitted by
         Section 4.15 hereof;

                  (11) pro rata dispositions of property to joint venture
         partners in connection with the dissolution or other termination of a
         joint venture;

                  (12) a transfer resulting from a casualty or condemnation of
         assets; and

                  (13) the trade or exchange by the Company or any Restricted
         Subsidiaries of any assets used or useful in the Company's business or
         any Related Business that are owned or held by the Company or such
         Restricted Subsidiary solely for assets used or useful in the Company's
         business or any Related Business that are owned or held by another
         Person that the Board of Directors of the Company determines in good
         faith by Board Resolution to be of approximately equivalent value;
         provided, however, that for any trade or exchange or series of trades
         or exchanges involving value in excess of $25.0 million the Company
         must obtain a written opinion from an Independent Financial Advisor to
         the effect that the assets received constitutes an exchange of
         equivalent value.

                  "Attributable Debt" in respect of a Sale and Leaseback
Transaction means, at any date of determination;

                  (1) if such Sale and Leaseback Transaction is a Capitalized
         Lease Obligation, the amount of Debt represented thereby according to
         the definition of "Capitalized Lease Obligation;" and

                  (2) in all other instances the present value (discounted at
         the interest rate borne by the Notes, compounded semi-annually) of the
         total obligations of the lessee for rental payments during the
         remaining term of the lease included in such Sale and Leaseback
         Transaction (including any period for which such lease has been
         extended).

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

                  "Board of Directors" means:

                                       2
<PAGE>

                  (1) with respect to a corporation, the Board of Directors of
         the corporation;

                  (2) with respect to a partnership, the Board of Directors or
         similar board or committee or Person serving a similar function of the
         managing general partner of the partnership; and

                  (3) with respect to any other Person, the board or committee
         of that Person or any Person serving a similar function.

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

                  "Business Day" means any day other than a Legal Holiday.

                  "Capitalized Lease Obligation" means, as to any Person, the
obligation of such Person to pay rent or other amounts under a lease to which
such Person is a party that is required to be classified and accounted for as a
capital lease obligation under GAAP, and for purposes of this definition, the
amount of such obligation at any date shall be the capitalized amount of such
obligation at such date, determined in accordance with GAAP.

                  "Capital Stock" means:

                  (1) with respect to any Person that is a corporation, any and
         all shares of corporate stock of that Person;

                  (2) with respect to any Person that is an association or
         business entity, any and all shares, interests, participations, rights
         or other equivalents, however designated, of capital stock of that
         Person;

                  (3) with respect to any Person that is a partnership or
         limited liability company, any and all partnership or membership
         interests, whether general or limited, of that Person; and

                  (4) with respect to any other Person, any other interest or
         participation that confers on a Person the right to receive a share of
         the profits and losses of or distributions of assets of, the issuing
         Person.

                  "Cash Equivalents" means any of the following:

                  (1) any Investment in direct obligations of the United States
         of America or any agency thereof or obligations guaranteed by the
         United States of America or any agency thereof;

                  (2) Investments in eurodollar time deposits, time deposit
         accounts, certificates of deposit and money market deposits maturing
         within 360 days of the date of acquisition thereof issued by a bank or
         trust company which is organized under the laws of the United States of
         America, any state thereof or any foreign country recognized by the
         United States of America having capital, surplus and undivided profits
         aggregating in excess of $250 million and whose long-term debt, or
         whose parent holding company's long-term debt, is rated "A" (or such
         similar equivalent rating) or higher by at least one nationally
         recognized statistical rating organization (as defined in Rule 436
         under the Securities Act);

                  (3) repurchase obligations with a term of not more than 30
         days for underlying securities of the types described in clause (1)
         above entered into with a bank meeting the qualifications described in
         clause (2) above;

                  (4) Investments in commercial paper, maturing not more than
         360 days after the date of acquisition, issued by a corporation (other
         than an Affiliate of the Company) organized and in existence under the
         laws of the United States of America or any foreign country recognized
         by the United States of America with a rating at the time as of which
         any investment therein is made of "P-1" (or higher) according to
         Moody's or "A-1" (or higher) according to S&P;

                                       3
<PAGE>

                  (5) Investments in securities maturing not more than 360 days
         after the date of acquisition issued or fully guaranteed by any state,
         commonwealth or territory of the United States of America, or by any
         political subdivision or taxing authority thereof, and rated at least
         "A" by S&P or "A" by Moody's; and

                  (6) Investments in mutual funds whose investment guidelines
         restrict substantially all of such funds' investments to those
         satisfying the provisions of clauses (1) through (5) above.

                  "Cattle Feed Companies" means Swift Cattle Holdco, Inc., a
Delaware corporation, Monfort Finance Company, Inc., a Colorado corporation, and
Northern Colorado Feed, LLC, a Colorado limited liability company.

                  "Change of Control" means the occurrence of any of the
following events:

                  (1) any sale, lease, exchange or other transfer, in one
         transaction or a series of related transactions, of all or
         substantially all of the assets of the Company and its Subsidiaries
         taken as a whole to any Person or Group (whether or not otherwise in
         compliance with the provisions of this Indenture), other than to one or
         more of the Permitted Holders or their Related Parties;

                  (2) any Person or Group, other than one or more of the
         Permitted Holders or of their Related Parties, becomes the "beneficial
         owner" (as defined in Rule 13d-3 under the Exchange Act), directly or
         indirectly, of securities constituting more than 50% of the Company's
         Voting Stock;

                  (3) the approval by the holders of Capital Stock of the
         Company of any plan or proposal for the liquidation or dissolution of
         the Company (whether or not otherwise in compliance with the provisions
         of this Indenture); or

                  (4) a majority of the Board of Directors of the Company shall
         consist of Persons who are not Continuing Directors.

                  "Clearstream" means Clearstream Banking S.A. and any successor
thereto.

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

                  "Commission" means the Securities and Exchange Commission.

                  "Commodity Agreement" means any commodity futures contract,
commodity option or similar agreement or arrangement designed to protect against
fluctuations in the price of commodities used at the time in the ordinary course
of business.

                  "ConAgra Foods" means ConAgra Foods, Inc., a Delaware
corporation.

                  "Consolidated Coverage Ratio" means, with respect to any
Person as of any date of determination, the ratio of:

                  (1) Consolidated EBITDA for that Person for the period of the
         most recent four consecutive fiscal quarters ending prior to the date
         of such determination and as to which financial statements are
         available and have been filed with the Commission and/or provided to
         the Trustee, to

                  (2) Consolidated Interest Expense for that Person for those
         four fiscal quarters.

                  In the event that such Person or any of its Restricted
Subsidiaries Incurs, assumes, guarantees, repurchases, repays or redeems any
Debt or issues any Preferred Stock or Disqualified Capital Stock subsequent to
the commencement of the period for which the Consolidated Coverage Ratio is
being calculated but prior to the

                                       4
<PAGE>

event for which the calculation of the Consolidated Coverage Ratio is made (the
"CALCULATION DATE"), then the Consolidated Coverage Ratio shall be calculated
giving pro forma effect to such Incurrence, assumption, guarantee, repurchase,
repayment or redemption of Debt or issuance of Preferred Stock or Disqualified
Capital Stock as if the same had occurred at the beginning of the applicable
four-quarter period. For purposes of making the computation referred to above,
Investments, acquisitions, dispositions, mergers, consolidations,
restructurings, joint ventures and discontinued operations that are made by such
Person or any of its Restricted Subsidiaries during the four-quarter reference
period or subsequent to such reference period and on or prior to or
simultaneously with the Calculation Date will be calculated on a pro forma basis
assuming that all such Investments, acquisitions, dispositions, mergers,
consolidations, restructurings, joint ventures and discontinued operations (and
the increase or reduction of any associated interest obligations and the change
in Consolidated EBITDA resulting therefrom) had occurred on the first day of the
four-quarter reference period.

                  If since the beginning of such period any Person (that
subsequently became a Restricted Subsidiary of or was merged with or into any
Restricted Subsidiary since the beginning of such period) shall have made any
Investment, acquisition, disposition, merger, consolidation, restructuring,
joint venture or discontinued operation that would have required adjustment
pursuant to this definition, then the Consolidated Coverage Ratio shall be
calculated giving pro forma effect thereto for such period as if such
Investment, acquisition, disposition, merger, consolidation, restructuring,
joint venture or discontinued operation had occurred at the beginning of the
applicable four-quarter period.

                  Without limiting the two preceding paragraphs, if any portion
of the four-quarter reference period is prior to the date of the issuance of the
Notes, then the Consolidated Coverage Ratio shall be adjusted (on a pro rata
basis for such period or portion thereof occurring prior to such date) to give
pro forma effect to each of the following, as if each of the following had
occurred on the first day of the four-quarter reference period: (a) the
elimination of businesses and assets not acquired in connection with the
Transaction (including the elimination of the Cattle Feed Companies, the
Divested Companies and Weld Insurance Company), (b) the elimination of
historical allocated corporate costs, (c) an adjustment necessary to reflect the
incremental allocated corporate costs as if the Transaction was consummated on
the first day of the four-quarter reference period and (d) the non-inclusion of
certain pension and retiree medical plans as part of the Transaction.

                  For purposes of this definition, whenever pro forma effect is
to be given to a transaction, the pro forma calculations shall be made in good
faith by a responsible financial or accounting officer of the Person. If any
Debt bears a floating rate of interest and is being given pro forma effect, the
interest on such Debt will be calculated as if the rate in effect on the
Calculation Date had been the applicable rate for the entire period (taking into
account any Hedging Obligations applicable to that Debt). Interest on a
Capitalized Lease Obligation shall be deemed to accrue at an interest rate
reasonably determined by a responsible financial or accounting officer of the
Person to be the rate of interest implicit in such Capitalized Lease Obligation
in accordance with GAAP.

                  For purposes of making the computation referred to above,
interest on any Debt under a revolving credit facility or similar arrangement
computed on a pro forma basis shall be computed based on the average balance of
such Debt during the applicable period. Interest on Debt that may optionally be
determined at an interest rate based upon a factor of a prime or similar rate, a
eurocurrency interbank offered rate, or other rate, shall be deemed to have been
based upon the rate actually chosen, or, if none, then based upon such optional
rate chosen as the Person may designate.

                  "Consolidated Current Liabilities" means, as of any date of
determination, the aggregate amount of liabilities of the Company and its
consolidated Restricted Subsidiaries which may properly be classified as current
liabilities (including taxes accrued as estimated), after eliminating:

                  (1) all intercompany items between the Company and any
         Restricted Subsidiary or between Restricted Subsidiaries, and

                  (2) all short-term debt and all current maturities of
         long-term Debt.

                  "Consolidated EBITDA" means, with respect to any Person for
any period, the Consolidated Net Income of the Person and its Restricted
Subsidiaries for that period plus, to the extent such amount was deducted in
calculating Consolidated Net Income and as determined in conformance with GAAP:

                                       5
<PAGE>

                  (1) Consolidated Interest Expense;

                  (2) income tax expense;

                  (3) depreciation expense;

                  (4) amortization expense;

                  (5) exchange or translation losses on foreign currencies;

                  (6) upfront expenses resulting from or charges relating to
         equity offerings, investments, mergers, recapitalizations, option
         buyouts, dispositions, acquisitions and similar transactions to the
         extent those expenses reduce net income;

                  (7) restructuring charges or write-offs;

                  (8) gains or losses on dispositions;

                  (9) any costs or charges which would otherwise reduce
         Consolidated EBITDA as a result of an increase in value to the
         pre-acquisition historical amounts of accounts receivable, inventories
         or any other current assets (the "WRITE-UP"), to the extent the
         write-up is required by GAAP, and occurs as a result of any acquisition
         permitted under this Indenture;

                  (10) the amount of any minority interest expense;

                  (11) without duplication, all other non-cash items (excluding
         any charge which represents the accrual of, or a reserve for,
         anticipated cash charges for any future period), extraordinary items
         and nonrecurring and unusual items reducing such Consolidated Net
         Income; and

                  (12) any decrease in Consolidated Net Income resulting solely
         from the marking to market of open positions on beef and pork contracts
         required by the application of Statement of Financial Accounting
         Standards No. 133, "Accounting for Derivative Instruments and Hedging
         Activities" of the Financial Accounting Standards Board (and any
         replacement or successor statement);

less all non-cash items (excluding items which represent the reversal of a
charge referred to in the parenthetical to clause (11) above) and nonrecurring
and unusual items increasing such Consolidated Net Income.

                  "Consolidated Interest Expense" means, with respect to any
Person for any period, the sum, without duplication of:

                  (1) consolidated interest expense of that Person and its
         Restricted Subsidiaries for that period, to the extent such expense was
         deducted in computing Consolidated Net Income, including:

                           (a) amortization of debt discount;

                           (b) the interest component of Capitalized Lease
                  Obligations;

                           (c) commissions, discounts and other fees and charges
                  owed with respect to letters of credit and bankers' acceptance
                  financing;

                           (d) interest actually paid by that Person or any of
                  its Restricted Subsidiaries under any guarantee of Debt or
                  other obligation of any other Person;

                                       6
<PAGE>

                           (e) net payments (whether positive or negative)
                  pursuant to Interest Rate Protection Agreements;

                           (f) the cash contributions to any employee stock
                  ownership plan or similar trust to the extent such
                  contributions are used by such plan or trust to pay interest
                  or fees to any Person (other than the Company) in connection
                  with Debt Incurred by that plan or trust; and

                           (g) cash and Disqualified Capital Stock dividends in
                  respect of all Preferred Stock of Restricted Subsidiaries and
                  Disqualified Capital Stock of the Company held by Persons
                  other than the Company or a Wholly Owned Subsidiary; and

                  (2) consolidated capitalized interest of that Person and its
         Restricted Subsidiaries for that period, whether paid or accrued;

less, to the extent included in the consolidated interest expense of that
Person, (A) non-cash interest on any Debt (provided that such Debt does not
require any repayment of all or any portion of the principal amount thereof
prior to the final maturity of the Notes) and (B) debt discount solely to the
extent relating to the issuance and sale of Debt together with any equity
security as part of an investment unit and (C) the amortization of capitalized
debt issuance costs.

                  Notwithstanding the foregoing, the Consolidated Interest
Expense with respect to any Restricted Subsidiary of the Person that was not a
Wholly Owned Subsidiary will be included only to the extent (and in the same
proportion) that the net income of such Restricted Subsidiary was included in
calculating Consolidated Net Income.

                  "Consolidated Net Income" means, with respect to any Person
for any period, the net income (loss) of that Person and its consolidated
Restricted Subsidiaries, determined in accordance with GAAP and before any
reduction in respect of Preferred Stock dividends; provided, however, that
Consolidated Net Income for that Person for that period will exclude, without
duplication:

                  (1) any net income of any Restricted Subsidiary of the Person
         if and to the extent that Restricted Subsidiary is subject to
         restrictions, directly or indirectly, on the payment of dividends or
         the making of distributions by such Restricted Subsidiary, directly or
         indirectly, to that Person, other than restrictions in effect on the
         date the Notes are first issued with respect to a Restricted Subsidiary
         of that Person and other than restrictions that are either created or
         exist in compliance with the provisions of Section 4.13 or are legally
         waived;

                  (2) any net after-tax gain or loss (including all fees and
         expenses related thereto) realized upon the sale or other disposition
         of any assets of the Person or its consolidated Restricted
         Subsidiaries, including pursuant to any Sale and Leaseback Transaction,
         which are not sold or otherwise disposed of in the ordinary course of
         business;

                  (3) any net after-tax extraordinary gain or loss (including
         all fees and expenses related thereto);

                  (4) the cumulative effect of a change in accounting
         principles;

                  (5) any net after-tax income (loss) from discontinued
         operations and any net after-tax gains or losses on disposal of
         discontinued operations;

                  (6) the net income of any Person, other than a Restricted
         Subsidiary, except to the extent of the lesser of:

                           (a) dividends or distributions paid to the Company or
                  any of its Restricted Subsidiaries by that Person: and

                                       7
<PAGE>

                           (b) the net income of that Person, but in no event
                  less than zero;

                  (7) any non-cash expenses attributable to grants or exercises
         of employee or independent contractor stock options or equity
         compensation arrangements; and

                  (8) any costs relating to the Transaction that would be
         required to be expensed under GAAP;

provided, further, however, that solely when determining Consolidated Net Income
for purposes of paragraph (a)(iii)(A) under Section 4.10, the following items
shall be added back to Consolidated Net Income to the extent such amount was
deducted in calculating Consolidated Net Income and as determined in accordance
with GAAP:

                           (a) extraordinary items and nonrecurring and unusual
                  items;

                           (b) the mark-to-market impact of open positions
                  accounted for in accordance with Statement of Financial
                  Accounting Standards No. 133, "Accounting for Derivative
                  Instruments and Hedging Activities;" and

                           (c) the amount of any non-cash items related to the
                  compensation of employees, officers, directors or consultants
                  and impairments of intangible assets.

                  "Consolidated Net Tangible Assets" means, as of any date of
determination, the sum of the amounts that would appear on a consolidated
balance sheet of the Company and its consolidated Restricted Subsidiaries as the
total assets (less accumulated depreciation and amortization, allowances for
doubtful receivables, other applicable reserves and other properly deductible
items) of the Company and its Restricted Subsidiaries, after giving effect to
purchase accounting and after deducting therefrom Consolidated Current
Liabilities and, to the extent otherwise included, the amounts of (without
duplication):

                  (1) the excess of cost over fair market value of assets or
         businesses acquired;

                  (2) any revaluation or other write-up in book value of assets
         subsequent to the last day of the fiscal quarter of the Company
         immediately preceding the date the Notes are first issued as a result
         of a change in the method of valuation in accordance with GAAP;

                  (3) unamortized debt discount and expenses and other
         unamortized deferred charges, goodwill, patents, trademarks, service
         marks, trade names, copyrights, licenses, organization or developmental
         expenses and other intangible items;

                  (4) minority interests in consolidated Subsidiaries held by
         Persons other than the Company or any Restricted Subsidiary;

                  (5) treasury stock;

                  (6) cash or securities set aside and held in a sinking or
         other analogous fund established for the purpose of redemption or other
         retirement of Capital Stock to the extent such obligation is not
         reflected in Consolidated Current Liabilities; and

                  (7) Investments in and assets of Unrestricted Subsidiaries.

                  "Consolidated Senior Debt Leverage Ratio" means, with respect
to any Person as of any date of determination, the ratio of (i) consolidated
Senior Debt of such Person and its Restricted Subsidiaries as of the date of the
transaction giving rise to the need to calculate such Consolidated Senior Debt
Leverage Ratio to (ii) Consolidated EBITDA for that Person and its Restricted
Subsidiaries for the period of the most recent four consecutive fiscal quarters
ending prior to the date of determination and as to which financial statements
are available and have been filed with the Commission and/or provided to the
Trustee. The calculation of the Consolidated Senior Debt Leverage Ratio shall be
made according to the same procedure and be subject to the same adjustments as
the Consolidated Coverage Ratio.

                                       8
<PAGE>

                  "Continuing Directors" means (a) at any time during the first
two years after the closing of the Transaction, individuals who are directors of
the Company on the closing date (after giving effect to the Transaction) or
whose election was approved by a vote of at least a majority of individuals who
were Continuing Directors as of the time of such election and (b) at any time
thereafter, individuals who, two years prior to such time, were directors of the
Company or whose election was approved by a vote of at least a majority of
individuals who were Continuing Directors as of the time of such election.

                  "Contribution Agreement" means the agreement by and among the
Company, Swift Foods Company, S&C Holdco 2, Inc. and Parent entered into as of
the date the Notes are first issued, pursuant to which Swift Foods Company, S&C
Holdco 2, Inc. and Parent will contribute or otherwise pay over, or cause any of
their Subsidiaries (other than Swift Cattle Holdco, Inc. and Monfort Finance
Company, Inc.) to contribute or otherwise pay over, to the Company any amounts
they receive from ConAgra Foods or its Affiliates pursuant to indemnification
claims under the Acquisition Agreement and any amounts obtained from other
sources which are applied to offset any indemnification claims that the Company
could otherwise make under the Acquisition Agreement.

                  "Corporate Trust Office of the Trustee" shall be at the
address of the Trustee specified in Section 12.02 hereof or such other address
as to which the Trustee may give notice to the Company.

                  "Currency Protection Agreement" means any currency protection
agreement entered into with one or more financial institutions in the ordinary
course of business that is designed to protect the person or entity entering
into the agreement against fluctuations in currency exchange rates with respect
to Debt Incurred and not for purposes of speculation.

                  "Custodian" means, with respect to the Notes issuable or
issued in whole or in part in global form, the Person specified in Section 2.03
hereof as Custodian with respect to the Notes, any and all successors thereto
appointed as custodian hereunder and having become such pursuant to the
applicable provisions of this Indenture.

                  "Debt" means, with respect to any Person on any date of
determination, without duplication, any indebtedness of that Person:

                  (1) for borrowed money;

                  (2) evidenced by bonds, debentures, notes or other similar
         instruments;

                  (3) constituting Capitalized Lease Obligations and all
         Attributable Debt in respect of Sale and Leaseback Transactions;

                  (4) Incurred or assumed as the deferred and unpaid purchase
         price of property or services, or pursuant to conditional sale
         obligations and title retention agreements (but excluding trade
         accounts payable and accrued expenses arising in the ordinary course of
         business), which purchase price is due more than six months after the
         date of placing such property in service or taking delivery and title
         thereto or the completion of such services;

                  (5) for reimbursement of any obligor on any letter of credit,
         banker's acceptance or similar credit transaction;

                  (6) for Debt of other Persons to the extent guaranteed by such
         Person;

                  (7) for Hedging Obligations; and

                  (8) for Debt of any other Person of the type referred to in
         clauses (1) through (7) which is secured by any Lien on any property or
         asset of such first referred to Person, the amount of such Debt being

                                       9
<PAGE>

         deemed to be the lesser of the value of the property or asset
         underlying the Lien or the amount of the Debt so secured.

                  The amount of Debt of any Person at any date will be:

                           (a) the sum of (I) the outstanding principal amount
                  of all unconditional obligations described above, as such
                  amount would be reflected on a balance sheet prepared in
                  accordance with GAAP and (II) the maximum liability, upon the
                  occurrence of the contingency giving rise to the obligation,
                  of any contingent obligations at such date; and

                           (b) the accreted value of that Debt, in the case of
                  any Debt issued with original issue discount.

                  "Default" means any event which is, or after notice or passage
of time or both would be, an Event of Default.

                  "Definitive Note" means a certificated Note registered in the
name of the Holder thereof and issued in accordance with Section 2.06 hereof, in
substantially the form of Exhibit A hereto except that such Note shall not bear
the Global Note Legend and shall not have the "Schedule of Exchanges of
Interests in the Global Note" attached thereto.

                  "Depositary" means, with respect to the Notes issuable or
issued in whole or in part in global form, the Person specified in Section 2.03
hereof as the Depositary with respect to the Notes, and any and all successors
thereto appointed as depositary hereunder and having become such pursuant to the
applicable provisions of this Indenture.

                  "Designated Preferred Stock" means Preferred Stock of a
Person, other than Preferred Stock that is Disqualified Capital Stock, that is
issued to another Person other than to a Restricted Subsidiary, for cash and is
so designated as "Designated Preferred Stock," pursuant to an Officers'
Certificate executed by the principal executive officer and the principal
financial officer of the Person, on the issuance date of that Preferred Stock,
the cash proceeds of which are excluded from the calculation set forth in clause
(a)(iii)(B) of Section 4.10.

                  "Disposition" means, with respect to any Person, any merger,
consolidation or other business combination involving such Person (whether or
not such Person is the Surviving Person) or the sale, assignment, transfer,
lease, conveyance or other disposition of all or substantially all of such
Person's assets or Capital Stock.

                  "Disqualified Capital Stock" means any Capital Stock that, by
its terms or by the terms of any security into which it is convertible or for
which it is exchangeable, or upon the happening of any event,

                  (1) matures (excluding any maturity as the result of an
         optional redemption by the issuer of that Capital Stock);

                  (2) is mandatorily redeemable, pursuant to a sinking fund
         obligation or otherwise; or

                  (3) is redeemable at the sole option of its holder,

in whole or in part, on or prior to the final maturity date of the Notes;
provided, however, that only the portion of Capital Stock that so matures or is
mandatorily redeemable or is so redeemable at the sole option of its holder
prior to the final maturity date of the Notes will be deemed Disqualified
Capital Stock.

                  "Distribution Compliance Period" means the 40-day distribution
compliance period as defined in Regulation S.

                  "Divested Companies" shall have the meaning set forth in the
Acquisition Agreement.

                                       10
<PAGE>

                  "Domestic Restricted Subsidiary" means a Restricted Subsidiary
incorporated or otherwise organized or existing under the laws of the United
States, any state thereof or any territory or possession of the United States.

                  "Equity Interests" means Qualified Capital Stock and all
warrants, options or other rights to acquire Qualified Capital Stock, but
excluding any debt security that is convertible into, or exchangeable for,
Qualified Capital Stock.

                  "Equity Offering" means any public or private sale of common
stock or Preferred Stock or options, warrants or rights with respect to such
common stock or Preferred Stock of the Company or the direct or indirect parent
of the Company, excluding Disqualified Capital Stock of the Company and public
offerings with respect to common stock registered on Form S-8 or any successor
form thereto under the Securities Act.

                  "Euroclear" means Euroclear Bank, S.A./N.V., as operator of
the Euroclear systems, and any successor thereto.

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

                  "Exchange Notes" means Notes issued in the Exchange Offer
pursuant to Section 2.06(f) hereof.

                  "Exchange Offer" has the meaning set forth in the Registration
Rights Agreement.

                  "Exchange Offer Registration Statement" has the meaning set
forth in the Registration Rights Agreement.

                  "Excluded Proceeds" means the net cash proceeds received by a
Person from

                  (1) contributions to its equity capital other than
         contributions from the issuance of Disqualified Capital Stock of the
         Company or any of its Subsidiaries; and

                  (2) the sale, other than to a Subsidiary or to any management
         equity or stock option plan or employee benefit plan of the Company, of
         Qualified Capital Stock of the Person;

in each case designated as Excluded Proceeds pursuant to an Officers'
Certificate on the date the contributions are made or the date those Equity
Interests are sold, as the case may be, the cash proceeds of which are excluded
from the calculation set forth in clause (a)(iii)(B) of Section 4.10.

                  "Foreign Restricted Subsidiary" means any Restricted
Subsidiary which is not organized under the laws of the United States of America
or any State thereof or the District of Columbia.

                  "Foreign Subsidiary" means any Subsidiary which is not
organized under the laws of the United States of America or any State thereof or
the District of Columbia.

                  "GAAP" means generally accepted accounting principles in the
United States of America, including those set forth in the opinions and
pronouncements of the Accounting Principles Board of the American Institute of
Certified Public Accountants and statements and pronouncements of the Financial
Accounting Standards Board or the Commission or in such other statements by such
other entity as approved by a significant segment of the accounting profession
as may from time to time be in effect. All ratios and computations based on GAAP
contained in this Indenture will be computed in conformity with GAAP.

                  "Global Note Legend" means the legend set forth in Section
2.06(g)(ii), which is required to be placed on all Global Notes issued under
this Indenture.

                  "Global Notes" means the global Notes in the form of Exhibit A
hereto issued in accordance with Article 2 hereof.

                                       11
<PAGE>

                  "Group" means a group of related Persons for purposes of
Section 13(d) of the Exchange Act.

                  "guarantee" means a guarantee (other than by endorsement of
negotiable instruments for collection in the ordinary course of business),
direct or indirect, in any manner (including, without limitation, by way of a
pledge of assets or through letters of credit or reimbursement agreements in
respect thereof), of all or any part of any Debt. The term "guarantee" used as a
verb has a corresponding meaning.

                  "Guarantee" means a Guarantor's guarantee of the Notes.

                  "Guarantor" means: (1) Parent; (2) each of the Company's
Domestic Restricted Subsidiaries existing as of the date of this Indenture; and
(3) each of the Company's Restricted Subsidiaries that in the future executes a
supplemental indenture in which such Restricted Subsidiary agrees to be bound by
the terms of this Indenture as a Guarantor; provided that any Person
constituting a Guarantor as described above shall cease to constitute a
Guarantor when its respective Guarantee is released in accordance with the terms
of this Indenture.

                  "Hedging Obligations" means, with respect to any specified
entity, the obligations of that entity under:

                  (1) any Interest Rate Protection Agreement;

                  (2) foreign exchange contracts and Currency Protection
         Agreements;

                  (3) any Commodity Agreement; and

                  (4) other agreements or arrangements entered into in the
         ordinary course of business and designed to protect that entity against
         fluctuations in interest rates, currency exchange rates or commodity
         prices.

                  "Hicks Muse" means Hicks, Muse, Tate & Furst Incorporated and
each of its successors.

                  "Holder" means a Person in whose name a Note is registered.

                  "IAI Global Note" means a Global Note in the form of Exhibit A
hereto bearing the Global Note Legend and the Private Placement Legend and
deposited with and registered in the name of the Depositary or its nominee that
will be issued in a denomination equal to the outstanding principal amount of
the Notes sold to Institutional Accredited Investors, if any.

                  "Incur" means, with respect to any Debt or other obligation of
any Person, to create, issue, incur (by merger, conversion, exchange or
otherwise), extend, assume, guarantee or become liable in respect of such Debt
or other obligation or the recording, as required pursuant to GAAP or otherwise,
of any such Debt or obligation on the balance sheet of such Person (and
"Incurrence" and "Incurred" shall have meanings correlative to the foregoing);
provided, however, that a change in GAAP that results in an obligation of such
Person that exists at such time, and is not theretofore classified as Debt,
becoming Debt shall not be deemed an Incurrence of such Debt; provided further,
however, that any Debt or other obligations of a Person existing at the time
such Person becomes a Subsidiary (whether by merger, consolidation, acquisition
or otherwise) shall be deemed to be Incurred by such Subsidiary at the time it
becomes a Subsidiary.

                  "Indenture" means this instrument, as originally executed or
as it may from time to time be supplemented or amended in accordance with
Article 9 hereof.

                  "Independent Financial Advisor" means an accounting,
appraisal, investment banking firm or consultant to Persons engaged in the
Company's business of nationally recognized standing that is, in the judgment of
the Company's Board of Directors, qualified to perform the task for which it has
been engaged.

                                       12
<PAGE>

                  "Indirect Participant" means a Person who holds a beneficial
interest in a Global Note through a Participant.

                  "Initial Notes" means $268,000,000 aggregate principal amount
of Notes issued under this Indenture on the date hereof.

                  "Initial Senior Subordinated Notes" means $150,000,000 in
aggregate principal amount of Senior Subordinated Notes issued under the Senior
Subordinated Notes Indenture on the date hereof.

                  "Institutional Accredited Investor" means an institution that
is an "accredited investor" as defined in Rule 501(a)(1), (2), (3) or (7) under
the Securities Act.

                  "Interest Payment Dates" shall have the meaning set forth in
paragraph 1 of the Note.

                  "Interest Rate Protection Agreement" means, with respect to
any Person, any interest rate protection agreement, interest rate future
agreement, interest rate option agreement, interest rate swap agreement,
interest rate cap agreement, interest rate collar agreement, interest rate hedge
agreement or other similar agreement or arrangement as to which that Person is a
party or beneficiary.

                  "Investment" in any Person means any direct or indirect
advance, loan (other than advances to customers in the ordinary course of
business) or other extension of credit (including by way of guarantee or similar
arrangement, but excluding any debt or extension of credit represented by a bank
deposit other than a time deposit) or capital contribution to (by means of any
transfer of cash or other property to other Persons or any payment for property
or services for the account or use of other Persons), or any purchase or
acquisition of Capital Stock, Debt or other similar instruments issued by such
Person.

                  "Legal Holiday" means a Saturday, a Sunday or a day on which
banking institutions in the City of New York, the city in which the Corporate
Trust Office of the Trustee is located, or at a place of payment are authorized
by law, regulation or executive order to remain closed. If a payment date is a
Legal Holiday at a place of payment, payment may be made at that place on the
next succeeding day that is not a Legal Holiday, and no interest shall accrue on
such payment for the intervening period.

                  "Letter of Transmittal" means the letter of transmittal to be
prepared by the Company and sent to all Holders of the Initial Notes for use by
such Holders in connection with the Exchange Offer.

                  "Lien" means any mortgage, pledge, security interest,
encumbrance, lien or charge of any kind (including any conditional sale or other
title retention agreement or lease in the nature thereof).

                  "Moody's" means Moody's Investors Service, Inc. or any
successor to the rating agency business of Moody's Investors Service, Inc.

                  "Net Available Cash" from an Asset Sale means cash or Cash
Equivalents received, including any payments received by way of deferred payment
of principal pursuant to a note or installment receivable or otherwise, but only
as and when received, but excluding any other consideration received in the form
of assumption by the acquiring Person of Debt or other obligations relating to
the properties or assets subject to that Asset Sale, from that Asset Sale, in
each case net of

                  (1) all legal, accounting, investment banking, title and
         recording tax expenses, commissions and other fees and expenses
         incurred, and all U.S. federal, state, foreign and local taxes required
         to be paid or accrued as a liability under GAAP in connection with such
         Asset Sale;

                  (2) all payments made on any Debt which is secured by any
         assets subject to such Asset Sale, other than the Senior Credit
         Facilities, in accordance with the terms of any Lien upon such assets,
         or which must by its terms, or in order to obtain a necessary consent
         to the Asset Sale, or by applicable law, be repaid out of the proceeds
         from the Asset Sale;

                                       13
<PAGE>

                  (3) all distributions and other payments required to be made
         to any Person owning a beneficial interest in assets subject to sale or
         minority interest holders in Subsidiaries or joint ventures as a result
         of the Asset Sale;

                  (4) the deduction of appropriate amounts to be provided by the
         seller as a reserve, in accordance with GAAP, against any liabilities
         associated with the assets disposed of in the Asset Sale and retained
         by the Company or any Restricted Subsidiary of the Company after that
         Asset Sale; and

                  (5) any portion of the purchase price from an Asset Sale
         placed in escrow, whether as a reserve for adjustment of the purchase
         price, for satisfaction of indemnities in respect of such Asset Sale or
         otherwise in connection with that Asset Sale; provided, however, that
         upon the termination of that escrow, Net Available Cash will be
         increased by any portion of funds in the escrow that are released to
         the Company or any Restricted Subsidiary.

                  "Obligations" means all obligations for principal, premium,
interest, penalties, fees, indemnifications, reimbursements, damages and other
liabilities payable under the documentation governing any Debt.

                  "Officer" means the Chief Executive Officer, the President,
the Chief Financial Officer or any Executive Vice President of the Company.

                  "Officers' Certificate" means a certificate, in form and
substance reasonably satisfactory to the Trustee, signed by two Officers of the
Company, at least one of whom shall be the principal executive officer or
principal financial officer of the Company, and delivered to the Trustee.

                  "Opinion of Counsel" means a written opinion, in form and
substance reasonably satisfactory to the Trustee, from legal counsel who is
acceptable to the Trustee and which meets the requirements of Section 12.05
hereof. The counsel may be an employee of or counsel to the Company or the
Trustee.

                  "Parent" means S&C Holdco 3, Inc., a Delaware corporation, and
its successors.

                  "Participant" means, with respect to the Depositary, Euroclear
or Clearstream, a Person who has an account with the Depositary, Euroclear or
Clearstream, respectively, and, with respect to The Depository Trust Company,
shall include Euroclear and Clearstream.

                  "Permitted Debt" means, without duplication:

                  (1) Debt outstanding on the date the Notes are first issued;

                  (2) Debt of the Company or a Restricted Subsidiary under the
         Senior Credit Facilities, including guarantees thereof; provided that
         the aggregate principal amount of all such Debt under the Senior Credit
         Facilities at any one time outstanding shall not exceed the greater of
         (a) $550.0 million, or (b) the sum of (I) 85% of the book value of the
         accounts receivable of the Company and its Restricted Subsidiaries,
         plus (II) 70% of the book value of the inventory (other than supplies)
         of the Company and its Restricted Subsidiaries, (III) 15% of the book
         value of the supplies of the Company and its Restricted Subsidiaries,
         plus (IV) 100% of the book value of the plant, property and equipment
         of the Company and its Restricted Subsidiaries (provided that any
         amount under this clause (IV) shall not exceed $110.0 million), in each
         case determined on a consolidated basis and to the extent eligible to
         be included in the Borrowing Base (as defined in the Senior Credit
         Facilities); less the amount of all repayments of term Debt with Net
         Available Cash from Asset Sales applied pursuant to Section 4.12;

                  (3) Debt of the Company owing to and held by any Wholly Owned
         Restricted Subsidiary or Debt of a Restricted Subsidiary owing to and
         held by the Company or any Wholly Owned Restricted Subsidiary;
         provided, however, that any Debt of the Company owing to and held by
         any Wholly Owned Restricted Subsidiary that is not a Guarantor is
         unsecured and is subordinated in right of payment to the

                                       14
<PAGE>

         payment and performance of the Company's obligations under the Notes;
         provided, further, however, that any subsequent issuance or transfer of
         any Capital Stock or any other event which results in any such Wholly
         Owned Restricted Subsidiary ceasing to be a Wholly Owned Restricted
         Subsidiary or any subsequent transfer of any such Debt, except to the
         Company or a Wholly Owned Restricted Subsidiary, will be deemed, in
         each case, to constitute the Incurrence of that Debt by the issuer
         thereof;

                  (4) Debt evidenced by or arising under (a) the Initial Notes,
         the Guarantees and this Indenture, including the Exchange Notes to be
         issued pursuant to the Exchange Offer contemplated by the Registration
         Rights Agreement and the Guarantees thereof and (b) the Initial Senior
         Subordinated Notes, the Senior Subordinated Guarantees and the Senior
         Subordinated Notes Indenture;

                  (5) Hedging Obligations; provided, however, that the
         agreements governing those Hedging Obligations are entered into for
         bona fide hedging purposes and not for speculative purposes, as
         determined in good faith by the Board of Directors or senior management
         of the Company;

                  (6) additional Debt of the Company or any of its Restricted
         Subsidiaries not otherwise permitted under Section 4.09, in an
         aggregate principal amount, which when aggregated with the aggregate
         principal amount of all other Debt then outstanding and Incurred
         pursuant to this clause (6), does not at any one time outstanding
         exceed $40.0 million (which amount may, but need not, be incurred under
         the Senior Credit Facilities);

                  (7) Refinancing Debt;

                  (8) subject to compliance with Section 4.21, guarantees by the
         Company or Restricted Subsidiaries of the Company of any Debt permitted
         by this Indenture to be Incurred;

                  (9) Debt in respect of performance bonds, reimbursement
         obligations with respect to letters of credit, bankers' acceptances,
         completion guarantees and surety or appeal bonds provided by the
         Company or any of its Restricted Subsidiaries in the ordinary course of
         their business or Debt with respect to reimbursement type obligations
         regarding workers' compensation claims;

                  (10) pledges, deposits or payments made or given in the
         ordinary course of business in connection with or to secure statutory,
         regulatory or similar obligations, including obligations under health,
         safety or environmental obligations, or arising from guarantees to
         suppliers, lessors, licensees, contractors, franchisees or customers of
         obligations, other than Debt, made in the ordinary course of business;

                  (11) Debt arising from agreements providing for
         indemnification, adjustment of purchase price or similar obligations,
         or from guarantees or letters of credit, surety bonds or performance
         bonds securing any obligations of the Company or any of its Restricted
         Subsidiaries pursuant to those agreements, in each case Incurred in
         connection with the disposition of any business assets or Restricted
         Subsidiaries of the Company, other than guarantees of Debt or other
         obligations Incurred by any Person acquiring all or any portion of
         those business assets or Restricted Subsidiaries of the Company for the
         purpose of financing that acquisition, in a principal amount not to
         exceed the gross proceeds, including non-cash proceeds, actually
         received by the Company or any of its Restricted Subsidiaries in
         connection with that disposition; provided, however, that such Debt is
         not reflected on the balance sheet of the Company or any of its
         Restricted Subsidiaries, other than as contingent obligations referred
         to in a footnote to financial statements and not otherwise reflected on
         the balance sheet;

                  (12) Debt, including but not limited to Capitalized Lease
         Obligations, mortgage financings or purchase money obligations,
         Incurred for the purpose of financing all or any part of the purchase
         price or cost of construction or improvement of property or assets,
         whether through direct purchase of assets or the Capital Stock of any
         Person owning those assets, or Incurred to refinance any such purchase
         price or cost of construction or improvement in an aggregate amount not
         to exceed at any one time outstanding $25.0 million;

                                       15
<PAGE>

                  (13) Acquired Debt or Disqualified Capital Stock of Persons
         that are acquired by the Company or any of its Restricted Subsidiaries
         or merged into a Restricted Subsidiary in accordance with the terms of
         this Indenture; provided, however, that such Acquired Debt or
         Disqualified Capital Stock is not Incurred in contemplation of that
         acquisition or merger; and provided, further, that after giving effect
         to the acquisition or merger, the Company would be permitted to Incur
         at least $1.00 of additional Debt, other than Permitted Debt, under
         paragraph (a) of Section 4.09; and

                  (14) Debt arising from the honoring by a bank or other
         financial institution of a check, draft or similar instrument drawn
         inadvertently against insufficient funds in the ordinary course of
         business, provided that such Debt is extinguished within five business
         days of incurrence of such Debt.

                  "Permitted Holders" means Hicks Muse, its Affiliates and each
of their respective principals, employees, partners, officers, members and
directors.

                  "Permitted Investment" means an Investment by the Company or
any of its Restricted Subsidiaries in:

                  (1) cash or Cash Equivalents;

                  (2) an Investment existing on the date the Notes are first
         issued;

                  (3) receivables owing to the Company or any of its Restricted
         Subsidiaries, if created or acquired in the ordinary course of business
         and payable or dischargeable in accordance with customary trade terms,
         including any receivables from livestock suppliers;

                  (4) payroll, travel and similar advances to cover matters that
         are expected at the time of such advances ultimately to be treated as
         expenses for accounting purposes and that are made in the ordinary
         course of business;

                  (5) loans and advances to employees or independent contractors
         made in the ordinary course of business in an aggregate amount
         outstanding at any one time not to exceed $1.0 million;

                  (6) stock, obligations or securities received in settlement of
         debts created in the ordinary course of business and owing to the
         Company or any of its Restricted Subsidiaries or in satisfaction of
         judgments or claims or pursuant to any plan of reorganization or
         similar arrangement upon the bankruptcy or insolvency of a debtor;

                  (7) Hedging Obligations permitted under clause (5) of the
         definition of "Permitted Debt;"

                  (8) other Investments by the Company or any of its Restricted
         Subsidiaries, together with all other Investments made pursuant to this
         clause (8), in an aggregate amount at any time outstanding not to
         exceed $75.0 million; provided that the value of any such Investment
         shall be determined at the time such Investment was made;

                  (9) Persons to the extent such Investment is received by the
         Company or any Restricted Subsidiary as non-cash consideration for
         Asset Sales effected in compliance with Section 4.12;

                  (10) prepayments and other credits to suppliers made in the
         ordinary course of business;

                  (11) Investments in connection with pledges, deposits,
         payments or performance bonds made or given in the ordinary course of
         business in connection with or to secure statutory, regulatory or
         similar obligations, including obligations under health, safety or
         environmental obligations;

                  (12) any transaction to the extent it constitutes an
         Investment that is permitted by and made in accordance with the
         provisions of the second paragraph of Section 4.14;

                                       16
<PAGE>

                  (13) the Company or a Wholly Owned Restricted Subsidiary;
         provided, however, that the primary business of such Wholly Owned
         Restricted Subsidiary or of its Wholly Owned Restricted Subsidiaries,
         as the case may be, is a Related Business; and

                  (14) another Person if as a result of such Investment such
         other Person becomes a Wholly Owned Restricted Subsidiary or is merged
         or consolidated with or into, or transfers or conveys all or
         substantially all its assets to, the Company or a Wholly Owned
         Restricted Subsidiary; provided, however, that in each case such
         Person's primary business is a Related Business.

                  "Permitted Liens" means:

                  (1) Liens to secure Debt permitted to be Incurred under clause
         (2) of the definition of "Permitted Debt;"

                  (2) Liens on the outstanding Capital Stock or assets of
         Foreign Subsidiaries to secure any intercompany notes issued by a
         Foreign Subsidiary to the Company and any guarantee of such
         intercompany notes by a Foreign Subsidiary evidencing a loan by the
         Company to such Foreign Subsidiary of proceeds from the Senior Credit
         Facilities;

                  (3) Liens to secure Debt permitted to be Incurred under clause
         (12) of the definition of "Permitted Debt;" provided that any such Lien
         may not extend to any property of the Company or any Restricted
         Subsidiary, other than the property acquired, constructed or leased
         with the proceeds of such Debt and such Liens secure Debt in an amount
         not in excess of the original purchase price or the original cost of
         any such property and any improvements or accessions to such property;

                  (4) Liens for taxes, assessments or governmental charges or
         levies on the property of the Company or any Restricted Subsidiary if
         the same shall not at the time be delinquent or thereafter can be paid
         without penalty, or are being contested in good faith and by
         appropriate proceedings promptly instituted and diligently concluded;

                  (5) Liens imposed by law, such as carriers', warehousemen's
         and mechanics' Liens and other similar Liens, on the property of the
         Company or any Restricted Subsidiary arising in the ordinary course of
         business and securing payment of obligations that are not more than 60
         days past due or are being contested in good faith and by appropriate
         proceedings;

                  (6) Liens on the property of the Company or any Restricted
         Subsidiary Incurred in the ordinary course of business to secure
         performance of obligations with respect to statutory or regulatory
         requirements, performance or return-of-money bonds, surety bonds or
         other obligations of a like nature and Incurred in a manner consistent
         with industry practice, in each case which are not Incurred in
         connection with the borrowing of money, the obtaining of advances or
         credit or the payment of the deferred purchase price of property and
         which do not in the aggregate impair in any material respect the use of
         property in the operation of the business of the Company and the
         Restricted Subsidiaries taken as a whole;

                  (7) Liens on property or assets of, or any shares of stock or
         secured debt of, any Person at the time the Company or any Restricted
         Subsidiary acquired such property or the Person owning such property,
         including any acquisition by means of a merger or consolidation with or
         into the Company or any Restricted Subsidiary; provided, however, that
         any such Lien may not extend to any other property of the Company or
         any Restricted Subsidiary; provided, further, however, that such Liens
         shall not have been Incurred in anticipation of or in connection with
         the transaction or series of transactions pursuant to which such
         property was acquired by the Company or any Restricted Subsidiary;

                  (8) Liens on the property of a Person at the time such Person
         becomes a Restricted Subsidiary; provided, however, that any such Lien
         may not extend to any other property of the Company or any other
         Restricted Subsidiary that is not a direct Subsidiary of such Person;
         provided further, however, that any such Lien was not Incurred in
         anticipation of or in connection with the transaction or series of
         transactions pursuant to which such Person became a Restricted
         Subsidiary;

                                       17
<PAGE>

                  (9) pledges or deposits by the Company or any Restricted
         Subsidiary under workmen's compensation laws, unemployment insurance
         laws or similar legislation, or good faith deposits in connection with
         bids, tenders, contracts (other than for the payment of Debt) or leases
         to which the Company or any Restricted Subsidiary is party, or deposits
         to secure public or statutory obligations of the Company, or deposits
         for the payment of rent, in each case Incurred in the ordinary course
         of business;

                  (10) utility easements, building restrictions and such other
         encumbrances or charges against real property as are of a nature
         generally existing with respect to properties of a similar character;

                  (11) Liens securing Hedging Obligations;

                  (12) Liens existing on the date the Notes are first issued not
         otherwise described in clauses (1) through (11) above;

                  (13) Liens on the property of the Company or any Restricted
         Subsidiary to secure any refinancing, refunding, extension, renewal or
         replacement, in whole or in part, of any Debt secured by Liens referred
         to in clause (3), (7), (8) or (12) above; provided, however, that any
         such Lien shall be limited to all or part of the same property that
         secured the original Lien (together with improvements and accessions to
         such property) and the aggregate principal amount of Debt that is
         secured by such Lien shall not be increased to an amount greater than
         the sum of:

                           (a) the outstanding principal amount, or, if greater,
                  the committed amount, of the Debt secured by Liens described
                  under clause (3), (7), (8) or (12) above, as the case may be,
                  at the time the original Lien became a Permitted Lien under
                  this Indenture; and

                           (b) an amount necessary to pay any fees and expenses,
                  including premiums and defeasance costs, incurred by the
                  Company or such Restricted Subsidiary in connection with such
                  refinancing, refunding, extension, renewal or replacement; and

                  (14) Liens not otherwise permitted by clauses (1) through (13)
         above encumbering assets having an aggregate fair market value not in
         excess of 5% of Consolidated Net Tangible Assets at the time of the
         incurrence of such Lien.

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

                  "Predecessor Note" of any particular Note means every previous
Note evidencing all or a portion of the same Debt as that evidenced by such
particular Note; and for the purposes of this definition, any Note authenticated
and delivered under Section 2.07 in lieu of a lost, destroyed or stolen Note
shall be deemed to evidence the same Debt as the lost, destroyed or stolen Note.

                  "Preferred Stock" of any Person means any Capital Stock of
that Person that has preferential rights to any other Capital Stock of that
Person with respect to dividends or redemptions or upon liquidation.

                  "Private Placement Legend" means the legend set forth in
Section 2.06(g)(i) hereof to be placed on all Notes issued under this Indenture
except as otherwise permitted by the provisions of this Indenture.

                  "QIB" means a "qualified institutional buyer" as defined in
Rule 144A.

                  "Qualified Capital Stock" means any Capital Stock that is not
Disqualified Capital Stock.

                  "Refinancing Debt" means any Indebtedness that is Incurred by
the Company or any Restricted Subsidiaries to refund, refinance, replace, renew,
repay or extend any Indebtedness Incurred in accordance with Section 4.09 that
does not:

                                       18
<PAGE>

                  (1) result in an increase in the aggregate principal amount of
         Debt (such principal amount to include, for purposes of this definition
         only, any premiums, fees, penalties or accrued interest paid with the
         proceeds of the Refinancing Debt) of the Company or that Restricted
         Subsidiary; or

                  (2) create Debt with:

                           (a) a Weighted Average Life to Maturity that is less
                  than the Weighted Average Life to Maturity of the Debt being
                  refinanced; or

                           (b) a final maturity earlier than the final maturity
                  of the Debt being refinanced;

provided that in the event the obligor on the Debt being refunded, refinanced,
renewed, repaid or extended is the Company or a Subsidiary Guarantor, the
Refinancing Debt may only be incurred by the Company or a Subsidiary Guarantor.

                  "Registration Rights Agreement" means the Registration Rights
Agreement dated as of the date hereof, among the Company, Parent, the Subsidiary
Guarantors and the initial purchasers named therein, as such agreement may be
amended, modified or supplemented from time to time and, with respect to any
Additional Notes, one or more registration rights agreements between the Company
and the other parties thereto, as such agreement(s) may be amended, modified or
supplemented from time to time, relating to rights given by the Company to the
purchasers of Additional Notes to register such Additional Notes under the
Securities Act.

                  "Regular Record Date" for the interest payable on any Interest
Payment Date means the date specified on the face of the Note.

                  "Regulation S" means Regulation S promulgated under the
Securities Act.

                  "Regulation S Global Note" means a Regulation S Temporary
Global Note or Regulation S Permanent Global Note, as appropriate.

                  "Regulation S Permanent Global Note" means a permanent Global
Note in the form of Exhibit A hereto bearing the Global Note Legend and the
Private Placement Legend and deposited with and registered in the name of the
Depositary or its nominee that will be issued in a denomination equal to the
outstanding principal amount of the Regulation S Temporary Global Note upon
expiration of the Distribution Compliance Period.

                  "Regulation S Temporary Global Note" means a temporary Global
Note in the form of Exhibit A hereto bearing the Global Note Legend, the Private
Placement Legend and Regulation S Temporary Global Note Legend and deposited
with and registered in the name of the Depository or its nominee, issued in a
denomination equal to the outstanding principal amount of the Notes initially
sold in reliance on Rule 903 of Regulation S.

                  "Regulation S Temporary Global Note Legend" means the legend
set forth in Section 2.06(g)(iii) hereof to be placed on all Regulation S
Temporary Global Notes issued under this Indenture.

                  "Related Business" means any business which is the same as or
related, ancillary or complementary to any of the businesses of the Company and
its Restricted Subsidiaries on the date the Notes are first issued, as
reasonably determined by the Company's Board of Directors.

                  "Related Parties" means any Person controlled by a Permitted
Holder, including any partnership of which a Permitted Holder or its Affiliates
is the general partner.

                  "Responsible Officer," when used with respect to the Trustee,
means any officer within the Corporate Trust Department of the Trustee (or any
successor group of the Trustee) with direct responsibility for the

                                       19
<PAGE>

administration of this Indenture and also means, with respect to a particular
corporate trust matter, any other officer to whom such matter is referred
because of his or her knowledge of and familiarity with the particular subject.

                  "Restricted Definitive Note" means one or more Definitive
Notes bearing the Private Placement Legend.

                  "Restricted Global Notes" means the 144A Global Note, the IAI
Global Note and the Regulation S Global Note.

                  "Restricted Investment" means an Investment other than a
Permitted Investment.

                  "Restricted Payment" means:

                  (1) the declaration or payment of any dividend or the making
         of any other distribution (other than dividends or distributions
         payable solely in Qualified Capital Stock or in options, rights or
         warrants to acquire Qualified Capital Stock) on shares of the Company's
         Capital Stock;

                  (2) the declaration or payment of any dividend or the making
         of any other distribution on shares of the Capital Stock of a
         Restricted Subsidiary to any Person (other than (a) to the Company or
         any of its Wholly Owned Restricted Subsidiaries, (b) dividends or
         distributions made by a Restricted Subsidiary on a pro rata basis to
         all stockholders of such Restricted Subsidiary (or owners of an
         equivalent interest in the case of a Restricted Subsidiary that is not
         a corporation) or (c) dividends or distributions payable solely in its
         Qualified Capital Stock or in options, rights or warrants to acquire
         Qualified Capital Stock);

                  (3) the purchase, redemption, retirement or other acquisition
         for value of any Capital Stock of the Company held by Persons other
         than the Company or a Restricted Subsidiary of the Company or any
         Capital Stock of a Restricted Subsidiary held by Persons other than the
         Company or another Restricted Subsidiary (in either case, other than in
         exchange for its Qualified Capital Stock or options, rights or warrants
         to acquire Qualified Capital Stock or to the extent that after giving
         effect to such purchase, redemption, retirement or acquisition, such
         Restricted Subsidiary would become a Wholly Owned Subsidiary);

                  (4) the purchase, repurchase, redemption, defeasance or other
         acquisition or retirement for value, prior to scheduled maturity,
         scheduled repayment or scheduled sinking fund payment, of any
         Subordinated Debt of the Company or a Restricted Subsidiary (other than
         the purchase, repurchase or other acquisition of Subordinated Debt
         purchased (A) in anticipation of satisfying a sinking fund obligation,
         principal installment or final maturity, in each case due within one
         year of the date of purchase, repurchase or acquisition or (B) in
         compliance with Section 4.12 to the extent required by the indenture or
         other agreement or instrument pursuant to which such Subordinated Debt
         was issued); or

                  (5) the making of any Investment (other than a Permitted
         Investment) in any Person.

                  "Restricted Subsidiary" means any Subsidiary of the Company
other than an Unrestricted Subsidiary.

                  "Rule 144" means Rule 144 promulgated under the Securities
Act.

                  "Rule 144A" means Rule 144A promulgated under the Securities
Act.

                  "Rule 903" means Rule 903 promulgated under the Securities
Act.

                  "Rule 904" means Rule 904 promulgated under the Securities
Act.

                  "S&P" means Standard & Poor's Ratings Group, a division of
McGraw Hill, Inc., or any successor to the rating agency business thereof.

                                       20
<PAGE>

                  "Sale and Leaseback Transaction" means any direct or indirect
arrangement relating to property now owned or hereafter acquired whereby the
Company or a Restricted Subsidiary transfers such property to another Person and
the Company or a Restricted Subsidiary leases it from such Person, other than
transactions between the Company and its Wholly Owned Restricted Subsidiaries or
between Wholly Owned Restricted Subsidiaries.

                  "Secured Debt" means any Debt of the Company or a Guarantor
secured by a Lien.

                  "Securities Act" means the Securities Act of 1933, as amended.

                  "Seller Note" means the note in the principal amount of $150.0
million issued by Swift Foods Company to ConAgra Foods, and assigned by Swift
Foods Company to S&C Holdco 2, Inc., in connection with the Transaction.

                  "Senior Credit Facilities" means the Debt represented by:

                  (1) the Credit Agreement, dated as of the date of this
         Indenture, among Parent, the Company, certain of its Subsidiaries, the
         lenders party thereto, Citicorp USA, Inc., as Administrative Agent, and
         JP Morgan Chase Bank, as Syndication Agent, together with the related
         documents thereto (including, without limitation, any guarantee
         agreements and security documents), as the same may be amended,
         supplemented or otherwise modified from time to time, including
         amendments, supplements or modifications relating to the addition or
         elimination of Subsidiaries of the Company as borrowers, guarantors or
         other credit parties thereunder; and

                  (2) any renewal, extension, refunding, restructuring,
         replacement or refinancing thereof (whether with the original
         Administrative Agent and lenders or another administrative agent or
         agents or one or more other lenders and whether provided under the
         original Senior Credit Facilities or one or more other credit or other
         agreements or indentures).

                  "Senior Debt" of any Person means Debt (other than
Subordinated Debt) of the type specified in clauses (1), (2), (3) and (4) of the
definition of "Debt."

                  "Senior Subordinated Guarantee" means a Guarantor's guarantee
of the Senior Subordinated Notes.

                  "Senior Subordinated Notes" means $150 million in aggregate
principal amount of the Company's 12 1/2% Senior Subordinated Notes due January
1, 2010 to be issued to ConAgra Foods pursuant to the Acquisition Agreement.

                  "Senior Subordinated Notes Indenture" means the Indenture,
dated as of the date hereof, by and among the Company, the Guarantors and The
Bank of New York Trust Company of Florida, N.A., as Trustee, governing the
Company's Senior Subordinated Notes.

                  "Shelf Registration Statement" means the Shelf Registration
Statement as defined in the Registration Rights Agreement.

                  "Significant Subsidiary" means any Restricted Subsidiary that
would be a "significant subsidiary" of the Company within the meaning of Rule
1-02 under Regulation S-X promulgated by the Commission.

                  "Special Interest" shall have the meaning set forth in the
Registration Rights Agreement.

                  "Stated Maturity" means, with respect to any installment of
interest or principal on any series of Debt (including, without limitation, a
scheduled repayment or a scheduled sinking fund payment), the date on which the
payment of interest or principal was scheduled to be paid in the original
documentation governing such Debt,

                                       21
<PAGE>

and will not include any contingent obligations to repay, redeem or repurchase
any such interest or principal prior to the date originally scheduled for the
payment hereof.

                  "Subordinated Debt" means any Debt of the Company or a
Restricted Subsidiary, whether outstanding on the date the Notes are first
issued or thereafter Incurred, which is subordinate or junior in right of
payment to the Notes or the Guarantee of such Restricted Subsidiary, as the case
may be, pursuant to a written agreement.

                  "Subsidiary," with respect to any Person, means (i) any
corporation of which the outstanding Capital Stock having at least a majority of
the votes entitled to be cast in the election of directors under ordinary
circumstances shall at the time be owned, directly or indirectly, through one or
more intermediaries, by such Person or (ii) any other Person of which at least a
majority of the voting interest under ordinary circumstances is at the time,
directly or indirectly, through one or more intermediaries, owned by such
Person. Notwithstanding anything in this Indenture to the contrary, all
references to the Company and its consolidated Subsidiaries or to financial
information prepared on a consolidated basis in accordance with GAAP shall be
deemed to include the Company and its Subsidiaries as to which financial
statements are prepared on a combined basis in accordance with GAAP and to
financial information prepared on such a combined basis. Notwithstanding
anything in this Indenture to the contrary, an Unrestricted Subsidiary shall not
be deemed to be a Restricted Subsidiary for purposes of this Indenture.

                  "Subsidiary Guarantee" means the Guarantee of the Notes by
each of the Subsidiary Guarantors pursuant to Article 10 and in the form of the
Guarantee attached as Exhibit E and any additional Guarantee of the Notes to be
executed by any Subsidiary of the Company pursuant to Section 4.19.

                  "Subsidiary Guarantor" means all of the Company's existing and
future Subsidiaries incorporated or otherwise organized or existing under the
laws of the United States, any state thereof or any territory or possession of
the United States and any other Subsidiary that becomes a Guarantor pursuant to
Section 4.19.

                  "Surviving Person" means, with respect to any Person involved
in or that makes any Disposition, the Person formed by or surviving such
Disposition or the Person to which such Disposition is made.

                  "Tax Sharing Agreement" means the agreement by and among the
Company, on the one hand, and certain of its direct and indirect parent entities
and the entities that will acquire and operate the domestic cattle feeding
operations of ConAgra Foods, on the other hand.

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

                  "Trademark License Agreements" means the Armour Transition
Trademark License Agreement among ConAgra Foods, ConAgra Brands, Inc. and Swift
Brands Company and the Swift Transition Trademark License Agreement between
Swift Brands Company and ConAgra Foods each dated as of the date the Notes are
first issued.

                  "Transaction" means the acquisition by the Company of the
United States beef, pork and lamb processing businesses and the Australian beef
business of ConAgra Foods pursuant to the Acquisition Agreement.

                  "Transaction Documents" means the Acquisition Agreement,
together with related documents, including the following documents all of which
will be dated as of the date the Notes are first issued:

                  (1) Cattle Supply Agreement, between Swift Beef Company and
         Monfort Finance Company, Inc.;

                  (2) Preferred Supplier Agreement, between ConAgra Foods and
         Swift & Company;

                  (3) By-Products Marketing Agreement, between ConAgra Trade
         Group, Inc. and Swift & Company;

                                       22
<PAGE>

                  (4) Transition Services Agreement, among ConAgra Foods,
         Monfort Finance Company, Inc., Swift Foods Company, Swift Beef Company,
         Swift & Company, Swift Cattle Holdco, Inc., S&C Holdco 3, Inc., Swift
         Pork Company, Kabushiki Kaisha SAC Japan, Australia Meat Holdings Pty.
         Limited, Burcher Pty. Limited, Swift Refrigerated Foods, S.A. de C.V.,
         Miller Bros. Co., Inc., Monfort Food Distribution Company, Monfort
         International Sales Corporation and Monfort, Inc., as amended;

                  (5) Trademark License Agreements;

                  (6) Hangar License Agreement, between ConAgra Foods and Swift
         Beef Company;

                  (7) Risk Management Agreement, between ConAgra Foods and
         Monfort Finance Company, Inc.;

                  (8) Seller Note;

                  (9) the promissory note(s) issued by S&C Australia Holdco Pty.
         Ltd. to the Company;

                  (10) Monitoring and Oversight Agreement, among Swift Foods
         Company, Swift & Company, Swift Pork Company, Swift Beef Company, S&C
         Australia Holdco Pty. Ltd., Australia Meat Holdings Pty. Limited, S&C
         Holdco 2, Inc., S&C Holdco 3, Inc. and Hicks Muse & Co. Partners, L.P.;

                  (11) Financial Advisory Agreement, among Swift Foods Company,
         Swift & Company, Swift Pork Company, Swift Beef Company, S&C Australia
         Holdco Pty. Ltd., Australia Meat Holdings Pty. Limited, S&C Holdco 2,
         Inc., S&C Holdco 3, Inc. and Hicks Muse & Co. Partners, L.P.;

                  (12) Stockholders' Agreement, among HMTF Rawhide, L.P.,
         ConAgra Foods, Hicks, Muse, Tate & Furst Incorporated and Swift Foods
         Company;

                  (13) the employment and severance arrangements with senior
         management of the Company;

                  (14) Indemnification and Release Agreement, among ConAgra
         Foods, Swift Foods Company, S&C Holdco 2, Inc., S&C Holdco 3, Inc.,
         Swift & Company, S&C Australia Holdco Pty. Ltd., Swift Cattle Holdco,
         Inc., Swift Brands Company, Swift Beef Company, Swift Pork Company,
         Kabushiki Kaisha SAC Japan, Swift Refrigerated Foods, S.A. de C.V.,
         Monfort Finance Company, Inc., Burcher Pty. Limited, Monfort, Inc.,
         Australia Meat Holdings Pty. Limited, Miller Bros. Co., Inc., Monfort
         Food Distribution Company and Monfort International Sales Corporation;

                  (15) Contribution Agreement;

                  (16) Tax Sharing Agreement;

                  (17) Indemnity Side Letter from ConAgra Foods and Swift Foods
         Company to HMTF Rawhide, L.P.;

                  (18) the lease for the Hyrum, Utah facilities from ConAgra
         Foods or its Affiliates to the Company or its Affiliates;

                  (19) the side letter from ConAgra Foods to HMTF Rawhide, L.P.
         and the initial purchasers regarding certain undertakings;

                  (20) intercompany promissory notes; and

                  (21) Patent License Agreement between ConAgra Foods and Swift
         Brands Company;

and, in each case, the schedules, annexes and exhibits thereto.

                                       23
<PAGE>

                  "Treasury Yield" means, as of any redemption date, the yield
to maturity as of such redemption date of United States Treasury securities with
a constant maturity (as compiled by and published in the most recent Federal
Reserve Statistical Release H.15(519) that has become publicly available at
least two business days prior to the date fixed for redemption or, if such
statistical release is no longer published, any publicly available source of
similar market data) most nearly equal to the then remaining maturity of that
note. If the remaining maturity of such note is less than one year, the weekly
average yield on actually traded United States Treasury securities adjusted to a
constant maturity of one year will be used.

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

                  "Unrestricted Definitive Notes" means one or more Definitive
Notes that do not and are not required to bear the Private Placement Legend.

                  "Unrestricted Global Notes" means one or more Global Notes, in
the form of Exhibit A attached hereto, that do not and are not required to bear
the Private Placement Legend and are deposited with and registered in the name
of the Depositary or its nominee.

                  "Unrestricted Subsidiary" means any direct or indirect
Subsidiary of a Person that is designated by the Board of Directors of that
Person as an Unrestricted Subsidiary and any Subsidiary of that Unrestricted
Subsidiary. The Company and any of its Restricted Subsidiaries will only be
permitted to provide credit support for Debt of an Unrestricted Subsidiary,
including by way of intercompany Debt, Guarantee or otherwise, to the extent
that the Company is permitted to Incur such Debt under Section 4.09 and to make
an Investment under Section 4.10.

                  Any designation of a Subsidiary of the Company as an
Unrestricted Subsidiary will be evidenced to the Trustee by filing with the
Trustee a certified copy of the Board Resolution of the Board of Directors of
the Company giving effect to such designation and an Officers' Certificate
certifying that such designation complied with the preceding conditions and was
permitted by Section 4.10 hereof. If, at any time, any Unrestricted Subsidiary
would fail to meet the preceding requirements as an Unrestricted Subsidiary, it
will thereafter cease to be an Unrestricted Subsidiary for purposes of this
Indenture and any Indebtedness of such Subsidiary will be deemed to be incurred
by a Restricted Subsidiary of the Company as of such date and, if such
Indebtedness is not permitted to be incurred as of such date under Section 4.09,
the Company will be in default of such covenant. The Board of Directors of the
Company may at any time designate any Unrestricted Subsidiary to be a Restricted
Subsidiary; provided that such designation will be deemed to be an incurrence of
Indebtedness by one of the Company's Restricted Subsidiaries of any outstanding
Indebtedness of such Unrestricted Subsidiary and such designation will only be
permitted if (1) such Indebtedness is permitted under Section 4.09, calculated
on a pro forma basis as if such designation had occurred at the beginning of the
four-quarter reference period; (2) no Default or Event of Default would be in
existence following such designation; and (3) such Subsidiary executes and
delivers to the Trustee a supplemental indenture providing for a Subsidiary
Guarantee.

                  "U.S. Government Securities" means direct obligations (or
certificates representing an ownership interest in such obligations) of the
United States of America (including any agency or instrumentality thereof) for
the payment of which the full faith and credit of the United States of America
is pledged and which are not callable or redeemable at the issuer's option.

                  "Voting Stock" of any Person as of any date means the Capital
Stock of that Person that is at the time entitled to vote in the election of
that Person's Board of Directors.

                  "Weighted Average Life to Maturity" means, when applied to any
Debt at any date, the number of years obtained by dividing

                  (1) the then outstanding aggregate principal amount of such
         Debt into

                  (2) the total of the product obtained by multiplying

                                       24
<PAGE>
                           (a) the amount of each then remaining installment,
                  sinking fund, serial maturity or other required payment of
                  principal, including payment at final maturity, in respect
                  thereof; by

                           (b) the number of years (calculated to the nearest
                  one-twelfth) which will elapse between such date and the
                  making of such payment.

                  "Weld Insurance Company" means Weld Insurance Company, a
Colorado corporation.

                  "Wholly Owned Restricted Subsidiary" means any Restricted
Subsidiary that is a Wholly Owned Subsidiary.

                  "Wholly Owned Subsidiary" means a Subsidiary of any Person,
all of the outstanding Capital Stock of which (other than any director's
qualifying shares or shares owned by foreign nationals to the extent mandated by
applicable law) is owned by such Person or one or more Wholly Owned Subsidiaries
of such Person.

                  "Wholly Owned Subsidiary Guarantor" means any Subsidiary
Guarantor that is a Wholly Owned Subsidiary.

Section 1.02. OTHER DEFINITIONS.

<Table>
<Caption>
                                                                                         Defined in
                  Term                                                                     Section
                  ----                                                                   ----------
<S>                                                                                      <C>
                  "Acceleration Notice"......................................................6.02
                  "Affiliate Transaction"....................................................4.14
                  "Asset Sale Offer".........................................................3.09
                  "Authentication Order".....................................................2.02
                  "Benefited Party"..........................................................10.01
                  "Change of Control Offer"..................................................4.18
                  "Change of Control Payment Date"...........................................4.18
                  "Change of Control Purchase Price".........................................4.18
                  "Covenant Defeasance"......................................................8.03
                  "DTC"......................................................................2.03
                  "Event of Default".........................................................6.01
                  "Legal Defeasance".........................................................8.02
                  "losses"...................................................................7.07
                  "Offer Amount".............................................................3.09
                  "Offer Period".............................................................3.09
                  "Paying Agent".............................................................2.03
                  "Purchase Date"............................................................3.09
                  "Registrar"................................................................2.03
                  "Security Register"........................................................4.18
</Table>

Section 1.03. INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT.

                  (a) Whenever this Indenture refers to a provision of the TIA,
the provision is incorporated by reference in and made a part of this Indenture.

                  (b) The following TIA terms used in this Indenture have the
following meanings:

                  "indenture securities" means the Notes;

                  "indenture security holder" means a Holder of a Note;

                  "indenture to be qualified" means this Indenture;

                                       25
<PAGE>

                  "indenture trustee" or "institutional trustee" means the
Trustee; and

                  "obligor" on the Notes means the Company and any successor
obligor upon the Notes.

                  (c) All other terms used in this Indenture that are defined by
the TIA, defined by TIA reference to another statute or defined by Commission
rule under the TIA and not otherwise defined herein have the meanings so
assigned to them.

Section 1.04. RULES OF CONSTRUCTION.

                  (a) Unless the context otherwise requires:

                           (i) a term has the meaning assigned to it;

                           (ii) an accounting term not otherwise defined herein
                  has the meaning assigned to it in accordance with GAAP;

                           (iii) "or" is not exclusive;

                           (iv) words in the singular include the plural, and in
                  the plural include the singular;

                           (v) all references in this instrument to designated
                  "Articles," "Sections" and other subdivisions are to the
                  designated Articles, Sections and subdivisions of this
                  instrument as originally executed;

                           (vi) 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.

                           (vii) "including" means "including without
                  limitation;"

                           (viii) provisions apply to successive events and
                  transactions; and

                           (ix) references to sections of or rules under the
                  Securities Act shall be deemed to include substitute,
                  replacement or successor sections or rules adopted by the
                  Commission from time to time.

                                   ARTICLE 2.

                                    THE NOTES

Section 2.01. FORM AND DATING.

                  (a) GENERAL. The Notes and the Trustee's certificate of
authentication shall be substantially in the form of Exhibit A hereto, which is
hereby incorporated in and expressly made part of this Indenture. The Notes may
have notations, legends or endorsements required by law, stock exchange rule or
usage in addition to those set forth on Exhibit A. Each Note shall be dated the
date of its authentication. The Notes shall be in denominations of $1,000 and
integral multiples thereof. The terms and provisions contained in the Notes
shall constitute, and are hereby expressly made, a part of this Indenture and
the Company and the Trustee, by their execution and delivery of this Indenture,
expressly agree to such terms and provisions and to be bound thereby. However,
to the extent any provision of any Note conflicts with the express provisions of
this Indenture, the provisions of this Indenture shall govern and be
controlling.

                  (b) FORM OF NOTES. The Notes shall be issued initially in
global form and shall be substantially in the form of Exhibit A attached hereto
(including the Global Note Legend thereon and the "Schedule of Exchanges of
Interests in the Global Note" attached thereto). Notes issued in definitive form
shall be substantially in the form of

                                       26
<PAGE>

Exhibit A attached hereto (but without the Global Note Legend thereon and
without the "Schedule of Exchanges of Interests in the Global Note" attached
thereto). Each Global Note shall represent such of the outstanding Notes as
shall be specified therein and each shall provide that it shall represent the
aggregate principal amount of outstanding Notes from time to time endorsed
thereon and that the aggregate principal amount of outstanding Notes represented
thereby may from time to time be reduced or increased, as appropriate, to
reflect exchanges and redemptions and transfers of interests therein. Any
endorsement of a Global Note to reflect the amount of any increase or decrease
in the aggregate principal amount of outstanding Notes represented thereby shall
be made by the Trustee or the Custodian, at the direction of the Trustee, in
accordance with instructions given by the Holder thereof as required by Section
2.06 hereof.

                  (c) TEMPORARY GLOBAL NOTES. Notes offered and sold in reliance
on Regulation S shall be issued initially in the form of the Regulation S
Temporary Global Note, which shall be deposited on behalf of the purchasers of
the Notes represented thereby with the Trustee, at its New York office, as
custodian for the Depositary, and registered in the name of the Depositary or
the nominee of the Depositary for the accounts of designated agents holding on
behalf of Euroclear or Clearstream, duly executed by the Company and
authenticated by the Trustee as hereinafter provided. The Distribution
Compliance Period shall be terminated upon the receipt by the Trustee of (i) a
written certificate from the Depositary, together with copies of certificates
from Euroclear and Clearstream certifying that they have received certification
of non-United States beneficial ownership of 100% of the aggregate principal
amount of the Regulation S Temporary Global Note (except to the extent of any
beneficial owners thereof who acquired an interest therein during the
Distribution Compliance Period pursuant to another exemption from registration
under the Securities Act and who will take delivery of a beneficial ownership
interest in a Global Note, bearing a Private Placement Legend, all as
contemplated by Section 2.06(b) hereof), and (ii) an Officers' Certificate from
the Company. Following the termination of the Distribution Compliance Period,
beneficial interests in the Regulation S Temporary Global Note shall be
exchanged for beneficial interests in the Regulation S Permanent Global Note
pursuant to the Applicable Procedures. Simultaneously with the authentication of
the Regulation S Permanent Global Note, the Trustee shall cancel the Regulation
S Temporary Global Note. The aggregate principal amount of the Regulation S
Temporary Global Note and the Regulation S Permanent Global Notes may from time
to time be increased or decreased by adjustments made on the records of the
Trustee and the Depositary or its nominee, as the case may be, in connection
with transfers of interests as hereinafter provided.

                  (d) BOOK-ENTRY PROVISIONS. This Section 2.01(d) shall only
apply to Global Notes deposited with the Trustee, as custodian for the
Depositary. Participants and Indirect Participants shall have no rights under
this Indenture with respect to any Global Note held on their behalf by the
Depositary or by the Trustee as the custodian for the Depositary or under such
Global Note, and the Depositary shall be treated by the Company, the Trustee and
any agent of the Company or the Trustee as the absolute owner of such Global
Note for all purposes whatsoever. Notwithstanding the foregoing, 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 the Depositary or impair, as between the Depositary
and its Participants or Indirect Participants, the Applicable Procedures or the
operation of customary practices of the Depositary governing the exercise of the
rights of a holder of a beneficial interest in any Global Note.

Section 2.02. EXECUTION AND AUTHENTICATION.

                  (a) One Officer shall sign the Notes for the Company by manual
or facsimile signature.

                  (b) If an Officer whose signature is on a Note no longer holds
that office at the time a Note is authenticated, the Note shall nevertheless be
valid.

                  (c) A Note shall not be valid until authenticated by the
manual signature of the Trustee. The signature shall be conclusive evidence that
the Note has been authenticated under this Indenture.

                  (d) The Trustee shall, upon a written order of the Company
signed by an Officer (an "AUTHENTICATION ORDER"), authenticate Notes for
original issue.

                  (e) The Trustee may appoint an authenticating agent acceptable
to the Company to authenticate Notes. Unless otherwise provided in the
appointment, an authenticating agent may authenticate Notes whenever the

                                       27
<PAGE>

Trustee may do so. Each reference in this Indenture to authentication by the
Trustee includes authentication by such agent. An authenticating agent has the
same rights as an Agent to deal with Holders or an Affiliate of the Company or
any of their respective Subsidiaries.

Section 2.03. REGISTRAR AND PAYING AGENT.

                  (a) The Company shall maintain an office or agency where Notes
may be presented for registration of transfer or for exchange ("REGISTRAR") and
an office or agency where Notes may be presented for payment ("PAYING AGENT").
The Registrar shall keep a register of the Notes and of their transfer and
exchange. The Company may appoint one or more co-registrars and one or more
additional paying agents. The term "Registrar" includes any co-registrar and the
term "Paying Agent" includes any additional paying agent. The Company may change
any Paying Agent or Registrar without notice to any Holder. The Company shall
notify the Trustee in writing of the name and address of any Agent not a party
to this Indenture. If the Company fails to appoint or maintain another entity as
Registrar or Paying Agent, the Trustee shall act as such. The Company or any of
its Subsidiaries may act as Paying Agent or Registrar.

                  (b) The Company initially appoints The Depository Trust
Company ("DTC") to act as Depositary with respect to the Global Notes.

                  (c) The Company initially appoints the Trustee to act as the
Registrar and Paying Agent and to act as Custodian with respect to the Global
Notes, and the Trustee hereby initially agrees so to act.

Section 2.04. PAYING AGENT TO HOLD MONEY IN TRUST.

                  The Company shall require each Paying Agent other than the
Trustee to agree in writing that the Paying Agent shall hold in trust for the
benefit of the Holders or the Trustee all money held by the Paying Agent for the
payment of principal, premium, if any, or interest and Special Interest, if any,
on the Notes, and shall notify the Trustee of any default by the Company in
making any such payment. While any such default continues, the Trustee may
require a Paying Agent to pay all money held by it to the Trustee. The Company
at any time may require a Paying Agent to pay all money held by it to the
Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the
Company or a Subsidiary) shall have no further liability for the money. If the
Company or a Subsidiary acts as Paying Agent, it shall segregate and hold in a
separate trust fund for the benefit of the Holders all money held by it as
Paying Agent. Upon any bankruptcy or reorganization proceedings relating to the
Company, the Trustee shall serve as Paying Agent for the Notes.

Section 2.05. HOLDER LISTS.

                  The Trustee shall preserve in as current a form as is
reasonably practicable the most recent list available to it of the names and
addresses of all Holders and shall otherwise comply with TIA Section 312(a). If
the Trustee is not the Registrar, the Company shall furnish to the Trustee at
least seven Business Days before each Interest Payment Date and at such other
times as the Trustee may request in writing, a list in such form and as of such
date or such shorter time as the Trustee may allow, as the Trustee may
reasonably require of the names and addresses of the Holders and the Company
shall otherwise comply with TIA Section 312(a).

Section 2.06. TRANSFER AND EXCHANGE.

                  (a) TRANSFER AND EXCHANGE OF GLOBAL NOTES. A Global Note may
not be transferred as a whole except by the Depositary to a nominee of the
Depositary, by a nominee of the Depositary to the Depositary or to another
nominee of the Depositary, or by the Depositary or any such nominee to a
successor Depositary or a nominee of such successor Depositary. All Global Notes
will be exchanged by the Company for Definitive Notes if (1) the Company
delivers to the Trustee notice from the Depositary that it is unwilling or
unable to continue to act as Depositary or that it is no longer a clearing
agency registered under the Exchange Act and, in either case, a successor
Depositary is not appointed by the Company within 120 days after the date of
such notice from the Depositary or (2) the Company in its sole discretion
determines that the Global Notes (in whole but not in part) should be exchanged
for Definitive Notes and delivers a written notice to such effect to the
Trustee; or (3) an Event

                                       28
<PAGE>

of Default entitling the Holders to accelerate shall have occurred and be
continuing and the Registrar has received a written request from the Depositary
to issue Definitive Notes; provided that in no event shall the Regulation S
Temporary Global Note be exchanged by the Company for Definitive Notes prior to
(x) the expiration of the Distribution Compliance Period and (y) the receipt by
the Registrar of any certificates required pursuant to Rule 903(a)(3)(ii)(B)
under the Securities Act. Upon the occurrence of any of the preceding events in
(1), (2) or (3) above, Definitive Notes shall be issued in denominations of
$1,000 or integral multiples thereof and in such names as the Depositary shall
instruct the Trustee in writing. Global Notes also may be exchanged or replaced,
in whole or in part, as provided in Sections 2.07 and 2.10 hereof. Every Note
authenticated and delivered in exchange for, or in lieu of, a Global Note or any
portion thereof, pursuant to this Section 2.06 or Section 2.07 or 2.10 hereof,
shall be authenticated and delivered in the form of, and shall be, a Global
Note. A Global Note may not be exchanged for another Note other than as provided
in this Section 2.06(a), however, beneficial interests in a Global Note may be
transferred and exchanged as provided in Section 2.06(b), (c) or (f) hereof.

                  (b) TRANSFER AND EXCHANGE OF BENEFICIAL INTERESTS IN THE
GLOBAL NOTES. The transfer and exchange of beneficial interests in the Global
Notes shall be effected through the Depositary, in accordance with the
provisions of this Indenture and the Applicable Procedures. Beneficial interests
in the Restricted Global Notes shall be subject to restrictions on transfer
comparable to those set forth herein to the extent required by the Securities
Act. Transfers of beneficial interests in the Global Notes also shall require
compliance with either clause (i) or (ii) below, as applicable, as well as one
or more of the other following clauses, as applicable:

                  (i) Transfer of Beneficial Interests in the Same Global Note.
         Beneficial interests in any Restricted Global Note may be transferred
         to Persons who take delivery thereof in the form of a beneficial
         interest in the same Restricted Global Note in accordance with the
         transfer restrictions set forth in the Private Placement Legend;
         provided, however, that prior to the expiration of the Distribution
         Compliance Period, transfers of beneficial interests in the Regulation
         S Temporary Global Note may not be made to a U.S. Person or for the
         account or benefit of a U.S. Person (other than a distributor (as
         defined in Rule 902(d) of the Securities Act)). Beneficial interests in
         any Unrestricted Global Note may be transferred to Persons who take
         delivery thereof in the form of a beneficial interest in an
         Unrestricted Global Note. No written orders or instructions shall be
         required to be delivered to the Registrar to effect the transfers
         described in this Section 2.06(b)(i).

                  (ii) All Other Transfers and Exchanges of Beneficial Interests
         in Global Notes. In connection with all transfers and exchanges of
         beneficial interests that are not subject to Section 2.06(b)(i) above,
         the transferor of such beneficial interest must deliver to the
         Registrar either (A)(1) a written order from a Participant or an
         Indirect Participant given to the Depositary in accordance with the
         Applicable Procedures directing the Depositary to credit or cause to be
         credited a beneficial interest in another Global Note in an amount
         equal to the beneficial interest to be transferred or exchanged and (2)
         instructions given in accordance with the Applicable Procedures
         containing information regarding the Participant account to be credited
         with such increase or (B)(1) a written order from a Participant or an
         Indirect Participant given to the Depositary in accordance with the
         Applicable Procedures directing the Depositary to cause to be issued a
         Definitive Note in an amount equal to the beneficial interest to be
         transferred or exchanged and (2) instructions given by the Depositary
         to the Registrar containing information regarding the Person in whose
         name such Definitive Note shall be registered to effect the transfer or
         exchange referred to in (B)(1) above; provided that in no event shall
         Definitive Notes be issued upon the transfer or exchange of beneficial
         interests in the Regulation S Temporary Global Note prior to (x) the
         expiration of the Distribution Compliance Period and (y) the receipt by
         the Registrar of any certificates required pursuant to Rule
         903(a)(3)(ii)(B) under the Securities Act. Upon consummation of an
         Exchange Offer by the Company in accordance with Section 2.06(f)
         hereof, the requirements of this Section 2.06(b)(ii) shall be deemed to
         have been satisfied upon receipt by the Registrar of the instructions
         contained in the Letter of Transmittal delivered by the Holder of such
         beneficial interests in the Restricted Global Notes. Upon satisfaction
         of all of the requirements for transfer or exchange of beneficial
         interests in Global Notes contained in this Indenture and the Notes or
         otherwise applicable under the Securities Act, the Trustee shall adjust
         the principal amount of the relevant Global Note(s) pursuant to Section
         2.06(h) hereof.

                  (iii) Transfer of Beneficial Interests in a Restricted Global
         Note to Another Restricted Global Note. A beneficial interest in any
         Restricted Global Note may be transferred to a Person who takes

                                       29
<PAGE>

         delivery thereof in the form of a beneficial interest in another
         Restricted Global Note if the transfer complies with the requirements
         of Section 2.06(b)(ii) above and the Registrar receives the following:

                           (A) if the transferee will take delivery in the form
                  of a beneficial interest in the 144A Global Note, then the
                  transferor must deliver a certificate in the form of Exhibit B
                  hereto, including the certifications in item (1) thereof;

                           (B) if the transferee will take delivery in the form
                  of a beneficial interest in the Regulation S Temporary Global
                  Note or the Regulation S Permanent Global Note, then the
                  transferor must deliver a certificate in the form of Exhibit B
                  hereto, including the certifications in item (2) thereof; and

                           (C) if the transferee will take delivery in the form
                  of a beneficial interest in the IAI Global Note, then the
                  transferor must deliver a certificate in the form of Exhibit B
                  hereto, including the certifications and certificates and
                  Opinion of Counsel required by item (3) thereof, if
                  applicable.

                  (iv) Transfer and Exchange of Beneficial Interests in a
         Restricted Global Note for Beneficial Interests in an Unrestricted
         Global Note. A beneficial interest in any Restricted Global Note may be
         exchanged by any holder thereof for a beneficial interest in an
         Unrestricted Global Note or transferred to a Person who takes delivery
         thereof in the form of a beneficial interest in an Unrestricted Global
         Note if the exchange or transfer complies with the requirements of
         Section 2.06(b)(ii) above and:

                           (A) such exchange or transfer is effected pursuant to
                  the Exchange Offer in accordance with the Registration Rights
                  Agreement and the holder of the beneficial interest to be
                  transferred, in the case of an exchange, or the transferee, in
                  the case of a transfer, certifies in the applicable Letter of
                  Transmittal that it is not (1) a broker-dealer, (2) a Person
                  participating in the distribution of the Exchange Notes or (3)
                  a Person who is an affiliate (as defined in Rule 144) of the
                  Company;

                           (B) such transfer is effected pursuant to the Shelf
                  Registration Statement in accordance with the Registration
                  Rights Agreement;

                           (C) such transfer is effected by a broker-dealer
                  pursuant to the Exchange Offer Registration Statement in
                  accordance with the Registration Rights Agreement; or

                           (D) the Registrar receives the following:

                           (1) if the holder of such beneficial interest in a
                  Restricted Global Note proposes to exchange such beneficial
                  interest for a beneficial interest in an Unrestricted Global
                  Note, a certificate from such holder in the form of Exhibit C
                  hereto, including the certifications in item (1)(a) thereof;
                  or

                           (2) if the holder of such beneficial interest in a
                  Restricted Global Note proposes to transfer such beneficial
                  interest to a Person who shall take delivery thereof in the
                  form of a beneficial interest in an Unrestricted Global Note,
                  a certificate from such holder in the form of Exhibit B
                  hereto, including the certifications in item (4) thereof;

                  and, in each such case set forth in this clause (D), if the
                  Registrar and the Company so requests or if the Applicable
                  Procedures so require, an Opinion of Counsel in form
                  reasonably acceptable to the Registrar to the effect that such
                  exchange or transfer is in compliance with the Securities Act
                  and that the restrictions on transfer contained herein and in
                  the Private Placement Legend are no longer required in order
                  to maintain compliance with the Securities Act.

                                       30
<PAGE>

                  If any such transfer is effected pursuant to clause (B) or (D)
         above at a time when an Unrestricted Global Note has not yet been
         issued, the Company shall issue and, upon receipt of an Authentication
         Order in accordance with Section 2.02 hereof, the Trustee shall
         authenticate one or more Unrestricted Global Notes in an aggregate
         principal amount equal to the aggregate principal amount of beneficial
         interests transferred pursuant to clause (B) or (D) above.

                  (v) Transfer or Exchange of Beneficial Interests in
         Unrestricted Global Notes for Beneficial Interests in Restricted Global
         Notes Prohibited. Beneficial interests in an Unrestricted Global Note
         cannot be exchanged for, or transferred to Persons who take delivery
         thereof in the form of, a beneficial interest in a Restricted Global
         Note.

                  (c) TRANSFER OR EXCHANGE OF BENEFICIAL INTERESTS FOR
DEFINITIVE NOTES.

                  (i) Beneficial Interests in Restricted Global Notes to
         Restricted Definitive Notes. If any holder of a beneficial interest in
         a Restricted Global Note proposes to exchange such beneficial interest
         for a Restricted Definitive Note or to transfer such beneficial
         interest to a Person who takes delivery thereof in the form of a
         Restricted Definitive Note, then, upon receipt by the Registrar of the
         following documentation:

                           (A) if the holder of such beneficial interest in a
                  Restricted Global Note proposes to exchange such beneficial
                  interest for a Restricted Definitive Note, a certificate from
                  such holder in the form of Exhibit C hereto, including the
                  certifications in item (2)(a) thereof;

                           (B) if such beneficial interest is being transferred
                  to a QIB in accordance with Rule 144A, a certificate to the
                  effect set forth in Exhibit B hereto, including the
                  certifications in item (1) thereof;

                           (C) if such beneficial interest is being transferred
                  to a Non-U.S. Person in an offshore transaction in accordance
                  with Rule 903 or Rule 904, a certificate to the effect set
                  forth in Exhibit B hereto, including the certifications in
                  item (2) thereof;

                           (D) if such beneficial interest is being transferred
                  pursuant to an exemption from the registration requirements of
                  the Securities Act in accordance with Rule 144 under the
                  Securities Act, a certificate to the effect set forth in
                  Exhibit B hereto, including the certifications in item (3)(a)
                  thereof;

                           (E) if such beneficial interest is being transferred
                  to an Institutional Accredited Investor in reliance on an
                  exemption from the registration requirements of the Securities
                  Act other than those listed in clauses (B) through (D) above,
                  a certificate to the effect set forth in Exhibit B hereto,
                  including the certifications, certificates and Opinion of
                  Counsel required by item (3)(d) thereof, if applicable;

                           (F) if such beneficial interest is being transferred
                  to the Company or any of its Subsidiaries, a certificate to
                  the effect set forth in Exhibit B hereto, including the
                  certifications in item (3)(b) thereof; or

                           (G) if such beneficial interest is being transferred
                  pursuant to an effective registration statement under the
                  Securities Act, a certificate to the effect set forth in
                  Exhibit B hereto, including the certifications in item (3)(c)
                  thereof,

                                       31
<PAGE>

         the Trustee shall cause the aggregate principal amount of the
         applicable Global Note to be reduced accordingly pursuant to Section
         2.06(h) hereof, and the Company shall execute and the Trustee shall
         authenticate and deliver to the Person designated in the instructions a
         Definitive Note in the appropriate principal amount. Any Definitive
         Note issued in exchange for a beneficial interest in a Restricted
         Global Note pursuant to this Section 2.06(c) shall be registered in
         such name or names and in such authorized denomination or denominations
         as the holder of such beneficial interest shall instruct the Registrar
         through instructions from the Depositary and the Participant or
         Indirect Participant. The Trustee shall mail or deliver such Definitive
         Notes to the Persons in whose names such Notes are so registered. Any
         Definitive Note issued in exchange for a beneficial interest in a
         Restricted Global Note pursuant to this Section 2.06(c)(i) shall bear
         the Private Placement Legend and shall be subject to all restrictions
         on transfer contained therein.

                  (ii) Notwithstanding Sections 2.06(c)(i)(A) and (C) hereof, a
         beneficial interest in the Regulation S Temporary Global Note may not
         be exchanged for a Definitive Note or transferred to a Person who takes
         delivery thereof in the form of a Definitive Note prior to (x) the
         expiration of the Distribution Compliance Period and (y) the receipt by
         the Registrar of any certificates required pursuant to Rule
         903(a)(3)(ii)(B) under the Securities Act, except in the case of a
         transfer pursuant to an exemption from the registration requirements of
         the Securities Act other than Rule 903 or Rule 904.

                  (iii) Beneficial Interests in Restricted Global Notes to
         Unrestricted Definitive Notes. A holder of a beneficial interest in a
         Restricted Global Note may exchange such beneficial interest for an
         Unrestricted Definitive Note or may transfer such beneficial interest
         to a Person who takes delivery thereof in the form of an Unrestricted
         Definitive Note only if:

                           (A) such exchange or transfer is effected pursuant to
                  the Exchange Offer in accordance with the Registration Rights
                  Agreement and the holder of such beneficial interest, in the
                  case of an exchange, or the transferee, in the case of a
                  transfer, certifies in the applicable Letter of Transmittal
                  that it is not (1) a broker-dealer, (2) a Person participating
                  in the distribution of the Exchange Notes or (3) a Person who
                  is an affiliate (as defined in Rule 144) of the Company;

                           (B) such transfer is effected pursuant to the Shelf
                  Registration Statement in accordance with the Registration
                  Rights Agreement;

                           (C) such transfer is effected by a broker-dealer
                  pursuant to the Exchange Offer Registration Statement in
                  accordance with the Registration Rights Agreement; or

                           (D) the Registrar receives the following:

                           (1) if the holder of such beneficial interest in a
                  Restricted Global Note proposes to exchange such beneficial
                  interest for an Unrestricted Definitive Note, a certificate
                  from such holder in the form of Exhibit C hereto, including
                  the certifications in item (1)(b) thereof; or

                           (2) if the holder of such beneficial interest in a
                  Restricted Global Note proposes to transfer such beneficial
                  interest to a Person who shall take delivery thereof in the
                  form of an Unrestricted Definitive Note, a certificate from
                  such holder in the form of Exhibit B hereto, including the
                  certifications in item (4) thereof;

                  and, in each such case set forth in this clause (D), if the
                  Registrar so requests or if the Applicable Procedures so
                  require, an Opinion of Counsel in form reasonably acceptable
                  to the Registrar to the effect that such exchange or transfer
                  is in compliance with the Securities Act and that the

                                       32
<PAGE>

                  restrictions on transfer contained herein and in the Private
                  Placement Legend are no longer required in order to maintain
                  compliance with the Securities Act.

                  (iv) Beneficial Interests in Unrestricted Global Notes to
         Unrestricted Definitive Notes. If any holder of a beneficial interest
         in an Unrestricted Global Note proposes to exchange such beneficial
         interest for a Definitive Note or to transfer such beneficial interest
         to a Person who takes delivery thereof in the form of a Definitive
         Note, then, upon satisfaction of the conditions set forth in Section
         2.06(b)(ii) hereof, the Trustee shall cause the aggregate principal
         amount of the applicable Global Note to be reduced accordingly pursuant
         to Section 2.06(h) hereof, and the Company shall execute and the
         Trustee shall authenticate and mail or deliver to the Person designated
         in the instructions a Definitive Note in the appropriate principal
         amount. Any Definitive Note issued in exchange for a beneficial
         interest pursuant to this Section 2.06(c)(iii) shall be registered in
         such name or names and in such authorized denomination or denominations
         as the holder of such beneficial interest shall instruct the Registrar
         through instructions from the Depositary and the Participant or
         Indirect Participant. The Trustee shall mail or deliver such Definitive
         Notes to the Persons in whose names such Notes are so registered. Any
         Definitive Note issued in exchange for a beneficial interest pursuant
         to this Section 2.06(c)(iii) shall not bear the Private Placement
         Legend.

                  (d) TRANSFER AND EXCHANGE OF DEFINITIVE NOTES FOR BENEFICIAL
INTERESTS.

                  (i) Restricted Definitive Notes to Beneficial Interests in
         Restricted Global Notes. If any Holder of a Restricted Definitive Note
         proposes to exchange such Note for a beneficial interest in a
         Restricted Global Note or to transfer such Restricted Definitive Notes
         to a Person who takes delivery thereof in the form of a beneficial
         interest in a Restricted Global Note, then, upon receipt by the
         Registrar of the following documentation:

                           (A) if the Holder of such Restricted Definitive Note
                  proposes to exchange such Note for a beneficial interest in a
                  Restricted Global Note, a certificate from such Holder in the
                  form of Exhibit C hereto, including the certifications in item
                  (2)(b) thereof;

                           (B) if such Restricted Definitive Note is being
                  transferred to a QIB in accordance with Rule 144A, a
                  certificate to the effect set forth in Exhibit B hereto,
                  including the certifications in item (1) thereof;

                           (C) if such Restricted Definitive Note is being
                  transferred to a Non-U.S. Person in an offshore transaction in
                  accordance with Rule 903 or Rule 904, a certificate to the
                  effect set forth in Exhibit B hereto, including the
                  certifications in item (2) thereof;

                           (D) if such Restricted Definitive Note is being
                  transferred pursuant to an exemption from the registration
                  requirements of the Securities Act in accordance with Rule
                  144, a certificate to the effect set forth in Exhibit B
                  hereto, including the certifications in item (3)(a) thereof;

                           (E) if such Restricted Definitive Note is being
                  transferred to an Institutional Accredited Investor in
                  reliance on an exemption from the registration requirements of
                  the Securities Act other than those listed in clauses (B)
                  through (D) above, a certificate to the effect set forth in
                  Exhibit B hereto, including the certifications, certificates
                  and Opinion of Counsel required by item (3)(d) thereof, if
                  applicable;

                           (F) if such Restricted Definitive Note is being
                  transferred to the Company or any of its Subsidiaries, a
                  certificate to the effect set forth in Exhibit B hereto,
                  including the certifications in item (3)(b) thereof; or

                                       33
<PAGE>

                           (G) if such Restricted Definitive Note is being
                  transferred pursuant to an effective registration statement
                  under the Securities Act, a certificate to the effect set
                  forth in Exhibit B hereto, including the certifications in
                  item (3)(c) thereof,

         the Trustee shall cancel the Restricted Definitive Note, increase or
         cause to be increased the aggregate principal amount of, in the case of
         clause (A) above, the appropriate Restricted Global Note, in the case
         of clause (B) above, the 144A Global Note, in the case of clause (C)
         above, the Regulation S Global Note, and in all other cases, the IAI
         Global Note.

                  (ii) Restricted Definitive Notes to Beneficial Interests in
         Unrestricted Global Notes. A Holder of a Restricted Definitive Note may
         exchange such Note for a beneficial interest in an Unrestricted Global
         Note or transfer such Restricted Definitive Note to a Person who takes
         delivery thereof in the form of a beneficial interest in an
         Unrestricted Global Note only if:

                           (A) such exchange or transfer is effected pursuant to
                  the Exchange Offer in accordance with the Registration Rights
                  Agreement and the Holder, in the case of an exchange, or the
                  transferee, in the case of a transfer, certifies in the
                  applicable Letter of Transmittal that it is not (1) a
                  broker-dealer, (2) a Person participating in the distribution
                  of the Exchange Notes or (3) a Person who is an affiliate (as
                  defined in Rule 144) of the Company;

                           (B) such transfer is effected pursuant to the Shelf
                  Registration Statement in accordance with the Registration
                  Rights Agreement;

                           (C) such transfer is effected by a broker-dealer
                  pursuant to the Exchange Offer Registration Statement in
                  accordance with the Registration Rights Agreement; or

                           (D) the Registrar receives the following:

                           (1) if the Holder of such Definitive Notes proposes
                  to exchange such Notes for a beneficial interest in the
                  Unrestricted Global Note, a certificate from such Holder in
                  the form of Exhibit C hereto, including the certifications in
                  item (1)(c) thereof; or

                           (2) if the Holder of such Definitive Notes proposes
                  to transfer such Notes to a Person who shall take delivery
                  thereof in the form of a beneficial interest in the
                  Unrestricted Global Note, a certificate from such Holder in
                  the form of Exhibit B hereto, including the certifications in
                  item (4) thereof;

                  and, in each such case set forth in this clause (D), if the
                  Registrar so requests or if the Applicable Procedures so
                  require, an Opinion of Counsel in form reasonably acceptable
                  to the Registrar to the effect that such exchange or transfer
                  is in compliance with the Securities Act and that the
                  restrictions on transfer contained herein and in the Private
                  Placement Legend are no longer required in order to maintain
                  compliance with the Securities Act.

                  Upon satisfaction of the conditions of any of the clauses in
         this Section 2.06(d)(ii), the Trustee shall cancel the Definitive Notes
         and increase or cause to be increased the aggregate principal amount of
         the Unrestricted Global Note.

                  (iii) Unrestricted Definitive Notes to Beneficial Interests in
         Unrestricted Global Notes. A Holder of an Unrestricted Definitive Note
         may exchange such Note for a beneficial interest in an Unrestricted
         Global Note or transfer such Unrestricted Definitive Note to a Person
         who takes delivery thereof in the form of a beneficial interest in an
         Unrestricted Global Note at any time. Upon receipt of a request for
         such

                                       34
<PAGE>

         an exchange or transfer, the Trustee shall cancel the applicable
         Unrestricted Definitive Note and increase or cause to be increased the
         aggregate principal amount of one of the Unrestricted Global Notes.

                  (iv) Transfer or Exchange of Unrestricted Definitive Notes to
         Beneficial Interests in Restricted Global Notes Prohibited. An
         Unrestricted Definitive Note cannot be exchanged for, or transferred to
         Persons who take delivery thereof in the form of, beneficial interests
         in a Restricted Global Note.

                  (v) Issuance of Unrestricted Global Notes. If any such
         exchange or transfer from a Definitive Note to a beneficial interest is
         effected pursuant to clauses (ii)(B), (ii)(D) or (iii) above at a time
         when an Unrestricted Global Note has not yet been issued, the Company
         shall issue and, upon receipt of an Authentication Order in accordance
         with Section 2.02 hereof, the Trustee shall authenticate one or more
         Unrestricted Global Notes in an aggregate principal amount equal to the
         principal amount of Definitive Notes so transferred.

                  (e) TRANSFER AND EXCHANGE OF DEFINITIVE NOTES FOR DEFINITIVE
NOTES. Upon request by a Holder of Definitive Notes and such Holder's compliance
with the provisions of this Section 2.06(e), the Registrar shall register the
transfer or exchange of Definitive Notes. Prior to such registration of transfer
or exchange, the requesting Holder shall present or surrender to the Registrar
the Definitive Notes duly endorsed or accompanied by a written instruction of
transfer in form satisfactory to the Registrar duly executed by such Holder or
by its attorney, duly authorized in writing. In addition, the requesting Holder
shall provide any additional certifications, documents and information, as
applicable, required pursuant to the following provisions of this Section
2.06(e).

                  (i) Restricted Definitive Notes to Restricted Definitive
         Notes. Any Restricted Definitive Note may be transferred to and
         registered in the name of Persons who take delivery thereof in the form
         of a Restricted Definitive Note if the Registrar receives the
         following:

                           (A) if the transfer will be made pursuant to Rule
                  144A, then the transferor must deliver a certificate in the
                  form of Exhibit B hereto, including the certifications in item
                  (1) thereof;

                           (B) if the transfer will be made pursuant to Rule 903
                  or Rule 904, then the transferor must deliver a certificate in
                  the form of Exhibit B hereto, including the certifications in
                  item (2) thereof; and

                           (C) if the transfer will be made pursuant to any
                  other exemption from the registration requirements of the
                  Securities Act, then the transferor must deliver a certificate
                  in the form of Exhibit B hereto, including the certifications,
                  certificates and Opinion of Counsel required by item (3)
                  thereof, if applicable.

                  (ii) Restricted Definitive Notes to Unrestricted Definitive
         Notes. Any Restricted Definitive Note may be exchanged by the Holder
         thereof for an Unrestricted Definitive Note or transferred to a Person
         or Persons who take delivery thereof in the form of an Unrestricted
         Definitive Note if:

                           (A) such exchange or transfer is effected pursuant to
                  the Exchange Offer in accordance with the Registration Rights
                  Agreement and the Holder, in the case of an exchange, or the
                  transferee, in the case of a transfer, certifies in the
                  applicable Letter of Transmittal that it is not (1) a
                  broker-dealer, (2) a Person participating in the distribution
                  of the Exchange Notes or (3) a Person who is an affiliate (as
                  defined in Rule 144) of the Company;

                           (B) any such transfer is effected pursuant to the
                  Shelf Registration Statement in accordance with the
                  Registration Rights Agreement;

                                       35
<PAGE>

                           (C) any such transfer is effected by a broker-dealer
                  pursuant to the Exchange Offer Registration Statement in
                  accordance with the Registration Rights Agreement; or

                           (D) the Registrar receives the following:

                           (1) if the Holder of such Restricted Definitive Notes
                  proposes to exchange such Notes for an Unrestricted Definitive
                  Note, a certificate from such Holder in the form of Exhibit C
                  hereto, including the certifications in item (1)(d) thereof;
                  or

                           (2) if the Holder of such Restricted Definitive Notes
                  proposes to transfer such Notes to a Person who shall take
                  delivery thereof in the form of an Unrestricted Definitive
                  Note, a certificate from such Holder in the form of Exhibit B
                  hereto, including the certifications in item (4) thereof;

                  and, in each such case set forth in this clause (D), if the
                  Registrar so requests, an Opinion of Counsel in form
                  reasonably acceptable to the Registrar and the Company to the
                  effect that such exchange or transfer is in compliance with
                  the Securities Act and that the restrictions on transfer
                  contained herein and in the Private Placement Legend are no
                  longer required in order to maintain compliance with the
                  Securities Act.

                  (iii) Unrestricted Definitive Notes to Unrestricted Definitive
         Notes. A Holder of Unrestricted Definitive Notes may transfer such
         Notes to a Person who takes delivery thereof in the form of an
         Unrestricted Definitive Note. Upon receipt of a request to register
         such a transfer, the Registrar shall register the Unrestricted
         Definitive Notes pursuant to the instructions from the Holder thereof.

                  (f) EXCHANGE OFFER. Upon the occurrence of the Exchange Offer
in accordance with the Registration Rights Agreement, the Company shall issue
and, upon receipt of an Authentication Order in accordance with Section 2.02,
the Trustee shall authenticate (A) one or more Unrestricted Global Notes in an
aggregate principal amount equal to the principal amount of the beneficial
interests in the Restricted Global Notes tendered for acceptance by Persons that
certify in the applicable Letters of Transmittal that (x) they are not
broker-dealers, (y) they are not participating in a distribution of the Exchange
Notes and (z) they are not affiliates (as defined in Rule 144) of the Company,
and accepted for exchange in the Exchange Offer and (B) Unrestricted Definitive
Notes in an aggregate principal amount equal to the principal amount of the
Restricted Definitive Notes tendered for acceptance by Persons who made the
foregoing certification and accepted for exchange in the Exchange Offer.
Concurrently with the issuance of such Notes, the Trustee shall cause the
aggregate principal amount of the applicable Restricted Global Notes to be
reduced accordingly, and the Company shall execute and the Trustee shall
authenticate and mail or deliver to the Persons designated by the Holders of
Restricted Definitive Notes so accepted Unrestricted Definitive Notes in the
appropriate principal amount.

                  (g) LEGENDS. The following legends shall appear on the face of
all Global Notes and Definitive Notes issued under this Indenture unless
specifically stated otherwise in the applicable provisions of this Indenture.

                  (i) Private Placement Legend.

                           (A) Except as permitted by clause (B) below, each
                  Global Note and each Definitive Note (and all Notes issued in
                  exchange therefor or substitution thereof) shall bear the
                  legend in substantially the following form:

                  "THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY
STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR
PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED,
ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR
UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION.

                                        36
<PAGE>

                  THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES,
ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS
PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY PRIOR
TO THE DATE (THE "RESALE RESTRICTION TERMINATION DATE") WHICH IS TWO YEARS AFTER
THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE
COMPANY OR ANY AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS SECURITY (OR ANY
PREDECESSOR OF SUCH SECURITY), ONLY (A) TO THE COMPANY, (B) PURSUANT TO A
REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES
ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE
144A UNDER THE SECURITIES ACT ("RULE 144A"), TO A PERSON IT REASONABLY BELIEVES
IS A "QUALIFIED INSTITUTIONAL BUYER" (AS DEFINED IN RULE 144A) THAT PURCHASES
FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO
WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE OF THE
UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E)
TO AN "ACCREDITED INVESTOR" WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR
(7) UNDER THE SECURITIES ACT THAT IS AN INSTITUTIONAL ACCREDITED INVESTOR
ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF SUCH AN
INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF
$250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN
CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT OR (F)
PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT, SUBJECT TO THE COMPANY'S AND THE TRUSTEE'S RIGHT PRIOR TO
ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR (F) TO REQUIRE
THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION
SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF
THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.

                  THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF,
REPRESENTS THAT (A) IT IS NOT AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), PLAN, INDIVIDUAL
RETIREMENT ACCOUNT OR OTHER ARRANGEMENT SUBJECT TO SECTION 4975 OF THE INTERNAL
REVENUE CODE ("CODE") OR PROVISIONS UNDER APPLICABLE FEDERAL, STATE, LOCAL,
NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF
ERISA OR THE CODE ("SIMILAR LAWS"), AN ENTITY WHOSE UNDERLYING ASSETS ARE
CONSIDERED TO INCLUDE "PLAN ASSETS" OF SUCH PLANS, ACCOUNTS AND ARRANGEMENTS
(EACH A "PLAN") AND IS NOT PURCHASING THE NOTES ON BEHALF OF OR WITH "PLAN
ASSETS" OF ANY PLAN OR (B) ITS PURCHASE, HOLDING AND SUBSEQUENT DISPOSITION OF
THE NOTES IS EITHER NOT A PROHIBITED TRANSACTION UNDER ERISA OR THE CODE AND IS
OTHERWISE PERMISSIBLE UNDER ALL SIMILAR LAWS, OR IS ENTITLED TO EXEMPTIVE RELIEF
FROM THE PROHIBITED TRANSACTION PROVISIONS OF ERISA AND THE CODE IN ACCORDANCE
WITH ONE OR MORE OF THE PROHIBITED TRANSACTION CLASS EXEMPTIONS, AND IS
OTHERWISE PERMISSIBLE UNDER ALL APPLICABLE SIMILAR LAWS."

                           (B) Notwithstanding the foregoing, any Global Note or
                  Definitive Note issued pursuant to clauses (b)(iv), (c)(iii),
                  (c)(iv), (d)(ii), (d)(iii), (e)(ii), (e)(iii) or (f) to this
                  Section 2.06 (and all Notes issued in exchange therefor or
                  substitution thereof) shall not bear the Private Placement
                  Legend.

                  (ii) Global Note Legend. Each Global Note shall bear a legend
         in substantially the following form:

                  "THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE
INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE
BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY
CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY
BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY
BE

                                       37
<PAGE>

EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE,
(III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT
TO SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO
A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY.

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

                  (iii) Regulation S Temporary Global Note Legend. Each
         Regulation S Temporary Global Note shall bear a legend in substantially
         the following form:

                  "THE RIGHTS ATTACHING TO THIS REGULATION S TEMPORARY GLOBAL
NOTE, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE FOR CERTIFICATED
NOTES, ARE AS SPECIFIED IN THE INDENTURE (AS DEFINED HEREIN). NEITHER THE HOLDER
NOR THE BENEFICIAL OWNERS OF THIS REGULATION S TEMPORARY GLOBAL NOTE SHALL BE
ENTITLED TO RECEIVE PAYMENT OF INTEREST HEREON."

                  (h) CANCELLATION AND/OR ADJUSTMENT OF GLOBAL NOTES. At such
time as all beneficial interests in a particular Global Note have been exchanged
for Definitive Notes or a particular Global Note has been redeemed, repurchased
or cancelled in whole and not in part, each such Global Note shall be returned
to or retained and cancelled by the Trustee in accordance with Section 2.11
hereof. At any time prior to such cancellation, if any beneficial interest in a
Global Note is exchanged for or transferred to a Person who will take delivery
thereof in the form of a beneficial interest in another Global Note or for
Definitive Notes, the principal amount of Notes represented by such Global Note
shall be reduced accordingly and an endorsement shall be made on such Global
Note by the Trustee or by the Depositary at the direction of the Trustee to
reflect such reduction; and if the beneficial interest is being exchanged for or
transferred to a Person who will take delivery thereof in the form of a
beneficial interest in another Global Note, such other Global Note shall be
increased accordingly and an endorsement shall be made on such Global Note by
the Trustee or by the Depositary at the direction of the Trustee to reflect such
increase.

                  (i) GENERAL PROVISIONS RELATING TO TRANSFERS AND EXCHANGES.

                  (i) To permit registrations of transfers and exchanges, the
         Company shall execute and, upon receipt of an Authentication Order in
         accordance with Section 2.02, the Trustee shall authenticate Global
         Notes and Definitive Notes upon the Company's order or at the
         Registrar's request.

                  (ii) No service charge shall be made to a Holder of a
         beneficial interest in a Global Note or to a Holder of a Definitive
         Note for any registration of transfer or exchange, but the Company may
         require payment of a sum sufficient to cover any transfer tax or
         similar governmental charge payable in connection therewith (other than
         any such transfer taxes or similar governmental charge payable upon
         exchange or transfer pursuant to Sections 2.10, 3.06, 4.12, 4.18 and
         9.05 hereof).

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

                                       38
<PAGE>

                  (iv) Neither the Registrar nor the Company shall be required
         (A) to issue, to register the transfer of or to exchange any Notes
         during a period beginning at the opening of business 15 days before the
         day of any selection of Notes for redemption under Section 3.02 hereof
         and ending at the close of business on the day of selection, (B) to
         register the transfer of or to exchange any Note so selected for
         redemption in whole or in part, except the unredeemed portion of any
         Note being redeemed in part or (C) to register the transfer of or to
         exchange a Note between a record date and the next succeeding Interest
         Payment Date.

                  (v) Prior to due presentment for the registration of a
         transfer of any Note, the Trustee, any Agent and the Company may deem
         and treat the Person in whose name any Note is registered as the
         absolute owner of such Note for the purpose of receiving payment of
         principal of and interest on such Notes and for all other purposes, and
         none of the Trustee, any Agent or the Company shall be affected by
         notice to the contrary.

                  (vi) The Trustee shall authenticate Global Notes and
         Definitive Notes in accordance with the provisions of Section 2.02
         hereof.

                  (vii) All certifications, certificates and Opinions of Counsel
         required to be submitted to the Registrar pursuant to this Section 2.06
         to effect a registration of transfer or exchange may be submitted by
         facsimile.

                  (viii) The Trustee is hereby authorized to enter into a letter
         of representation with the Depositary in the form provided by the
         Company and to act in accordance with such letter.

Section 2.07. REPLACEMENT NOTES.

                  If any mutilated Note is surrendered to the Trustee or the
Company and the Trustee receives evidence to its satisfaction of the
destruction, loss or theft of any Note, the Company shall issue and the Trustee,
upon receipt of an Authentication Order, shall authenticate a replacement Note
if the Trustee's requirements are met. If required by the Trustee or the
Company, an indemnity bond must be supplied by the Holder that is sufficient in
the judgment of the Trustee and the Company to protect the Company, the Trustee,
any Agent and any authenticating agent from any loss that any of them may suffer
if a Note is replaced. The Company may charge for its expenses in replacing a
Note.

                  In case any such mutilated, destroyed, lost or stolen Note had
become or is about to become due and payable, the Company, in its discretion,
may, instead of issuing a new Note, pay such Note, upon satisfaction of the
conditions set forth in the preceding paragraph.

                  Every replacement Note is an additional obligation of the
Company and shall be entitled to all of the benefits of this Indenture equally
and proportionately with all other Notes duly issued hereunder.

                  The provisions of this Section 2.07 are exclusive and shall
preclude (to the extent lawful) all other rights and remedies of any Holder with
respect to the replacement or payment of mutilated, destroyed, lost or stolen
Notes.

Section 2.08. OUTSTANDING NOTES.

                  (a) The Notes outstanding at any time are all the Notes
authenticated by the Trustee except for those cancelled by it, those delivered
to it for cancellation, those reductions in the interest in a Global Note
effected by the Trustee in accordance with the provisions hereof, and those
described in this Section 2.08 as not outstanding. Except as set forth in
Section 2.09 hereof, a Note does not cease to be outstanding because the Company
or an Affiliate of the Company holds the Note; however, Notes held by the
Company or a Subsidiary of the Company shall not be deemed to be outstanding for
purposes of Section 3.07(c) hereof.

                  (b) If a Note is replaced pursuant to Section 2.07 hereof, it
ceases to be outstanding unless the Trustee receives proof satisfactory to it
that the replaced note is held by a bona fide purchaser.

                                       39
<PAGE>

                  (c) If the principal amount of any Note is considered paid
under Section 4.01 hereof, it ceases to be outstanding and interest on it ceases
to accrue.

                  (d) If the Paying Agent (other than the Company, a Subsidiary
or an Affiliate of any thereof) holds, on a redemption date or maturity date,
money sufficient to pay Notes payable on that date, then on and after that date
such Notes shall be deemed to be no longer outstanding and shall cease to accrue
interest.

Section 2.09. TREASURY NOTES.

                  In determining whether the Holders of the required principal
amount of Notes have concurred in any direction, amendment, supplement, waiver
or consent, Notes owned by the Company, or by any Affiliate of the Company,
shall be considered as though not outstanding, except that for the purposes of
determining whether the Trustee shall be protected in relying on any such
direction, amendment, supplement, waiver or consent, only Notes that the Trustee
knows are so owned shall be so disregarded.

Section 2.10. TEMPORARY NOTES.

                  Until certificates representing Notes are ready for delivery,
the Company may prepare and the Trustee, upon receipt of an Authentication
Order, shall authenticate temporary Notes. Temporary Notes shall be
substantially in the form of certificated Notes but may have variations that the
Company considers appropriate for temporary Notes and as shall be reasonably
acceptable to the Trustee. Without unreasonable delay, the Company shall prepare
and the Trustee shall authenticate Definitive Notes in exchange for temporary
Notes.

                  Holders of temporary Notes shall be entitled to all of the
benefits of this Indenture.

Section 2.11. CANCELLATION.

                  The Company at any time may deliver Notes to the Trustee for
cancellation. The Registrar and Paying Agent shall forward to the Trustee any
Notes surrendered to them for registration of transfer, exchange or payment. The
Trustee, or at the direction of the Trustee, the Registrar or the Paying Agent,
upon direction by the Company and no one else shall cancel all Notes surrendered
for registration of transfer, exchange, payment, replacement or cancellation and
shall destroy cancelled Notes (subject to the record retention requirements of
the Exchange Act). Certification of the destruction of all cancelled Notes shall
be delivered to the Company from time to time upon request. The Company may not
issue new Notes to replace Notes that it has paid or that have been delivered to
the Trustee for cancellation.

Section 2.12. PAYMENT OF INTEREST; DEFAULTED INTEREST.

                  Interest on any Note 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 Note (or one or more Predecessor Notes) is being registered
at the close of business on the Regular Record Date for such interest payment.

                  If the Company defaults in a payment of interest or Special
Interest, if any, on the Notes, it shall pay the defaulted interest in any
lawful manner plus, to the extent lawful, interest payable on the defaulted
interest, to the Persons who are Holders on a subsequent special record date, in
each case at the rate provided in the Notes and in Section 4.01 hereof. The
Company shall notify the Trustee in writing of the amount of defaulted interest
proposed to be paid on each Note and the date of the proposed payment. The
Company shall fix or cause to be fixed each such special record date and payment
date, provided that no such special record date shall be less than 10 days prior
to the related payment date for such defaulted interest. At least 15 days before
the special record date, the Company (or, upon the written request of the
Company, the Trustee in the name and at the expense of the Company) shall mail
or cause to be mailed to Holders a notice that states the special record date,
the related payment date and the amount of such interest to be paid.

                                       40
<PAGE>

Section 2.13. CUSIP OR ISIN NUMBERS.

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

Section 2.14. SPECIAL INTEREST.

                  If Special Interest is payable by the Company pursuant to the
Registration Rights Agreement and paragraph 1 of the Notes, the Company shall
deliver to the Trustee a certificate to that effect stating (i) the amount of
such Special Interest that is payable and (ii) the date on which such interest
is payable. Unless and until a Responsible Officer of the Trustee receives such
a certificate or instruction or direction from the Holders in accordance with
the terms of this Indenture, the Trustee may assume without inquiry that no
Special Interest is payable. The foregoing shall not prejudice the rights of the
Holders with respect to their entitlement to Special Interest as otherwise set
forth in this Indenture or the Notes and pursuing any action against the Company
directly or otherwise directing the Trustee to take any such action in
accordance with the terms of this Indenture and the Notes. If the Company has
paid Special Interest directly to the persons entitled to it, the Company shall
deliver to the Trustee a certificate setting forth the particulars of such
payment.

Section 2.15. ISSUANCE OF ADDITIONAL NOTES.

                  The Company shall be entitled, subject to its compliance with
Section 4.09 hereof, to issue Additional Notes under this Indenture which shall
have identical terms as the Initial Notes issued on the date hereof, other than
with respect to the date of issuance and issue price. The Initial Notes issued
on the date hereof, any Additional Notes and all Exchange Notes issued in
exchange therefor shall be treated as a single class for all purposes under this
Indenture, including without limitation, waivers, amendments, redemptions and
offers to purchase.

                  With respect to any Additional Notes, the Company shall set
forth in a resolution of its Board of Directors and an Officers' Certificate, a
copy of each which shall be delivered to the Trustee, the following information:

                  (a) the aggregate principal amount of such Additional Notes to
be authenticated and delivered pursuant to this Indenture;

                  (b) the issue price, the issue date and the CUSIP number of
such Additional Notes; provided, however, that no Additional Notes may be issued
at a price that would cause such Additional Notes to have "original issue
discount" within the meaning of Section 1273 of the Code; and

                  (c) whether such Additional Notes shall be subject to
restrictions on transfer.

                                   ARTICLE 3.

                            REDEMPTION AND PREPAYMENT

Section 3.01. NOTICES TO TRUSTEE.

                  If the Company elects to redeem Notes pursuant to the optional
redemption provisions of Section 3.07 hereof and paragraph 5 of the Notes, it
shall furnish to the Trustee, at least 30 days but not more than 60 days before
a redemption date unless a shorter notice shall be satisfactory to the Trustee,
an Officers' Certificate setting forth (i) the clause of this Indenture pursuant
to which the redemption shall occur, (ii) the redemption date, (iii) the

                                       41
<PAGE>

principal amount of Notes to be redeemed and (iv) the redemption price. Any such
notice may be cancelled at any time prior to notice of such redemption being
mailed to any Holder and shall, therefore, be void and of no effect.

Section 3.02. SELECTION OF NOTES TO BE REDEEMED.

                  If less than all of the Notes are to be redeemed at any time,
the Trustee shall select the Notes to be redeemed among the Holders of the Notes
in compliance with any applicable depositary and legal requirements and the
requirements of the principal national securities exchange, if any, on which the
Notes are listed or, if the Notes are not so listed, on a pro rata basis, at
random or in accordance with any other method the Trustee considers fair and
appropriate. In the event of partial redemption at random, the particular Notes
to be redeemed shall be selected, unless otherwise provided herein, not less
than 30 nor more than 60 days prior to the redemption date by the Trustee from
the outstanding Notes not previously called for redemption.

                  The Trustee shall promptly notify the Company in writing of
the Notes selected for redemption and, in the case of any Note selected for
partial redemption, the principal amount thereof to be redeemed. Notes and
portions of Notes selected shall be in amounts of $1,000 or whole multiples of
$1,000; except that if all of the Notes of a Holder are to be redeemed, the
entire outstanding amount of Notes held by such Holder, even if not a multiple
of $1,000, shall be redeemed. Except as provided in the preceding sentence,
provisions of this Indenture that apply to Notes called for redemption also
apply to portions of Notes called for redemption.

Section 3.03. NOTICE OF REDEMPTION.

                  At least 30 days but not more than 60 days before a redemption
date, the Company shall mail or cause to be mailed, by first class mail, a
notice of redemption to each Holder whose Notes are to be redeemed at its
registered address.

                  The notice shall identify the Notes to be redeemed and shall
state:

                  (a) the redemption date;

                  (b) the redemption price or if the redemption is made pursuant
to Section 3.07(b) a calculation of the redemption price;

                  (c) if any Note is being redeemed in part, the portion of the
principal amount of such Note to be redeemed and that, after the redemption date
upon surrender of such Note, a new Note or Notes in principal amount equal to
the unredeemed portion shall be issued upon cancellation of the original Note;

                  (d) the name and address of the Paying Agent;

                  (e) that Notes called for redemption must be surrendered to
the Paying Agent to collect the redemption price;

                  (f) that, unless the Company defaults in making such
redemption payment, interest and Special Interest, if any, on Notes called for
redemption ceases to accrue on and after the redemption date;

                  (g) the paragraph of the Notes or Section of this Indenture
pursuant to which the Notes called for redemption are being redeemed; and

                  (h) that no representation is made as to the correctness or
accuracy of the CUSIP number, if any, listed in such notice or printed on the
Notes.

                  At the Company's request, the Trustee shall give the notice of
redemption in the Company's name and at its expense; provided, however, that the
Company shall have delivered to the Trustee, at least 45 days, or such shorter
period allowed by the Trustee, prior to the redemption date, an Officers'
Certificate requesting that the Trustee give such notice and setting forth the
information to be stated in such notice as provided in this Section 3.03.

                                       42
<PAGE>

Section 3.04. EFFECT OF NOTICE OF REDEMPTION.

                  Once notice of redemption is mailed in accordance with Section
3.03 hereof, Notes called for redemption become irrevocably due and payable on
the redemption date at the redemption price. A notice of redemption may not be
conditional.

Section 3.05. DEPOSIT OF REDEMPTION PRICE.

                  On or before 11:00 a.m. Eastern time on any redemption date,
the Company shall deposit with the Trustee or with the Paying Agent money
sufficient to pay the redemption price of and accrued interest and Special
Interest, if any, on all Notes (or portions of Notes) to be redeemed on that
date. The Trustee or the Paying Agent shall promptly return to the Company any
money deposited with the Trustee or the Paying Agent by the Company in excess of
the amounts necessary to pay the redemption price of, and accrued interest and
Special Interest, if any, on, all Notes to be redeemed.

                  If the Company complies with the provisions of the preceding
paragraph, on and after the redemption date, interest and Special Interest, if
any, shall cease to accrue on the Notes or the portions of Notes called for
redemption, whether or not such Notes are presented for payment. If a Note is
redeemed on or after a Regular Record Date but on or prior to the related
Interest Payment Date, then any accrued and unpaid interest shall be paid to the
Person in whose name such Note was registered at the close of business on such
Regular Record Date. If any Note called for redemption shall not be so paid upon
surrender for redemption because of the failure of the Company to comply with
the preceding paragraph, interest and Special Interest, if any, shall be paid on
the unpaid principal from the redemption date until such principal is paid, and
to the extent lawful on any interest not paid on such unpaid principal, in each
case at the rate provided in the Notes and in Section 4.01 hereof.

Section 3.06. NOTES REDEEMED IN PART.

                  Upon surrender of a Note that is redeemed in part, the Company
shall issue and, upon the Company's written request, the Trustee shall
authenticate for the Holder at the expense of the Company a new Note equal in
principal amount to the unredeemed portion of the Note surrendered.

Section 3.07. OPTIONAL REDEMPTION.

                  (a) Except as set forth in clauses (b) and (c) of this Section
3.07, the Notes will not be redeemable at the option of the Company prior to
October 1, 2006. Beginning on October 1, 2006, the Company may redeem all or any
portion of the Notes, at once or over time, after giving the required notice
under this Indenture. The Notes may be redeemed at the redemption prices
(expressed as percentages of principal amount) set forth below, plus accrued and
unpaid interest and Special Interest, if any, on the Notes redeemed, to the
applicable redemption date (subject to the right of Holders of record on the
relevant record date to receive interest due on the relevant Interest Payment
Date), if redeemed during the twelve-month period commencing on October 1 of the
years indicated below:

<Table>
<Caption>
         Year                                                                          Percentage
         ----                                                                          ----------
<S>                                                                                    <C>
         2006.........................................................................  105.063%
         2007.........................................................................  102.531%
         2008 and thereafter..........................................................  100.000%
</Table>

                  (b) At any time prior to October 1, 2006, the Company may
redeem all or any portion of the Notes, at once or over time, after giving the
required notice under this Indenture, at a redemption price equal to the greater
of:

                  (i) 100% of the principal amount of the Notes to be redeemed;
         and

                  (ii) the sum of the present values of (A) the redemption price
         of the Notes at October 1, 2006 (as set forth above) and (B) the
         remaining scheduled payments of interest from the redemption date to
         October

                                       43
<PAGE>
         1, 2006, but excluding accrued and unpaid interest to the redemption
         date, discounted to the redemption date at the Treasury Yield
         (determined on the second Business Day immediately preceding the date
         of redemption) plus 75 basis points;

         plus, in either case, accrued and unpaid interest, including Special
         Interest, if any, to the redemption date (subject to the right of
         Holders of record on the relevant record date to receive interest due
         on the relevant Interest Payment Date).

                  Any notice to the Holders of Notes of a redemption pursuant to
this Section 3.07(b) shall include the appropriate calculation of the redemption
price, but need not include the redemption price itself. The actual redemption
price, calculated as described above, shall be set forth in an Officers'
Certificate delivered to the Trustee no later than two Business Days prior to
the redemption date.

                  (c) At any time and from time to time prior to October 1,
2005, the Company may redeem up to 35% of the aggregate principal amount of the
Notes issued under this Indenture at a redemption price (expressed as a
percentage of principal amount) equal to 110.125% of the principal amount
thereof, plus accrued and unpaid interest and Special Interest, if any, to the
redemption date (subject to the right of Holders of record on the relevant
record date to receive interest due on the relevant Interest Payment Date) with
the net cash proceeds of one or more Equity Offerings by the Company or the
direct or indirect parent of the Company (to the extent, in the case of the
direct or indirect parent, that the net cash proceeds of the Equity Offerings
are contributed to the common or non-redeemable preferred equity capital of the
Company); provided, however, that after giving effect to any such redemption, at
least 65% of the aggregate principal amount of the Notes initially issued under
this Indenture (excluding Notes held by the Company and its Subsidiaries)
remains outstanding immediately after giving effect to such redemption. Any such
redemption shall be made within 180 days after the consummation of such Equity
Offering.

                  (d) Any prepayment pursuant to this Section 3.07 shall be made
pursuant to the provisions of Sections 3.01 through 3.06 hereof.

Section 3.08. MANDATORY REDEMPTION.

                  Except as set forth in Sections 4.12 and 4.18 hereof, the
Company shall not be required to make mandatory redemption or sinking fund
payments with respect to the Notes.

Section 3.09. OFFER TO PURCHASE BY APPLICATION OF EXCESS PROCEEDS.

                  (a) In the event that, pursuant to Section 4.12 hereof, the
Company shall be required to commence an offer to all Holders to purchase Notes
(an "ASSET SALE OFFER"), it shall follow the procedures specified below.

                  (b) The Asset Sale Offer shall remain open for a period of 20
Business Days following its commencement and no longer, except to the extent
that a longer period is required by applicable law (the "OFFER PERIOD"). No
later than five Business Days after the termination of the Offer Period (the
"PURCHASE DATE"), the Company shall purchase the principal amount of Notes
required to be purchased pursuant to Section 4.12 hereof (the "OFFER AMOUNT")
or, if less than the Offer Amount has been tendered, all Notes tendered in
response to the Asset Sale Offer. Payment for any Notes so purchased shall be
made in the same manner as interest payments are made.

                  If the Purchase Date is on or after a Regular Record Date and
on or before the related Interest Payment Date, any accrued and unpaid interest
and Special Interest, if any, shall be paid to the Person in whose name a Note
is registered at the close of business on such Regular Record Date, and no
additional interest shall be payable to Holders who tender Notes pursuant to the
Asset Sale Offer.

                  Upon the commencement of the Asset Sale Offer, the Company
shall send, by first class mail, a notice to the Trustee and each of the
Holders, with a copy to the Trustee. The notice shall contain all instructions
and materials necessary to enable such Holders to tender Notes pursuant to the
Asset Sale Offer. The Asset Sale Offer shall be made to all Holders. The notice,
which shall govern the terms of the Asset Sale Offer, shall state:

                                       44
<PAGE>

                  (i) that the Asset Sale Offer is being made pursuant to this
         Section 3.09 and Section 4.12 hereof and the length of time the Asset
         Sale Offer shall remain open;

                  (ii) the Offer Amount, the purchase price and the Purchase
         Date;

                  (iii) that any Note not tendered or accepted for payment shall
         continue to accrue interest;

                  (iv) that, unless the Company defaults in making such payment,
         any Note accepted for payment pursuant to the Asset Sale Offer shall
         cease to accrue interest and Special Interest, if any, after the
         Purchase Date;

                  (v) that Holders electing to have a Note purchased pursuant to
         an Asset Sale Offer may elect to have Notes purchased in integral
         multiples of $1,000 only;

                  (vi) that Holders electing to have a Note purchased pursuant
         to any Asset Sale Offer shall be required to surrender the Note, with
         the form entitled "Option of Holder to Elect Purchase" on the reverse
         of the Note completed, or transfer by book-entry transfer, to the
         Company, a depositary, if appointed by the Company, or a Paying Agent
         at the address specified in the notice at least three days before the
         Purchase Date;

                  (vii) that Holders shall be entitled to withdraw their
         election if the Company, the Depositary or the Paying Agent, as the
         case may be, receives, not later than the expiration of the Offer
         Period, a telegram, facsimile transmission or letter setting forth the
         name of the Holder, the principal amount of the Note the Holder
         delivered for purchase and a statement that such Holder is withdrawing
         his election to have such Note purchased;

                  (viii) that, if the aggregate principal amount of Notes
         surrendered by Holders exceeds the Offer Amount, the Company shall
         select the Notes to be purchased on a pro rata basis (with such
         adjustments as may be deemed appropriate by the Company so that only
         Notes in denominations of $1,000 or integral multiples thereof shall be
         purchased); and

                  (ix) that Holders whose Notes were purchased only in part
         shall be issued new Notes equal in principal amount to the unpurchased
         portion of the Notes surrendered (or transferred by book-entry
         transfer).

                  On or before the Purchase Date, the Company shall, to the
extent lawful, accept for payment, on a pro rata basis to the extent necessary,
the Offer Amount of Notes or portions thereof tendered pursuant to the Asset
Sale Offer, or if less than the Offer Amount has been tendered, all Notes
tendered, and shall deliver to the Trustee an Officers' Certificate stating that
such Notes or portions thereof were accepted for payment by the Company in
accordance with the terms of this Section 3.09. The Company, the Depositary or
the Paying Agent, as the case may be, shall promptly (but in any case not later
than five Business Days after the Purchase Date) mail or deliver to each
tendering Holder an amount equal to the purchase price of the Notes tendered by
such Holder and accepted by the Company for purchase, and the Company shall
promptly issue a new Note, and the Trustee, upon written request from the
Company shall authenticate and mail or deliver such new Note to such Holder, in
a principal amount equal to any unpurchased portion of the Note surrendered. Any
Note not so accepted shall be promptly mailed or delivered by the Company to the
Holder thereof. The Company shall publicly announce the results of the Asset
Sale Offer on the Purchase Date.

                  Other than as specifically provided in this Section 3.09, any
purchase pursuant to this Section 3.09 shall be made pursuant to the provisions
of Section 3.01 through 3.06 hereof.

                                       45
<PAGE>

                                   ARTICLE 4.

                                    COVENANTS

Section 4.01. PAYMENT OF NOTES.

                  The Company shall pay or cause to be paid the principal of,
premium, if any, interest and Special Interest, if any, on, the Notes on the
dates and in the manner provided in the Notes. Principal, premium, if any, and
interest and Special Interest, if any, shall be considered paid on the date due
if the Paying Agent, if other than the Company or a Subsidiary thereof, holds as
of 11:00 a.m. Eastern Time on the due date money deposited by the Company in
immediately available funds and designated for and sufficient to pay all
principal, premium, if any, and interest and Special Interest, if any, then due.
The Company shall pay Special Interest, if any, in the same manner, on the dates
and in the amounts set forth in the Registration Rights Agreement.

                  The Company shall pay interest (including post-petition
interest in any proceeding under any Bankruptcy Law) on overdue principal and
premium, if any, from time to time on demand at a rate that is 1% per annum in
excess of the rate then in effect; it shall pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue
installments of interest and Special Interest, if any (without regard to any
applicable grace periods), from time to time on demand at the same rate to the
extent lawful.

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

Section 4.02. MAINTENANCE OF OFFICE OR AGENCY.

                  (a) The Company shall maintain an office or agency (which may
be an office or drop facility of the Trustee or an affiliate of the Trustee,
Registrar or co-registrar) where Notes may be presented or surrendered for
registration of transfer or for exchange and where notices and demands to or
upon the Company in respect of the Notes and this Indenture may be served. The
Company shall give prompt written notice to the Trustee of the location, and any
change in the location, of such office or agency. If at any time the Company
shall fail to maintain any such required office or agency or shall fail to
furnish the Trustee with the address thereof, such presentations, surrenders,
notices and demands may be made or served at the Corporate Trust Office of the
Trustee, and the Company hereby appoints the Trustee as its agent to receive all
such presentations, surrenders, notices and demands.

                  (b) The Company may also from time to time designate one or
more other offices or agencies where the Notes may be presented or surrendered
for any or all such purposes and may from time to time rescind such
designations. The Company shall 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.

                  (c) The Company hereby designates the Corporate Trust Office
of the Trustee, as one such office, drop facility or agency of the Company in
accordance with Section 2.03.

Section 4.03. REPORTS.

                  (a) Notwithstanding that the Company may not be subject to the
reporting requirements of Section 13 or 15(d) of the Exchange Act, so long as
any Notes are outstanding the Company and each of the Guarantors shall file with
the Commission, to the extent such submissions are accepted for filing with the
Commission, and shall furnish to the Trustee, within 15 days after it is or
would have been required to be filed with the Commission:

                  (i) all quarterly and annual financial information that would
         be required to be contained in a filing with the Commission on Forms
         10-Q and 10-K if the Company were required to file such Forms,
         including a "Management's Discussion and Analysis of Financial
         Condition and Results of Operations" and, with respect to the annual
         information only, a report on the annual financial statements by the
         Company's certified independent accountants; and

                  (ii) all information that would be required to be filed with
         the Commission on Form 8-K if the Company were required to file such
         reports.

                                       46
<PAGE>

                  (b) In addition, following the consummation of the Exchange
Offer contemplated by the Registration Rights Agreement, whether or not required
by the Commission, the Company shall file a copy of all of the information and
reports referred to in clauses (a)(i) and (a)(ii) above with the Commission for
public availability within the time periods specified in the Commission's rules
and regulations (unless the Commission will not accept such a filing) and make
such information available to securities analysts and prospective investors upon
request.

                  (c) For so long as any Notes remain outstanding and the
Company does not have or shall cease to have a class of equity securities
registered under Section 12(g) of the Exchange Act or is not or shall cease to
be subject to Section 15(d) of the Exchange Act, the Company shall furnish to
the Holders, upon their request, the information required to be delivered
pursuant to Rule 144A(d)(4) under the Securities Act.

Section 4.04. COMPLIANCE CERTIFICATE.

                  (a) The Company shall deliver to the Trustee, within 120 days
after the end of each fiscal year, an Officers' Certificate stating that a
review of the activities of the Company and its Subsidiaries during the
preceding fiscal year has been made under the supervision of the signing
Officers with a view to determining whether the Company and its Subsidiaries
have kept, observed, performed and fulfilled their obligations under this
Indenture, and further stating, as to each such Officer signing such
certificate, that to the best of his or her knowledge the Company and its
Subsidiaries have kept, observed, performed and fulfilled each and every
covenant contained in this Indenture and is not in default in the performance or
observance of any of the terms, provisions and conditions of this Indenture (or,
if a Default or Event of Default shall have occurred, describing all such
Defaults or Events of Default of which he or she may have knowledge and what
action the Company is taking or proposes to take with respect thereto) and that
to the best of his or her knowledge no event has occurred and remains in
existence by reason of which payments on account of the principal of or interest
or Special Interest, if any, on the Notes is prohibited or if such event has
occurred, a description of the event and what action the Company is taking or
proposes to take with respect thereto.

                  (b) The Company shall comply with TIA Section 314(a)(2).

                  (c) The Company shall deliver to the Trustee, within 5
Business Days after becoming aware of the occurrence thereof, written notice in
the form of an Officers' Certificate of any event that with the giving of notice
and the lapse of time would become an Event of Default, its status and what
action the Company is taking or proposes to take with respect thereto.

Section 4.05. TAXES.

                  The Company shall pay or discharge, and shall cause each of
its Restricted Subsidiaries to pay or discharge, prior to delinquency, all
material taxes, assessments, and governmental levies; provided that neither the
Company nor any such Restricted Subsidiary shall be required to pay or
discharge, or cause to be paid or discharged, any such tax, assessment, charge
or claim the amount, applicability or validity of which is being contested in
good faith by appropriate proceedings and for which adequate reserves have been
established in accordance with GAAP or where the failure to effect such payment
is not adverse in any material respect to the Holders.

Section 4.06. STAY, EXTENSION AND USURY LAWS.

                  The Company covenants (to the extent that it may lawfully do
so) that it shall not at any time insist upon, plead, or in any manner
whatsoever claim or take the benefit or advantage of, any stay, extension or
usury law wherever enacted, now or at any time hereafter in force, that 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 shall not, by resort to any
such law, hinder, delay or impede the execution of any power herein granted to
the Trustee, but shall suffer and permit the execution of every such power as
though no such law has been enacted.

                                       47
<PAGE>

Section 4.07. CORPORATE EXISTENCE.

                  Subject to Article 5 hereof, the Company shall do or cause to
be done all things necessary to preserve and keep in full force and effect (i)
its corporate existence, and the corporate, partnership or other existence of
each of its Restricted Subsidiaries, in accordance with the respective
organizational documents (as the same may be amended from time to time) of the
Company or any such Restricted Subsidiary and (ii) the rights (charter and
statutory), licenses and franchises of the Company and its Restricted
Subsidiaries; provided, however, that the Company shall not be required to
preserve any such right, license or franchise, or the corporate, partnership or
other existence of any of its Restricted Subsidiaries, if the Board of Directors
shall determine that the preservation thereof is no longer desirable in the
conduct of the business of the Company and its Restricted Subsidiaries, taken as
a whole, and that the loss thereof is not adverse in any material respect to the
Holders of the Notes.

Section 4.08. PAYMENTS FOR CONSENT.

                  The Company will not, and will not permit any of its
Restricted Subsidiaries to, directly or indirectly, pay or cause to be paid any
consideration, whether by way of interest, fee or otherwise, to or for the
benefit of any Holder for or as an inducement to any consent, waiver or
amendment of any of the terms or provisions of this Indenture or the Notes
unless such consideration is offered to be paid or is paid to all Holders that
consent, waive or agree to amend in the time frame set forth in the solicitation
documents relating to such consent, waiver or agreement.

Section 4.09. INCURRENCE OF ADDITIONAL DEBT AND ISSUANCE OF CAPITAL STOCK.

                  (a) The Company shall not, and shall not permit any of its
Restricted Subsidiaries to, directly or indirectly, Incur any Debt (including
Additional Notes and Acquired Debt), other than Permitted Debt, and the Company
shall not issue any Disqualified Capital Stock and its Restricted Subsidiaries
shall not issue any Preferred Stock, except Preferred Stock issued to the
Company or a Restricted Subsidiary of the Company; provided, however, that the
Company and any of the Subsidiary Guarantors may Incur Debt or issue shares of
such Capital Stock, in either case, if on the date of that Incurrence or
issuance, and after giving effect to the Incurrence of such Debt or the issuance
of such Capital Stock and the application of the proceeds therefrom, (i) the
Consolidated Coverage Ratio would be greater than 2.25 to 1.00, and (ii) solely
in the case of the Incurrence of Senior Debt, the Consolidated Senior Debt
Leverage Ratio would not be greater than 3.25 to 1.00. In addition, solely for
purposes of determining whether clause (ii) of this covenant has been satisfied,
any Senior Debt that is incurred to refinance Subordinated Debt shall not
constitute Permitted Debt (notwithstanding clause (7) of the definition of that
term) and the Incurrence of any such Senior Debt shall be subject to the
satisfaction of the Consolidated Senior Debt Leverage Ratio as provided in
clause (ii).

                  (b) For purposes of determining compliance with paragraph (a)
of this Section 4.09, in the event that an item of proposed Debt meets the
criteria of more than one of the categories of Permitted Debt or is entitled to
be Incurred pursuant to paragraph (a) of this Section 4.09, the Company may, in
its sole discretion, at the time the proposed Debt is Incurred:

                  (i) classify all or a portion of that item of Debt on the date
         of its Incurrence under either paragraph (a) of this Section 4.09 or
         under any category of Permitted Debt;

                  (ii) reclassify at a later date all or a portion of that or
         any other item of Debt as being or having been Incurred in any manner
         that complies with this Section 4.09; and

                  (iii) elect to comply with this Section 4.09 and the
         applicable definitions in any order;

provided, however, that all outstanding Debt under the Senior Credit Facilities
immediately following the date the Notes are first issued shall be deemed to
have been incurred pursuant to clause (2) of the definition of Permitted Debt.

                                       48
<PAGE>

Section 4.10. RESTRICTED PAYMENTS.

                  (a) The Company shall not, and shall not cause or permit any
of its Restricted Subsidiaries to, directly or indirectly, make any Restricted
Payment if at the time of that Restricted Payment and immediately after giving
effect to that Restricted Payment:

                  (i) a Default or Event of Default shall have occurred and be
         continuing or would result from that Restricted Payment;

                  (ii) the Company is not able to Incur an additional $1.00 of
         Debt pursuant to paragraph (a) of Section 4.09; or

                  (iii) the aggregate amount of the Restricted Payment and all
         other Restricted Payments declared or made subsequent to the date the
         Notes are first issued would exceed the sum of:

                           (A) 50% of Consolidated Net Income of the Company
                  accrued subsequent to May 26, 2002 to the most recent date for
                  which financial information is available to the Company, taken
                  as one accounting period (or if the aggregate amount of
                  Consolidated Net Income for such period shall be a deficit,
                  minus 100% of such deficit); plus

                           (B) 100% of the aggregate net proceeds, including the
                  net fair market value of property other than cash as
                  determined by the Board of Directors of the Company in good
                  faith, received subsequent to the date the Notes are first
                  issued by the Company from any Person, other than a Subsidiary
                  of the Company, from (x) the issue or sale of Equity Interests
                  of the Company (other than Disqualified Capital Stock)
                  (including, without limitation, in a merger, consolidation,
                  acquisition of property or any other form of transaction where
                  the consideration involved consists solely of Capital Stock
                  (other than Disqualified Capital Stock)) or (y) the issue or
                  sale of Disqualified Capital Stock or debt securities of the
                  Company or any of its Restricted Subsidiaries that have been
                  converted into or exchanged for Equity Interests of the
                  Company (other than Disqualified Capital Stock) (including,
                  without limitation, in a merger, consolidation, acquisition of
                  property or any other form of transaction where the
                  consideration involved consists solely of Capital Stock (other
                  than Disqualified Capital Stock)) subsequent to the date the
                  Notes are first issued, excluding, in each case, Excluded
                  Proceeds and excluding

                                    (1) any net proceeds from issuances and
                           sales financed directly or indirectly using funds
                           borrowed from the Company or any Restricted
                           Subsidiary, until and to the extent that borrowing is
                           repaid, but including the proceeds from the issuance
                           and sale of any securities convertible into or
                           exchangeable for Qualified Capital Stock to the
                           extent those securities are so converted or exchanged
                           and including any additional proceeds received by the
                           Company upon the conversion or exchange;

                                    (2) any net proceeds received from issuances
                           and sales that are used to consummate a transaction
                           described in paragraph (b)(ii) of this Section 4.10;

                                    (3) any net cash proceeds received from the
                           issuance and sale of Designated Preferred Stock; plus

                           (C) an amount equal to the sum, without duplication,
                  of:

                                       49
<PAGE>

                                    (1) the net reduction in Investments (other
                           than Permitted Investments) made by the Company or
                           any of its Restricted Subsidiaries in any Person
                           resulting from repurchases, repayments or redemptions
                           of that Investment by that Person;

                                    (2) proceeds realized on the sale of that
                           Investment to an unaffiliated purchaser; and

                                    (3) proceeds representing the return of
                           capital (excluding dividends and distributions),

                           in each case, received by the Company or any of its
                           Restricted Subsidiaries; plus

                           (D) an amount equal to the sum, without limitation,
                  of any amounts, including the net fair market value of
                  property other than cash as determined by the Board of
                  Directors of the Company in good faith, received by the
                  Company or any of its Restricted Subsidiaries as a capital
                  contribution (including, without limitation, in a merger,
                  consolidation, acquisition of property or any other form of
                  transaction where the consideration involved consists solely
                  of Capital Stock (other than Disqualified Capital Stock))
                  subsequent to the date the Notes are first issued (including,
                  without limitation, (A) any contributions to the Company or
                  any of its Restricted Subsidiaries of net proceeds received by
                  Parent or Affiliates of Parent from ConAgra Foods attributable
                  to the Garden City beef business interruption claim pursuant
                  to the Acquisition Agreement, (B) any contributions to the
                  Company or any of its Restricted Subsidiaries of net proceeds
                  received by Parent or Affiliates of Parent from the
                  disposition of the domestic cattle feeding operation acquired
                  from ConAgra Foods, (C) any contributions to the Company or
                  any of its Restricted Subsidiaries from Parent or Affiliates
                  of Parent under the Contribution Agreement or the Tax Sharing
                  Agreement, (D) any payments or contributions made directly to
                  the Company or any of its Restricted Subsidiaries by any of
                  the parties to the Contribution Agreement or the Tax Sharing
                  Agreement or (E) any indemnification payments made directly to
                  the Company or any of its Restricted Subsidiaries by any of
                  the parties to the Acquisition Agreement); plus

                           (E) if the Company designates any Unrestricted
                  Subsidiary as a Restricted Subsidiary after the date the Notes
                  are first issued, an amount equal to the fair market value of
                  the Investment in that Unrestricted Subsidiary by the Company
                  and its Restricted Subsidiaries at the time the Unrestricted
                  Subsidiary is designated as a Restricted Subsidiary; plus

                           (F) $25.0 million.

                  (b) The provisions of the first paragraph of this "Restricted
Payments" covenant will not prohibit:

                  (i) the payment of any dividend or the making of any
         distribution within 60 days after the date of its declaration if the
         dividend or distribution would have been permitted on the date it is
         declared;

                  (ii) the declaration and payment of dividends to holders of
         any class or series of Designated Preferred Stock (other than
         Disqualified Capital Stock) issued after the date the Notes are first
         issued; provided, however, that after giving effect to such issuance or
         declaration on a pro forma basis, the Company would be able to Incur an
         additional $1.00 of Debt under paragraph (a) of Section 4.09;

                  (iii) the purchase, redemption or other acquisition or
         retirement of any Capital Stock or Subordinated Debt of the Company or
         any warrants, options or other rights to acquire shares of any of that
         Capital Stock either:

                                       50
<PAGE>

                           (A) solely in exchange for shares of Qualified
                  Capital Stock or other warrants, options or rights to acquire
                  Qualified Capital Stock,

                           (B) through the application of the net proceeds of a
                  substantially concurrent sale for cash, other than to a
                  Subsidiary of the Company, of shares of Qualified Capital
                  Stock or warrants, options or other rights to acquire
                  Qualified Capital Stock, or

                           (C) in the case of Disqualified Capital Stock, solely
                  in exchange for, or through the application of the net
                  proceeds of a substantially concurrent sale for cash, other
                  than to a Subsidiary of the Company, of Disqualified Capital
                  Stock;

                  (iv) repurchases of Capital Stock, warrants, options or rights
         to acquire Capital Stock deemed to occur upon exercise of warrants,
         options or rights to acquire Capital Stock if such Capital Stock,
         warrants, options or rights represent a portion of the exercise price
         of such warrants, options or rights;

                  (v) payments or distributions, directly or indirectly through
         any direct or indirect parent of the Company, to dissenting
         stockholders pursuant to applicable law or in connection with the
         settlement or other satisfaction of legal claims made pursuant to or in
         connection with a consolidation, merger or transfer of assets;

                  (vi) cash payments in lieu of the issuance of fractional
         shares;

                  (vii) payments made to the holders of Equity Interests in any
         Person that is merged or consolidated with or into the Company or any
         Restricted Subsidiary pursuant to any merger, consolidation or sale of
         assets effected in accordance with Section 5.01; provided, however,
         that no such payment may be made pursuant to this clause (vii) unless,
         after giving pro forma effect to such transaction (and the Incurrence
         of any Debt in connection with that transaction and the use of the
         proceeds of that transaction), the Company would be able to Incur $1.00
         of additional Debt under paragraph (a) of Section 4.09;

                  (viii) payments made to purchase, redeem, defease or otherwise
         acquire or retire for value any Capital Stock or Subordinated Debt of
         the Company pursuant to provisions requiring the Company to offer to
         purchase, redeem, defease or otherwise acquire or retire for value such
         Capital Stock or Subordinated Debt upon the occurrence of a "change of
         control," as defined in the charter provisions, agreements or
         instruments governing such Capital Stock or Subordinated Debt;
         provided, however, that the Company has made a Change of Control Offer
         and has purchased all Notes tendered in connection with that Change of
         Control Offer;

                  (ix) dividends on the Company's Capital Stock (other than
         Disqualified Capital Stock) or payments to any direct or indirect
         parent of the Company to pay dividends on its Capital Stock after the
         first underwritten Equity Offering in an annual amount not to exceed
         6.0% of the gross proceeds (before deducting underwriting discounts and
         commissions and other fees and expenses of the offering) received from
         shares of Capital Stock (other than Disqualified Capital Stock of the
         Company) sold for the account of the issuer of those shares (and not
         for the account of any stockholder) in any underwritten Equity
         Offering; provided that in the case of any such Equity Offering by any
         direct or indirect parent of the Company, the net cash proceeds of such
         Equity Offering are contributed to the common or non-redeemable
         preferred equity capital of the Company;

                  (x) payments of dividends, distributions or other amounts by
         the Company to fund the payment by any direct or indirect parent of the
         Company of administrative, legal, financial, accounting or other
         similar expenses relating to such parent's direct or indirect ownership
         of the Company and to pay other corporate overhead expenses relating to
         such ownership interest, including directors' fees, indemnifications
         and similar arrangements, so long as such payments are fair and
         reasonable and are paid as and when needed by any such direct or
         indirect parent of the Company;

                                       51
<PAGE>

                  (xi) payments of dividends, distributions or other amounts to
         fund the repurchase, redemption or other acquisition or retirement for
         value of any of the Company's or its direct or indirect parent's Equity
         Interests or any Equity Interests of any Restricted Subsidiaries held
         by any then-existing or former director, officer, employee, independent
         contractor or consultant of the Company, its direct or indirect parent
         or any Restricted Subsidiary or their respective assigns, estates or
         heirs; provided, however, that the price paid for all repurchased,
         redeemed, acquired or retired Equity Interests in all cases, other than
         as a result of death or disability, does not exceed $1.0 million in the
         aggregate;

                  (xii) payments of fees and expenses incurred in connection
         with the consummation of the Transaction;

                  (xiii) the redemption, repurchase or other acquisition or
         retirement of Subordinated Debt made by exchange for, or out of the
         proceeds of the substantially concurrent sale of, Refinancing Debt;
         provided that, except in the case of a redemption, repurchase or other
         acquisition or retirement of the Senior Subordinated Notes, such
         Refinancing Debt shall also constitute Subordinated Debt;

                  (xiv) payments by the Company under the terms of the
         Transaction Documents as such documents are in effect on the date the
         Notes are first issued or as amended in accordance with Section 4.14;

                  (xv) Investments in Unrestricted Subsidiaries that are made
         with Excluded Proceeds; and

                  (xvi) the redemption, repurchase or other acquisition or
         retirement of Debt from Net Available Cash to the extent permitted
         under Section 4.12;

provided, however, that no Default or Event of Default shall have occurred or be
continuing at the time of the payment or as a result of that payment.

                  In determining the aggregate amount of Restricted Payments
made subsequent to the date the Notes are first issued, amounts expended
pursuant to clauses (i), (vi), (ix) and (xii) shall be included in such
calculation.

                  The amount of all Restricted Payments (other than cash) shall
be the fair market value on the date of such Restricted Payment of the asset(s)
or securities proposed to be paid, transferred or issued by the Company or such
Restricted Subsidiary, as the case may be, pursuant to such Restricted Payment.
The fair market value of any non-cash Restricted Payment shall be determined
conclusively by the Board of Directors acting in good faith whose Board
Resolution with respect thereto shall be delivered to the Trustee.

Section 4.11. LIENS.

                  The Company shall not, and shall not permit any Restricted
Subsidiary to, directly or indirectly, Incur or suffer to exist any Lien (other
than Permitted Liens) upon any of its property (including Capital Stock of a
Restricted Subsidiary), whether owned at the date the Notes are first issued or
thereafter acquired, or any interest therein or any income or profits therefrom,
unless it has made or will make effective provision whereby the Notes or the
applicable Guarantee will be secured by such Lien equally and ratably with (or
prior to) all other Debt of the Company or any Restricted Subsidiary secured by
such Lien for so long as such other Debt is secured by such Lien; provided,
however, that if the Debt is Subordinated Debt, the Lien securing the Debt will
be subordinated and junior to the Lien securing the Notes or the Guarantees, as
the case may be, with the same relative priority as such Debt has with respect
to the Notes or the Guarantees.

Section 4.12. ASSET SALES.

                  (a) The Company shall not, and shall not permit any of its
Restricted Subsidiaries to, make an Asset Sale unless:

                                       52
<PAGE>

                  (i) the Company or that Restricted Subsidiary receives
         consideration at the time of the Asset Sale at least equal to the fair
         market value, as determined in good faith by the Company's senior
         management or Board of Directors, including as to the value of all
         non-cash consideration, of the shares, property or assets being
         disposed of in the Asset Sale;

                  (ii) at least 75% of the consideration received by the Company
         or its Restricted Subsidiary, as the case may be, from the Asset Sale
         is in the form of cash or Cash Equivalents; and

                  (iii) an amount equal to 100% of the Net Available Cash from
         the Asset Sale is applied by the Company or the Restricted Subsidiary,
         as the case may be,

                           (A) first, within one year from the receipt of that
                  Net Available Cash and solely at the Company's election or as
                  required by the terms of the Senior Credit Facilities either:

                           (1) to

                                    (x)      invest in or acquire any one or
                                             more Related Businesses,

                                    (y)      make capital expenditures or
                                             acquisitions of other assets, in
                                             each case, used or useful in a
                                             Related Business, or

                                    (z)      invest in or acquire properties or
                                             assets that replace the properties
                                             and assets disposed of in the Asset
                                             Sale; or

                           (2) to prepay, repay or purchase indebtedness under
                  the Senior Credit Facilities or pari passu Debt of a Wholly
                  Owned Restricted Subsidiary (other than Debt owed to the
                  Company); and

                           (B) second, within 45 days after the later of the
                  application of Net Available Cash in accordance with clause
                  (A) and the date that is one year following the receipt of the
                  Net Available Cash, to the extent of the balance of that Net
                  Available Cash after application in accordance with clause
                  (A), to make an offer to purchase the Notes and other pari
                  passu Debt, to the extent required pursuant to the terms of
                  that pari passu Debt, pro rata at 100% of the tendered
                  principal amount of the other pari passu Debt or 100% of the
                  accreted value of the pari passu Debt so tendered if that pari
                  passu Debt was issued at a discount, plus accrued and unpaid
                  interest, if any, on the Notes and the pari passu Debt to the
                  date of purchase.

                  (b) The balance of the Net Available Cash after application in
accordance with clauses (A) and (B) above may be used by the Company or its
Restricted Subsidiaries in any manner not otherwise prohibited by this
Indenture. Notwithstanding the foregoing provisions, the Company and its
Restricted Subsidiaries shall not be required to apply any Net Available Cash in
accordance herewith until the aggregate Net Available Cash from all Asset Sales
following the date the Notes are first issued exceeds $15.0 million. Thereafter,
once the Company or its Restricted Subsidiaries accumulates an additional
aggregate $15.0 million of Net Available Cash from all Asset Sales, the Company
shall, after application of the additional aggregate $15.0 million of Net
Available Cash as provided in clause (A), make an offer for Notes pursuant to
this Section 4.12 by applying the Net Available Cash in excess of $15.0 million
as required pursuant to clause (a)(iii)(B) above.

                  (c) Solely for the purposes of clause (a)(ii) above of this
Section 4.12 and the definition of "Net Available Cash," the following will be
deemed to be cash:

                  (i) the assumption by the transferee in connection with the
         Asset Sale pursuant to a customary novation agreement that releases the
         Company or any of its Restricted Subsidiaries, as the case may be,

                                       53
<PAGE>

         from further liability with respect to Debt of the Company or any
         Restricted Subsidiary, other than contingent Debt and Debt that is by
         its terms subordinated to the Notes or to any Subsidiary Guarantee, in
         which case the Company will, without further action, be deemed to have
         applied the assumed Debt in accordance with clause (a)(iii)(A) above,
         and

                  (ii) securities received by the Company or any Restricted
         Subsidiary of the Company from the transferee that are converted within
         60 days into cash or Cash Equivalents.

                  (d) In the event of an Asset Sale that requires the purchase
of Notes pursuant to clause (a)(iii)(B) above of this Section 4.12, the Company
will be required to purchase Notes tendered pursuant to an offer by the Company
for the Notes in accordance with Section 3.09 hereof. If the aggregate purchase
price of the Notes tendered pursuant to the Asset Sale Offer is less than the
Net Available Cash allotted to the purchase of the Notes, the Company may use
the remaining Net Available Cash for any purpose not prohibited by this
Indenture, including the repurchase of any subordinated notes, including the
Senior Subordinated Notes, required by the indenture pursuant to which such
subordinated notes were issued. Upon the consummation of the purchase of Notes
properly tendered in response to the Asset Sale Offer, the amount of Net
Available Cash subject to future offers to purchase will be deemed to be reset
to zero.

                  (e) The Company shall comply with the requirements of Rule
14e-1 of the Exchange Act and, to the extent applicable, any other securities
laws or regulations in connection with the repurchase of Notes pursuant to this
Indenture. To the extent that the provisions of any securities laws or
regulations conflict with provisions of this covenant, the Company shall comply
with the applicable securities laws and regulations and shall not be deemed to
have breached its obligations under this Indenture by virtue of complying with
those laws and regulations.

Section 4.13. RESTRICTIONS ON DISTRIBUTIONS FROM RESTRICTED SUBSIDIARIES.

                  The Company shall not, and shall not permit any of its
Restricted Subsidiaries to, create or permit to exist or become effective any
consensual encumbrance or restriction on the ability of any such Restricted
Subsidiary to:

                  (a) pay dividends, in cash or otherwise, or make any other
distributions on its Capital Stock or pay any Debt or other obligation owed to
the Company or any other Restricted Subsidiary;

                  (b) make any loans or advances to the Company or any other
Restricted Subsidiary; or

                  (c) transfer any of its property or assets to the Company or
any other Restricted Subsidiary.

                  The foregoing limitations will not apply to:

                  (i) any encumbrance or restriction pursuant to an agreement in
         effect at or entered into on the date the Notes are first issued, and
         any amendments, modifications, restatements, renewals, increases,
         supplements, refundings, replacements or refinancings thereof; provided
         that such amendments, modifications, restatements, renewals, increases,
         supplements, refundings, replacements or refinancings are no more
         restrictive than those contained in such agreements as in effect on the
         date the Notes are first issued, as determined in good faith by the
         senior management or Board of Directors of the Company;

                  (ii) any encumbrance or restriction existing under or by
         reason of the Senior Credit Facilities or the Senior Subordinated Notes
         Indenture and any amendments, modifications, restatements, renewals,
         increases, supplements, refundings, replacements or refinancings
         thereof; provided that such amendments, modifications, restatements,
         renewals, increases, supplements, refundings, replacements or
         refinancings are not materially more restrictive, taken as a whole,
         with respect to dividend and other payment restrictions than those
         contained in the Senior Credit Facilities or the Senior Subordinated
         Notes Indenture, as in effect on the date the Notes are first issued;

                                       54
<PAGE>

                  (iii) any encumbrance or restriction with respect to a
         Restricted Subsidiary pursuant to an agreement relating to any Debt
         Incurred or Preferred Stock issued by such Restricted Subsidiary on or
         prior to the date on which such Restricted Subsidiary became a
         Restricted Subsidiary or was acquired by the Company or any Restricted
         Subsidiary and outstanding on such date, other than Debt Incurred or
         Preferred Stock issued as consideration in, or to provide all or any
         portion of the funds or credit support utilized to consummate, the
         transaction or series of related transactions pursuant to which such
         Restricted Subsidiary became a Restricted Subsidiary of the Company or
         was acquired by the Company or any Restricted Subsidiary;

                  (iv) any encumbrance or restriction with respect to a
         Restricted Subsidiary pursuant to an agreement evidencing Debt Incurred
         or Preferred Stock issued without violation of this Indenture or
         effecting a refinancing of Debt Incurred or Preferred Stock issued
         pursuant to an agreement referred to in clauses (i), (ii), (iii) or
         this clause (iv) contained in any amendment to an agreement referred to
         in clauses (i), (ii), (iii) or this clause (iv); provided, however,
         that the encumbrances and restrictions with respect to such Restricted
         Subsidiary contained in any such agreement, refinancing agreement or
         amendment, taken as a whole, are not materially less favorable to the
         Holders of the Notes, as determined in good faith by the senior
         management or Board of Directors of the Company, than encumbrances and
         restrictions with respect to that Restricted Subsidiary contained in
         agreements in effect at, or entered into on, the date the Notes are
         first issued; and

                  (v) in the case of clause (c) of the first paragraph of this
         Section 4.13, any encumbrance or restriction:

                           (A) that restricts in a customary manner the
                  subletting, assignment or transfer of any property or asset
                  that is subject to a lease, license, conveyance or contract or
                  similar property or asset or the assignment of any such lease,
                  license or other contract;

                           (B) by virtue of any transfer of, agreement to
                  transfer, option or right with respect to, or Lien on, any
                  property or assets of the Company or any Restricted Subsidiary
                  not otherwise prohibited by this Indenture;

                           (C) that is included in a licensing agreement to the
                  extent such restrictions limit the transfer of the property
                  subject to such licensing agreement;

                           (D) arising or agreed to in the ordinary course of
                  business and that does not, individually or in the aggregate,
                  detract from the value of property or assets of the Company or
                  any of its Subsidiaries in any manner material to the Company
                  or any such Restricted Subsidiary as determined in good faith
                  by senior management or the Board of Directors of the Company;
                  and

                           (E) contained in security agreements, mortgages or
                  similar documents securing Debt of a Restricted Subsidiary
                  incurred in accordance with this Indenture to the extent those
                  encumbrances or restrictions restrict the transfer of the
                  property subject to such security agreements;

                  (vi) any restriction with respect to a Restricted Subsidiary
         or any of its properties or assets imposed pursuant to an agreement
         entered into for the sale or disposition of all or substantially all
         the Capital Stock or assets of that Restricted Subsidiary (whether by
         stock sale, asset sale, merger, consolidation or otherwise) pending the
         closing of such sale or disposition;

                  (vii) encumbrances or restrictions arising or existing by
         reason of applicable law, regulation or order;

                                       55
<PAGE>
                  (viii) any encumbrance or restriction under Capitalized Lease
         Obligations and purchase money obligations for property leased or
         acquired in the ordinary course of business that impose encumbrances or
         restrictions of the nature described in clause (c) of the first
         paragraph of this Section 4.13 on the property so leased or acquired;

                  (ix) customary provisions with respect to the distribution of
         assets or property in joint venture agreements; and

                  (x) restrictions on cash or other deposits or net worth
         imposed by customers under contracts entered into in the ordinary
         course of business.

Section 4.14. AFFILIATE TRANSACTIONS.

                  The Company shall not, and shall not permit any of its
Restricted Subsidiaries to, directly or indirectly, enter into or permit to
exist any transaction or series of related transactions, including, without
limitation, the purchase, sale, lease, contribution or exchange of any property
or the rendering of any service, with any of its or any of its Restricted
Subsidiaries' Affiliates (excluding transactions between the Company and a
Wholly Owned Restricted Subsidiary or between Wholly Owned Restricted
Subsidiaries) (an "AFFILIATE TRANSACTION"), other than Affiliate Transactions on
terms that are no less favorable than those that might reasonably have been
obtained in a comparable transaction on an arm's-length basis from a Person that
is not an Affiliate; provided, however, that for a transaction or series of
related transactions involving value of $10.0 million or more, such
determination will be made in good faith by a majority of members of the Board
of Directors of the Company and by a majority of the disinterested members of
the Board of Directors of the Company, if any; provided, further, however, that
for a transaction or series of related transactions involving value of $25.0
million or more, the Company obtains a written opinion from an Independent
Financial Advisor to the effect that the consideration to be paid or received in
connection with such transaction or series of related transactions is fair, from
a financial point of view, to the Company or such Restricted Subsidiary.

                  The foregoing restrictions will not apply to:

                  (a) reasonable and customary directors' fees, indemnification
and similar arrangements and payments thereunder;

                  (b) any obligations of the Company under any employment,
noncompetition or confidentiality agreement with any officer or employee of the
Company, as in effect on the date the Notes are first issued;

                  (c) any Restricted Payment permitted to be made pursuant to
Section 4.10;

                  (d) any issuance of securities or other payments, awards or
grants in cash, securities or otherwise pursuant to, or the funding of,
employment arrangements, stock options and stock ownership plans and other fair
and reasonable fees, compensation, benefits and indemnities paid or entered into
by the Company or its Restricted Subsidiaries to or with officers, directors or
employees of the Company and its Restricted Subsidiaries approved by the Board
of Directors of the Company;

                  (e) loans or advances to officers, directors or employees in
the ordinary course of business of the Company or any of its Restricted
Subsidiaries; provided that such loans or advances do not exceed $2.0 million
outstanding at any one time;

                  (f) payments (including, without limitation, fees payable to
and expenses of Hicks Muse and ConAgra Foods) made pursuant to the Transaction
Documents as in effect on the date the Notes are first issued or any amendments
thereto; provided that the terms, taken as a whole, of any such amendment of any
of the foregoing agreements are not otherwise disadvantageous to the Holders of
the Notes in any material respect;

                  (g) the existence of, or the performance by the Company or any
of its Restricted Subsidiaries of its obligations under the terms of, any
stockholders agreement, including any registration rights agreement or

                                       56
<PAGE>

purchase agreement related thereto, to which it is a party as of the date the
Notes are first issued and any similar agreements which it may enter into
thereafter; provided, however, that the existence of, or the performance by the
Company or any of its Restricted Subsidiaries of obligations under, any future
amendment to any such existing agreement or under any similar agreement entered
into after the date the Notes are first issued shall only be permitted by this
clause (g) to the extent that the terms, taken as a whole, of any such amendment
or new agreement are not otherwise disadvantageous to the Holders of the Notes
in any material respect;

                  (h) transactions with customers, clients, suppliers or
purchasers or sellers of goods or services, in each case in the ordinary course
of business and otherwise in compliance with the terms of this Indenture which
are fair to the Company or its Restricted Subsidiaries, in the reasonable
determination of the senior management and of the Board of Directors of the
Company, or are on terms, taken as a whole, at least as favorable as might
reasonably have been obtained at such time from an unaffiliated party;

                  (i) any agreement as in effect as of the date the Notes are
first issued or any amendment thereto, so long as any such amendment, taken as a
whole, is not disadvantageous to the Holders of the Notes in any material
respect, or any transaction contemplated thereby;

                  (j) any purchases of Equity Interests of the Company by its
Affiliates; and

                  (k) any purchases by the Company's Affiliates of Debt of the
Company or any of its Restricted Subsidiaries offered to Persons who are not
Affiliates; provided that such purchases must be on the same terms and
conditions as offered to Persons who are not Affiliates.

Section 4.15. SALE AND LEASEBACK TRANSACTIONS.

                  The Company shall not, and shall not permit any Restricted
Subsidiary to, enter into any Sale and Leaseback Transaction with respect to any
Property unless:

                  (a) the Company or such Restricted Subsidiary would be
entitled to:

                  (i) Incur Debt in an amount equal to the Attributable Debt
         with respect to such Sale and Leaseback Transaction pursuant to Section
         4.09; and

                  (ii) create a Lien on such property securing such Attributable
         Debt without also securing the Notes or the applicable Guarantee
         pursuant to Section 4.11; and

                  (b) such Sale and Leaseback Transaction is effected in
compliance with Section 4.12.

Section 4.16. ISSUANCE OR SALE OF CAPITAL STOCK OF RESTRICTED SUBSIDIARIES.

                  The Company shall not, directly or indirectly:

                  (a) sell or otherwise dispose of any shares of Capital Stock
of a Restricted Subsidiary (or permit any Restricted Subsidiary to do the same);
or

                  (b) permit any Restricted Subsidiary to, directly or
indirectly, issue or sell or otherwise dispose of any shares of its Capital
Stock;

other than, in the case of either (a) or (b):

                  (i) directors' qualifying shares,

                  (ii) to the Company or a Wholly Owned Restricted Subsidiary,
         or

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<PAGE>

                  (iii) a disposition of 100% of the shares of Capital Stock of
         such Restricted Subsidiary; provided, however, that, in the case of
         this clause (iii),

                           (A) such disposition is effected in compliance with
                  Section 4.12; and

                           (B) upon consummation of such disposition and
                  execution and delivery of a supplemental indenture, such
                  Restricted Subsidiary shall be released from any Guarantee
                  previously made by such Restricted Subsidiary; and

                  (iv) the issuance by a Restricted Subsidiary of Preferred
         Stock permitted under paragraph (a) of Section 4.09.

Section 4.17. DESIGNATION OF RESTRICTED AND UNRESTRICTED SUBSIDIARIES.

                  The Company's Board of Directors may designate any of its
Subsidiaries, including any newly formed Subsidiary or any Person that will
become a Subsidiary by way of acquisition, to be an Unrestricted Subsidiary if
that designation would not cause a Default. If any of the Company's Restricted
Subsidiaries is designated as an Unrestricted Subsidiary, the aggregate fair
market value of all outstanding Investments owned by the Company and its
Restricted Subsidiaries in the newly designated Unrestricted Subsidiary will be
deemed to be an Investment made as of the time of that designation and will
either reduce the amount available for Restricted Payments under Section 4.10(a)
or 4.10(b) or reduce the amount available for future Investments under one or
more clauses of the definition of "Permitted Investments," as the Company
determines in its sole discretion. The designation of such a Subsidiary or
Person as an "Unrestricted Subsidiary" will only be permitted if, in the case of
a Restricted Subsidiary, the deemed Investment would be permitted at the time
the Restricted Subsidiary is designated as an Unrestricted Subsidiary and, in
any case, if that Subsidiary or Person otherwise satisfies the requirements set
forth in the definition of "Unrestricted Subsidiary." The Company's Board of
Directors may designate any Unrestricted Subsidiary to be a Restricted
Subsidiary if that designation would not cause a Default.

Section 4.18. REPURCHASE AT THE OPTION OF HOLDERS UPON A CHANGE OF CONTROL.

                  (a) Upon the occurrence of a Change of Control, each Holder
shall have the right to require the Company to repurchase all or any part (equal
to $1,000 or an integral multiple of $1,000) of such Holder's Notes pursuant to
the offer described below (the "CHANGE OF CONTROL OFFER") at a purchase price,
in cash (the "CHANGE OF CONTROL PURCHASE PRICE"), equal to 101% of the aggregate
principal amount of Notes repurchased, plus accrued and unpaid interest and
Special Interest, if any, on the Notes repurchased, to the purchase date
(subject to the right of Holders on the relevant record date to receive interest
to, but excluding, the Change of Control Payment Date (as defined below)).

                  Within 90 days following any Change of Control, unless the
Company has mailed a redemption notice with respect to all of the outstanding
Notes in accordance with Section 3.07, the Company shall:

                  (i) send, by first-class mail, with a copy to the Trustee, to
         each Holder, at such Holder's address appearing in the securities
         register maintained in respect of the Notes by the Registrar (the
         "SECURITY REGISTER"), a notice stating:

                           (A) that a Change of Control has occurred and a
                  Change of Control Offer is being made pursuant to this Section
                  4.18 and that all Notes timely tendered will be accepted for
                  payment;

                           (B) the Change of Control Purchase Price and the
                  purchase date, which shall be, subject to any contrary
                  requirements of applicable law, a Business Day no earlier than
                  30 days and no later than 60 days from the date such notice is
                  mailed (the "CHANGE OF CONTROL PAYMENT DATE");

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<PAGE>

                           (C) the circumstances and relevant facts regarding
                  the Change of Control; and

                           (D) the procedures that Holders must follow in order
                  to tender their Notes (or portions thereof) for payment, and
                  the procedures that Holders must follow in order to withdraw
                  an election to tender Notes (or portions thereof) for payment.

                  The Company will comply, to the extent applicable, with the
requirements of Rule 14(e)-1 under the Exchange Act and any other securities
laws and regulations thereunder to the extent those laws and regulations are
applicable in connection with the repurchase of the Notes as a result of a
Change of Control. To the extent that the provisions of any securities laws or
regulations conflict with the Change of Control provisions of the covenant
described hereunder or other provisions of this Indenture, the Company will
comply with the applicable securities laws and regulations and will not be
deemed to have breached its obligations under the covenant described hereunder
by virtue of such conflict.

                  (b) On the Change of Control Payment Date, the Company shall,
to the extent lawful:

                  (i) accept for payment all Notes or portions of Notes properly
         tendered pursuant to the Change of Control Offer;

                  (ii) deposit with the Paying Agent an amount equal to the
         Change of Control Payment in respect of all Notes or portions of Notes
         properly tendered; and

                  (iii) deliver or cause to be delivered to the Trustee or
         Paying Agent, on its behalf, the Notes properly accepted together with
         an Officers' Certificate stating the aggregate principal amount of
         Notes or portions of Notes being tendered and purchased by the Company.

                  The Paying Agent shall promptly mail to each Holder of Notes
properly tendered the Change of Control Payment for such Notes, and the Trustee
will promptly authenticate and mail (or cause to be transferred by book-entry)
to each Holder a new note equal in principal amount to any unpurchased portion
of the Notes surrendered, if any; provided that each new note will be in a
principal amount of $1,000 or an integral multiple of $1,000.

                  (c) If the Change of Control Payment Date is on or after a
Regular Record Date and on or before the related Interest Payment Date, any
accrued and unpaid interest and Special Interest, if any, will be paid to the
Person in whose name a Note is registered, at the close of business on such
Regular Record Date, and no additional interest will be payable to Holders who
tender pursuant to the Change of Control Offer.

                  (d) The provisions described above that require the Company to
make a Change of Control Offer following a Change of Control will be applicable
whether or not any other provisions of this Indenture are applicable. Except as
described above with respect to a Change of Control, this Indenture does not
contain provisions that permit the Holders of the Notes to require that the
Company repurchase or redeem the Notes in the event of a takeover,
recapitalization or similar transaction that does not involve a Change of
Control.

                  (e) The Company will not be required to make a Change of
Control Offer upon a Change of Control if a third party makes a Change of
Control Offer in the manner, at the times and otherwise in compliance with the
requirements set forth in this Indenture applicable to a Change of Control Offer
made by the Company and purchases all Notes properly tendered and not withdrawn
under the Change of Control Offer.

Section 4.19. FUTURE SUBSIDIARY GUARANTORS.

                  If the Company or any of its Restricted Subsidiaries acquires
or creates another Domestic Restricted Subsidiary after the date hereof, then
that newly acquired or created Domestic Restricted Subsidiary shall execute and
deliver to the Trustee a supplemental indenture providing for a Guarantee and
deliver an Opinion of

                                       59
<PAGE>

Counsel satisfactory to the Trustee on the date on which such Domestic
Restricted Subsidiary was acquired or created; provided, however, that the
foregoing shall not apply to Subsidiaries that have properly been designated as
Unrestricted Subsidiaries in accordance with this Indenture for so long as they
continue to constitute Unrestricted Subsidiaries.

Section 4.20. BUSINESS ACTIVITIES.

                  The Company shall not, and shall not permit any Restricted
Subsidiary to, directly or indirectly, engage in any business other than a
Related Business. The Parent shall not directly or indirectly engage in any
business other than the holding of Capital Stock of the Company.

Section 4.21. GUARANTEES OF DEBT BY RESTRICTED SUBSIDIARIES.

                  The Company shall not permit any Restricted Subsidiary that is
not a Guarantor to guarantee the payment of any of the Company's Debt or any
Debt of any other Domestic Restricted Subsidiary unless:

                  (a) such Restricted Subsidiary simultaneously executes and
delivers a supplemental indenture to this Indenture providing for a Guarantee of
payment of the Company's obligations under this Indenture and the Notes by such
Restricted Subsidiary; except that if such Debt is by its express terms
subordinated in right of payment to the Notes, any such Guarantee of such
Restricted Subsidiary with respect to such Debt will be subordinated in right of
payment to such Restricted Subsidiary's Guarantee with respect to the Notes
substantially to the same extent as such Debt is subordinated to the Notes;

                  (b) such Restricted Subsidiary waives and shall not in any
manner whatsoever claim or take the benefit or advantage of, any rights of
reimbursement, indemnity or subrogation or any other rights against the Company
or any other Restricted Subsidiary as a result of any payment by such Restricted
Subsidiary under its Guarantee of the Notes; and

                  (c) such Restricted Subsidiary shall deliver to the Trustee an
Opinion of Counsel to the effect that:

                  (i) such Guarantee of the Notes has been duly executed and
         authorized; and

                  (ii) such Guarantee of the Notes constitutes a valid, binding
         and enforceable obligation of such Restricted Subsidiary, except
         insofar as enforcement thereof may be limited by bankruptcy, insolvency
         or similar laws (including, without limitation, all laws relating to
         fraudulent transfers) and except insofar as enforcement thereof is
         subject to general principles of equity;

provided, however, that the foregoing provisions of this Section 4.21 will not
be applicable to any Guarantee of any Restricted Subsidiary that existed at the
time such Person became a Restricted Subsidiary of the Company and was not
Incurred in connection with, or in contemplation of, such Person becoming a
Restricted Subsidiary of the Company.

                  Notwithstanding the provisions of the foregoing paragraph and
the other provisions of this Indenture, any Guarantee by a Restricted Subsidiary
of the Notes will provide by its terms that it shall be automatically and
unconditionally released and discharged upon:

                  (a) any sale, exchange or transfer, to any Person not an
Affiliate of the Company, of all of the Company's Capital Stock in, or all or
substantially all the assets of, such Restricted Subsidiary, which sale,
exchange or transfer is not prohibited by this Indenture; or

                  (b) in the case of a guarantee by a Foreign Restricted
Subsidiary, the release or discharge of the Guarantee that resulted in the
creation of such Guarantee of the Notes, except a discharge or release by or as
a result of payment under such Guarantee.

                                       60
<PAGE>

                  In addition, any Guarantee by a Restricted Subsidiary will be
automatically and unconditionally released and discharged if the Company
designates such Restricted Subsidiary as an Unrestricted Subsidiary in
accordance with this Indenture.

Section 4.22. SELLER NOTE.

                  The Company shall not, and shall not permit any Restricted
Subsidiary to, and Parent shall not, consolidate with or merge with or into the
issuer of or other obligor under (or any guarantor of) the Seller Note or
otherwise assume, directly or indirectly, the Debt represented by the Seller
Note, unless immediately after giving pro forma effect to such consolidation,
merger or assumption:

                  (a) no Default or Event of Default shall have occurred and be
continuing;

                  (b) the Company would be able to Incur an additional $1.00 of
Debt under paragraph (a) of Section 4.09; and

                  (c) the assumption of the Seller Note is treated as a
Restricted Payment in an amount equal to the aggregate principal amount
outstanding of the Seller Note at the time of such assumption; provided,
however, that if such assumption is made by merger or consolidation with the
obligor under the Seller Note, the aggregate principal amount outstanding of the
Seller Note at the time of such assumption shall be excluded from the
calculation of the value of the assets being contributed as part of such merger
or consolidation for purposes of paragraph (a)(iii)(B)(x) or (a)(iii)(D) of
Section 4.10.

                                   ARTICLE 5.

                                   SUCCESSORS

Section 5.01. MERGER, CONSOLIDATION AND SALE OF ASSETS.

                  The Company shall not, in a single transaction or a series of
related transactions, consolidate with or merge with or into, or sell, assign,
transfer, lease, convey or otherwise dispose of all or substantially all of its
assets determined on a consolidated basis to another Person or adopt a plan of
liquidation unless:

                  (a) either

                  (i) the Company is the Surviving Person; or

                  (ii) the Person, if other than the Company, formed by such
         consolidation or into which the Company is merged or the Person that
         acquires by conveyance, transfer or lease the properties and assets of
         the Company substantially as an entirety or in the case of a plan of
         liquidation, the Person to which assets of the Company have been
         transferred, will be a corporation, partnership or limited liability
         company organized and existing under the laws of the United States or
         any State of the United States or the District of Columbia; provided,
         however, that if the Person formed by such consolidation or into which
         the Company is merged or the Person that acquires by conveyance,
         transfer or lease the properties and assets of the Company
         substantially as an entirety is a partnership or limited liability
         company, the Company or such Surviving Person shall cause a Restricted
         Subsidiary that is a corporation to become a co-obligor on the Notes;

                  (b) such Surviving Person, if other than the Company, assumes
all of the obligations of the Company under the Notes and this Indenture
pursuant to a supplemental indenture in a form reasonably satisfactory to the
Trustee;

                  (c) immediately after giving effect to that transaction and
the use of the proceeds from that transaction, on a pro forma basis, including
giving effect to any Debt Incurred or anticipated to be Incurred in connection
with that transaction and the use of the proceeds from that transaction,

                                       61
<PAGE>

                  (i) no Default or Event of Default shall have occurred and be
         continuing; and

                  (ii) except in the case of a consolidation or merger of the
         Company with or into a Wholly Owned Restricted Subsidiary that is a
         Guarantor or a sale, assignment, transfer, lease, conveyance or other
         disposition of all or substantially all of the Company's assets to a
         Wholly Owned Restricted Subsidiary that is a Guarantor, immediately
         after giving effect to such transaction, either (i) such Surviving
         Person shall be able to Incur $1.00 of additional Debt under paragraph
         (a) of Section 4.09 or (ii) the Consolidated Coverage Ratio of the
         Surviving Person would not be less than the Consolidated Coverage Ratio
         of the Company immediately prior to the transaction; and

                  (d) the Company delivers to the Trustee prior to the
consummation of the proposed transaction an Officers' Certificate and an Opinion
of Counsel, each stating that such consolidation, merger or transfer complies
with this Indenture and that all conditions precedent in this Indenture relating
to such transaction have been satisfied.

                  (e) For purposes of the foregoing, the transfer (by lease,
assignment, sale or otherwise, in a single transaction or series of related
transactions) of all or substantially all of the properties and assets of one or
more Restricted Subsidiaries, the Capital Stock of which constitutes all or
substantially all of the properties or assets of the Company, will be deemed to
be the transfer of all or substantially all of the properties and assets of the
Company. Notwithstanding the foregoing clauses (b) and (c),

                           (A) any Restricted Subsidiary may consolidate with,
                  merge into or transfer all or part of its properties and
                  assets to the Company, and

                           (B) the Company may merge with one of its Affiliates
                  that is organized solely for the purpose of reorganizing the
                  Company in another jurisdiction in the United States to
                  realize tax or other benefits.

                  (f) Each Guarantor (other than any Guarantor whose Guarantee
is to be released in accordance with the terms of the Guarantee and this
Indenture in connection with any transaction complying with the provisions of
Section 4.12) shall not, and the Company shall not cause or permit any Guarantor
to, consolidate with or merge with or into any Person other than the Company or
any other Guarantor unless:

                  (i) the entity formed by or surviving any such consolidation
         or merger (if other than the Guarantor) is a corporation, partnership
         or limited liability company organized and existing under the laws of
         the United States or any State of the United States or the District of
         Columbia;

                  (ii) such entity surviving any such consolidation or merger
         (if other than the Guarantor) assumes by supplemental indenture all of
         the obligations of the Guarantor on the Guarantee;

                  (iii) immediately after giving effect to such transaction, no
         Default or Event of Default shall have occurred and be continuing; and

                  (iv) immediately after giving effect to such transaction and
         the use of any net proceeds therefrom on a pro forma basis, the Company
         could satisfy the provisions of clause (c)(ii) hereof.

                  In connection with any merger or consolidation of a Guarantor
with and into the Company (with the Company being the surviving entity) or
another Guarantor that is a Wholly Owned Restricted Subsidiary, the Company must
deliver to the Trustee prior to the consummation of the proposed transaction an
Officers' Certificate and an Opinion of Counsel, each stating that such
consolidation, merger or transfer complies with this Indenture and that all
conditions precedent in this Indenture relating to such transaction have been
satisfied.

Section 5.02. SUCCESSOR CORPORATION SUBSTITUTED.

                  The Surviving Person shall succeed to, and be substituted for,
and may exercise every right and power of the Company under this Indenture, but
the predecessor Company in the case of:

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<PAGE>
                  (a) a sale, transfer, assignment, conveyance or other
disposition (unless such sale, transfer, assignment, conveyance or other
disposition is of all the assets of the Company as an entirety or virtually as
an entirety), or

                  (b) a lease,

shall not be released from any of the obligations or covenants under this
Indenture, including with respect to the payment of the Notes.

                                   ARTICLE 6.

                             DEFAULTS AND REMEDIES

Section 6.01. EVENTS OF DEFAULT.

Each of the following is an "Event of Default:"

                  (i) the failure to pay interest including Special Interest, if
         any, on the Notes when that interest or Special Interest becomes due
         and payable and the Default continues for 30 days;

                  (ii) the failure to pay principal of or premium, if any, on
         the Notes when that principal or premium, if any, becomes due and
         payable, at maturity, upon redemption or otherwise;

                  (iii) the failure to observe or perform any other covenant or
         agreement contained in the Notes or this Indenture, which failure
         continues for a period of 60 days after the Company receives a written
         notice specifying the default from the Trustee or Holders of at least
         25% in aggregate principal amount of outstanding Notes;

                  (iv) the failure by the Company or any Restricted Subsidiary
         to pay Debt at the final stated maturity, after giving effect to any
         extensions, or upon the acceleration of the final stated maturity of
         that Debt, if the aggregate principal amount of that Debt, together
         with the aggregate principal amount of any other such Debt in default
         for failure to pay principal at the final stated maturity, after giving
         effect to any extensions, or upon the acceleration of the final stated
         maturity of that Debt, aggregates $20.0 million or more at any time and
         such default shall not have been cured or such acceleration shall not
         have been rescinded after a 10-day period;

                  (v) one or more judgments in an aggregate amount in excess of
         $20.0 million, which judgments are not covered by insurance, or if
         covered by insurance, as to which the insurer has disclaimed coverage,
         being rendered against the Company or any of its Restricted
         Subsidiaries and such judgment or judgments remain undischarged,
         unwaived or unstayed for a period of 60 days after such judgment or
         judgments become final and nonappealable;

                  (vi) the Company or any of its Significant Subsidiaries
         pursuant to or within the meaning of any Bankruptcy Law:

                           (A) commences a voluntary case;

                           (B) consents to the entry of an order for relief
                  against it in an involuntary case;

                           (C) consents to the appointment of a custodian of it
                  or for all or substantially all of its property;

                           (D) makes a general assignment for the benefit of its
                  creditors; or

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                           (E) admits in writing its inability to pay its debts
                  as they become due; and

                  (vii) a court of competent jurisdiction enters an order or
         decree under any Bankruptcy Law that:

                           (A) is for relief against the Company or any of its
                  Significant Subsidiaries in an involuntary case; or

                           (B) appoints a custodian of the Company or any of its
                  Significant Subsidiaries or for all or substantially all of
                  the property of the Company or any of its Significant
                  Subsidiaries; or

                           (C) orders the liquidation of the Company or any of
                  its Significant Subsidiaries;

         and the order or decree remains unstayed and in effect for 60
         consecutive days; or

                  (viii) any Guarantee of a Significant Subsidiary ceases to be
         in full force and effect or any Guarantee of a Significant Subsidiary
         is declared to be null and void and unenforceable by a judicial
         determination or any Guarantee of a Significant Subsidiary is found to
         be invalid by a judicial determination or any Guarantor that is a
         Significant Subsidiary denies its obligations under its Guarantee (in
         each case, other than by reason of release of a Guarantor in accordance
         with the terms of this Indenture).

Section 6.02. ACCELERATION.

                  If any Event of Default (other than those of the type
described in Section 6.01(vi) or (vii)) occurs and is continuing, the Trustee
may, and the Trustee upon the request of Holders of 25% in principal amount of
the outstanding Notes will, or the Holders of at least 25% in principal amount
of outstanding Notes may, declare the principal of all the Notes, together with
all accrued and unpaid interest, premium, if any, and Special Interest, if any,
to be due and payable by notice in writing to the Company and the Trustee
specifying the respective Event of Default and that such notice is a notice of
acceleration (the "ACCELERATION NOTICE"), and the same shall become immediately
due and payable.

                  In the case of an Event of Default specified in Section (vi)
or (vii) of Section 6.01 hereof, such amount with respect to all the Notes will
become due and payable immediately without any declaration or other act on the
part of the Trustee or the holders of the Notes. Holders may not enforce this
Indenture or the Notes except as provided in this Indenture.

                  At any time after a declaration of acceleration with respect
to the Notes, the Holders of a majority in principal amount of the Notes then
outstanding (by notice to the Trustee) may rescind and cancel that declaration
and its consequences if:

                  (a) the rescission would not conflict with any judgment or
decree of a court of competent jurisdiction;

                  (b) all existing Defaults and Events of Default have been
cured or waived except nonpayment of principal of or interest on the Notes that
has become due solely by such declaration of acceleration;

                  (c) to the extent the payment of such interest is lawful,
interest (at the same rate specified in the Notes) on overdue installments of
interest and overdue payments of principal which has become due otherwise than
by such declaration of acceleration has been paid;

                  (d) the Company has paid the Trustee its reasonable
compensation and reimbursed the Trustee for its reasonable expenses,
disbursements and advances; and

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                  (e) in the event of the cure or waiver of an Event of Default
of the type described in Section 6.01(vi) or (vii), the Trustee has received an
Officers' Certificate and Opinion of Counsel that such Event of Default has been
cured or waived.

                  In the case of an Event of Default occurring by reason of any
willful action or inaction taken or not taken by the Company or on the Company's
behalf with the intention of avoiding payment of the premium that the Company
would have been required to pay if the Company had then elected to redeem the
Notes pursuant to Section 3.07 hereof, an equivalent premium will also become
and be immediately due and payable to the extent permitted by law upon the
acceleration of the Notes. If an Event of Default occurs prior to October 1,
2006, by reason of any willful action or inaction taken or not taken by the
Company or on the Company's behalf with the intention of avoiding the
prohibition on redemption of the Notes prior to October 1, 2006, then the
premium specified in Section 3.07 will also become immediately due and payable
to the extent permitted by law upon acceleration of the Notes.

Section 6.03. OTHER REMEDIES.

                  If an Event of Default occurs and is continuing, the Trustee
may pursue any available remedy to collect the payment of principal, premium, if
any, and interest and Special Interest, if any, on the Notes or to enforce the
performance of any provision of the Notes or this Indenture.

                  The Trustee may maintain a proceeding even if it does not
possess any of the Notes or does not produce any of them in the proceeding. A
delay or omission by the Trustee or any Holder in exercising any right or remedy
accruing upon an Event of Default shall not impair the right or remedy or
constitute a waiver of or acquiescence in the Event of Default. All remedies are
cumulative to the extent permitted by law.

Section 6.04. WAIVER OF PAST DEFAULTS.

                  The Holders of a majority in principal amount of the Notes may
waive by consent (including, without limitation, consents obtained in connection
with a purchase of, or tender offer or exchange offer for, Notes) any then
existing or potential Default, and its consequences, except a default in the
payment of the principal of or interest on any Notes. In the event of any Event
of Default specified in clause (iv) of the first paragraph of Section 6.01, such
Event of Default and all consequences of that Event of Default, including
without limitation any acceleration or resulting payment default, will be
annulled, waived and rescinded, automatically and without any action by the
Trustee or the Holders of the Notes, if within 60 days after the Event of
Default arose:

                  (a) the Debt that is the basis for the Event of Default has
been discharged;

                  (b) the holders of that Debt have rescinded or waived the
acceleration, notice or action, as the case may be, giving rise to the Event of
Default; or

                  (c) if the default that is the basis for such Event of Default
has been cured.

When a Default or Event of Default is waived, it is deemed cured, but no such
waiver shall extend to any subsequent or other Default or Event of Default or
impair any consequent right.

Section 6.05. CONTROL BY MAJORITY.

                  Subject to Section 7.01, Section 7.02(f) (including the
Trustee's receipt of the security or indemnification described therein) and
Section 7.07, in case an Event of Default shall occur and be continuing, the
Holders of a majority in aggregate principal amount of the Notes then
outstanding will 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 Notes.

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Section 6.06. LIMITATION ON SUITS.

                  No Holder will have any right to institute any proceeding with
respect to this Indenture, or for the appointment of a receiver or trustee, or
for any remedy thereunder, unless:

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

                  (b) Holders of at least 25% in aggregate principal amount of
the Notes then outstanding have made written request and offered reasonable
indemnity to the Trustee to institute such proceeding as trustee, and

                  (c) the Trustee shall not have received from the Holders of a
majority in aggregate principal amount of the Notes then outstanding a direction
inconsistent with such request and shall have failed to institute such
proceeding within 60 days.

                  A Holder may not use this Indenture to affect, disturb or
prejudice the rights of another Holder or to obtain a preference or priority
over another Holder.

Section 6.07. RIGHTS OF HOLDERS TO RECEIVE PAYMENT.

                  Notwithstanding any other provision of this Indenture
(including, without limitation, Section 6.06), the right of any Holder to
receive payment of principal, premium, if any, and interest and Special
Interest, if any, on the Notes held by such Holder, on or after the respective
due dates expressed in the Notes (including in connection with an offer to
purchase), or to bring suit for the enforcement of any such payment on or after
such respective dates, shall not be impaired or affected without the consent of
such Holder.

Section 6.08. COLLECTION SUIT BY TRUSTEE.

                  If an Event of Default specified in Section 6.01 (i) or (ii)
occurs and is continuing, the Trustee is authorized to recover judgment in its
own name and as trustee of an express trust against the Company for the whole
amount of principal of, premium, if any, and interest and Special Interest, if
any, then due and owing (together with interest on overdue principal and, to the
extent lawful, interest) and 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.

Section 6.09. TRUSTEE MAY FILE PROOFS OF CLAIM.

                  The Trustee is authorized to file such proofs of claim and
other papers or documents as may be necessary or advisable in order to have the
claims of the Trustee (including any claim for the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel) and
the Holders allowed in any judicial proceedings relative to the Company (or any
other obligor upon the Notes), its creditors or its property and shall be
entitled and empowered to participate as a member, voting or otherwise, of any
official committee of creditors appointed in such matter and shall be entitled
and empowered to collect, receive and distribute any money or other property
payable or deliverable on any such claims and any custodian in any such judicial
proceeding is hereby authorized by each Holder to make such payments to the
Trustee, and in the event that the Trustee shall consent to the making of such
payments directly to the Holders, to pay to the Trustee any amount due to it for
the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel, and any other amounts due the Trustee under
Section 7.07 hereof. To the extent that any such compensation, expenses and
advances of the Trustee and its agents and counsel, and any other amounts due
the Trustee under Section 7.07 hereof out of the estate in any such proceeding,
shall be denied for any reason, payment of the same shall be secured by a Lien
on, and shall be paid out of, any and all distributions, moneys, securities and
any other properties that the Holders may be entitled to receive in such
proceeding whether in liquidation or any plan of reorganization or arrangement
or otherwise. Nothing herein contained shall be deemed to authorize the Trustee
to authorize or consent to or accept or adopt on behalf of any Holder any plan
of reorganization,

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arrangement, adjustment or composition affecting the Notes or the rights of any
Holder, or to authorize the Trustee to vote in respect of the claim of any
Holder in any such proceeding.

Section 6.10. PRIORITIES.

                  If the Trustee collects any money pursuant to this Article 6,
it shall pay out the money in the following order:

                  First: to the Trustee, its agents and attorneys for amounts
due under Section 7.07 hereof, including payment of all compensation, expenses
and liabilities incurred, and all advances made, by the Trustee and the costs
and expenses of collection;

                  Second: to Holders for amounts due and unpaid on the Notes for
principal, premium, if any, and interest and Special Interest, if any, ratably,
without preference or priority of any kind, according to the amounts due and
payable on the Notes for principal, premium, if any, and interest and Special
Interest, if any, respectively; and

                  Third: to the Company or to such party as a court of competent
jurisdiction shall direct.

                  The Trustee may fix a record date and payment date for any
payment to Holders pursuant to this Section 6.10.

Section 6.11. UNDERTAKING FOR COSTS.

                  In any suit for the enforcement of any right or remedy under
this Indenture or in any suit against the Trustee for any action taken or
omitted by it as a Trustee, a court in its discretion may require the filing by
any party litigant in the suit of an undertaking to pay the costs of the suit,
and the court in its discretion may assess reasonable costs, including
reasonable attorneys' fees, against any party litigant in the suit, having due
regard to the merits and good faith of the claims or defenses made by the party
litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by
the Company, a suit by a Holder pursuant to Section 6.07 hereof, or a suit by
Holders of more than 10% in principal amount of the then outstanding Notes.

                                   ARTICLE 7.

                                     TRUSTEE

Section 7.01. DUTIES OF TRUSTEE.

                  (a) If an Event of Default which the Trustee has, or is deemed
to have, notice hereunder has occurred and is continuing, the Trustee shall
exercise such of the rights and powers vested in it by this Indenture, and use
the same degree of care and skill in its exercise, as a prudent Person would
exercise or use under the circumstances in the conduct of such Person's own
affairs.

                  (b) Except during the continuance of an Event of Default:

                           (1) the duties of the Trustee shall be determined
                  solely by the express provisions of this Indenture and the
                  Trustee need perform only those duties that are specifically
                  set forth in this Indenture and no others, 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 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.
                  However, the Trustee shall examine the certificates and
                  opinions to determine whether or not they conform to the
                  requirements of this Indenture (but need

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                  not confirm or investigate the accuracy of mathematical
                  calculations or other facts stated therein or otherwise verify
                  the contents thereof).

                  (c) The Trustee may not be relieved from liabilities for its
own negligent action, its own negligent failure to act, or its own willful
misconduct, except that:

                           (1) this paragraph does not limit the effect of
                  paragraph (b) of this Section;

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

                           (3) the Trustee shall not be liable with respect to
                  any action it takes or omits to take in good faith in
                  accordance with a direction received by it pursuant to Section
                  6.05 hereof; and

                           (4) no provision of this Indenture shall require the
                  Trustee to expend or risk its own funds or incur any
                  liability.

                  (d) Whether or not therein expressly so provided, every
provision of this Indenture that in any way relates to the Trustee is subject to
paragraphs (a), (b) and (c) of this Section.

                  (e) Except for information provided by the Trustee concerning
the Trustee, the Trustee shall have no responsibility for any information in any
prospectus or other disclosure material distributed with respect to the Notes.

Section 7.02. RIGHTS OF TRUSTEE.

                  (a) The Trustee may conclusively rely upon any document
believed by it to be genuine and to have been signed or presented by the proper
Person. The Trustee need not investigate any fact or matter stated in any such
document. Any facsimile signature of any Person on a document required or
permitted in this Indenture to be delivered to the Trustee shall constitute a
legal, valid and binding execution thereof by such Person.

                  (b) Before the Trustee acts or refrains from acting, it may
require an Officers' Certificate or an Opinion of Counsel or both. The Trustee
shall not be liable for any action it takes or omits to take in good faith in
reliance on such Officers' Certificate or Opinion of Counsel. 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 from liability
in respect of any action taken, suffered or omitted by it hereunder in good
faith and in reliance thereon.

                  (c) The Trustee may act through its attorneys and agents and
shall not be responsible for the misconduct or negligence of any agent appointed
with due care.

                  (d) The Trustee shall not be liable for any action it takes or
omits to take in good faith that it believes to be authorized or within the
rights or powers conferred upon it by this Indenture.

                  (e) Unless otherwise specifically provided in this Indenture,
any demand, request, direction or notice from the Company shall be sufficient if
signed by an Officer of the Company.

                  (f) 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 unless such Holders shall have offered to the
Trustee reasonable security or indemnity against the costs, expenses and
liabilities that might be incurred by it in compliance with such request or
direction.

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                  (g) The Trustee shall not be deemed to have notice of any
Default or Event of Default unless a Responsible Officer of the Trustee has
actual knowledge thereof or unless written notice of any event which is in fact
such a Default or Event of Default is received by a Responsible Officer of the
Trustee at the Corporate Trust Office of the Trustee from the Company or the
Holders of 25% in aggregate principal amount of the outstanding Notes, and such
notice references the specific Default or Event of Default, the Notes and this
Indenture and, in the absence of any such notice, the Trustee may conclusively
assume that no such Default or Event of Default exists.

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

                  (i) The Trustee shall not be required to give any bond or
surety in respect of the performance of its power and duties hereunder.

                  (j) The Trustee shall have no duty to inquire as to the
performance of the Company's covenants herein.

                  (k) The Trustee's immunities and protections from liability
and its right to indemnification in connection with the performance of its
duties under this Indenture shall extend to the Trustee's officers, directors,
agents, attorneys and employees. Such immunities and protections and right to
indemnification, together with the Trustee's right to compensation, shall
survive the Trustee's resignation or removal, the defeasance or discharge of
this Indenture and final payment of the Notes.

                  (l) The right of the Trustee to take the actions permitted by
this Indenture shall not be construed as an obligation or duty to do so.

Section 7.03. INDIVIDUAL RIGHTS OF TRUSTEE.

                  The Trustee in its individual or any other capacity may become
the owner or pledgee of Notes and may otherwise deal with the Company or any
Affiliate of the Company with the same rights it would have if it were not
Trustee. However, in the event that the Trustee acquires any conflicting
interest it must eliminate such conflict within 90 days, apply to the Commission
for permission to continue as Trustee or resign. Any Agent may do the same with
like rights and duties. The Trustee is also subject to Sections 7.10 and 7.11
hereof.

Section 7.04. TRUSTEE'S DISCLAIMER.

                  The Trustee shall not be responsible for and makes no
representation as to the validity or adequacy of this Indenture or the Notes, it
shall not be accountable for the Company's use of the proceeds from the Notes or
any money paid to the Company or upon the Company's direction under any
provision of this Indenture, it shall not be responsible for the use or
application of any money received by any Paying Agent other than the Trustee,
and it shall not be responsible for any statement or recital herein or any
statement in the Notes or any other document in connection with the sale of the
Notes or pursuant to this Indenture other than its certificate of
authentication.

Section 7.05. NOTICE OF DEFAULTS.

                  If a Default or Event of Default occurs and is continuing and
if it is known to the Trustee, the Trustee shall mail to Holders a notice of the
Default or Event of Default within 90 days after it occurs unless such Default
or Event of Default has since been cured. Except in the case of a Default or
Event of Default in payment of principal of, premium, if any, or interest or
Special Interest, if any, on any Note, the Trustee may withhold the notice if
and so long as a committee of its Responsible Officers in good faith determines
that withholding the notice is in the interests of the Holders.

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Section 7.06. REPORTS BY TRUSTEE TO HOLDERS.

                  Within 60 days after each May 15 beginning with the May 15
following the date of this Indenture, and for so long as Notes remain
outstanding, the Trustee shall mail to the Holders a brief report dated as of
such reporting date that complies with TIA Section 313(a) (but if no event
described in TIA Section 313(a) has occurred within the twelve months preceding
the reporting date, no report need be transmitted). The Trustee also shall
comply with TIA Section 313(b)(2). The Trustee shall also transmit by mail all
reports as required by TIA Section 313(c).

                  A copy of each report at the time of its mailing to the
Holders shall be mailed to the Company and filed with the Commission and each
stock exchange on which the Notes are listed in accordance with TIA Section
313(d). The Company shall promptly notify the Trustee when the Notes are listed
on any stock exchange and any delisting thereof.

Section 7.07. COMPENSATION AND INDEMNITY.

                  The Company shall pay to the Trustee from time to time
reasonable compensation for its acceptance of this Indenture and services
hereunder as the Company and the Trustee shall agree in writing. The Trustee's
compensation shall not be limited by any law on compensation of a trustee of an
express trust. The Company shall reimburse the Trustee promptly upon request for
all reasonable disbursements, advances and expenses incurred or made by it in
addition to the compensation for its services. Such expenses shall include the
reasonable compensation, disbursements and expenses of the Trustee's agents and
counsel.

                  The Company shall indemnify the Trustee (in its capacity as
Trustee) or any predecessor Trustee (in its capacity as Trustee) against any and
all losses, claims, damages, penalties, fines, liabilities or expenses,
including incidental and out-of-pocket expenses and reasonable attorneys fees
("LOSSES") incurred by it arising out of or in connection with the acceptance or
administration of its duties under this Indenture, including the costs and
expenses of enforcing this Indenture against the Company (including this Section
7.07) and defending itself against any claim (whether asserted by the Company or
any Holder or any other person) or liability in connection with the exercise or
performance of any of its powers or duties hereunder. The Trustee shall notify
the Company promptly of any claim for which it may seek indemnity. Failure by
the Trustee to so notify the Company shall not relieve the Company of its
obligations hereunder. The Company shall defend the claim, and the Trustee shall
cooperate in the defense. The Trustee may have separate counsel if the Trustee
has been reasonably advised by counsel that there may be one or more legal
defenses available to it that are different from or additional to those
available to the Company and in the reasonable judgment of such counsel it is
advisable for the Trustee to engage separate counsel, and the Company shall pay
the reasonable fees and expenses of such counsel. The Company need not pay for
any settlement made without its consent, which consent shall not be unreasonably
withheld. The Company need not reimburse any expense or indemnify against any
loss incurred by the Trustee through the Trustee's own willful misconduct, gross
negligence or bad faith.

                  The obligations of the Company under this Section 7.07 shall
survive the satisfaction and discharge of this Indenture, the resignation or
removal of the Trustee and payment in full of the Notes.

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

                  When the Trustee incurs expenses or renders services after an
Event of Default specified in Section 6.01(vi) or (vii) hereof occurs, the
expenses and the compensation for the services (including the fees and expenses
of its agents and counsel) are intended to constitute expenses of administration
under any Bankruptcy Law.

Section 7.08. REPLACEMENT OF TRUSTEE.

                  A resignation or removal of the Trustee and appointment of a
successor Trustee shall become effective only upon the successor Trustee's
acceptance of appointment as provided in this Section.

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                  The Trustee may resign in writing at any time upon 30 days
prior notice to the Company and be discharged from the trust hereby created by
so notifying the Company. The Holders of a majority in principal amount of the
then outstanding Notes may remove the Trustee by so notifying the Trustee and
the Company in writing. The Company may remove the Trustee if:

                  (a) the Trustee fails to comply with Section 7.10 hereof;

                  (b) the Trustee is adjudged a bankrupt or an insolvent or an
order for relief is entered with respect to the Trustee under any Bankruptcy
Law;

                  (c) a custodian or public officer takes charge of the Trustee
or its property; or

                  (d) the Trustee becomes incapable of acting.

                  If the Trustee resigns or is removed or if a vacancy exists in
the office of Trustee for any reason (the Trustee in such event being referred
to herein as the retiring Trustee), the Company shall promptly appoint a
successor Trustee. Within one year after the successor Trustee takes office, the
Holders of a majority in principal amount of the then outstanding Notes may
appoint a successor Trustee to replace the successor Trustee appointed by the
Company.

                  If a successor Trustee does not take office within 30 days
after the retiring Trustee resigns or is removed, the retiring Trustee, the
Company, or the Holders of at least 10% in principal amount of the then
outstanding Notes may petition any court of competent jurisdiction for the
appointment of a successor Trustee.

                  If the Trustee, after written request by any Holder who has
been a Holder for at least six months, fails to comply with Section 7.10, such
Holder may petition any court of competent jurisdiction for the removal of the
Trustee and the appointment of a successor Trustee.

                  A successor Trustee shall deliver a written acceptance of its
appointment to the retiring Trustee and to the Company. Thereupon, the
resignation or removal of the retiring Trustee shall become effective, and the
successor Trustee shall have all the rights, powers and duties of the Trustee
under this Indenture. The successor Trustee shall mail a notice of its
succession to Holders. Subject to the Lien provided for in Section 7.07 hereof,
the retiring Trustee shall promptly transfer all property held by it as Trustee
to the successor Trustee. Notwithstanding replacement of the Trustee pursuant to
this Section 7.08, the Company's obligations under Section 7.07 hereof shall
continue for the benefit of the retiring Trustee.

Section 7.09. SUCCESSOR TRUSTEE BY MERGER, ETC.

                  If the Trustee consolidates, merges or converts into, or
transfers all or substantially all of its corporate trust business to, another
corporation or banking association, the successor corporation or banking
association without any further act shall, if such successor corporation or
banking association is otherwise eligible hereunder, be the successor Trustee.

Section 7.10. ELIGIBILITY; DISQUALIFICATION.

                  There shall at all times be a Trustee hereunder that is a
Person organized and doing business under the laws of the United States of
America or of any state thereof that is authorized under such laws to exercise
corporate trustee power, that is subject to supervision or examination by
federal or state authorities and that has a combined capital and surplus of at
least $50,000,000 (or a wholly-owned subsidiary of a bank or trust company, or
of a bank holding company, the principal subsidiary of which is a bank or trust
company having a combined capital and surplus of at least $50,000,000) as set
forth in its most recent published annual report of condition.

                  This Indenture shall always have a Trustee who satisfies the
requirements of TIA Section 310(a)(1), (2) and (5). The Trustee is subject to
TIA Section 310(b).

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Section 7.11. PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY.

                  The Trustee is subject to TIA Section 311(a), excluding any
creditor relationship listed in TIA Section 311(b). A Trustee who has resigned
or been removed shall be subject to TIA Section 311(a) to the extent indicated
therein.

                                   ARTICLE 8.

                    LEGAL DEFEASANCE AND COVENANT DEFEASANCE

Section 8.01. OPTION TO EFFECT LEGAL DEFEASANCE OR COVENANT DEFEASANCE.

                  The Company may, at its option and at any time, elect to have
either Section 8.02 or 8.03 hereof be applied to all outstanding Notes upon
compliance with the conditions set forth below in this Article 8.

Section 8.02. LEGAL DEFEASANCE AND DISCHARGE.

                  Upon the Company's exercise under Section 8.01 hereof of the
option applicable to this Section 8.02, the Company shall, subject to the
satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to
have been discharged from its obligations with respect to all outstanding Notes
on the date the conditions set forth below are satisfied (hereinafter, "LEGAL
DEFEASANCE") and each Guarantor shall be released from all of its obligations
under its Guarantee. For this purpose, Legal Defeasance means that the Company
shall be deemed to have paid and discharged the entire Debt represented by the
outstanding Notes, which shall thereafter be deemed to be "outstanding" only for
the purposes of Section 8.05 hereof and the other Sections of this Indenture
referred to in (a), (b), (c) and (d) below, and to have satisfied all its other
obligations under the Notes and this Indenture (and the Trustee, on demand of
and at the expense of the Company, shall execute proper instruments
acknowledging the same), except for the following provisions which shall survive
until otherwise terminated or discharged hereunder: (a) the rights of Holders of
outstanding Notes to receive solely from the trust fund described in Section
8.04 hereof, and as more fully set forth in such Section, payments in respect of
the principal of, premium, if any, or interest and Special Interest, if any, on
such Notes when such payments are due, (b) the Company's obligations with
respect to such Notes under Article 2 and Sections 4.01 and 4.02 hereof, (c) the
rights, powers, trusts, duties and immunities of the Trustee hereunder and the
Company's obligations in connection therewith and (d) this Article 8. If the
Company exercises under Section 8.01 hereof the option applicable to this
Section 8.02, subject to the satisfaction of the conditions set forth in Section
8.04 hereof, payment of the Notes may not be accelerated because of an Event of
Default. Subject to compliance with this Article 8, the Company may exercise its
option under this Section 8.02 notwithstanding the prior exercise of its option
under Section 8.03 hereof.

Section 8.03. COVENANT DEFEASANCE.

                  Upon the Company's exercise under Section 8.01 hereof of the
option applicable to this Section 8.03, the Company shall, subject to the
satisfaction of the conditions set forth in Section 8.04 hereof, be released
from its obligations under the covenants contained in Sections 4.08 through 4.22
hereof, and the operation of Section 5.01(c) hereof, with respect to the
outstanding Notes on and after the date the conditions set forth in Section 8.04
are satisfied (hereinafter, "COVENANT DEFEASANCE") and each Guarantor shall be
released from all of its obligations under its Guarantee with respect to such
covenants in connection with such outstanding Notes and the Notes shall
thereafter be deemed not "outstanding" for the purposes of any direction,
waiver, consent or declaration or act of Holders (and the consequences of any
thereof) in connection with such covenants, but shall continue to be deemed
"outstanding" for all other purposes hereunder (it being understood that such
Notes shall not be deemed outstanding for accounting purposes). For this
purpose, Covenant Defeasance means that, with respect to the outstanding Notes,
the Company may omit to comply with and shall have no liability in respect of
any term, condition or limitation set forth in any such covenant, whether
directly or indirectly, by reason of any reference elsewhere herein to any such
covenant or by reason of any reference in any such covenant to any other
provision herein or in any other document and such omission to comply shall not
constitute a Default or an Event of Default under Section 6.01 hereof, but,
except as specified above, the remainder of this Indenture and such Notes shall
be unaffected thereby. If the Company exercises under Section 8.01 hereof the
option applicable to this Section 8.03, subject to the satisfaction of the
conditions set forth in Section 8.04 hereof, payment of the Notes may not be
accelerated because of an Event of Default specified in clause (iii) (with
respect to the covenants contained in

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Sections 4.08 through 4.22 hereof), (iv), (v), (vi), (vii) and (viii) (but in
the case of (vi) and (vii) of Section 6.01 hereof, with respect to Significant
Subsidiaries only) or because of the Company's failure to comply with clause (c)
of Section 5.01.

Section 8.04. CONDITIONS TO LEGAL OR COVENANT DEFEASANCE.

                  The following shall be the conditions to the application of
either Section 8.02 or 8.03 hereof to the outstanding Notes.

                  The Legal Defeasance or Covenant Defeasance may be exercised
only if:

                  (a) the Company irrevocably deposits with the Trustee, in
trust (the "DEFEASANCE TRUST"), for the benefit of the Holders of the Notes,
cash in U.S. dollars, non-callable U.S. Government Securities, or a combination
of cash in U.S. dollars and non-callable U.S. Government Securities, sufficient,
in the opinion of a firm of independent public accountants of recognized
international standing, to pay the principal, premium, if any, and interest and
Special Interest, if any, on the outstanding Notes on the Stated Maturity or on
the next available redemption date, as the case may be, and the Company must
specify whether the Notes are being defeased to maturity or to that particular
redemption date;

                  (b) in the case of Legal Defeasance, the Company delivers to
the Trustee an Opinion of Counsel reasonably acceptable to the Trustee
confirming that (a) the Company has received from, or there has been published
by, the Internal Revenue Service a ruling or (b) since the date hereof, there
has been a change in the applicable federal income tax law, in either case to
the effect that, and based thereon such Opinion of Counsel will confirm that,
the Holders of the outstanding Notes will not recognize income, gain or loss for
federal income tax purposes as a result of such Legal Defeasance and will be
subject to federal income tax on the same amounts, in the same manner and at the
same times as would have been the case if such Legal Defeasance had not
occurred;

                  (c) in the case of Covenant Defeasance, the Company delivers
to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee
confirming that the Holders of the outstanding Notes will not recognize income,
gain or loss for federal income tax purposes as a result of such Covenant
Defeasance and will be subject to federal income tax on the same amounts, in the
same manner and at the same times as would have been the case if such Covenant
Defeasance had not occurred;

                  (d) no Event of Default under Sections 6.01(vi) or (vii) shall
have occurred at any time in the period ending on the 91st day after the cash
and/or non-callable U.S. Government Securities have been deposited in the
defeasance trust;

                  (e) such Legal Defeasance or Covenant Defeasance will not
result in a breach or violation of, or constitute a default under, any material
agreement or instrument (other than this Indenture) to which the Company or any
of its Restricted Subsidiaries is a party or by which the Company or any of its
Restricted Subsidiaries is bound;

                  (f) the Company delivers to the Trustee an Opinion of Counsel,
subject to customary exceptions, to the effect that on the 91st day following
the deposit, the defeasance trust funds will not be subject to the effect of any
applicable bankruptcy, insolvency, reorganization or similar laws generally
affecting creditors' rights;

                  (g) the Company delivers to the Trustee an Officers'
Certificate stating that the deposit was not made by the Company with the intent
of preferring the Holders of Notes over the Company's other creditors with the
intent of defeating, hindering, delaying or defrauding any other creditors of
the Company; and

                  (h) the Company delivers to the Trustee an Officers'
Certificate and an Opinion of Counsel, each stating that all conditions
precedent relating to the Legal Defeasance or the Covenant Defeasance have been
complied with.

                  (i) Notwithstanding the foregoing, the Opinion of Counsel
required by clause (b) above with respect to a Legal Defeasance need not be
delivered if all Notes not theretofore delivered to the Trustee for

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cancellation (A) have become due and payable, (B) will become due and payable on
the maturity date within one year or (C) as to which a redemption notice has
been given calling the Notes for redemption within one year, under arrangements
satisfactory to the Trustee for the giving of notice of redemption by the
Trustee in the name, and at the expense, of the Company.

Section 8.05. DEPOSITED CASH AND U.S. GOVERNMENT SECURITIES TO BE HELD IN TRUST;
OTHER MISCELLANEOUS PROVISIONS.

                  Subject to Section 8.06 hereof, all cash and non-callable U.S.
Government Securities (including the proceeds thereof) deposited with the
Trustee (or other qualifying trustee, collectively for purposes of this Section
8.05, the "Trustee") pursuant to Section 8.04 hereof in respect of the
outstanding Notes shall be held in trust and applied by the Trustee, in
accordance with the provisions of such Notes and this Indenture, to the payment,
either directly or through any Paying Agent (including the Company acting as
Paying Agent) as the Trustee may determine, to the Holders of all sums due and
to become due thereon in respect of principal, premium, if any, and interest and
Special Interest, if any, but such cash and securities need not be segregated
from other funds except to the extent required by law.

                  The Company shall pay and indemnify the Trustee against any
tax, fee or other charge imposed on or assessed against the cash or U.S.
Government Securities deposited pursuant to Section 8.04 hereof or the principal
and interest received in respect thereof other than any such tax, fee or other
charge which by law is for the account of the Holders of the outstanding Notes.

                  Anything in this Article 8 to the contrary notwithstanding,
the Trustee shall deliver or pay to the Company from time to time upon the
request of the Company any cash or non-callable U.S. Government Securities held
by it as provided in Section 8.04 hereof which, in the opinion of a nationally
recognized firm of independent certified public accountants of recognized
international standing expressed in a written certification thereof delivered to
the Trustee (which may be the certification delivered under Section 8.04(a)
hereof), are in excess of the amount thereof that would then be required to be
deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

Section 8.06. REPAYMENT TO COMPANY.

                  Any cash or non-callable U.S. Government Securities deposited
with the Trustee or any Paying Agent, or then held by the Company, in trust for
the payment of the principal, premium, if any, or interest or Special Interest,
if any, on any Note and remaining unclaimed for two years after such principal,
premium, if any, or interest or Special Interest, if any, has become due and
payable shall be paid to the Company on its request or (if then held by the
Company) shall be discharged from such trust; and the Holder shall thereafter,
as an unsecured creditor, look only to the Company for payment thereof, and all
liability of the Trustee or such Paying Agent with respect to such cash and
securities, 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, may at the expense of the Company cause to
be published once, in The New York Times and The Wall Street Journal (national
edition), notice that such cash and securities remains unclaimed and that, after
a date specified therein, which shall not be less than 30 days from the date of
such notification or publication, any unclaimed balance of such cash and
securities then remaining shall be repaid to the Company.

Section 8.07. REINSTATEMENT.

                  If the Trustee or Paying Agent is unable to apply any cash or
non-callable U.S. Government Securities in accordance with Section 8.02 or 8.03
hereof, as the case may be, by reason of any order or judgment of any court or
governmental authority enjoining, restraining or otherwise prohibiting such
application, then the Company's obligations under this Indenture and the Notes
shall be revived and reinstated as though no deposit had occurred pursuant to
Section 8.02 or 8.03 hereof until such time as the Trustee or Paying Agent is
permitted to apply all such cash and securities in accordance with Section 8.02
or 8.03 hereof, as the case may be; provided, however, that, if the Company
makes any payment of principal of, premium, if any, or interest or Special
Interest, if any, on any Note following the reinstatement of its obligations,
the Company shall be subrogated to the rights of the Holders to receive such
payment from the cash and securities held by the Trustee or Paying Agent.

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                                   ARTICLE 9.

                        AMENDMENT, SUPPLEMENT AND WAIVER

Section 9.01. WITHOUT CONSENT OF HOLDERS OF NOTES.

                  Notwithstanding Section 9.02 of this Indenture, the Company
and the Trustee may amend or supplement this Indenture or the Notes without the
consent of any Holder to:

                  (a) cure any ambiguity, omission, defect or inconsistency;

                  (b) provide for the assumption by a successor corporation,
partnership or limited liability company of the obligations of the Company under
this Indenture;

                  (c) provide for uncertificated Notes in addition to or in
place of certificated Notes (provided that the uncertificated Notes are issued
in registered form for purposes of Section 163(f) of the Code, or in a manner
such that the uncertificated Notes are described in Section 163(f)(2)(B) of the
Code);

                  (d) add additional Guarantees or additional obligors with
respect to the Notes;

                  (e) secure the Notes;

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

                  (g) make any other change that does not adversely affect the
legal rights hereunder of any such Holder;

                  (h) make any change to comply with any requirement of the
Commission in order to effect or maintain the qualification of this Indenture
under the TIA; or

                  (i) to provide for the issuance of Additional Notes in
accordance with this Indenture.

Section 9.02. WITH CONSENT OF HOLDERS OF NOTES.

                  Except as provided below in this Section 9.02, the Company and
the Trustee may amend or supplement this Indenture and the Notes with the
consent of the Holders of a majority in principal amount of the Notes, including
Additional Notes, if any, then outstanding voting as a single class (including
consents obtained in connection with a purchase of or tender offer or exchange
offer for the Notes), and, subject to Sections 6.04 and 6.07 hereof, any
existing Default or Event of Default (except a continuing Default or Event of
Default in the payment of principal, premium, if any, or interest or Special
Interest, if any, on the Notes) or compliance with any provision of this
Indenture or the Notes (except for certain covenants and provisions of this
Indenture which cannot be amended without the consent of each Holder) may be
waived with the consent of the Holders of a majority in principal amount of the
Notes, including Additional Notes, if any, then outstanding voting as a single
class (including consents obtained in connection with a purchase of or tender
offer or exchange offer for the Notes).

                  Without the consent of each Holder, an amendment or waiver
under this Section 9.02 may not (with respect to any Notes held by a
non-consenting Holder):

                  (a) reduce the principal amount of Notes whose Holders must
consent to an amendment, supplement or waiver;

                  (b) reduce the rate of or change the time for payment of
interest, including defaulted interest, on any Notes;

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<PAGE>

                  (c) reduce the principal of or change the fixed maturity of
any Notes, or change the date on which any Notes may be subject to redemption or
repurchase, or reduce the redemption or repurchase price for those Notes
(except, in the case of repurchases, as would otherwise be permitted under
clauses (g) and (j) hereof);

                  (d) make any Note payable in money other than that stated in
the Note and this Indenture;

                  (e) impair the right of any Holder to receive payment of
principal, premium, interest and Special Interest, if any, on that Holder's
Notes on or after the due dates for those payments, or to bring suit to enforce
that payment on or with respect to such Holder's Notes or any Guarantee;

                  (f) modify Section 6.04 hereof;

                  (g) after the Company's obligation to purchase the notes
arises under Section 4.18 hereof, amend, modify or change the obligation of the
Company to make or consummate a Change of Control Offer or waive any default in
the performance of that Change of Control Offer or modify any of the provisions
or definitions with respect to any such offer;

                  (h) release any Guarantor from any of its obligations under
its Guarantee or this Indenture otherwise than in accordance with the terms of
this Indenture;

                  (i) subordinate the Notes or any Guarantee to any other
obligation of the Company or the applicable Guarantor;

                  (j) at any time after the Company is obligated to make an
Asset Sale Offer pursuant to Section 4.12 hereof, change the time at which such
offer to purchase must be made or at which the Notes must be repurchased
pursuant thereto; or

                  (k) make any change in any Guarantee that would adversely
affect the Holders of the Notes.

                  The Company may, but shall not be obligated to, fix a record
date for the purpose of determining the Persons entitled to consent to any
supplemental indenture. If a record date is fixed, the Holders on such record
date, or their duly designated proxies, and only such Persons, shall be entitled
to consent to such supplemental indenture, whether or not such Holders remain
Holders after such record date; provided that unless such consent shall have
become effective by virtue of the requisite percentage having been obtained
prior to the date which is 120 days after such record date, any such consent
previously given shall automatically and without further action by any Holder be
cancelled and of no further effect.

                  It shall not be necessary for the consent of the Holders under
this Section 9.02 to approve the particular form of any proposed amendment or
waiver, but it shall be sufficient if such consent approves the substance
thereof.

                  After an amendment, supplement or waiver under this Section
9.02 becomes effective, the Company shall mail to the Holder of each Note
affected thereby to such Holder's address appearing in the Security Register a
notice briefly describing the amendment, supplement or waiver. Any failure of
the Company to mail such notice, or any defect therein, shall not, however, in
any way impair or affect the validity of any such amended or supplemental
indenture or waiver. Subject to Sections 6.04 and 6.07 hereof, the Holders of a
majority in aggregate principal amount of the Notes, including Additional Notes,
if any, then outstanding voting as a single class may waive compliance in a
particular instance by the Company with any provision of this Indenture or the
Notes.

Section 9.03. COMPLIANCE WITH TRUST INDENTURE ACT.

                  Every amendment or supplement to this Indenture or the Notes
shall be set forth in an amended or supplemental indenture that complies with
the TIA as then in effect.

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<PAGE>

Section 9.04. REVOCATION AND EFFECT OF CONSENTS.

                  Until an amendment, supplement or waiver becomes effective, a
consent to it by a Holder is a continuing consent by the Holder of a Note and
every subsequent Holder of a Note or portion thereof that evidences the same
debt as the consenting Holder's Note, even if notation of the consent is not
made on any Note. However, any such Holder or subsequent Holder may revoke the
consent as to its Note or portion thereof if the Trustee receives written notice
of revocation before the date the waiver, supplement or amendment becomes
effective. An amendment, supplement or waiver becomes effective in accordance
with its terms and thereafter binds every Holder.

Section 9.05. NOTATION ON OR EXCHANGE OF NOTES.

                  The Trustee may place an appropriate notation about an
amendment, supplement or waiver on any Note thereafter authenticated. The
Company in exchange for all Notes may issue and the Trustee shall, upon receipt
of an Authentication Order, authenticate new Notes that reflect the amendment,
supplement or waiver.

                  Failure to make the appropriate notation or issue a new Note
shall not affect the validity and effect of such amendment, supplement or
waiver.

Section 9.06. TRUSTEE TO SIGN AMENDMENTS, ETC.

                  The Trustee shall sign any amended or supplemental indenture
authorized pursuant to this Article 9 if the amendment or supplement does not
adversely affect the rights, duties, liabilities or immunities of the Trustee.
The Company may not sign an amendment or supplemental indenture until the Board
of Directors approves it. In executing any amended or supplemental indenture,
the Trustee shall be entitled to receive and (subject to Section 7.01 hereof)
shall be fully protected in relying upon an Officer's Certificate and an Opinion
of Counsel stating that the execution of such amended or supplemental indenture
is authorized or permitted by this Indenture and that such amended or
supplemental indenture is the legal, valid and binding obligations of the
Company enforceable against it in accordance with its terms, subject to
customary exceptions and that such amended or supplemental indenture complies
with the provisions hereof (including Section 9.03).

                                   ARTICLE 10.

                                   GUARANTEES

Section 10.01. GUARANTEE.

                  Subject to this Article 10, each of the Guarantors hereby
unconditionally guarantees to each Holder of a Note authenticated and delivered
by the Trustee and to the Trustee and its successors and assigns that: (a) the
principal of, premium, if any, and interest and Special Interest, if any, on the
Notes shall be promptly paid in full when due, subject to any applicable grace
period, whether at maturity, by acceleration, redemption or otherwise, and
interest on the overdue principal of, and interest and Special Interest, if any,
on, the Notes, if lawful, and all other obligations of the Company to the
Holders or the Trustee hereunder or thereunder shall be promptly paid in full or
performed, all in accordance with the terms hereof and thereof; and (b) in case
of any extension of time of payment or renewal of any Notes or any of such other
obligations, that same shall be promptly paid in full when due or performed in
accordance with the terms of the extension or renewal, whether at stated
maturity, by acceleration pursuant to Section 6.02 hereof, redemption or
otherwise. Failing payment when due of any amount so guaranteed or any
performance so guaranteed for whatever reason, the Guarantors shall be jointly
and severally obligated to pay the same immediately. Each Guarantor agrees that
this is a guarantee of payment and not a guarantee of collection.

                  Each Guarantor hereby agrees that its obligations with regard
to this Guarantee shall be joint and several, unconditional, irrespective of the
validity or enforceability of the Notes or the obligations of the Company under
this Indenture, the absence of any action to enforce the same, the recovery of
any judgment against the Company or any other obligor with respect to this
Indenture, the Notes or the Obligations of the Company under this Indenture or
the Notes, any action to enforce the same or any other circumstances (other than
complete performance) which might otherwise constitute a legal or equitable
discharge or defense of a Guarantor. Each

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Guarantor further, to the extent permitted by law, waives and relinquishes all
claims, rights and remedies accorded by applicable law to guarantors and agrees
not to assert or take advantage of any such claims, rights or remedies,
including but not limited to: (a) any right to require any of the Trustee, the
Holders or the Company (each a "BENEFITED PARTY"), as a condition of payment or
performance by such Guarantor, to (1) proceed against the Company, any other
guarantor (including any other Guarantor) of the Obligations under the
Guarantees or any other Person, (2) proceed against or exhaust any security held
from the Company, any such other guarantor or any other Person, (3) proceed
against or have resort to any balance of any deposit account or credit on the
books of any Benefited Party in favor of the Company or any other Person, or (4)
pursue any other remedy in the power of any Benefited Party whatsoever; (b) any
defense arising by reason of the incapacity, lack of authority or any disability
or other defense of the Company including any defense based on or arising out of
the lack of validity or the unenforceability of the Obligations under the
Guarantees or any agreement or instrument relating thereto or by reason of the
cessation of the liability of the Company from any cause other than payment in
full of the Obligations under the Guarantees; (c) any defense based upon any
statute or rule of law which provides that the obligation of a surety must be
neither larger in amount nor in other respects more burdensome than that of the
principal; (d) any defense based upon any Benefited Party's errors or omissions
in the administration of the Obligations under the Guarantees, except behavior
which amounts to bad faith; (e)(1) any principles or provisions of law,
statutory or otherwise, which are or might be in conflict with the terms of the
Guarantees and any legal or equitable discharge of such Guarantor's obligations
hereunder, (2) the benefit of any statute of limitations affecting such
Guarantor's liability hereunder or the enforcement hereof, (3) any rights to
set-offs, recoupments and counterclaims and (4) promptness, diligence and any
requirement that any Benefited Party protect, secure, perfect or insure any
security interest or lien or any property subject thereto; (f) notices, demands,
presentations, protests, notices of protest, notices of dishonor and notices of
any action or inaction, including acceptance of the Guarantees, notices of
default under the Notes or any agreement or instrument related thereto, notices
of any renewal, extension or modification of the Obligations under the
Guarantees or any agreement related thereto, and notices of any extension of
credit to the Company and any right to consent to any thereof; (g) to the extent
permitted under applicable law, the benefits of any "One Action" rule and (h)
any defenses or benefits that may be derived from or afforded by law which limit
the liability of or exonerate guarantors or sureties, or which may conflict with
the terms of the Guarantees. Except to the extent expressly provided herein,
including Sections 8.02, 8.03 and 10.05, each Guarantor hereby covenants that
its Guarantee shall not be discharged except by complete performance of the
obligations contained in its Guarantee and this Indenture.

                  If any Holder or the Trustee is required by any court or
otherwise to return to the Company, the Guarantors or any custodian, trustee,
liquidator or other similar official acting in relation to either the Company or
the Guarantors, any amount paid by either to the Trustee or such Holder, this
Guarantee, to the extent theretofore discharged, shall be reinstated in full
force and effect.

                  Each Guarantor agrees that it shall not be entitled to any
right of subrogation in relation to the Holders in respect of any obligations
guaranteed hereby until payment in full of all obligations guaranteed hereby.
Each Guarantor further agrees that, as between the Guarantors, on the one hand,
and the Holders and the Trustee, on the other hand, (x) the maturity of the
obligations guaranteed hereby may be accelerated as provided in Section 6.02
hereof for the purposes of this Guarantee, notwithstanding any stay, injunction
or other prohibition preventing such acceleration in respect of the obligations
guaranteed hereby and (y) in the event of any declaration of acceleration of
such obligations as provided in Section 6.02 hereof, such obligations (whether
or not due and payable) shall forthwith become due and payable by the Guarantors
for the purpose of this Guarantee. The Guarantors shall have the right to seek
contribution from any non-paying Guarantor so long as the exercise of such right
does not impair the rights of the Holders under the Guarantee.

Section 10.02. LIMITATION ON GUARANTOR LIABILITY.

                  Each Guarantor, and by its acceptance of Notes, each Holder,
hereby confirms that it is the intention of all such parties that the Guarantee
of such Guarantor not constitute a fraudulent transfer or conveyance for
purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform
Fraudulent Transfer Act or any similar federal or state law to the extent
applicable to any Guarantee. To effectuate the foregoing intention, the Trustee,
the Holders and the Guarantors hereby irrevocably agree that the obligations of
such Guarantor under this Article 10 shall be limited to the maximum amount as
shall, after giving effect to such maximum amount and all other contingent and
fixed liabilities of such Guarantor that are relevant under such laws,
including, if applicable, its

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<PAGE>

guarantee of all obligations under the Senior Credit Facilities, and after
giving effect to any collections from, rights to receive contribution from or
payments made by or on behalf of any other Guarantor in respect of the
obligations of such other Guarantor under this Article 10, result in the
obligations of such Guarantor under its Guarantee not constituting a fraudulent
transfer or conveyance.

Section 10.03. EXECUTION AND DELIVERY OF GUARANTEE.

                  To evidence its Guarantee set forth in Section 10.01 hereof,
each Guarantor hereby agrees that a notation of such Guarantee in substantially
the form included in Exhibit E shall be endorsed by an Officer of such Guarantor
on each Note authenticated and delivered by the Trustee and that this Indenture
shall be executed on behalf of such Guarantor by its President or one of its
Vice Presidents.

                  Each Guarantor hereby agrees that its Guarantee set forth in
Section 10.01 hereof shall remain in full force and effect notwithstanding any
failure to endorse on each Note a notation of such Guarantee.

                  If an Officer whose signature is on this Indenture or on the
Guarantee no longer holds that office at the time the Trustee authenticates the
Note on which a Guarantee is endorsed, the Guarantee shall be valid
nevertheless.

                  The delivery of any Note by the Trustee, after the
authentication thereof hereunder, shall constitute due delivery of the Guarantee
set forth in this Indenture on behalf of the Guarantors.

Section 10.04. GUARANTORS MAY CONSOLIDATE, ETC., ON CERTAIN TERMS.

                  Except as otherwise provided in Section 10.05 hereof, no
Guarantor may consolidate with or merge with or into (whether or not such
Guarantor is the surviving Person) another Person whether or not affiliated with
such Guarantor unless:

                  (a) subject to Section 10.05 hereof, the Person formed by or
surviving any such consolidation or merger (if other than a Guarantor or the
Company) unconditionally assumes all the obligations of such Guarantor, pursuant
to a supplemental indenture in form and substance reasonably satisfactory to the
Trustee, under this Indenture, the Guarantee and the Registration Rights
Agreement on the terms set forth herein or therein; and

                  (b) the Guarantor complies with the requirements of Article 5
hereof.

                  In case of any such consolidation, merger, sale or conveyance
and upon the assumption by the successor Person, by supplemental indenture,
executed and delivered to the Trustee and satisfactory in form to the Trustee,
of the Guarantee endorsed upon the Notes and the due and punctual performance of
all of the covenants and conditions of this Indenture to be performed by the
Guarantor, such successor Person shall succeed to and be substituted for the
Guarantor with the same effect as if it had been named herein as a Guarantor.
Such successor Person thereupon may cause to be signed any or all of the
Guarantees to be endorsed upon all of the Notes issuable hereunder which
theretofore shall not have been signed by the Company and delivered to the
Trustee. All the Guarantees so issued shall in all respects have the same legal
rank and benefit under this Indenture as the Guarantees theretofore and
thereafter issued in accordance with the terms of this Indenture as though all
of such Guarantees had been issued at the date of the execution hereof.

                  Except as set forth in Articles 4 and 5 hereof, and
notwithstanding clauses (a) and (b) above, nothing contained in this Indenture
or in any of the Notes shall prevent any consolidation or merger of a Guarantor
with or into the Company or another Guarantor, or shall prevent any sale or
conveyance of the property of a Guarantor as an entirety or substantially as an
entirety to the Company or another Guarantor.

Section 10.05. RELEASES FOLLOWING SALE OF ASSETS.

                  In the event of a sale or other disposition of all of the
assets of any Guarantor, by way of merger, consolidation or otherwise, or a sale
or other disposition of all of the capital stock of any Guarantor, in each case
to a

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Person that is not (either before or after giving effect to such transactions) a
Subsidiary of the Company, then such Guarantor (in the event of a sale or other
disposition, by way of merger, consolidation or otherwise, of all of the capital
stock of such Guarantor) or the corporation acquiring the property (in the event
of a sale or other disposition of all or substantially all of the assets of such
Guarantor) shall be released and relieved of any obligations under its
Guarantee; provided that the net proceeds of such sale or other disposition are
applied in accordance with the applicable provisions of this Indenture,
including without limitation Section 4.12 hereof. Upon delivery by the Company
to the Trustee of an Officers' Certificate and an Opinion of Counsel to the
effect that such sale or other disposition was made by the Company in accordance
with the provisions of this Indenture, including without limitation Section 4.12
hereof, the Trustee shall execute any documents reasonably required in order to
evidence the release of any Guarantor from its obligations under its Guarantee.

                  Any Guarantor not released from its obligations under its
Guarantee shall remain liable for the full amount of principal of and interest
on the Notes and for the other obligations of any Guarantor under this Indenture
as provided in this Article 10.

                                   ARTICLE 11.

                           SATISFACTION AND DISCHARGE

Section 11.01. SATISFACTION AND DISCHARGE.

                  This Indenture will be discharged and will cease to be of
further effect, except as to surviving rights of registration of transfer or
exchange of the Notes, as to all Notes issued hereunder, when:

                  (a) either:

                  (i) all Notes that have been previously authenticated (except
         lost, stolen or destroyed Notes that have been replaced or paid and
         Notes for whose payment money has previously been deposited in trust or
         segregated and held in trust by the Company and is thereafter repaid to
         the Company or discharged from the trust) have been delivered to the
         Trustee for cancellation; or

                  (ii) all Notes that have not been previously delivered to the
         Trustee for cancellation (A) have become due and payable or (B) will
         become due and payable at their maturity within one year or (C) are to
         be called for redemption within one year under arrangements
         satisfactory to the Trustee for the giving of a notice of redemption by
         the Trustee, and the Company has irrevocably deposited or caused to be
         deposited with the Trustee as trust funds in trust solely for the
         benefit of the Holders, cash in U.S. dollars, non-callable U.S.
         Government Securities, or a combination thereof, in such amounts as
         will be sufficient without consideration of any reinvestment of
         interest, to pay and discharge the entire Debt on the Notes not
         previously delivered to the Trustee for cancellation for principal,
         premium, if any, and interest and Special Interest, if any, on the
         Notes to the date of deposit, in the case of Notes that have become due
         and payable, or to the Stated Maturity or redemption date, as the case
         may be;

                  (b) the Company has paid or caused to be paid all other sums
payable by it under this Indenture; and

                  (c) the Company delivers to the Trustee an Officers'
Certificate and Opinion of Counsel stating that all conditions precedent under
this Indenture relating to the satisfaction and discharge of this Indenture have
been satisfied.

Section 11.02. DEPOSITED CASH AND U.S. GOVERNMENT SECURITIES TO BE HELD IN
TRUST; OTHER MISCELLANEOUS PROVISIONS.

                  Subject to Section 11.03 hereof, all cash and non-callable
U.S. Government Securities (including the proceeds thereof) deposited with the
Trustee (or other qualifying trustee, collectively for purposes of this Section
11.02, the "Trustee") pursuant to Section 11.01 hereof in respect of the
outstanding Notes shall be held in trust and

                                       80
<PAGE>

applied by the Trustee, in accordance with the provisions of such Notes and this
Indenture, to the payment, either directly or through any Paying Agent
(including the Company acting as Paying Agent) as the Trustee may determine, to
the Holders of such Notes of all sums due and to become due thereon in respect
of principal, premium, if any, and interest and Special Interest, if any, but
such cash and securities need not be segregated from other funds except to the
extent required by law.

Section 11.03. REPAYMENT TO COMPANY.

                  Any cash or non-callable U.S. Government Securities deposited
with the Trustee or any Paying Agent, or then held by the Company, in trust for
the payment of the principal of, premium, if any, or interest or Special
Interest, if any, on, any Note and remaining unclaimed for two years after such
principal, and premium, if any, or interest or Special Interest, if any, has
become due and payable shall be paid to the Company on its request or (if then
held by the Company) shall be discharged from such trust; and the Holder shall
thereafter, as an unsecured creditor, look only to the Company for payment
thereof, and all liability of the Trustee or such Paying Agent with respect to
such cash and securities, 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, may at the expense of the
Company cause to be published once, in The New York Times and The Wall Street
Journal (national edition), notice that such cash and securities remains
unclaimed and that, after a date specified therein, which shall not be less than
30 days from the date of such notification or publication, any unclaimed balance
of such cash and securities then remaining will be repaid to the Company.

                                   ARTICLE 12.

                                  MISCELLANEOUS

Section 12.01. TRUST INDENTURE ACT CONTROLS.

                  If any provision of this Indenture limits, qualifies or
conflicts with another provision which is required to be included in this
Indenture by the TIA, the provision required by the TIA shall control.

Section 12.02. NOTICES.

                  Any notice or communication by the Company or the Trustee to
the other is duly given if in writing and delivered in person or mailed by first
class mail (registered or certified, return receipt requested), telecopier or
overnight air courier guaranteeing next-day delivery, to the other's address:

                  If to the Company:

                  Swift & Company
                  1770 Promontory Circle
                  Greeley, Colorado 80634
                  Attention:  Chief Financial Officer
                  Telecopier No.:  (970) 506-8323

                  With a copy to:
                  Vinson & Elkins L.L.P.
                  2001 Ross Avenue, Suite 3700
                  Dallas, Texas  75201
                  Attention:  Michael D. Wortley
                  Telecopier No.:  (214) 220-7716

                  If to the Trustee:

                  The Bank of New York Trust Company of Florida, N.A.
                  600 N. Pearl Street, Suite 420
                  Dallas, Texas 75201

                                       81
<PAGE>

                  Attention:  John Stohlmann
                  Telecopier No.:  (214) 880-8253

                  The Company or the Trustee, by notice to the other, may
designate additional or different addresses for subsequent notices or
communications.

                  All notices and communications (other than those sent to the
Trustee) shall be deemed to have been duly given: at the time delivered by hand,
if personally delivered; five Business Days after being deposited in the mail,
postage prepaid, if mailed; when receipt acknowledged, if telecopied; and the
next Business Day after timely delivery to the courier, if sent by overnight air
courier guaranteeing next-day delivery. All notices and communications to the
Trustee shall be deemed duly given and effective only upon receipt.

                  Any notice or communication to a Holder shall be mailed by
first class mail, certified or registered, return receipt requested, or by
overnight air courier guaranteeing next-day delivery to its address shown on the
Security Register. Any notice or communication shall also be so mailed to any
Person described in TIA Section 313(c), to the extent required by the TIA.
Failure to mail a notice or communication to a Holder or any defect in it shall
not affect its sufficiency with respect to other Holders.

                  If a notice or communication is mailed in the manner provided
above within the time prescribed, it is duly given, whether or not the addressee
receives it.

                  If the Company mails a notice or communication to Holders, it
shall mail a copy to the Trustee and each Agent at the same time.

Section 12.03. COMMUNICATION BY HOLDERS OF NOTES WITH OTHER HOLDERS OF NOTES.

                  Holders may communicate pursuant to TIA Section 312(b) with
other Holders with respect to their rights under this Indenture or the Notes.
The Company, the Trustee, the Registrar and anyone else shall have the
protection of TIA Section 312(c).

Section 12.04. CERTIFICATE AND OPINION AS TO CONDITIONS PRECEDENT.

                  Upon any request or application by the Company to the Trustee
to take any action under any provision of this Indenture, the Company shall
furnish to the Trustee:

                  (a) an Officers' Certificate in form and substance reasonably
satisfactory to the Trustee (which shall include the statements set forth in
Section 12.05 hereof) stating that, in the opinion of the signers, all
conditions precedent and covenants, if any, provided for in this Indenture
relating to the proposed action have been complied with; and

                  (b) an Opinion of Counsel in form and substance reasonably
satisfactory to the Trustee (which shall include the statements set forth in
Section 12.05 hereof) stating that, in the opinion of such counsel, all such
conditions precedent and covenants have been complied with.

Section 12.05. STATEMENTS REQUIRED IN CERTIFICATE OR OPINION.

                  Each certificate or opinion with respect to compliance with a
condition or covenant provided for in this Indenture (other than a certificate
provided pursuant to TIA Section 314(a)(4)) shall comply with the provisions of
TIA Section 314(e) and shall include:

                  (a) a statement that the Person making such certificate or
opinion has read such covenant or condition;

                  (b) 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;

                                       82
<PAGE>

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

                  (d) a statement as to whether or not, in the opinion of such
Person, such condition or covenant has been complied with.

With respect to matters of fact, an Opinion of Counsel may rely on an Officers'
Certificate or certificates of public officials.

Section 12.06. RULES BY TRUSTEE AND AGENTS.

                  The Trustee may make reasonable rules for action by or at a
meeting of Holders. The Registrar or Paying Agent may make reasonable rules and
set reasonable requirements for its functions.

Section 12.07. NO PERSONAL LIABILITY OF DIRECTORS, OFFICERS, EMPLOYEES AND
STOCKHOLDERS.

                  No past, present or future director, officer, employee,
incorporator or stockholder of the Company or any Guarantor, as such, shall have
any liability for any obligations of the Company or of the Guarantors under the
Notes, this Indenture, the Guarantees or for any claim based on, in respect of,
or by reason of, such obligations or their creation. Each Holder of Notes by
accepting a Note waives and releases all such liability. The waiver and release
are part of the consideration for issuance of the Notes.

Section 12.08. GOVERNING LAW.

                  THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE
USED TO CONSTRUE THIS INDENTURE AND THE NOTES WITHOUT GIVING EFFECT TO
APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF
THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

Section 12.09. NO ADVERSE INTERPRETATION OF OTHER AGREEMENTS.

                  This Indenture may not be used to interpret any other
indenture, loan or debt agreement of the Company or its Subsidiaries or of any
other Person. Any such indenture, loan or debt agreement may not be used to
interpret this Indenture.

Section 12.10. SUCCESSORS.

                  All covenants and agreements of the Company in this Indenture
and the Notes shall bind its successors. All covenants and agreements of the
Trustee in this Indenture shall bind its successors.

Section 12.11. SEVERABILITY.

                  In case any provision in this Indenture or in the Notes 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 12.12. COUNTERPART ORIGINALS.

                  The parties may sign any number of copies of this Indenture.
Each signed copy shall be an original, but all of them together represent the
same agreement.

                                       83
<PAGE>

Section 12.13. TABLE OF CONTENTS, HEADINGS, ETC.

                  The Table of Contents, Cross-Reference Table and Headings in
this Indenture have been inserted for convenience of reference only, are not to
be considered a part of this Indenture and shall in no way modify or restrict
any of the terms or provisions hereof.

Section 12.14. QUALIFICATION OF THIS INDENTURE.

                  The Company shall qualify this Indenture under the TIA in
accordance with the terms and conditions of the Registration Rights Agreement
and shall pay all reasonable costs and expenses (including attorneys' fees and
expenses for the Company, the Trustee and the Holders) incurred in connection
therewith, including, but not limited to, costs and expenses of qualification of
this Indenture and the Notes and printing this Indenture and the Notes. The
Trustee shall be entitled to receive from the Company any such Officers'
Certificates, Opinions of Counsel or other documentation as it may reasonably
request in connection with any such qualification of this Indenture under the
TIA.

                         [Signatures on following page]

                                       84
<PAGE>

                                                               EXECUTION VERSION

                                   SIGNATURES

Dated as of September 19, 2002

                          ISSUER:

                          SWIFT & COMPANY

                          By:  /s/ JOHN SIMONS
                              ----------------------------------------
                               Name: John Simons
                               Title: Vice President

                          GUARANTORS:

                          S&C HOLDCO 3, INC.

                          By:  /s/ JOHN SIMONS
                              ----------------------------------------
                               Name: John Simons
                               Title: Vice President

                          SWIFT BEEF COMPANY

                          By:  /s/ JOHN SIMONS
                              ----------------------------------------
                               Name: John Simons
                               Title: President

                          SWIFT PORK COMPANY

                          By:  /s/ JOHN SIMONS
                              ----------------------------------------
                               Name: John Simons
                               Title: Vice President

                          SWIFT BRANDS COMPANY

                          By:  /s/ JOHN SIMONS
                              ----------------------------------------
                               Name: John Simons
                               Title: Vice President

                          MILLER BROS. CO., INC.

                          By:  /s/ JOHN SIMONS
                              ----------------------------------------
                               Name: John Simons
                               Title: Vice President

                                    SIGNATURE PAGES TO THE SENIOR NOTE INDENTURE
<PAGE>

                          MONFORT FOOD DISTRIBUTION COMPANY

                          By:  /s/ JOHN SIMONS
                              ----------------------------------------
                               Name: John Simons
                               Title: President

                          MONFORT INTERNATIONAL SALES CORPORATION

                          By:  /s/ JOHN SIMONS
                              ----------------------------------------
                               Name: John Simons
                               Title: President

                          MONFORT, INC.

                          By:  /s/ JOHN SIMONS
                              ----------------------------------------
                               Name: John Simons
                               Title: President

                                    SIGNATURE PAGES TO THE SENIOR NOTE INDENTURE

<PAGE>

                          TRUSTEE:

                          THE BANK OF NEW YORK TRUST COMPANY OF FLORIDA, N.A.

                          By:  /s/ JOHN C. STOHLMANN
                              ----------------------------------------
                               Name: John C. Stohlmann
                               Title: Vice President

                                    SIGNATURE PAGES TO THE SENIOR NOTE INDENTURE

<PAGE>
                                                                       EXHIBIT A
================================================================================

                                 (Face of Note)

                          10-1/8% SENIOR NOTES DUE 2009

                                                             CUSIP
                                                                   -------------
NO.                                                               $
    -----                                                          -------------

                                 SWIFT & COMPANY

promises to pay to CEDE & CO., INC. or registered assigns, the principal sum of
_________________ Dollars ($______________) on October 1, 2009.

Interest Payment Dates:  April 1 and October 1, commencing [         ], 20[  ].

Record Dates:  March 15 and September 15.

Dated:                , 20[   ].
      ----------------

                                      A-1
<PAGE>
                  IN WITNESS WHEREOF, the Issuer has caused this Note to be
signed manually or by facsimile by its duly authorized officer.

                                   SWIFT & COMPANY

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

This is one of the [Global]
Notes referred to in the
within-mentioned Indenture:

THE BANK OF NEW YORK TRUST COMPANY
OF FLORIDA, N.A.,
as Trustee

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

Dated              , 20
      -------------    --

                                      A-2
<PAGE>
                                 (Back of Note)

                          10-1/8% Senior Notes due 2009

[Insert the Global Note Legend, if applicable pursuant to the terms of the
Indenture]

[Insert the Private Placement Legend, if applicable pursuant to the terms of the
Indenture]

[Insert the Regulation S Temporary Global Note Placement Legend, if applicable
pursuant to the terms of the Indenture]

[Insert the following legend if the Notes are issued with original issue
discount: FOR PURPOSES OF SECTIONS 1272, 1273 AND 1275 OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED, THIS NOTE IS BEING ISSUED WITH ORIGINAL ISSUE
DISCOUNT: FOR EACH $1,000 PRINCIPAL AMOUNT OF THIS NOTE, THE ISSUE PRICE IS
$[    ], THE AMOUNT OF ORIGINAL ISSUE DISCOUNT IS $[    ], THE ISSUE DATE IS
[    ] AND THE YIELD TO MATURITY IS [    ]% PER ANNUM.]

                  Capitalized terms used herein shall have the meanings assigned
to them in the Indenture referred to below unless otherwise indicated.

         1. INTEREST. Swift & Company, a Delaware corporation (the "ISSUER"),
promises to pay interest on the principal amount of this Note at 10-1/8% per
annum until maturity and shall pay Special Interest, if any, as provided in
Section 5 of the Registration Rights Agreement. The Issuer shall pay interest
semi-annually on April 1 and October 1 of each year, or if any such day is not a
Business Day, on the next succeeding Business Day (each an "INTEREST PAYMENT
DATE"). Interest on the Notes shall accrue from the most recent date to which
interest has been paid or, if no interest has been paid, from the date of
issuance; provided, however, that if there is no existing Default in the payment
of interest, and if this Note is authenticated between a record date referred to
on the face hereof and the next succeeding Interest Payment Date, interest shall
accrue from such next succeeding Interest Payment Date; provided, further, that
the first Interest Payment Date shall be the first of April 1 or October 1 to
occur after the date of issuance, unless such April 1 or October 1 occurs within
one calendar month of such date of issuance, in which case the first Interest
Payment Date shall be the second of April 1 and October 1 to occur after the
date of issuance. The Issuer shall pay interest (including post-petition
interest in any proceeding under any Bankruptcy Law) on overdue principal and
premium, if any, from time to time at a rate that is 1% per annum in excess of
the interest rate then in effect under the Indenture and this Note; it shall pay
interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue installments of interest and Special Interest, if any
(without regard to any applicable grace periods), from time to time at the same
rate to the extent lawful. Interest shall be computed on the basis of a 360-day
year of twelve 30-day months.

         [Until this Regulation S Temporary Global Note is exchanged for one or
more Regulation S Permanent Global Notes, the Holder hereof shall not be
entitled to receive payments of interest hereon; until so exchanged in full,
this Regulation S Temporary Global Note shall in all other respects be entitled
to the same benefits as other Notes under the Indenture.](1)

         2. METHOD OF PAYMENT. The Issuer shall pay interest on the Notes
(except defaulted interest) to the Persons in whose name this Note (or one or
more Predecessor Notes) is registered at the close of business on the March 15
or September 15 next preceding the Interest Payment Date, even if such Notes are
cancelled after such record date and on or before such Interest Payment Date,
except as provided in Section 2.12 of the Indenture with respect to defaulted
interest. The Notes shall be payable as to principal, premium, if any, and
interest and Special Interest, if any, at the office or agency of the Issuer
maintained for such purpose, or, at the option of the Issuer, payment of
interest may be made by check mailed to the Holders at their addresses set forth
in the Security Register; provided, however, that payment by wire transfer of
immediately available funds shall be required with respect to principal of and
interest and Special Interest, if any, and premium, if any, on, all Global Notes
and all other Notes the Holders of which shall have provided wire transfer
instructions to the Issuer or the Paying Agent. Such payment

----------
(1) To be used for Temporary Regulation S Global Note only.

                                      A-3
<PAGE>

shall be in such coin or currency of the United States of America as at the time
of payment is legal tender for payment of public and private debts.

         3. PAYING AGENT AND REGISTRAR. Initially, The Bank of New York Trust
Company of Florida, N.A., the Trustee under the Indenture, shall act as Paying
Agent and Registrar. The Issuer may change any Paying Agent or Registrar without
notice to any Holder. The Issuer or any of its Subsidiaries may act in any such
capacity.

         4. INDENTURE. The Issuer issued the Notes under an Indenture dated as
of September 19, 2002 ("INDENTURE") among the Issuer, the guarantors party
thereto (the "GUARANTORS") and the Trustee. The terms of the Notes include those
stated in the Indenture and those made part of the Indenture by reference to the
Trust Indenture Act of 1939, as amended (15 U.S. Code Sections 77aaa-77bbbb).
The Notes are subject to all such terms, and Holders are referred to the
Indenture and such Act for a statement of such terms. To the extent any
provision of this Note conflicts with the express provisions of the Indenture,
the provisions of the Indenture shall govern and be controlling. The Notes are
obligations of the Issuer unlimited in aggregate principal amount.

         5. OPTIONAL REDEMPTION.

                  (a) Except as set forth in clauses (b) and (c) of this
Paragraph 5, the Notes will not be redeemable at the option of the Issuer prior
to October 1, 2006. Starting on that date, the Issuer may redeem all or any
portion of the Notes, at once or over time, after giving the required notice
under the Indenture. The Notes may be redeemed at the redemption prices
(expressed as percentages of principal amount) set forth below, plus accrued and
unpaid interest and Special Interest, if any, to the applicable redemption date
(subject to the right of Holders of record on the relevant record date to
receive interest due on the relevant Interest Payment Date), if redeemed during
the twelve-month period commencing on October 1 of the years indicated below:

<Table>
<Caption>
Year                                                                                                    Percentage
----                                                                                                    ----------
<S>                                                                                                     <C>
2006.............................................................................................         105.063%
2007.............................................................................................         102.531%
2008 and thereafter..............................................................................         100.000%
</Table>

                  (b) At any time prior to October 1, 2006, the Issuer may
redeem all or any portion of the Notes, at once or over time, after giving the
required notice under the Indenture, at a redemption price equal to the greater
of:

                  (i)      100% of the principal amount of the Notes to be
                           redeemed; and

                  (ii)     the sum of the present values of (A) the redemption
                           price of the Notes at October 1, 2006 (as set forth
                           above) and (B) the remaining scheduled payments of
                           interest from the redemption date to October 1, 2006,
                           but excluding accrued and unpaid interest to the
                           redemption date, discounted to the redemption date at
                           the Treasury Yield (determined on the second Business
                           Day immediately preceding the date of redemption)
                           plus 75 basis points;

plus, in either case, accrued and unpaid interest, including Special Interest,
if any, to the redemption date (subject to the right of Holders of record on the
relevant record date to receive interest due on the relevant Interest Payment
Date).

                  Any notice to the Holders of Notes of a redemption pursuant to
this paragraph (5)(b) shall include the appropriate calculation of the
redemption price, but need not include the redemption price itself. The actual
redemption price, calculated as described above, shall be set forth in an
Officers' Certificate delivered to the Trustee no later than two Business Days
prior to the redemption date

                  (c) At any time and from time to time prior to October 1,
2005, the Issuer may redeem up to 35% of the aggregate principal amount of the
Notes issued under the Indenture at a redemption price (expressed as a
percentage of principal amount) equal to 110.125% of the principal amount
thereof, plus accrued and unpaid interest

                                      A-4
<PAGE>

and Special Interest, if any, to the redemption date (subject to the right of
Holders of record on the relevant record date to receive interest due on the
relevant Interest Payment Date) with the net cash proceeds of one or more Equity
Offerings by the Issuer or the direct or indirect parent of the Issuer (to the
extent, in the case of the direct or indirect parent, that the net cash proceeds
of the Equity Offerings are contributed to the common or non-redeemable
preferred equity capital of the Issuer); provided, however, that after giving
effect to any such redemption, at least 65% of the aggregate principal amount of
the Notes initially issued under the Indenture (excluding Notes held by the
Issuer and its Subsidiaries) remains outstanding immediately after giving effect
to such redemption. Any such redemption shall be made within 180 days after the
consummation of such Equity Offering.

                  (d) Any prepayment pursuant to this paragraph shall be made
pursuant to the provisions of Sections 3.01 through 3.06 of the Indenture.

         6. MANDATORY REDEMPTION. Except as set forth in Sections 4.12 and 4.18
of the Indenture, the Issuer shall not be required to make mandatory redemption
or sinking fund payments with respect to the Notes.

         7. REPURCHASE AT OPTION OF HOLDER.

         (a) Upon the occurrence of a Change of Control, each Holder shall have
the right to require the Issuer to repurchase all or any part (equal to $1,000
or an integral multiple of $1,000) of such Holder's Notes (a "CHANGE OF CONTROL
OFFER") at a purchase price in cash equal to 101% of the aggregate principal
amount of the Notes repurchased, plus accrued and unpaid interest and Special
Interest, if any, on the Notes repurchased to the purchase date (subject to the
right of Holders of record on the relevant record date to receive interest to,
but excluding, the Change of Control Payment Date).

         (b) If the Issuer or one of its Restricted Subsidiaries consummates any
Asset Sales, they shall not be required to apply any Net Available Cash in
accordance with the Indenture until the aggregate Net Available Cash from all
Asset Sales following the date the Notes are first issued exceeds $15.0 million.
Thereafter, once the Issuer or its Restricted Subsidiaries accumulates an
additional aggregate $15.0 million of Net Available Cash from all Asset Sales,
the Issuer shall, after application of the additional aggregate $15.0 million of
Net Available Cash as provided in clause (a)(iii)(A) of Section 4.12 of the
Indenture, commence an offer for Notes pursuant to the Indenture by applying the
Net Available Cash in excess of $15.0 million (an "ASSET SALE OFFER") pursuant
to Section 3.09 of the Indenture to purchase the maximum principal amount of
Notes (including any Additional Notes) that may be purchased out of the Net
Available Cash at an offer price in cash equal to 100% of the principal amount
thereof plus accrued and unpaid interest and Special Interest, if any, to the
date fixed for the closing of such offer in accordance with the procedures set
forth in the Indenture. To the extent that the aggregate amount of Notes
(including Additional Notes) tendered pursuant to an Asset Sale Offer is less
than the Net Available Cash, the Issuer (or such Restricted Subsidiary) may use
such deficiency for any purpose not prohibited by the Indenture, including the
repurchase of any subordinated notes, including the Senior Subordinated Notes,
required by the indenture pursuant to which such subordinated notes were issued.
If the aggregate principal amount of Notes surrendered by Holders thereof
exceeds the amount of Net Available Cash, the Trustee shall select the Notes to
be purchased on a pro rata basis. Holders of Notes that are the subject of an
offer to purchase will receive an Asset Sale Offer from the Issuer prior to any
related purchase date and may elect to have such Notes purchased by completing
the form entitled "Option of Holder to Elect Purchase" on the reverse of the
Notes.

         8. NOTICE OF REDEMPTION. Notice of redemption shall be mailed at least
30 days but not more than 60 days before the redemption date to each Holder
whose Notes are to be redeemed at its registered address. Notes in denominations
larger than $1,000 may be redeemed in part but only in whole multiples of
$1,000, unless all of the Notes held by a Holder are to be redeemed. On and
after the redemption date interest ceases to accrue on Notes or portions thereof
called for redemption.

         9. DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form
without coupons in denominations of $1,000 and integral multiples of $1,000.
This Note shall represent the aggregate principal amount of outstanding Notes
from time to time endorsed hereon and the aggregate principal amount of Notes
represented hereby may from time to time be reduced or increased, as
appropriate, to reflect exchanges and redemptions. The transfer of Notes may be
registered and Notes may be exchanged as provided in the Indenture. The
Registrar and the Trustee may require a Holder, among other things, to furnish
appropriate endorsements and transfer documents

                                      A-5
<PAGE>

and the Issuer may require a Holder to pay any taxes and fees required by law or
permitted by the Indenture. The Issuer need not exchange or register the
transfer of any Note or portion of a Note selected for redemption, except for
the unredeemed portion of any Note being redeemed in part. Also, the Issuer need
not exchange or register the transfer of any Notes for a period of 15 days
before a selection of Notes to be redeemed or during the period between a record
date and the corresponding Interest Payment Date.

                  [This Regulation S Temporary Global Note is exchangeable in
whole or in part for one or more Global Notes only (i) on or after the
termination of the Distribution Compliance Period and (ii) upon presentation of
certificates (accompanied by an Opinion of Counsel, if applicable) required by
Article 2 of the Indenture. Upon exchange of this Regulation S Temporary Global
Note for one or more Global Notes, the Trustee shall cancel this Regulation S
Temporary Global Note.](2)

         10. PERSONS DEEMED OWNERS. The registered Holder of a Note may be
treated as its owner for all purposes.

         11. AMENDMENT, SUPPLEMENT AND WAIVER. Subject to certain exceptions,
the Issuer and the Trustee may amend or supplement the Indenture or the Notes
with the consent of the Holders of a majority in principal amount of the then
outstanding Notes, including Additional Notes, if any, voting as a single class
(including consents obtained in connection with a purchase of or tender offer or
exchange offer for the Notes), and, subject to Sections 6.04 and 6.07 of the
Indenture, any existing Default or Event of Default (except a continuing Default
or Event of Default in the payment of principal, premium, if any, interest or
Special Interest, if any, on the Notes) or compliance with any provision of the
Indenture or the Notes (except for certain covenants and provisions of the
Indenture which cannot be amended without the consent of each Holder) may be
waived with the consent of the Holders of a majority in principal amount of the
then outstanding Notes, including Additional Notes, if any, then outstanding
voting as a single class (including consents obtained in connection with a
purchase of or tender offer or exchange offer for the Notes). Without the
consent of any Holder, the Issuer and the Trustee may amend or supplement the
Indenture or the Notes to cure any ambiguity, omission, defect or inconsistency,
to provide for the assumption by a successor corporation, partnership or limited
liability company of the obligations of the Issuer under the Indenture, to
provide for uncertificated Notes in addition to or in place of certificated
Notes, to add additional Guarantees or additional obligors with respect to the
Notes, to secure the Notes, to add to the covenants of the Issuer for the
benefit of the Holders of the Notes or to surrender any right or power conferred
upon the Issuer, to make any change that would provide any additional rights or
benefits to the Holders of Notes or that does not adversely affect the legal
rights under the Indenture of any such Holder, to make any change to comply with
any requirement of the Commission in order to effect or maintain the
qualification of the Indenture under the TIA or to provide for the issuance of
Additional Notes.

         12. DEFAULTS AND REMEDIES. Each of the following is an Event of Default
under the Indenture: the failure to pay interest, including Special Interest, if
any, on the Notes when that interest or Special Interest becomes due and payable
and the Default continues for 30 days; the failure to pay principal of or
premium, if any, on the Notes when that principal or premium, if any, becomes
due and payable, at maturity, upon redemption or otherwise; the failure to
observe or perform any other covenant or agreement contained in the Notes or the
Indenture, which failure continues for a period of 60 days after the Issuer
receives a written notice specifying the default from the Trustee or Holders of
at least 25% in aggregate principal amount of outstanding Notes; the failure by
the Issuer or any Restricted Subsidiary to pay Debt at the final stated
maturity, after giving effect to any extensions, or upon the acceleration of the
final stated maturity of that Debt, if the aggregate principal amount of that
Debt, together with the aggregate principal amount of any other such Debt in
default for failure to pay principal at the final stated maturity, after giving
effect to any extensions, or upon the acceleration of the final stated maturity
of that Debt, aggregates $20.0 million or more at any time and such default
shall not have been cured or such acceleration shall not have been rescinded
after a 10-day period; one or more judgments in an aggregate amount in excess of
$20.0 million, which judgments are not covered by insurance, or if covered by
insurance, as to which the insurer has disclaimed coverage, being rendered
against the Issuer or any of its Restricted Subsidiaries and such judgment or
judgments remain undischarged, unwaived or unstayed for a period of 60 days
after such judgment or judgments become final and nonappealable; certain events
of bankruptcy, insolvency or reorganization affecting the Issuer or any of its

----------
(2) To be used for Temporary Regulation S Global Note only.

                                      A-6
<PAGE>

Significant Subsidiaries; and any Guarantee of a Significant Subsidiary ceases
to be in full force and effect or any Guarantee of a Significant Subsidiary is
declared to be null and void and unenforceable by a judicial determination or
any Guarantee of a Significant Subsidiary is found to be invalid by a judicial
determination or any Guarantor that is a Significant Subsidiary denies its
obligations under its Guarantee (in each case, other than by reason of release
of a Guarantor in accordance with the terms of the Indenture).

         If any Event of Default occurs and is continuing, the Trustee or the
Holders of at least 25% in principal amount of the then outstanding Notes may
declare all the Notes to be due and payable. Notwithstanding the foregoing, in
the case of an Event of Default arising from certain events of bankruptcy or
insolvency described in the Indenture, all outstanding Notes shall become due
and payable without further action or notice. Holders may not enforce the
Indenture or the Notes except as provided in the Indenture. Subject to certain
limitations, Holders of a majority in aggregate principal amount of the then
outstanding Notes may direct the Trustee in its exercise of any trust or power.
The Trustee may withhold from Holders notice of any continuing Default or Event
of Default (except a Default or Event of Default relating to the payment of
principal or interest or Special Interest) if it determines that withholding
notice is in their interest. The Holders of a majority in aggregate principal
amount of the Notes then outstanding by notice to the Trustee may on behalf of
the Holders of all of the Notes waive any existing Default or Event of Default
and its consequences under the Indenture except a continuing Default or Event of
Default in the payment of interest or Special Interest on, or the principal of,
the Notes. The Issuer is required to deliver to the Trustee annually a statement
regarding compliance with the Indenture, and the Issuer is required upon
becoming aware of any Default or Event of Default, to deliver to the Trustee a
statement specifying such Default or Event of Default.

         13. TRUSTEE DEALINGS WITH ISSUER. Subject to certain limitations, the
Trustee in its individual or any other capacity may become the owner or pledgee
of Notes and may otherwise deal with the Issuer or any Affiliate of the Issuer
with the same rights it would have if it were not Trustee.

         14. DESIGNATED SENIOR DEBT. The Company hereby designates the Notes as
"Designated Senior Debt" as that term is defined in the Senior Subordinated
Notes Indenture.

         15. NO RECOURSE AGAINST OTHERS. No past, present or future director,
officer, employee, incorporator or stockholder of the Issuer or of any
Guarantor, as such, shall have any liability for any obligations of the Issuer
or any Guarantor under the Indenture, the Notes, the Guarantees or for any claim
based on, in respect of, or by reason of, such obligations or their creation.
Each Holder by accepting a Note waives and releases all such liability.

         16. AUTHENTICATION. This Note shall not be valid until authenticated by
the manual signature of the Trustee or an authenticating agent.

         17. ABBREVIATIONS. Customary abbreviations may be used in the name of a
Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (=
tenants by the entireties), JT TEN (= joint tenants with right of survivorship
and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts
to Minors Act).

         18. ADDITIONAL RIGHTS OF HOLDERS OF RESTRICTED GLOBAL NOTES AND
RESTRICTED DEFINITIVE NOTES. In addition to the rights provided to Holders of
Notes under the Indenture, Holders of Restricted Global Notes and Restricted
Definitive Notes that are Initial Notes shall have all the rights set forth in
the Registration Rights Agreement, dated as of September 19, 2002, between the
Issuer and the parties named on the signature pages thereto or, in the case of
Additional Notes, Holders of Restricted Global Notes and Restricted Definitive
Notes shall have the rights set forth in one or more registration rights
agreement, if any, among the Issuer and the other parties thereto, relating to
rights given by the Issuer to the purchasers of any Additional Notes.

         19. CUSIP NUMBERS. Pursuant to a recommendation promulgated by the
Committee on Uniform Security Identification Procedures, the Issuer has caused
CUSIP numbers to be printed on the Notes and has directed the Trustee to use
CUSIP numbers in notices of redemption as a convenience to Holders. No
representation is made as to the accuracy of such numbers either as printed on
the Notes or as contained in any notice of redemption and reliance may be placed
only on the other identification numbers placed thereon.

                                      A-7
<PAGE>

                  The Issuer shall furnish to any Holder upon written request
and without charge a copy of the Indenture. Requests may be made to:

                  Swift & Company
                  1770 Promontory Circle
                  Greeley, Colorado 80634
                  Attention:  Chief Financial Officer

         20. GOVERNING LAW. The internal law of the State of New York shall
govern and be used to construe this Note without giving effect to applicable
principals of conflicts of law to the extent that the application of the laws of
another jurisdiction would be required thereby.

                                      A-8
<PAGE>

                       Option of Holder to Elect Purchase

If you want to elect to have this Note purchased by the Issuer pursuant to
Section 4.12 or 4.18 of the Indenture, check the box below:

[ ]      Section 4.12

[ ]      Section 4.18

If you want to elect to have only part of the Note purchased by the Issuer
pursuant to Section 4.12 or Section 4.18 of the Indenture, state the amount you
elect to have purchased: $_____________________

<Table>
<S>                                                  <C>
Date:                                                Your Signature:
     -------------------------------                                --------------------------------
                                                     (Sign exactly as your name appears on the Note)

                                                     Tax Identification No.:

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

                                                     SIGNATURE GUARANTEE:

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

                                                     Signatures must be guaranteed by an "eligible
                                                     guarantor institution" meeting the requirements of
                                                     the Registrar, which requirements include
                                                     membership or participation in the Security
                                                     Transfer Agent Medallion Program ("STAMP") or such
                                                     other "signature guarantee program" as may be
                                                     determined by the Registrar in addition to, or in
                                                     substitution for, STAMP, all in accordance with
                                                     the Securities Exchange Act of 1934, as amended.
</Table>

                                      A-9
<PAGE>

                                 ASSIGNMENT FORM

To assign this Note, fill in the form below:

(I) or (we) assign and transfer this Note to

--------------------------------------------------------------------------------
            (Insert assignee's social security or other tax I.D. no.)

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

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

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

--------------------------------------------------------------------------------
              (Print or type assignee's name, address and zip code)

and irrevocably appoint ________________________________________________________
as agent to transfer this Note on the books of the Issuer. The agent may
substitute another to act for him.______________________________________________

Date:
      --------------
                             Your Signature:
                                            -----------------------------------
                             (Sign exactly as your name appears on the face of
                             this Note)

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

                                      A-10
<PAGE>

              SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE

                  The following exchanges of a part of this Global Note for an
interest in another Global Note or for a Definitive Note, or exchanges of a part
of another Global Note or Definitive Note for an interest in this Global Note,
have been made:

<Table>
<Caption>
                                                                           Principal Amount
                                Amount of                                 of this Global Note       Signature of
                               decrease in         Amount of increase       following such      authorized signatory
                            Principal Amount      in Principal Amount        decrease (or           of Trustee or
    Date of Exchange       of this Global Note    of this Global Note          increase)           Note Custodian
    ----------------       -------------------    -------------------     -------------------   --------------------
<S>                        <C>                    <C>                     <C>                   <C>

</Table>

<PAGE>

                                    EXHIBIT B

                         FORM OF CERTIFICATE OF TRANSFER

Swift & Company
1770 Promontory Circle
Greeley, Colorado 80634
Attention: Chief Financial Officer

The Bank of New York Trust Company of Florida, N.A.
600 N. Pearl Street, Suite 420
Dallas, Texas 75201
Attention: Corporate Trust Department
Telecopier No.:  (214) 880-8253

          Re:       10-1/8% Senior Notes due 2009

                  Reference is hereby made to the Indenture, dated as of
September 19, 2002 (the "Indenture"), among Swift & Company, as issuer (the
"Issuer"), the Guarantors party thereto and The Bank of New York Trust Company
of Florida, N.A., as trustee. Capitalized terms used but not defined herein
shall have the meanings given to them in the Indenture.

                  ___________________, (the "Transferor") owns and proposes to
transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in
the principal amount of $___________ in such Note[s] or interests (the
"Transfer"), to ___________________________ (the "Transferee"), as further
specified in Annex A hereto. In connection with the Transfer, the Transferor
hereby certifies that:

                             [CHECK ALL THAT APPLY]

                  1. [ ] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL
INTEREST IN THE 144A GLOBAL NOTE OR A DEFINITIVE NOTE PURSUANT TO RULE 144A. The
Transfer is being effected pursuant to and in accordance with Rule 144A under
the United States Securities Act of 1933, as amended (the "Securities Act"),
and, accordingly, the Transferor hereby further certifies that the beneficial
interest or Definitive Note is being transferred to a Person that the Transferor
reasonably believed and believes is purchasing the beneficial interest or
Definitive Note for its own account, or for one or more accounts with respect to
which such Person exercises sole investment discretion, and such Person and each
such account is a "qualified institutional buyer" within the meaning of Rule
144A in a transaction meeting the requirements of Rule 144A and such Transfer is
in compliance with any applicable blue sky securities laws of any state of the
United States. Upon consummation of the proposed Transfer in accordance with the
terms of the Indenture, the transferred beneficial interest or Definitive Note
will be subject to the restrictions on transfer enumerated in the Private
Placement Legend printed on the 144A Global Note and/or the Definitive Note and
in the Indenture and the Securities Act.

                  2. [ ] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL
INTEREST IN THE REGULATION S GLOBAL NOTE OR A DEFINITIVE NOTE PURSUANT TO
REGULATION S. The Transfer is being effected pursuant to and in accordance with
Rule 903 or Rule 904 under the Securities Act and, accordingly, the Transferor
hereby further certifies that (i) the Transfer is not being made to a Person in
the United States and (x) at the time the buy order was originated, the
Transferee was outside the United States or such Transferor and any Person
acting on its behalf reasonably believed and believes that the Transferee was
outside the United States or (y) the transaction was executed in, on or through
the facilities of a designated offshore securities market and neither such
Transferor nor any Person acting on its behalf knows that the transaction was
prearranged with a buyer in the United States, (ii) no directed selling efforts
have been made in contravention of the requirements of Rule 903(b) or Rule
904(a) of Regulation S under the Securities Act, (iii) the transaction is not
part of a plan or scheme to evade the registration requirements of the
Securities Act and (iv) if the proposed transfer is being made prior to the
expiration of the Distribution Compliance Period, the transfer is not being made
to a U.S. Person or for the account or benefit of a U.S. Person (other than an
Initial Purchaser). Upon consummation of the proposed transfer in accordance
with the terms of the Indenture, the transferred beneficial interest or
Definitive Note will be subject to the restrictions on

                                      B-1
<PAGE>

Transfer enumerated in the Private Placement Legend printed on the Regulation S
Global Note, the Temporary Regulation S Global Note and/or the Definitive Note
and in the Indenture and the Securities Act.

                  3. [ ] CHECK AND COMPLETE IF TRANSFEREE WILL TAKE DELIVERY OF
A BENEFICIAL INTEREST IN THE IAI GLOBAL NOTE OR A DEFINITIVE NOTE PURSUANT TO
ANY PROVISION OF THE SECURITIES ACT OTHER THAN RULE 144A OR REGULATION S. The
Transfer is being effected in compliance with the transfer restrictions
applicable to beneficial interests in Restricted Global Notes and Restricted
Definitive Notes and pursuant to and in accordance with the Securities Act and
any applicable blue sky securities laws of any state of the United States, and
accordingly the Transferor hereby further certifies that (check one):

                           (a) [ ] such Transfer is being effected pursuant to
         and in accordance with Rule 144 under the Securities Act;

                                       or

                           (b) [ ] such Transfer is being effected to the Issuer
         or a subsidiary thereof;

                                       or

                           (c) [ ] such Transfer is being effected pursuant to
         an effective registration statement under the Securities Act and in
         compliance with the prospectus delivery requirements of the Securities
         Act;

                                       or

                           (d) [ ] such Transfer is being effected to an
         Institutional Accredited Investor and pursuant to an exemption from the
         registration requirements of the Securities Act other than Rule 144A,
         Rule 144 or Rule 904, and the Transferor hereby further certifies that
         it has not engaged in any general solicitation within the meaning of
         Regulation D under the Securities Act and the Transfer complies with
         the transfer restrictions applicable to beneficial interests in a
         Restricted Global Note or Restricted Definitive Notes and the
         requirements of the exemption claimed, which certification is supported
         by (1) a certificate executed by the Transferee in the form of Exhibit
         D to the Indenture and (2) if such Transfer is in respect of a
         principal amount of Notes at the time of transfer of less than
         $250,000, an Opinion of Counsel provided by the Transferor or the
         Transferee (a copy of which the Transferor has attached to this
         certification), to the effect that such Transfer is in compliance with
         the Securities Act. Upon consummation of the proposed transfer in
         accordance with the terms of the Indenture, the transferred beneficial
         interest or Definitive Note will be subject to the restrictions on
         transfer enumerated in the Private Placement Legend printed on the IAI
         Global Note and/or the Definitive Notes and in the Indenture and the
         Securities Act.

                  4. [ ] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL
INTEREST IN AN UNRESTRICTED GLOBAL NOTE OR OF AN UNRESTRICTED DEFINITIVE NOTE.

                  (a) [ ] CHECK IF TRANSFER IS PURSUANT TO RULE 144. (i) The
Transfer is being effected pursuant to and in accordance with Rule 144 under the
Securities Act and in compliance with the transfer restrictions contained in the
Indenture and any applicable blue sky securities laws of any state of the United
States and (ii) the restrictions on transfer contained in the Indenture and the
Private Placement Legend are not required in order to maintain compliance with
the Securities Act. Upon consummation of the proposed Transfer in accordance
with the terms of the Indenture, the transferred beneficial interest or
Definitive Note will no longer be subject to the restrictions on transfer
enumerated in the Private Placement Legend printed on the Restricted Global
Notes, on Restricted Definitive Notes and in the Indenture.

                  (b) [ ] CHECK IF TRANSFER IS PURSUANT TO REGULATION S. (i) The
Transfer is being effected pursuant to and in accordance with Rule 903 or Rule
904 under the Securities Act and in compliance with the transfer restrictions
contained in the Indenture and any applicable blue sky securities laws of any
state of the United States and (ii) the restrictions on transfer contained in
the Indenture and the Private Placement Legend are not

                                      B-2
<PAGE>

required in order to maintain compliance with the Securities Act. Upon
consummation of the proposed Transfer in accordance with the terms of the
Indenture, the transferred beneficial interest or Definitive Note will no longer
be subject to the restrictions on transfer enumerated in the Private Placement
Legend printed on the Restricted Global Notes, on Restricted Definitive Notes
and in the Indenture.

                  (c) [ ] CHECK IF TRANSFER IS PURSUANT TO OTHER EXEMPTION. (i)
The Transfer is being effected pursuant to and in compliance with an exemption
from the registration requirements of the Securities Act other than Rule 144,
Rule 903 or Rule 904 and in compliance with the transfer restrictions contained
in the Indenture and any applicable blue sky securities laws of any State of the
United States and (ii) the restrictions on transfer contained in the Indenture
and the Private Placement Legend are not required in order to maintain
compliance with the Securities Act. Upon consummation of the proposed Transfer
in accordance with the terms of the Indenture, the transferred beneficial
interest or Definitive Note will not be subject to the restrictions on transfer
enumerated in the Private Placement Legend printed on the Restricted Global
Notes or Restricted Definitive Notes and in the Indenture.

                  This certificate and the statements contained herein are made
for your benefit and the benefit of the Issuer.

                              -------------------------------------------------
                                          [Insert Name of Transferor]

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

                              Dated:
                                      ----------------------

                                      B-3
<PAGE>

                       ANNEX A TO CERTIFICATE OF TRANSFER

         1.       The Transferor owns and proposes to transfer the following:

                            [CHECK ONE OF (a) OR (b)]

                  (a)      [ ] a beneficial interest in the:

                     (i)   [ ] 144A Global Note (CUSIP _________), or

                     (ii)  [ ] Regulation S Global Note (CUSIP _________), or

                     (iii) [ ] IAI Global Note (CUSIP _________); or

                  (b)      [ ] a Restricted Definitive Note.

         2.       After the Transfer the Transferee will hold:

                         [CHECK ONE OF (a), (b) OR (c)]

                  (a)      [ ] a beneficial interest in the:

                     (i)   [ ] 144A Global Note (CUSIP _________), or

                     (ii)  [ ] Regulation S Global Note (CUSIP _________), or

                     (iii) [ ] IAI Global Note (CUSIP _________); or

                     (iv)  [ ] Unrestricted Global Note (CUSIP _________); or

                  (b)      [ ] a Restricted Definitive Note; or

                  (c)      [ ] an Unrestricted Definitive Note,

                 in accordance with the terms of the Indenture.

                                      B-4
<PAGE>

                                    EXHIBIT C

                         FORM OF CERTIFICATE OF EXCHANGE

Swift & Company
1770 Promontory Circle
Greeley, Colorado 80634
Attention: Chief Financial Officer

The Bank of New York Trust Company of Florida, N.A.
600 N. Pearl Street, Suite 420
Dallas, Texas 75201
Attention: Corporate Trust Department
Telecopier No.:  (214) 880-8253

                  Re:      10-1/8% Senior Notes due 2009

                  Reference is hereby made to the Indenture, dated as of
September 19, 2002 (the "Indenture"), among Swift & Company, as issuer (the
"Issuer"), the Guarantors party thereto and The Bank of New York Trust Company
of Florida, N.A., as trustee. Capitalized terms used but not defined herein
shall have the meanings given to them in the Indenture.

                  __________________________, (the "Owner") owns and proposes to
exchange the Note[s] or interest in such Note[s] specified herein, in the
principal amount of $____________ in such Note[s] or interests (the "Exchange").
In connection with the Exchange, the Owner hereby certifies that:

                  1. EXCHANGE OF RESTRICTED DEFINITIVE NOTES OR BENEFICIAL
INTERESTS IN A RESTRICTED GLOBAL NOTE FOR UNRESTRICTED DEFINITIVE NOTES OR
BENEFICIAL INTERESTS IN AN UNRESTRICTED GLOBAL NOTE

                  (a) [ ] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A
RESTRICTED GLOBAL NOTE TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE. In
connection with the Exchange of the Owner's beneficial interest in a Restricted
Global Note for a beneficial interest in an Unrestricted Global Note in an equal
principal amount, the Owner hereby certifies (i) the beneficial interest is
being acquired for the Owner's own account without transfer, (ii) such Exchange
has been effected in compliance with the transfer restrictions applicable to the
Restricted Global Note and pursuant to and in accordance with the United States
Securities Act of 1933, as amended (the "Securities Act"), (iii) the
restrictions on transfer contained in the Indenture and the Private Placement
Legend are not required in order to maintain compliance with the Securities Act
and (iv) the beneficial interest in an Unrestricted Global Note is being
acquired in compliance with any applicable blue sky securities laws of any state
of the United States.

                  (b) [ ] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A
RESTRICTED GLOBAL NOTE TO UNRESTRICTED DEFINITIVE NOTE. In connection with the
Exchange of the Owner's beneficial interest in a Restricted Global Note for an
Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted
Definitive Note is being acquired for the Owner's own account without transfer,
(ii) such Exchange has been effected in compliance with the transfer
restrictions applicable to the Restricted Global Note and pursuant to and in
accordance with the Securities Act, (iii) the restrictions on transfer contained
in the Indenture and the Private Placement Legend are not required in order to
maintain compliance with the Securities Act and (iv) the Unrestricted Definitive
Note is being acquired in compliance with any applicable blue sky securities
laws of any state of the United States.

                  (c) [ ] CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE
TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE. In connection with the
Owner's Exchange of a Restricted Definitive Note for a beneficial interest in an
Unrestricted Global Note, the Owner hereby certifies (i) the beneficial interest
is being acquired for the Owner's own account without transfer, (ii) such
Exchange has been effected in compliance with the transfer restrictions
applicable to Restricted Definitive Notes and pursuant to and in accordance with
the Securities Act, (iii) the restrictions on transfer contained in the
Indenture and the Private Placement Legend are not required in order to maintain
compliance with the Securities Act and (iv) the beneficial interest is being
acquired in compliance with any applicable blue sky securities laws of any state
of the United States.

                  (d) [ ] CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE
TO UNRESTRICTED DEFINITIVE NOTE. In connection with the Owner's Exchange of a
Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby
certifies (i) the Unrestricted Definitive Note is being acquired for the Owner's
own account without

                                      C-1
<PAGE>

transfer, (ii) such Exchange has been effected in compliance with the transfer
restrictions applicable to Restricted Definitive Notes and pursuant to and in
accordance with the Securities Act, (iii) the restrictions on transfer contained
in the Indenture and the Private Placement Legend are not required in order to
maintain compliance with the Securities Act and (iv) the Unrestricted Definitive
Note is being acquired in compliance with any applicable blue sky securities
laws of any state of the United States.

                  2. EXCHANGE OF RESTRICTED DEFINITIVE NOTES OR BENEFICIAL
INTERESTS IN RESTRICTED GLOBAL NOTES FOR RESTRICTED DEFINITIVE NOTES OR
BENEFICIAL INTERESTS IN RESTRICTED GLOBAL NOTES

                  (a) [ ] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A
RESTRICTED GLOBAL NOTE TO RESTRICTED DEFINITIVE NOTE. In connection with the
Exchange of the Owner's beneficial interest in a Restricted Global Note for a
Restricted Definitive Note with an equal principal amount, the Owner hereby
certifies that the Restricted Definitive Note is being acquired for the Owner's
own account without transfer. Upon consummation of the proposed Exchange in
accordance with the terms of the Indenture, the Restricted Definitive Note
issued will continue to be subject to the restrictions on transfer enumerated in
the Private Placement Legend printed on the Restricted Definitive Note and in
the Indenture and the Securities Act.

                  (b) [ ] CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE
TO BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE. In connection with the
Exchange of the Owner's Restricted Definitive Note for a beneficial interest in
the [CIRCLE ONE] 144A Global Note, Regulation S Global Note, IAI Global Note
with an equal principal amount, the Owner hereby certifies (i) the beneficial
interest is being acquired for the Owner's own account without transfer and (ii)
such Exchange has been effected in compliance with the transfer restrictions
applicable to the Restricted Definitive Note and pursuant to and in accordance
with the Securities Act, and in compliance with any applicable blue sky
securities laws of any state of the United States. Upon consummation of the
proposed Exchange in accordance with the terms of the Indenture, the beneficial
interest issued will be subject to the restrictions on transfer enumerated in
the Private Placement Legend printed on the relevant Restricted Global Note and
in the Indenture and the Securities Act.

                                      C-2
<PAGE>

                  This certificate and the statements contained herein are made
for your benefit and the benefit of the Issuer.

                              -------------------------------------------------
                                          [Insert Name of Transferor]

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

                              Dated:
                                      ----------------------

                                      C-3
<PAGE>

                                    EXHIBIT D

                            FORM OF CERTIFICATE FROM
                   ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR

Swift & Company
1770 Promontory Circle
Greeley, Colorado 80634
Attention: Chief Financial Officer

The Bank of New York Trust Company of Florida, N.A.
600 N. Pearl Street, Suite 420
Dallas, Texas 75201
Attention: Corporate Trust Department
Telecopier No.:  (214) 880-8253

         Re:          10-1/8% Senior Notes due 2009

                  Reference is hereby made to the Indenture, dated as of
September 19, 2002 (the "Indenture"), among Swift & Company, as issuer (the
"Issuer"), the Guarantors party thereto and The Bank of New York Trust Company
of Florida, N.A., as trustee. Capitalized terms used but not defined herein
shall have the meanings given to them in the Indenture.

                  In connection with our proposed purchase of $____________
aggregate principal amount of:

                  (a) [ ] a beneficial interest in a Global Note, or

                  (b) [ ] a Definitive Note,

                          we confirm that:

                  1. We understand that any subsequent transfer of the Notes or
any interest therein is subject to certain restrictions and conditions set forth
in the Indenture and the undersigned agrees to be bound by, and not to resell,
pledge or otherwise transfer the Notes or any interest therein except in
compliance with, such restrictions and conditions and the United States
Securities Act of 1933, as amended (the "Securities Act").

                  2. We understand that the offer and sale of the Notes have not
been registered under the Securities Act, and that the Notes and any interest
therein may not be offered or sold except as permitted in the following
sentence. We agree, on our own behalf and on behalf of any accounts for which we
are acting as hereinafter stated, that if we should sell the Notes or any
interest therein, we will do so only (A) to the Issuer or any subsidiary
thereof, (B) in accordance with Rule 144A under the Securities Act to a
"qualified institutional buyer" (as defined therein), (C) to an institutional
"accredited investor" (as defined below) that, prior to such transfer, furnishes
(or has furnished on its behalf by a U.S. broker-dealer) to you and to the
Issuer a signed letter substantially in the form of this letter and, if such
transfer is in respect of a principal amount of Notes, at the time of transfer
of less than $250,000, an Opinion of Counsel in form reasonably acceptable to
the Issuer to the effect that such transfer is in compliance with the Securities
Act, (D) outside the United States in accordance with Rule 904 of Regulation S
under the Securities Act, (E) pursuant to the provisions of Rule 144(k) under
the Securities Act or (F) pursuant to an effective registration statement under
the Securities Act, and we further agree to provide to any Person purchasing the
Definitive Note or beneficial interest in a Global Note from us in a transaction
meeting the requirements of clauses (A) through (E) of this paragraph a notice
advising such purchaser that resales thereof are restricted as stated herein.

                  3. We understand that, on any proposed resale of the Notes or
beneficial interest therein, we will be required to furnish to you and the
Issuer such certifications, legal opinions and other information as you and the
Issuer may reasonably require to confirm that the proposed sale complies with
the foregoing restrictions. We further understand that the Notes purchased by us
will bear a legend to the foregoing effect.

                  4. We are an institutional "accredited investor" (as defined
in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act) and
have such knowledge and experience in financial and business matters as to be
capable of evaluating the merits and risks of our investment in the Notes, and
we and any accounts for which we are acting are each able to bear the economic
risk of our or its investment. We have had access to such

                                      D-1
<PAGE>

financial and other information and have been afforded the opportunity to ask
such questions of representatives of the Issuer and receive answers thereto, as
we deem necessary in connection with our decision to purchase the Notes.

                  5. We are acquiring the Notes or beneficial interest therein
purchased by us for our own account or for one or more accounts (each of which
is an institutional "accredited investor") as to each of which we exercise sole
investment discretion and are not acquiring the Notes with a view to any
distribution thereof in a transaction that would violate the Securities Act of
the securities laws of any state of the United States or any other applicable
jurisdiction.

                  You and the Issuer are entitled to rely upon this letter and
are irrevocably authorized to produce this letter or a copy hereof to any
interested party in any administrative or legal proceedings or official inquiry
with respect to the matters covered hereby. This letter shall be governed by,
and construed in accordance with, the laws of the State of New York.

                               ------------------------------------------------
                                    [Insert Name of Accredited Investor]

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

Dated:
        -----------------------

                                      D-2
<PAGE>

                                    EXHIBIT E

                          FORM OF NOTATION OF GUARANTEE

                  For value received, each Guarantor (which term includes any
successor Person under the Indenture), jointly and severally, unconditionally
guarantees, to the extent set forth in the Indenture and subject to the
provisions in the Indenture, dated as of September 19, 2002 (the "Indenture"),
among Swift & Company, as issuer (the "Issuer"), the Guarantors listed on the
signature pages thereto and The Bank of New York Trust Company of Florida, N.A.,
as trustee (the "Trustee"), (a) the due and punctual payment of the principal
of, premium, if any, and interest and Special Interest, if any, on the Notes,
whether at maturity, by acceleration, redemption or otherwise, the due and
punctual payment of interest on overdue principal and premium, if any, and, to
the extent permitted by law, interest and Special Interest, if any, and the due
and punctual performance of all other obligations of the Issuer to the Holders
or the Trustee all in accordance with the terms of the Indenture and (b) in case
of any extension of time of payment or renewal of any Notes or any of such other
obligations, that the same will be promptly paid in full when due or performed
in accordance with the terms of the extension or renewal, whether at stated
maturity, by acceleration or otherwise. The obligations of the Guarantors to the
Holders of Notes and to the Trustee pursuant to the Guarantee and the Indenture
are expressly set forth in Article 10 of the Indenture and reference is hereby
made to the Indenture for the precise terms of the Guarantee. This Guarantee is
subject to release as and to the extent set forth in Sections 8.02, 8.03 and
10.05 of the Indenture. Each Holder of a Note, by accepting the same agrees to
and shall be bound by such provisions. Each of the Guarantors hereby designates
its Guarantee as "Designated Senior Debt" as that term is defined in the Senior
Subordinated Notes Indenture. Capitalized terms used herein and not defined are
used herein as so defined in the Indenture.

                           S&C HOLDCO 3, INC.

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

                           SWIFT BEEF COMPANY

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

                           SWIFT PORK COMPANY

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

                           SWIFT BRANDS COMPANY

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

<PAGE>

                           MILLER BROS. CO., INC.

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

                           MONFORT FOOD DISTRIBUTION COMPANY

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

                           MONFORT INTERNATIONAL SALES CORPORATION

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

                           MONFORT, INC.

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

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