Document:

Exhibit 4

Exhibit 4.8

FORM OF

SENIOR INDENTURE

by and between

PAR PHARMACEUTICAL COMPANIES, INC.

as Issuer,

and

_____________________,

as Trustee

Dated as of ______________

TABLE OF CONTENTS

		
	
 
	
Page

	
ARTICLE I DEFINITIONS AND INCORPORATION BY
REFERENCE
	
 

	
SECTION 1.01 Definitions
	
1

	
SECTION 1.02 Incorporation by Reference of Trust Indenture
Act
	
3

	
SECTION 1.03 Rules of Construction
	
4

	
ARTICLE II THE SECURITIES
	
 

	
SECTION 2.01 Unlimited in Amount, Issuable in Series
	
4

	
SECTION 2.02 Form and Dating
	
6

	
SECTION 2.03 Execution and Authentication
	
6

	
SECTION 2.04 Registrar and Paying Agent
	
7

	
SECTION 2.05 Paying Agent to Hold Assets in Trust
	
7

	
SECTION 2.06 Holder Lists
	
7

	
SECTION 2.07 General Provisions Relating to Transfer and
Exchange
	
8

	
SECTION 2.08 Book-Entry Provisions for Global
Securities
	
8

	
SECTION 2.09 Replacement Securities
	
10

	
SECTION 2.10 Outstanding Securities
	
10

	
SECTION 2.11 Treasury Securities
	
10

	
SECTION 2.12 Temporary Securities
	
10

	
SECTION 2.13 Cancellation
	
10

	
SECTION 2.14 CUSIP Numbers
	
11

	
SECTION 2.15 Defaulted Interest
	
11

	
SECTION 2.16 Special Record Dates
	
11

	
ARTICLE III REDEMPTION
	
 

	
SECTION 3.01 Notices to Trustee
	
11

	
SECTION 3.02 Selection of Securities to Be Redeemed
	
11

	
SECTION 3.03 Notice of Redemption
	
12

	
SECTION 3.04 Effect of Notice of Redemption
	
12

	
SECTION 3.05 Deposit of Redemption Price
	
12

	
SECTION 3.06 Securities Redeemed in Part
	
13

	
SECTION 3.07 Holder's Right to Require Redemption
	
13

	
SECTION 3.08 Procedure for Requiring Redemption
	
13

	
ARTICLE IV COVENANTS
	
 

	
SECTION 4.01 Payment of Securities
	
13

	
SECTION 4.02 Maintenance of Office or Agency
	
13

	
SECTION 4.03 Reports
	
14

	
SECTION 4.04 Compliance Certificate
	
14

	
SECTION 4.05 Taxes
	
14

	
SECTION 4.06 Corporate Existence
	
15

	
ARTICLE V MERGER, ETC.
	
 

	
SECTION 5.01 When Company May Merge, etc.
	
15

	
SECTION 5.02 Successor Corporation Substituted
	
15

	
ARTICLE VI DEFAULTS AND REMEDIES
	
 

	
SECTION 6.01 Events of Default
	
16

	
SECTION 6.02 Acceleration
	
16

	
SECTION 6.03 Other Remedies
	
17

	
SECTION 6.04 Waiver of Past Defaults
	
17

	
SECTION 6.05 Control by Majority
	
17

i

		
	
SECTION 6.06 Limitation on Suits
	
17

	
SECTION 6.07 Rights of Holders To Receive Payment and to
Demand Conversion
	
18

	
SECTION 6.08 Collection Suit by Trustee
	
18

	
SECTION 6.09 Trustee May File Proofs of Claim
	
18

	
SECTION 6.10 Priorities
	
18

	
SECTION 6.11 Undertaking for Costs
	
19

	
SECTION 6.12 Stay, Extension and Usury Laws
	
19

	
SECTION 6.13 Restoration of Positions
	
19

	
SECTION 6.14 Liability of Stockholders, Officers, Directors
and Incorporators
	
19

	
ARTICLE VII TRUSTEE
	
 

	
SECTION 7.01 Duties of Trustee
	
20

	
SECTION 7.02 Rights of Trustee
	
20

	
SECTION 7.03 Individual Rights of Trustee
	
21

	
SECTION 7.04 Money Held in Trust
	
21

	
SECTION 7.05 Trustee’s Disclaimer
	
22

	
SECTION 7.06 Notice of Defaults
	
22

	
SECTION 7.07 Reports by Trustee to Holders
	
22

	
SECTION 7.08 Compensation and Indemnity
	
22

	
SECTION 7.09 Replacement of Trustee
	
23

	
SECTION 7.10 Successor Trustee by Merger, Etc.
	
23

	
SECTION 7.11 Eligibility; Disqualification
	
24

	
SECTION 7.12 Preferential Collection of Claims Against the
Company
	
24

	
ARTICLE VIII DISCHARGE OF INDENTURE
	
 

	
SECTION 8.01 Satisfaction and Discharge of Indenture
	
24

	
SECTION 8.02 Application of Trust Funds;
Indemnification
	
25

	
SECTION 8.03 Legal Defeasance
	
25

	
SECTION 8.04 Covenant Defeasance
	
26

	
SECTION 8.05 Repayment to Company
	
27

	
SECTION 8.06 Reinstatement
	
27

	
ARTICLE IX AMENDMENTS, SUPPLEMENTS AND WAIVERS
	
 

	
SECTION 9.01 Without Consent of Holders
	
27

	
SECTION 9.02 With Consent of Holders
	
28

	
SECTION 9.03 Compliance with Trust Indenture Act
	
29

	
SECTION 9.04 Revocation and Effect of Consents
	
29

	
SECTION 9.05 Notation on or Exchange of Securities
	
29

	
SECTION 9.06 Trustee to Sign Amendment, etc.
	
30

	
ARTICLE X CONVERSION OR EXCHANGE OF SECURITIES
	
 

	
SECTION 10.01 Provisions Relating to Conversion or Exchange
of Securities
	
30

	
ARTICLE XI SINKING OR PURCHASE FUNDS
	
 

	
SECTION 11.01 Provisions Relating to Sinking or Purchase
Funds
	
30

	
ARTICLE XII MISCELLANEOUS
	
 

	
SECTION 12.01 Trust Indenture Act Controls
	
30

	
SECTION 12.02 Notices
	
30

	
SECTION 12.03 Communication by Holders with Other
Holders
	
31

	
SECTION 12.04 Certificate and Opinion as to Conditions
Precedent
	
31

	
SECTION 12.05 Statements Required in Certificate or
Opinion
	
31

	
SECTION 12.06 Rules by Trustee and Agents
	
32

	
SECTION 12.07 Legal Holidays
	
32

	
SECTION 12.08 Duplicate Originals
	
32

	
SECTION 12.09 Governing Law
	
32

	
SECTION 12.10 No Adverse Interpretation of Other
Agreements
	
32

ii

		
	
SECTION 12.11 Successors
	
32

	
SECTION 12.12 Severability
	
32

	
SECTION 12.13 Counterpart Originals
	
32

	
SECTION 12.14 Submission to Jurisdiction
	
33

	
SECTION 12.15 Waiver of Jury Trial
	
33

	
SECTION 12.16 Force Majeure
	
33

	
SECTION 12.16 Supplemental Indentures Contract
	
33

	
SECTION 12.18 Table of Contents, Headings, etc
	
33

	
SECTION 12.19 When Treasury Securities Disregarded
	
33

iii

CROSS-REFERENCE TABLE*

			
	
Trust
Indenture Act Section
	
Indenture
Section

	
310
	
(a)(1)
	
7.11

	
 
	
(a)(2)
	
7.11

	
 
	
(a)(3)
	
n/a

	
 
	
(a)(4)
	
n/a

	
 
	
(a)(5)
	
7.11

	
 
	
(b)
	
7.03;
7.11

	
 
	
(c)
	
n/a

	
311
	
(a)
	
7.12

	
 
	
(b)
	
7.12

	
 
	
(c)
	
n/a

	
312
	
(a)
	
2.06

	
 
	
(b)
	
12.03

	
 
	
(c)
	
12.03

	
313
	
(a)
	
7.07

	
 
	
(b)(1)
	
n/a

	
 
	
(b)(2)
	
7.07;
7.08

	
 
	
(c)
	
7.07;
12.02

	
 
	
(d)
	
7.07

	
314
	
(a)(1), (2),
(3)
	
4.03;12.05

	
 
	
(a)(4)
	
4.04

	
 
	
(b)
	
n/a

	
 
	
(c)(1)
	
12.04

	
 
	
(c)(2)
	
12.04

	
 
	
(c)(3)
	
n/a

	
 
	
(d)
	
n/a

	
 
	
(e)
	
12.05

	
 
	
(f)
	
n/a

	
315
	
(a)
	
7.01(b)

	
 
	
(b)
	
7.06;
12.02

	
 
	
(c)
	
7.01(a)

	
 
	
(d)
	
7.01(c)

	
 
	
(e)
	
6.11

	
316
	
(a)(last
sentence)
	
2.11

	
 
	
(a)(1)(A)
	
6.05

	
 
	
(a)(1)(B)
	
6.04

	
 
	
(a)(2)
	
n/a

	
 
	
(b)
	
6.07

	
 
	
(c)
	
9.04

	
317
	
(a)(1)
	
6.08

	
 
	
(a)(2)
	
6.09

	
 
	
(b)
	
2.04

	
318
	
(a)
	
12.01

	
 
	
(b)
	
n/a

	
 
	
(c)
	
12.01

“n/a”
means not applicable.

iv

SENIOR INDENTURE (this “Indenture”), dated as of ________, by and
between PAR PHARMACEUTICAL COMPANIES, INC., a Delaware corporation (the
“Company”), as issuer, and ______________, a ____________, as trustee (the
“Trustee”).

RECITALS

     The Company has duly authorized the
execution and delivery of this Indenture to provide for the issuance from time
to time of its debentures, notes or other evidences of indebtedness to be issued
in one or more series (the “Securities”), up to such principal amount as may
from time to time be authorized in or pursuant to one or more resolutions of the
Board of Directors or by supplemental indenture.

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

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

ARTICLE I

DEFINITIONS AND INCORPORATION BY REFERENCE

     SECTION 1.01 Definitions.

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

“Agent” means any Registrar, Paying Agent, authenticating agent or
co-Registrar.

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

“Board of Directors” means, with respect to any Person, the Board
of Directors of such Person or any duly authorized committee of such Board of
Directors.

“Board Resolution” means a copy of a resolution certified by the
secretary or an assistant secretary of such Person to have been duly adopted by
the Board of Directors of such Person or any duly authorized committee thereof
and to be in full force and effect on the date of such certification, and
delivered to the Trustee.

“Business Day” means a day that is not a Legal Holiday.

“Company” means the party named as the Company in the first
paragraph of this Indenture until one or more successor corporations shall have
become such pursuant to the applicable provisions of this Indenture, and
thereafter means such successors.

“Consolidated” or “consolidated” means, when used with reference
to any amount, such amount determined on a consolidated basis in accordance with
GAAP, after the elimination of intercompany items.

1

“Corporate Trust Office” means the office of the Trustee at which
at any particular time its corporate services business shall be principally
administered, which office at the date of execution of this Indenture is located
at ______________.

“Custodian” means any receiver, trustee, assignee, liquidator,
sequestrator or similar official under any Bankruptcy Law.

“Default” means any event which is, or after notice or lapse of
time or both would be, an Event of Default. 

“Depositary” means The Depository Trust Company, its nominees and
their respective successors.

“DTC Participants” has the meaning specified in
Section 2.08.

“ERISA” means the Employee Retirement Income Security Act of 1974,
as amended, or any successor statute.

“Event of Default” has the meaning specified in
Section 6.01.

“Exchange Act” means the Securities Exchange Act of 1934, as
amended, or any successor statute.

“GAAP” means generally accepted accounting principles 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 in such other
statements by such other entity as have been approved by a significant segment
of the accounting profession, which are applicable from time to time.

“Global Securities” means a Security issued to evidence all or a
part of any series of Securities that is executed by the Company and
authenticated and delivered by the Trustee to a depositary or pursuant to such
depositary’s instructions, all in accordance with this Indenture and pursuant to
Section 2.01, which shall be registered as to principal and interest in the
name of such depositary or its nominee.

“Holder” means the Person in whose name a Security is registered
on the Registrar’s books.

“Indenture” means this Indenture, as amended, supplemented or
modified from time to time.

“Issue Date” means the date of original issuance of the initial
Securities pursuant to this Indenture.

“Legal Holiday” has the meaning specified in
Section 12.07.

“Officer” of any Person means the Chairman of the Board, Vice
Chairman, the Chief Executive Officer, the President, any Senior Vice President,
any Executive Vice President, any Vice President, the Treasurer, the Secretary
or the Controller of such Person.

“Officers’ Certificate” means a certificate signed by two Officers
or by an Officer and an Assistant Treasurer, Assistant Secretary or Assistant
Controller of any Person.

“Opinion of Counsel” means a written opinion from legal counsel.
The counsel may be an employee of or counsel to the Company.

“Paying Agent” has the meaning specified in Section 2.04.

“Person” means an individual, partnership, corporation, business
trust, joint stock company, trust, unincorporated association, joint venture,
governmental authority or other entity of whatever nature.

“Physical Securities” means permanent certificated Securities in
registered form, issued in accordance with Section 2.08 and the terms of
any indenture supplemental hereto.

2

“Redemption Date” means, with respect to any Securities to be
redeemed, the date fixed for such redemption pursuant to this Indenture.

“Redemption Price” means the redemption price fixed in accordance
with the terms of the Securities, plus accrued and unpaid interest, if any, to
the date fixed for redemption.

“Register” has the meaning specified in Section 2.04.

“Registrar” has the meaning specified in Section 2.04.

“Responsible Officer” shall mean, when used with respect to the
Trustee, any officer within the corporate trust department of the Trustee,
including any vice president, assistant vice president, assistant secretary,
assistant treasurer, trust officer or any other officer of the Trustee who
customarily performs functions similar to those performed by the Persons who at
the time shall be such officers, respectively, or to whom any corporate trust
matter is referred because of such person’s knowledge of and familiarity with
the particular subject and who shall have direct responsibility for the
administration of this Indenture.

“SEC” means the Securities and Exchange Commission and any
government agency succeeding to its functions.

“Securities” means the securities authenticated and delivered
under this Indenture.

“Securities Act” means the Securities Act of 1933, as amended, or
any successor statute.

“Significant Subsidiary” means any Subsidiary that would
constitute a “significant subsidiary” within the meaning of Article 1 of
Regulation S-X of the Securities Act as in effect on the date of this
Indenture.

“Subsidiary” of any Person means:

(i)

a corporation a majority of whose capital stock with voting power,
under ordinary circumstances, to elect directors is at the time, directly or
indirectly, owned by such Person or by such Person and a subsidiary or
subsidiaries of such Person or by a subsidiary or subsidiaries of such Person;
or

(ii)

any other Person (other than a corporation) in which such Person
or such Person and a subsidiary or subsidiaries of such Person or a subsidiary
or subsidiaries of such Persons, at the time, directly or indirectly, owns at
least a majority voting interest under ordinary circumstances.

“TIA” means the Trust Indenture Act of 1939, as in effect on the
date of this Indenture; provided, however, that in the event the
TIA is amended after such date, “TIA” means, to the extent required by such
amendment, the Trust Indenture Act of 1939, as so amended, or any successor
statute.

“Trustee” means the party named as such in this Indenture until a
successor replaces it and thereafter, means the successor.

“U.S. Government Obligations” means (i) direct obligations of
the United States of America for the payment of which the full faith and credit
of the United States of America is pledged or (ii) obligations of a person
controlled or supervised by and acting as an agency or instrumentality of the
United States of America, the payment of which is unconditionally guaranteed as
a full faith and credit obligation by the United States of America and which in
either case, are non-callable at the option of the issuer thereof.

     SECTION 1.02 Incorporation by
Reference of Trust Indenture Act.

Whenever this Indenture refers to a provision of the TIA, the
provision is incorporated by reference in and made a part of this Indenture. In
addition, the provisions of Sections 310 to and including 317 of the TIA that
impose duties on any person are incorporated by reference in, and form a part
of, this Indenture.

3

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

     “indenture securities” means the
Securities;

     “indenture security holder” means a
Holder;

     “indenture to be qualified” means
this Indenture;

     “indenture trustee” or
“institutional trustee” means the Trustee; and

     “obligor” on the Securities means
the Company and any other obligor on the indenture securities.

All other TIA terms used in this Indenture that are defined by the
TIA, defined by TIA reference to another statute or defined by SEC rule have the
meanings assigned to them by such definitions.

     SECTION 1.03 Rules of
Construction.

     Unless the context otherwise
requires:

(i)

a term has the meaning assigned to it;

(ii)

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

(iii)

“or” is not exclusive;

(iv)

“including” means including without limitation;

(v)

words in the singular include the plural, and in the plural
include the singular; and

(vi)

provisions apply to successive events and transactions.

ARTICLE II

THE SECURITIES

     SECTION 2.01 Unlimited in Amount,
Issuable in Series, Denomination

     The aggregate principal amount of
Securities which may be authenticated and delivered under this Indenture is
unlimited. The Securities may be issued in one or more series in denominations
of $1,000 and any integral multiple thereof. Prior to the issuance of Securities
of a series, the Company and the Trustee will execute an indenture supplemental
hereto which will set forth as to the Securities of that series, to the extent
applicable:

     (a) The title and ranking of
such Securities;

     (b) The aggregate principal
amount of such Securities and any limit on such aggregate principal amount that
may be issued;

     (c) The denomination of such
Securities, if other than $1,000 and any integral multiple thereof;

     (d) The price (expressed as a
percentage of the principal amount thereof) at which such Securities will be
issued and, if other than the principal amount thereof, the portion of the
principal amount thereof payable upon declaration of acceleration of the
maturity thereof;

     (e) The date or dates, or the
method for determining such date or dates, on which the Securities will mature
and the amounts to be paid upon maturity of the Securities;

     (f) The rate or rates (which
may be fixed or variable), or the method by which such rate or rates shall be
determined, at which such Securities will bear interest, if any, the date or
dates, or the method for determining such date or dates, from which any such
interest will accrue, the dates on which any such interest will be payable, the
record dates for such interest payment dates, or the method by which such 

4

dates shall be determined, the persons to whom such interest shall
be payable, and the basis upon which interest shall be calculated, if other than
that of a 360-day year of twelve 30-day months;

     (g) The right, if any, of the
Company to defer payment of interest and the maximum length of any such deferral
period;

     (h) The place or places where
the principal of, and premium and interest, if any, on such Securities will be
payable, where such Securities may be surrendered for registration of transfer
or exchange and where notices or demands to or upon the Company in respect of
such Securities and this Indenture may be served;

     (i) The date or dates, if any,
after which, and the price or prices at which, and the other terms and
conditions upon which such Securities may, pursuant to any optional or mandatory
redemption provisions, be redeemed, as a whole or in part, by the Company;

     (j) The obligation, if any, of
the Company to redeem, repay or purchase such Securities pursuant to any sinking
fund or analogous provision or at the option of a Holder thereof, and the period
or periods within which, the price or prices at which and the other terms and
conditions upon which such Securities will be redeemed, repaid or purchased, as
a whole or in part, pursuant to such obligation;

     (k) The terms, if any, on which the
Securities of such series are convertible into, or exchangeable for, shares of
common stock, preferred stock or other securities of the Company, including any
mandatory conversion or exchange provisions and any provisions intended to
prevent dilution of those conversion or exchange rights;

     (l) Whether such Securities
will be secured or unsecured and the terms relating thereto;

     (m)  The restrictions, if any,
on the transfer, sale or other assignment of the Securities; 

     (n) If other than U.S. dollars,
the currency or currencies in which such Securities are denominated and payable,
which may be a foreign currency or units of two or more foreign currencies or a
composite currency or currencies, and the terms and conditions relating
thereto;

     (o) Whether
the principal of, or premium and interest, if any, on the Securities of the
series is to be payable, at the election of the Company or a Holder thereof, in
a currency or currencies, currency unit or units or composite currency or
currencies other than that in which such Securities are denominated or stated to
be payable, the period or periods within which, and the terms and conditions
upon which, such election may be made, and the time and manner of, and identity
of the exchange rate agent with responsibility for, determining the exchange
rate between the currency or currencies, currency unit or
units or composite currency or currencies in which such Securities are
denominated or stated to be payable and the currency or currencies, currency
unit or units or composite currency or currencies in which such Securities are
to be so payable;

     (p) Whether the amount of
payments of principal of, or premium and interest, if any, on such Securities
may be determined with reference to an index, formula or other method (which
index, formula or method may, but need not be, based on the yield on or trading
price of other securities, including United States Treasury securities, or on a
currency, currencies, currency unit or units, or composite currency or
currencies) and the manner in which such amounts shall be determined;

     (q) Any deletions from,
modifications of or additions to the Events of Default or covenants of the
Company with respect to Securities of the series, whether or not such Events of
Default or covenants are consistent with the Events of Default or covenants
described herein;

     (r) Whether and under what
circumstances the Company will pay any additional amounts on such Securities in
respect of any tax, assessment or governmental charge and, if so, whether the
Company will have the option to redeem such Securities in lieu of making such
payment;

     (s) Whether Securities of the
series are to be issuable as registered securities, bearer securities (with or
without coupons) or both, any restrictions applicable to the offer, sale or
delivery of bearer securities and 

5

the terms upon which bearer securities of the series may be
exchanged for registered securities of the series and vice versa (if permitted
by applicable laws and regulations), whether any Securities of the series are to
be issuable initially in temporary global form and whether any Securities of the
series are to be issuable in permanent global form with or without coupons and,
if so, whether beneficial owners of interests in any such permanent Global
Security may exchange such interests for Securities of such series and of like
tenor or any authorized form and denomination and the circumstances under which
any such exchanges may occur, if other than in the manner provided in the
indenture, and, if registered securities of the series are to be issuable as a
Global Security, the identity of the depositary for such series;

     (t) The date as of which any
bearer securities of the series and any temporary Global Security representing
outstanding Securities of the series shall be dated if other than the date of
original issuance of the first Security of the series to be issued;

     (u) The person to whom any
interest on any registered security of the series shall be payable, if other
than the person in whose name that Security (or one or more predecessor
securities) is registered at the close of business on the regular record date
for such interest, the manner in which, or the person to whom, any interest on
any bearer security of the series shall be payable, if otherwise than upon
presentation and surrender of the coupons appertaining thereto as they severally
mature, and the extent to which, or the manner in which, any interest payable on
a temporary Global Security on an interest payment date will be paid if other
than in the manner provided in the indenture;

     (v) The applicability, if any, of
the legal defeasance and covenant defeasance provisions of this Indenture to the
Securities of the series;

     (w)  Whether such
Securities will be issued in certificated or book entry form, and if the
Securities of such series are to be issuable in definitive form (whether upon
original issue or upon exchange of a temporary security of such series) only
upon receipt of certain certificates or other documents or
satisfaction of other conditions, then the form and/or terms of such
certificates, documents or conditions;

     (x) Whether the Securities will
be listed for trading on an exchange and the identity of such exchange, and
whether any underwriters will act as market makers for the Securities; and

     (y) Any other terms,
preferences, rights or limitations of, or restrictions on, the Securities of
such series, including any restrictions on the transfer, sale or other
assignment of the Securities.

     SECTION 2.02 Form and
Dating.

     The Securities of each series will
be substantially in the form established by an indenture supplemental hereto
relating to the Securities of that series. The Securities may have notations,
legends or endorsements required by law, stock exchange rules or usage. The
Company will approve the form of the Securities and any notation, legend or
endorsement thereon. Each Security will be dated as of the date of its
authentication pursuant to Section 2.03.

     SECTION 2.03 Execution and
Authentication.

     Two Officers shall sign the
Securities for the Company by manual or facsimile signature. If an Officer whose
signature is on a Security no longer holds that office at the time the Security
is authenticated, the Security shall be valid nevertheless.

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

     The Trustee shall, upon a written
order of the Company signed by one Officer of the Company, authenticate for
original issue Securities in aggregate principal amount specified in such
order.

     The Trustee may appoint an
authenticating agent reasonably acceptable to the Company to authenticate
Securities. Unless limited by the terms of such appointment, an authenticating
agent may authenticate Securities whenever the Trustee may do so. Each reference
in this Indenture to authentication 

6

by the Trustee includes authentication by such agent. An
authenticating agent has the same rights as an Agent to deal with the Company or
an Affiliate of the Company.

     SECTION 2.04 Registrar and Paying
Agent.

     The Company shall maintain an office
or agency where Securities may be presented for registration of transfer or for
exchange (the “Registrar”) and an office or agency where
Securities may be presented for payment (the “Paying Agent”). The
Registrar shall keep a register of the Securities (the “Register”)
and of their transfer and exchange. The Company may appoint one or more
co-Registrars and one or more additional Paying Agents for the Securities. The
term “Paying Agent” includes any additional paying agent and the term
“Registrar” includes any additional registrar. The Company may change any Paying
Agent or Registrar without prior notice to any Holder.

     The Company shall enter into an
appropriate agency agreement with any Agent not a party to this Indenture, which
shall incorporate the terms of the TIA and implement the terms of this Indenture
that relate to such Agent. The Company shall give prompt written notice to the
Trustee of the name and address of any Agent who is 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
Affiliate of the Company may act as Paying Agent or Registrar; provided,
however, that none of the Company, its Subsidiaries or the Affiliates of the
foregoing shall act (i) as Paying Agent in connection with redemptions,
offers to purchase, discharges and defeasance, as otherwise specified in this
Indenture, and (ii) as Paying Agent or Registrar if a Default or Event of
Default has occurred and is continuing.

     The Company initially appoints The
Depository Trust Company to act as Depositary with respect to the Global
Securities.

     The Company hereby initially
appoints the Trustee as Registrar and Paying Agent for the Securities.

     SECTION 2.05 Paying Agent to Hold
Assets in Trust.

     Not later than 11:00 a.m. (New
York City time) on each due date of the principal and interest on any
Securities, the Company shall deposit with one or more Paying Agents money in
immediately available funds sufficient to pay such principal and interest so
becoming due. 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
Holders or the Trustee all assets held by the Paying Agent for the payment of
principal of and interest on the Securities (whether such money has been paid to
it by the Company or any other obligor on the Securities) and shall notify the
Trustee of any failure by the Company (or any other obligor on the Securities)
in making any such payment. While any such failure continues, the Trustee may
require a Paying Agent to pay all money held by it to the Trustee and to account
for any funds disbursed. 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 of the Company) shall
have no further liability for the money so paid over to the Trustee.

     If the Company or any Subsidiary of
the Company or any Affiliate of any of them acts as Paying Agent, it shall,
prior to or on each due date of any principal of or interest on the Securities,
segregate and hold in a separate trust fund for the benefit of the Holders a sum
of money sufficient with monies held by all other Paying Agents, to pay such
principal or interest so becoming due until such sum of money shall be paid to
such Holders or otherwise disposed of as provided in this Indenture, and will
promptly notify the Trustee of its actions or failure to act.

     SECTION 2.06 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 Holders and shall otherwise comply with Section
312(a) of the TIA. If the Trustee is not the Registrar, the Company shall
furnish to the Trustee prior to or on each interest payment date for the
Securities and at such other times as the Trustee may
request in writing, a 

7

list in such form and as of such date as the Trustee may
reasonably require of the names and addresses of Holders relating to such
interest payment date or request, as the case may be.

     SECTION 2.07 General Provisions
Relating to Transfer and Exchange.

     The Securities are issuable only in
registered form. A Holder may transfer a Security only by written application to
the Registrar or another transfer agent stating the name of the proposed
transferee and otherwise complying with the terms of this Indenture. No such
transfer shall be effected until, and such transferee shall succeed to the
rights of a Holder only upon, final acceptance and registration of the transfer
by the Registrar in the Register. Prior to the registration of any transfer by a
Holder as provided herein, the Company, the Trustee, and any agent of the
Company shall treat the person in whose name the Security is registered as the
owner thereof for all purposes whether or not the Security shall be overdue, and
neither the Company, the Trustee, nor any such agent shall be affected by notice
to the contrary. Furthermore, any Holder of a Global Security shall, by
acceptance of such Global Security, agree that transfers of beneficial interests
in such Global Security may be effected only through a book-entry system
maintained by the Holder of such Global Security (or its agent) and that
ownership of a beneficial interest in the Security shall be required to be
reflected in a book-entry.

     When Securities are presented to the
Registrar or another transfer agent with a request to register the transfer or
to exchange them for an equal principal amount of Securities of other authorized
denominations, the Registrar shall register the transfer or make the exchange as
requested if its requirements for such transactions are met (including that such
Securities are duly endorsed or accompanied by a written instrument of transfer
duly executed by the Holder thereof or by an attorney who is authorized in
writing to act on behalf of the Holder). Subject to Section 2.03, to permit
registrations of transfers and exchanges, the Company shall execute and the
Trustee shall authenticate Securities at the Registrar’s request. No service
charge shall be made for any registration of transfer or exchange or redemption
of the Securities, 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 other similar governmental
charge payable upon exchanges pursuant to Section 2.12, 3.06 or 9.05
hereof).

     Neither the Registrar nor any other
transfer agent nor the Company shall be required to:

     (i) issue, register the transfer of
or exchange any Security during a period beginning at the opening of business 15
Business Days before the day of any selection of Securities for redemption under
Section 3.02 hereof and ending at the close of business on the day of
selection; or

     (ii) register the transfer of or
exchange any Security so selected for redemption in whole or in part, except the
unredeemed portion of any Security being redeemed in part.

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

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

     SECTION 2.08 Book-Entry
Provisions for Global Securities.

     (a) The Global Securities
initially shall:

     (i) be registered in the name of the
Depositary or the nominee of such Depositary; and

8

     (ii) be delivered to the Trustee as
custodian for such Depositary.

     Members of, or participants in, the
Depositary (“DTC Participants”) shall have no rights under this
Indenture with respect to any Global Security held on their behalf by the
Depositary, or the Trustee as its custodian, or under such Global Security, and
the Depositary may be treated by the Company, the Trustee and any agent of the
Company or the Trustee as the absolute owner of such Global Security for all
purposes whatsoever. Notwithstanding the foregoing, nothing contained 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 the DTC Participants, the operation of customary practices governing the
exercise of the rights of a Holder of any Security.

     (b) Transfers of a Global
Security shall be limited to transfers of such Global Security in whole, but not
in part, to the Depositary, its successors or their respective nominees.
Beneficial owners may transfer their interests in Global Securities in
accordance with the rules and procedures of the Depositary.

     (c) Any beneficial interest in
one of the Global Securities that is transferred to a person who takes delivery
in the form of an interest in another Global Security will, upon transfer, cease
to be an interest in such Global Security and become an interest in such other
Global Security and, accordingly, will thereafter be subject to all transfer
restrictions, if any, and other procedures applicable to beneficial interests in
such other Global Security for as long as it remains such an interest.

     (d) The registered Holder of a
Global Security may grant proxies and otherwise authorize any Person, including
DTC Participants and Persons that may hold interests through DTC Participants,
to take any action that a Holder is entitled to take under this Indenture or the
Securities.

     (e) If at any time:

     (i) the Company notifies the Trustee
in writing that the Depositary is no longer willing or able to continue to act
as Depositary for the Global Securities or the Depositary
ceases to be a “clearing agency” registered under the Exchange Act, and a
successor depositary for the Global Securities is not appointed by the Company
within 90 days of such notice or cessation;

     (ii) the Company, at its option,
notifies the Trustee in writing that it elects to cause the issuance of the
Securities in definitive form under this Indenture in exchange for all or any
part of the Securities represented by a Global Security or Global Securities;
or

     (iii) an Event of Default has
occurred and is continuing and the Registrar has received a request from the
Depositary,

subject to this Section 2.08(e), the Depositary shall
surrender such Global Security or Global Securities to the Trustee for
cancellation and then the Company shall execute, and the Trustee shall
authenticate and deliver in exchange for such Global Security or Global
Securities, Physical Securities, as applicable, in an aggregate principal amount
equal to the principal amount of such Global Security or Global Securities. Such
Physical Securities shall be registered in such names as the Depositary shall
identify in writing as the beneficial owners, or participant nominees, of the
Securities represented by such Global Security or Securities (or any nominee
thereof).

     (f) Notwithstanding the
foregoing, in connection with any transfer of a portion of the beneficial
interests in a Global Security to beneficial owners pursuant to paragraph
(e) of this Section 2.08, the Registrar shall reflect on its books and
records the date and a decrease in the principal amount of such Global Security
in an amount equal to the principal amount of the beneficial interest in such
Global Security to be transferred, and the Company shall execute, and the
Trustee shall authenticate and deliver, one or more Physical Securities of like
tenor and amount.

   

9

  SECTION 2.09 Replacement Securities.

     If a mutilated Security is
surrendered to the Trustee or if the Holder of a Security claims that the
Security has been lost, destroyed or wrongfully taken, the Company shall issue
and the Trustee shall authenticate a replacement Security if the requirements of
the Trustee and the Company are met; provided that, if any such Security
has been called for redemption in accordance with the terms thereof, the Trustee
may pay the Redemption Price thereof on the Redemption Date without
authenticating or replacing such Security. The Trustee or the Company may, in
either case, require the Holder to provide an indemnity bond sufficient in the
judgment of each of the Trustee and the Company to protect the Company, the
Trustee or any Agent from any loss which any of them may suffer if a Security is
replaced or if the Redemption Price therefor is paid pursuant to this
Section 2.09. The Company may charge the Holder who has lost a Security for
its expenses in replacing a Security.

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

     SECTION 2.10 Outstanding
Securities.

     The Securities outstanding at any
time are all the Securities authenticated by the Trustee, except for
(i) those cancelled by it, (ii) those delivered to it for cancellation
and (iii) those described in this Section as not outstanding.

     If a Security is replaced pursuant
to Section 2.09 hereof, it ceases to be outstanding and interest ceases to
accrue unless the Trustee receives proof satisfactory to it that the replaced
Security is held by a bona fide purchaser.

     If all principal of and interest on
any Security are considered paid under Section 4.01 hereof, such Security
ceases to be outstanding and interest on it ceases to accrue.

     Except as provided in
Section 2.11 hereof, a Security does not cease to be outstanding because
the Company or an Affiliate of the Company holds such Security.

     SECTION 2.11 Treasury
Securities.

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

     SECTION 2.12 Temporary
Securities.

     Until definitive Securities are
ready for delivery, the Company may prepare and execute, and the Trustee shall
authenticate upon a written order of the Company signed by one Officer of the
Company, temporary Securities. Temporary Securities shall be substantially in
the form of definitive Securities but may have variations that the Company
considers appropriate for temporary Securities. Without unreasonable delay, the
Company shall prepare, and the Trustee shall authenticate, definitive Securities
in exchange for temporary Securities. Holders of temporary Securities shall be
entitled to all of the benefits of this Indenture.

     SECTION 2.13
Cancellation.

     The Company at any time may deliver
Securities to the Trustee for cancellation. The Registrar and Paying Agent shall
forward to the Trustee any Securities surrendered to them for registration of
transfer, exchange, payment or repurchase. The Trustee shall cancel all
Securities surrendered for registration of transfer, exchange, payment,
repurchase, redemption, replacement or cancellation and shall return such
cancelled Securities to the Company upon the Company’s written request (subject
to the record retention 

10

requirements of the Exchange Act). The Company may not issue new
Securities to replace Securities that it has paid or that have been delivered to
the Trustee for cancellation.

     SECTION 2.14 CUSIP
Numbers.

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

     SECTION 2.15 Defaulted
Interest.

     If the Company fails to make a
payment of interest on Securities, it shall pay such defaulted interest plus (to
the extent lawful) any interest payable on the defaulted interest, in any lawful
manner. It may elect to pay such defaulted interest, plus any such interest
payable on it, to the Persons who are Holders of such Securities on which the
interest is due on a subsequent special record date. The Company shall notify
the Trustee in writing of the amount of defaulted interest proposed to be paid
on each such Security. The Company shall fix any such record date and payment
date for such payment. At least 15 days before any such record date, the
Company shall mail to Holders affected thereby a notice that states the record
date, interest payment date, and amount of such interest to be paid.

     SECTION 2.16 Special Record
Dates.

     The Company may, but shall not be
obligated to, set a record date for the purpose of determining the identity of
Holders of Securities entitled to consent to any supplement, amendment or waiver
permitted by this Indenture. If a record date is fixed, the Holders of
Securities outstanding on such record date, and no other Holders, shall be
entitled to consent to such supplement, amendment or waiver or revoke any
consent previously given, whether or not such Holders remain Holders after such
record date. No consent shall be valid or effective for more than 90 days after
such record date unless consents from Holders of the aggregate principal amount
of Securities required hereunder for such amendment or waiver to be effective
shall have also been given and not revoked within such 90-day period.

ARTICLE III

REDEMPTION

     SECTION 3.01 Notices to
Trustee.

     If the Company elects to redeem any
series of Securities pursuant to the optional redemption provisions set forth in
the supplemental indenture relating to such series of Securities, it shall
notify the Trustee in writing of the intended Redemption Date, the principal
amount of Securities to be redeemed and the CUSIP numbers of the Securities to
be redeemed. The Company shall give each notice to the Trustee provided for in
this Section 3.01 at least  days fifteen (15) days before the
giving of the notice of redemption pursuant to Section 3.03 hereof (unless a
shorter period is satisfactory to the Trustee).

     SECTION 3.02 Selection of
Securities to Be Redeemed.

     If fewer than all the Securities of
any series are to be redeemed, the Trustee shall select the Securities of such
series to be redeemed from the outstanding Securities of such series by a method
that complies with the requirements of any exchange on which the Securities are
listed, or, if the Securities are not listed on an exchange, on a pro rata basis
or by lot or in accordance with any other method the Trustee considers fair and
appropriate. The Trustee will make the selection from outstanding Securities of
that series not previously called for redemption. 

11

     Securities and portions thereof of
any series that the Trustee selects shall be in amounts equal to the minimum
authorized denomination for Securities to be redeemed or any integral multiple
thereof. The Trustee may select for redemption portions of the principal amount
of Securities that have denominations larger than the minimum denomination in
which Securities of the applicable series may be issued. Provisions of this
Indenture that apply to Securities of any series called for redemption also
apply to portions of Securities of such series called for redemption. The
Trustee shall notify the Company promptly in writing of the Securities or
portions of Securities of any series to be called for redemption.

     SECTION 3.03 Notice of
Redemption.

     At least 30 days but not more
than 60 days before the Redemption Date, the Company shall mail a notice of
redemption by first-class mail to each Holder whose Securities are to be
redeemed in whole or in part at the address of such Holder appearing in the
Register.

     The notice shall identify the
principal amount and series of each Security to be redeemed and shall state:

     (i) the Redemption Date;

     (ii) the method being used to
determine the Redemption Price;

     (iii) if fewer than all outstanding
Securities are to be redeemed, the portion of the principal amount of the
Securities to be redeemed and that, after the Redemption Date, upon surrender of
such Security, a new Security in principal amount equal to the unredeemed
portion will be issued;

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

     (v) that Securities called for
redemption must be presented and surrendered to the Paying Agent to collect the
Redemption Price plus accrued interest, if any;

     (vi) that, unless the Company
defaults in payment of the Redemption Price, interest on Securities (or the
portions thereof) called for redemption ceases to accrue interest on and after
the Redemption Date, and, if applicable, those Securities (or the portion
thereof called for redemption) will cease on the Redemption Date (or such other
date as if provided in the supplemental indenture relating to the Securities) to
be convertible into, or exchangeable for, other securities or assets;

     (vii) if applicable, the current
conversion or exchange price; and

     (viii) the CUSIP numbers, if any, of
the Securities to be redeemed.

     At the Company’s written request,
the Trustee shall give the notice of redemption in the Company’s name and at its
expense. 

     SECTION 3.04 Effect of Notice of
Redemption.

     Once the notice of redemption is
mailed, Securities called for redemption become irrevocably due and payable on
the Redemption Date at the Redemption Price. Upon surrender to the Paying Agent,
such Securities shall be paid at the Redemption Price, plus accrued and unpaid
interest to the Redemption Date.

     The notice mailed in the manner
herein provided shall be conclusively presumed to have been duly given whether
or not the Holder receives such notice. In any case, failure to give such notice
by mail or any defect in the notice to the Holder of any Securities shall not
affect the validity of the proceeding for the redemption of Securities of any
other Holder.

     SECTION 3.05 Deposit of
Redemption Price.

     Prior to 11:00 a.m., New York
City time, on the Redemption Date, the Company shall deposit with the Trustee or
with the Paying Agent (or, if the Company or an Affiliate of the Company is
acting as the paying Agent, shall segregate and hold in trust) an amount of
money sufficient to pay the Redemption Price of all Securities to be redeemed on
that date, together with accrued and unpaid interest to the Redemption Date,
except for Securities or portions thereof called for redemption which have been

12

delivered by the Company to the Trustee for cancellation or
Securities which have been surrendered for conversion or exchange. If any
Securities called for redemption are converted or exchanged, any money deposited
with the Trustee or Paying Agent for redemption of those Securities shall be
promptly paid to the Company upon its request, or, if the money is held in trust
by the Company or a Subsidiary as Paying Agent, the money will be discharged
from the trust. 

     SECTION 3.06 Securities Redeemed
in Part.

     Upon surrender of a Security that is
redeemed in part, the Company shall execute and the Trustee shall authenticate
for the Holder at the expense of the Company, a new Security equal in principal
amount to the unredeemed portion of the Security surrendered.

     SECTION 3.07 Holder's Right to
Require Redemption. 

     Holders of Securities of a series
will have the right to require the Company to redeem those Securities only to
the extent, and only on the terms, set forth in the supplemental indenture
relating to the Securities of that series. If Holders of Securities of a series
have the right to require the Company to redeem those Securities, unless
otherwise provided in the supplemental indenture relating to the Securities of
that series, the terms of the redemption will include those set forth in Section
3.08.

     SECTION 3.08 Procedure for
Requiring Redemption. 

     If a Holder has the right to require
the Company to redeem Securities, to exercise that right, the Holder must
deliver the Securities to the Paying Agent, endorsed for transfer and with the
form on the reverse side regarding the option to require redemption completed.
Delivery of Securities to the Paying Agent as provided in this Section 3.07 will
constitute an irrevocable election to cause the specified principal amount of
Securities to be redeemed. When Securities are delivered to the Paying Agent as
provided in this Section, unless the Company fails to make the payments due as a
result of the redemption within twenty (20) days after the Securities are
delivered to the Paying Agent, interest on the Securities will cease to accrue
and, if the Securities are convertible or exchangeable, the Holder's right to
convert or exchange the Securities will terminate. 

     The Company's determination of all
questions regarding the validity, eligibility (including time of receipt) and
acceptance of any Security for redemption will be final and binding.

ARTICLE IV

COVENANTS

     SECTION 4.01 Payment of
Securities.

     The Company shall pay, or cause to
be paid, the principal of and interest on the Securities on the dates and in the
manner provided in the Securities and the supplemental Indenture relating to the
series. Principal and interest shall be considered paid on the date due if the
Paying Agent, if other than the Company, a Subsidiary of the Company or any
Affiliate of any of them, holds as of 11:00 a.m. (New York City time) on
that date immediately available funds designated for and sufficient to pay all
principal and interest then due. If the Company or any Subsidiary of the Company
or any Affiliate of any of them acts as Paying Agent, principal or interest
shall be considered paid on the due date if the entity acting as Paying Agent
complies with the second paragraph of Section 2.05 hereof.

     The Company shall pay interest on
overdue principal and premium, and interest on overdue installments of interest,
to the extent lawful, at the rate per annum specified therefor in the
Securities.

     Notwithstanding anything to the
contrary contained in this Indenture, the Company may, to the extent it is
required to do so by law, deduct or withhold income or other similar taxes
imposed by the United States of America from principal or interest payments
hereunder.

     SECTION 4.02 Maintenance of
Office or Agency.

13

     The Company shall maintain in the
Borough of Manhattan, The City of New York, an office or agency (which may be an
office of the Trustee or an affiliate of the Trustee or Registrar) where the
Securities may be surrendered for registration of transfer or exchange and where
notices and demands to or upon the Company in respect of the Securities and this
Indenture may be served. The Company 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 fails to maintain any such
required office or agency or fails 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.

     The Company may also from time to
time designate one or more other offices or agencies where the Securities may be
presented or surrendered for any or all such purposes and may from time to time
rescind such designations; provided, however, that no such designation or
rescission shall in any manner relieve the Company of its obligation to maintain
an office or agency in the Borough of Manhattan, The City of New York for such
purposes. 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.

     The Company hereby designates the
New York office of the Trustee located at
                                          ,
as one such office or agency of the Company in accordance with Section 2.04
hereof.

     SECTION 4.03 Reports.

     (a) The Company shall deliver
to the Trustee, within fifteen (15) days after it files them with the SEC,
copies of the annual reports and of the information, documents, and other
reports (or copies of such portions of any of the foregoing as the SEC may by
rules and regulations prescribe) which the Company is required to file with the
SEC pursuant to Section 13 or 15(d) of the Exchange Act and posting of such
reports on the Company’s web site shall be deemed delivery to the Trustee;
provided, however, the Company shall not be required to deliver to the
Trustee any materials for which the Company has sought and received confidential
treatment by the SEC. The Company shall also comply with the other provisions of
Section 314(a) of the TIA.

     (b) Delivery of reports,
information and documents to the Trustee pursuant to this Section 4.03 is for
informational purposes only and the Trustee’s receipt of such shall not
constitute constructive notice of any information contained therein or
determinable from information contained therein, including the Company’s
compliance with any of its covenants hereunder (as to which the Trustee is
entitled to rely exclusively on Officers’ Certificates).

     SECTION 4.04 Compliance
Certificate.

     The Company shall deliver to the
Trustee, within 120 days after the end of each fiscal year of the Company,
an Officers’ Certificate, one of the signers of which is the chief executive
officer, vice chairman, the chief financial officer, executive vice president or
the chief accounting officer of the Company, stating that in the course of the
performance by the signers of their duties as officers of the Company, they
would normally have knowledge of any failure by the Company to comply with all
conditions, or Default by the Company with respect to any covenants, under this
Indenture, and further stating whether or not they have knowledge of any such
failure or Default and, if so, specifying each such failure or Default, the
nature and status thereof and what action the Company is taking or proposes to
take with respect thereto. For purposes of this Section, such compliance shall
be determined without regard to any period of grace or requirement of notice
provided for in this Indenture. The certificate need not comply with
Section 12.04 hereof.

     SECTION 4.05 Taxes.

     The Company shall pay prior to
delinquency, all material taxes, assessments, and governmental levies except as
contested in good faith by appropriate proceedings.

 

14

    SECTION 4.06 Corporate
Existence.

     Subject to Article V 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 (ii) the
material rights (charter and statutory), licenses and franchises of the Company
and its Subsidiaries taken as a whole; provided, however, that the
Company shall not be required to preserve any such right, license or franchise
if the Board of Directors determines that the preservation thereof is no longer
in the best interests of the Company, and that the loss thereof is not adverse
in any material respect to the Holders.

ARTICLE V

MERGER, ETC.

     SECTION 5.01 When Company May
Merge, etc.

     The Company shall not consolidate or
merge with or into, or sell, assign, transfer, lease, convey or otherwise
dispose of all or substantially all of its assets to, any Person unless
:

     (i) the Person formed by or
surviving any such consolidation or merger (if other than the Company), or to
which such sale, assignment, transfer, lease, conveyance or other disposition
shall have been made, is a corporation organized and existing under the laws of
the United States of America, any state thereof or the District of Columbia;

     (ii) the Person formed by or
surviving any such consolidation or merger (if other than the Company), or to
which such sale, assignment, transfer, lease, conveyance or other disposition
shall have been made, expressly assumes by one or more supplemental indentures
satisfactory in form to the Trustee all of the obligations of the Company under
the Securities and this Indenture;

     (iii) immediately after such
transaction, and giving effect thereto, no Default or Event of Default shall
have occurred and be continuing; and 

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

     Notwithstanding the foregoing, the
Company may merge with another Person or acquire by purchase or otherwise all or
any part of the property or assets of any other corporation or Person in a
transaction in which the surviving entity is the Company.

     SECTION 5.02 Successor
Corporation Substituted.

     Upon any consolidation or merger, or
any sale, assignment, transfer, lease, conveyance or other disposition of all or
substantially all the assets of the Company in accordance with Section 5.01
hereof, the successor corporation formed by such consolidation or into which the
Company is merged or to which such sale, assignment, transfer, lease, conveyance
or other disposition is made shall succeed to, and be substituted for, and may
exercise every right and power of, the Company under this Indenture with the
same effect as if such successor corporation had been named as the Company
herein. In the event of any such sale or conveyance, but not any such lease, the
Company or any successor corporation which thereafter will have become such in
the manner described in this Article V shall be discharged from all
obligations and covenants under the Securities and this Indenture and may be
dissolved, wound up or liquidated.

15

ARTICLE VI

DEFAULTS AND REMEDIES

     SECTION 6.01 Events of
Default.

     An “Event of Default”
with respect to each series of the Securities occurs when any of the following
occurs:

     (i) the Company defaults in the
payment of the principal, premium, or sinking fund payment, if any, of
any Security of such series when it becomes due and payable at maturity, upon
acceleration, repurchase, redemption or otherwise, unless the time for payment
is extended;

     (ii) the Company defaults in the
payment of interest on any Security of such series when it becomes due and
payable and such Default continues for a period of ninety (90) days, unless the
time for payment is extended;

     (iii) the Company fails to comply in
any material respect with any of its other agreements or covenants in, or
provisions of, the Securities or this Indenture and the Company and such Default
continues for a period of ninety (90) days after the Company receives
written notice of such Default from the Trustee, or the Company the Trustee
receive written notice of such Default from the Holders of at least 51% in
aggregate principal amount of the outstanding Securities of such series;

     (iv) the Company or a Significant
Subsidiary pursuant to or within the meaning of any Bankruptcy Law:

     (a) commences a voluntary case or
proceeding;

     (b) consents to the entry of an
order for relief against it in an involuntary case or proceeding;

     (c) consents to the appointment of a
Custodian of it or for any substantial part of its property; or

     (d) makes a general assignment for
the benefit of its creditors; or

     (v) a court of competent
jurisdiction enters an order or decree under any applicable Bankruptcy Law
that:

     (a) is for relief against the
Company or any Significant Subsidiary in an involuntary case or proceeding
against the Company or any Significant Subsidiary;

     (b) appoints a Custodian for the
Company or any Significant Subsidiary or for any substantial part of its
property; or

     (c) orders the winding up or
liquidation of the Company or any Significant Subsidiary,

and any such order or decree under this clause (v) remains
unstayed and in effect for ninety (90) days.

     Any notice of default under clause
(iii) of this Section 6.01 must specify the Default, demand that it be
remedied and state that the notice is a “Notice of Default.”

     Each of the occurrences described in
clauses (i) through (v) of this Section 6.01 will constitute an Event of Default
whatever the reason for the occurrence and whether it is voluntary or
involuntary or is effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any
administrative or governmental body. 

     A Default under clause (i), (ii) or
(iii) of this Section 6.01 with regard to Securities of a particular series will
not constitute a Default with regard to Securities of any other series except to
the extent, if any, provided in the supplemental indenture relating to the other
series. 

     SECTION 6.02
Acceleration.

     If an Event of Default with respect
to any series of outstanding Securities (other than an Event of Default
specified in clause (iv) or (v) of Section 6.01 hereof) occurs
and is continuing, the Trustee or the 

16

Holders of at least 51% in aggregate principal amount of the
outstanding Securities of the applicable series, by written notice to the
Company, and to the Trustee if notice is given by such Holders, may declare due
and payable the unpaid principal amount of all Securities of such series plus
any unpaid premium or accrued and unpaid interest, if any, to the date of
payment. Upon a declaration of acceleration, such principal, premium and accrued
and unpaid interest to the date of payment shall be due and payable. 

     If an Event of Default specified in clause (iv) or (v) of
Section 6.01 hereof occurs, all unpaid principal, premium and accrued
interest on the Securities shall become and be immediately due and payable
without any notice, declaration or other action on the part of the Trustee or
any Holder.

     The Holders of a majority in
aggregate principal amount of any outstanding series of Securities by written
notice to the Trustee may rescind and annul an acceleration and its consequences
if (i) all existing Events of Default, other than the nonpayment of
principal, premium or interest on the Securities which have become due solely
because of the acceleration, have been cured or waived and (ii) the
rescission would not conflict with any judgment or decree of a court of
competent jurisdiction. Such rescission or annulment will not extend to any
subsequent or other Default or impair any consequent right.

     SECTION 6.03 Other
Remedies.

     If an Event of Default with respect
to any series of outstanding Securities occurs and is continuing, the Trustee
may pursue any available remedy by proceeding at law or in equity to collect the
payment of principal of or interest on such series of Securities or to enforce
the performance of any provision of such series of Securities or this
Indenture.

     The Trustee may maintain a
proceeding even if it does not possess any of the Securities 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 the Event of Default shall not
impair the right or remedy or constitute a waiver of or acquiescence in the
Event of Default. No remedy is exclusive of any other remedy. All remedies are
cumulative to the extent permitted by law.

     SECTION 6.04 Waiver of Past
Defaults.

     Subject to Sections 6.07 and
9.02 hereof, the Holders of at least a majority in aggregate principal amount of
any series of outstanding Securities by notice to the Trustee may waive an
existing Default or Event of Default except a Default or Event of Default in the
payment of the principal of or interest on such series of Securities
(provided, however, that, subject to Section 6.07, the Holders of a
majority in aggregate principal amount of the then outstanding Securities may
rescind an acceleration and its consequences, including any related payment
default that resulted from such acceleration). When a Default or Event of
Default is waived, it is deemed cured and ceases, but no waiver will extend to
any subsequent or other Default or impair any consequent right.

     SECTION 6.05 Control by
Majority.

     The Holders of at least a majority
in aggregate principal amount of any outstanding series of Securities may 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 it. However, the
Trustee may refuse to follow any direction that (i) conflicts with law or
this Indenture, (ii) the Trustee determines may be unduly prejudicial to
the rights of other Holders of Securities of such series or (iii) may
involve the Trustee in personal liability. The Trustee may take any other action
that it deems proper which is not inconsistent with any such direction.

     SECTION 6.06 Limitation on
Suits.

     Subject to the provisions of
Section 6.07 hereof, no Holder of Securities of any series may pursue any
remedy with respect to this Indenture or the Securities of such series
unless:

     (i) the Holder gives to the Trustee
written notice stating that an Event of Default is continuing;

17

     (ii) the Holders of at least 25% in
aggregate principal amount of such series of Securities make a written request
to the Trustee to pursue the remedy;

     (iii) such Holder or Holders offer
to the Trustee indemnity satisfactory to the Trustee against any loss,
liability, cost or expense;

     (iv) the Trustee does not comply
with the request within sixty (60) days after receipt of the request and
the offer of indemnity; and

     (v) during such 60-day period, the
Holders of at least a majority in aggregate principal amount of such series of
Securities do not give the Trustee a direction inconsistent with the
request.

     A Holder may not use this Indenture
to 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 and to Demand Conversion.

     Notwithstanding any other provision
of this Indenture, the right of any Holder of a Security to receive payment of
principal of, premium, if any, or interest, if any, on the Security (and
interest on overdue principal and interest on overdue installments of interest,
if any, as provided in Section 4.01) on or after the respective due dates
expressed or provided for in the Security, or in the case of redemption, on or
after the Redemption Date, or in the case of conversion or exchange, to receive
the security issuable upon conversion or exchange, or to bring suit for the
enforcement of any such payment, conversion or exchange on or after such
respective dates, shall not be impaired or affected without the consent of the
Holder.

     SECTION 6.08 Collection Suit by
Trustee.

     If an Event of Default specified in
Section 6.01(i) or (ii) hereof occurs and is continuing with respect
to the Securities, the Trustee may recover judgment in its own name and as
trustee of an express trust against the Company (and any other obligor on the
Securities) for the whole amount of principal, premium, if any, and accrued
interest, if any, remaining unpaid on the outstanding Securities, together with
(to the extent lawful) interest on overdue principal and interest, and such
further amount as shall be sufficient to cover the costs and, to the extent
lawful, expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel and any other
amounts due the Trustee under Section 7.08 hereof.

     SECTION 6.09 Trustee May File
Proofs of Claim.

     The Trustee may 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 and the Holders allowed in any judicial
proceeding relative to the Company (or any other obligor upon the Securities),
its creditors or its property and shall be entitled and empowered to collect
and receive any moneys or other property payable or
deliverable on any such claims and to distribute the same, and any custodian in
any such judicial proceedings 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 7.08 hereof. Nothing contained in this Indenture
shall be deemed to authorize the Trustee to authorize or consent to or accept or
adopt on behalf of any Holder any plan of reorganization, arrangement,
adjustment or composition affecting the Securities or the rights of any Holder
thereof, or to authorize the Trustee to vote in respect of the claim of any
Holder in any such proceeding.

     SECTION 6.10 Priorities.

     If the Trustee collects any amount
of money with respect to the Securities pursuant to this Article VI,
subject to Article XI, it shall pay out the money in the following order:

18

      (First) to the Trustee,
its agents and attorneys for amounts due under Section 7.08 hereof,
including payment of all compensation, expense 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 Securities for principal and interest, if any,
ratably, without preference or priority of any kind, according to the amounts
due and payable on the Securities for principal and interest, respectively;
and

      (Third) to the Company,
or to such party as a court of competent jurisdiction may direct.

     The Trustee, upon prior written
notice to the Company, may fix a record date and payment date for any payment to
Holders pursuant to this Section 6.10. The Trustee shall notify the Company
in writing reasonably in advance of any such record date and payment date.

     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 and expenses, 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 a Holder pursuant to Section 6.06
hereof, a suit by Holders of more than 10% in aggregate principal amount of any
outstanding series of Securities, or to any suit instituted by any Holder for
the enforcement of the payment of the principal of, premium, if any, or interest
on any Security held by that Holder on or after the due date provided in the
Security or to any suit for the enforcement of the right to convert or exchange
any Security in accordance with the provisions of a supplemental indenture
applicable to that Security. 

     SECTION 6.12 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 and will resist any and all efforts to be
compelled to take the benefit or advantage of, any stay, extension or usury law
wherever enacted, now or at any time hereafter in force, which would prohibit or
forgive the Company from paying all or any portion of the principal of, premium,
if any, and/or interest on any of the Securities as contemplated in this
Indenture or a supplemental indenture, or which may affect the covenants or the
performance of this Indenture; and the Company (to the extent that it may
lawfully do so) hereby expressly waives all benefit or advantage of any such
law, and covenants that it 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.

     SECTION 6.13 Restoration of
Positions. 

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

  SECTION 6.14 Liability of Stockholders, Officers,
Directors and Incorporators.

     No stockholder, officer, director or
incorporator, as such, past, present or future, of the Company, or any of its
successor corporations, will have any personal liability in respect of the
Company's obligations under this Indenture or any Securities by reason of his or
its status as such stockholder, officer, director or incorporator;
provided, however, that nothing in this Indenture or in the
Securities will prevent recourse to and enforcement of the liability of any
holder or subscriber to common or preferred stock of the Company which has not
been fully paid up.

19

ARTICLE VII

TRUSTEE

     SECTION 7.01 Duties of
Trustee.

     (a) If an Event of Default with
respect to the Securities has occurred and is continuing, the Trustee shall
exercise such of the rights and powers vested in it by this Indenture, and use
the same degree of care and skill in their exercise, as a prudent 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 Trustee need perform only
those duties that are specifically set forth in this Indenture or the TIA, 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; provided, however, that in the case of any such certificates
or opinions which by any provision hereof are specifically required to be
furnished to the Trustee, the Trustee shall examine the certificates and
opinions to determine whether or not, on their face, they conform to the
requirements of this Indenture (but need not investigate or confirm the accuracy
of mathematical calculations or other facts stated therein).

     (c) The Trustee may not be
relieved from liability 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 7.01;

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

     (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.

     (d) Whether or not therein
expressly so provided, every provision of this Indenture that in any way relates
to the Trustee is subject to this Section 7.01 and to the provisions of the
TIA.

     (e) No provision of this
Indenture shall require the Trustee to expend or risk its own funds or incur any
financial liability in the performance of any of its duties under this Indenture
or in the exercise of any of its right or power. The Trustee may refuse to
perform any duty or exercise any right or power unless it receives indemnity
satisfactory to it against any loss, liability, cost or expense (including,
without limitation, reasonable fees of counsel).

     (f) The Trustee shall not be
bound to make any investigation into the facts or matters stated in any
resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, bond, debenture, note, other evidence of
indebtedness or other paper or document, but the Trustee, in its discretion, may
make such further inquiry or investigation into such facts or matters as it may
see fit, and, if the Trustee shall determine to make such further inquiry or
investigation, it shall be entitled to examine the books, records and premises
of the Company, personally or by agent or attorney at the sole cost of the
Company and shall incur no liability or additional liability of any kind by
reason of such inquiry or investigation.

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

     SECTION 7.02 Rights of
Trustee.

     Subject to Section 315(a) through
(d) of the TIA:

20

     (a) The Trustee may
conclusively rely on 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 the document.

     (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 the Officers’ Certificate or Opinion
of Counsel.

     (c) The Trustee may act through
attorneys and agents and shall not be responsible for the misconduct or
negligence of any attorney or 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, unless the Trustee’s conduct constitutes willful misconduct,
negligence or bad faith.

     (e) The Trustee may consult
with counsel of its selection and the advice of such counsel as to matters of
law shall be full and complete authorization and protection in respect of any
action taken, omitted or suffered by it hereunder in good faith and in
accordance with the advice or opinion of such counsel.

     (f) 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.

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

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

     (i) In no event shall the
Trustee be responsible or liable for special or indirect loss or damage of any
kind whatsoever (including, but not limited to, loss of profit) irrespective of
whether the Trustee has been advised of the likelihood of such loss or damage
and regardless of the form of action.

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

     SECTION 7.03 Individual Rights of
Trustee.

     The Trustee in its individual or any
other capacity may become the owner or pledgee of Securities 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 (as such term is defined in
Section 3.10(b) of the TIA), it must eliminate such conflict within ninety
(90) days, apply to the SEC for permission to continue as trustee (to the
extent permitted under Section 310(b) of the TIA) 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 Money Held in
Trust.

     Money or U.S. Government Obligations
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.

     

21

     SECTION 7.05 Trustee’s
Disclaimer.

     The Trustee (i) is not
responsible for and makes no representation as to the validity or adequacy of
this Indenture, any supplemental indenture or the Securities, (ii) will not
be accountable for the Company’s use of the proceeds from the Securities,
(iii) will not be responsible for any statement in the Securities, this
Indenture or any supplemental indenture, other than its certificate of
authentication, and (iv) will not be responsible for any statement in any
prospectus used in the sales of the Securities, other than statements, if any,
provided in writing by the Trustee for use in such a prospectus.

     SECTION 7.06 Notice of
Defaults.

     If a Default or Event of Default
with respect to the Securities occurs and is continuing, and if it is actually
known to the Trustee, the Trustee shall mail to Holders a notice of the Default
or Event of Default within ninety (90) days after the occurrence thereof.
Except in the case of a Default or Event of Default in payment of any such
Security, the Trustee may withhold the notice if and so long as it in good faith
determines that withholding the notice is in the interests of the Holders.

     SECTION 7.07 Reports by Trustee
to Holders.

     The Trustee shall transmit to
Holders such reports concerning the Trustee and its actions under this Indenture
as may be required by Section 313 of the TIA at the times and in the manner
provided by the TIA, which initially shall be not less than every twelve (12)
months, which report may be dated as of a date up to 75 days prior to such
transmission.

     A copy of each report at the time of
its mailing to Holders shall be filed with the SEC, if required, and each stock
exchange, if any, on which the Securities are listed. The Company shall promptly
notify the Trustee when the Securities become listed on any stock exchange.

     SECTION 7.08 Compensation and
Indemnity.

     The Company shall pay to the Trustee
from time to time such compensation as shall be agreed in writing between the
Company and the Trustee for its services hereunder. 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 upon request for all reasonable
disbursements, advances and expenses incurred by it, including in particular,
but without limitation, those incurred in connection with the enforcement of any
remedies hereunder. Such expenses may include the reasonable fees and
out-of-pocket expenses of the Trustee’s agents and counsel.

     Except as set forth in the next
paragraph, the Company shall indemnify and hold harmless the Trustee and any
predecessor trustee against any and all loss, liability, damage, claim or
expense, including taxes (other than taxes based upon, measured by or determined
by the income of the Trustee) incurred by it arising out of or in connection
with the acceptance or administration of the trust under this Indenture. The
Trustee shall notify the Company promptly of any claim of which it has received
written notice for which it may seek indemnity. The Company shall defend such
claim and the Trustee shall cooperate in such defense. The Trustee may have
separate counsel and the Company shall pay the reasonable fees and out-of-pocket
expenses of such counsel. 

     The Company need not pay for any
settlement made without its consent. The Company need not reimburse any expense
or indemnify against any loss, liability, cost or expense incurred by the
Trustee through its own negligence, willful misconduct or bad faith.

     To secure the Company’s payment
obligations in this Section 7.08, the Trustee shall have a lien prior to
the Securities on all money or property held or collected by the Trustee, except
that held in trust to pay the principal of and interest on particular
Securities. The Trustee’s right to receive payment of any amounts due under this
Section 7.08 will not be subordinate to any other liability or indebtedness
of the Company.

22

     The Company’s payment obligations
pursuant to this Section 7.08 shall survive the satisfaction and discharge
of this Indenture. When the Trustee incurs expenses or renders services after an
Event of Default specified in clause (iv) or (v) of Section 6.01
hereof occurs, the expenses and the compensation for the services are intended
to constitute expenses of administration under any Bankruptcy Law.

     For the purpose of this Section
7.08, “Trustee” will include any predecessor Trustee, but the negligence,
willful misconduct or bad faith of any Trustee will not affect the rights of any
other Trustee under this Section 7.08, except for a successor Trustee pursuant
to Section 7.10.

     SECTION 7.09 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
7.09.

     The Trustee may resign and be
discharged from the trust hereby created with respect to the Securities by so
notifying the Company in writing. The Holders of a majority in aggregate
principal amount of the then outstanding Securities may remove the Trustee by so
notifying the Trustee and the Company in writing. The Company must remove the
Trustee if:

     (i) the Trustee fails to comply with
Section 7.10 hereof or Section 310 of the TIA;

     (ii) 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;

     (iii) a Custodian, receiver or other
public officer takes charge of the Trustee or its property; or

     (iv) the Trustee becomes incapable
of acting.

     If the Trustee resigns or is removed
or if a vacancy exists in the office of the Trustee for any reason, the Company
shall promptly appoint a successor Trustee for the Securities. The Trustee shall
be entitled to payment of its fees and reimbursement of its expenses while
acting as Trustee. Within one (1) year after the successor Trustee takes office,
the Holders of at least a majority in aggregate principal amount of then
outstanding Securities may appoint a successor Trustee to replace the successor
Trustee appointed by the Company.

     Any Holder of Securities may
petition any court of competent jurisdiction for the removal of the Trustee and
the appointment of a successor Trustee if the Trustee fails to comply with
Section 7.10 hereof.

     If an instrument of acceptance by a
successor Trustee shall not have been delivered to the Trustee within thirty
(30) days after the giving of such notice of resignation or removal, the
resigning or removed Trustee, as the case may be, may
petition, at the expense of the Company, any court of competent jurisdiction for
the appointment of a successor Trustee with respect to the Securities.

     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 Company shall mail a notice
of the successor Trustee’s succession to the Holders. The retiring Trustee shall
promptly transfer all property held by it as Trustee to the successor Trustee,
subject to the lien provided for in Section 7.08 hereof. Notwithstanding
replacement of the Trustee pursuant to this Section 7.09, the Company’s
obligations under Section 7.08 hereof shall continue for the benefit of the
retiring Trustee with respect to expenses, losses and liabilities incurred by it
prior to such replacement.

     SECTION 7.10 Successor Trustee by
Merger, Etc.

     Subject to Section 7.09 hereof,
if the Trustee consolidates with, merges or converts into, or transfers all or
substantially all of its corporate trust business to, another corporation or
national banking association, the successor entity without any further act shall
be the successor Trustee.

23

     If at the time a successor by
merger, conversion or consolidation to the Trustee succeeds to the trusts
created by this Indenture any of the Securities have been authenticated but not
delivered, the successor to the Trustee may adopt the certificate of
authentication of the predecessor Trustee, and deliver the Securities which were
authenticated by the predecessor Trustee; and if at that time any of the
Securities have not been authenticated, the successor to the Trustee may
authenticate those Securities either in the name of the predecessor or in its
own name as the successor to the Trustee; and in either case the certificates of
authentication will have the full force provided in this Indenture for
certificates of authentication. 

     SECTION 7.11 Eligibility;
Disqualification.

     The Trustee shall at all times
satisfy the requirements of Section 310(a)(1), (2) and (5) of the
TIA. The Trustee shall at all times have a combined capital and surplus of at
least $50 million as set forth in its most recent published annual report of
condition, which will be deemed for this paragraph to be its combined capital
and surplus. The Trustee is subject to Section 310(b) of the TIA, including the
optional provision permitted by the second sentence of Section 310(b)(9) of the
TIA.

     SECTION 7.12 Preferential
Collection of Claims Against the Company.

     The Trustee is subject to Section
311(a) of the TIA, excluding any creditor relationship listed in Section 311(b)
of the TIA. A Trustee who has resigned or been removed shall be subject to
Section 311(a) of the TIA to the extent indicated therein.

ARTICLE VIII

DISCHARGE OF INDENTURE

     SECTION 8.01 Satisfaction and
Discharge of Indenture.

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

     (i) either:

     (a) all Securities previously
authenticated and delivered (other than Securities which have been destroyed,
lost or stolen and which have been replaced or paid) have been delivered to the
Trustee for cancellation; or

     (b) all such Securities not
previously delivered to the Trustee for cancellation have become due and payable
(whether at stated maturity, early redemption or otherwise);

and, in the case of clause (b) above, the Company has
deposited, or caused to be deposited, irrevocably with the Trustee as trust
funds in trust for the purpose of making the following payments, specifically
pledged as security for and dedicated solely to the benefit of the Holders of
Securities, cash in U.S. dollars and/or U.S. Government Obligations which
through the payment of interest and principal in respect thereof, in accordance
with their terms, will provide (and without reinvestment and assuming no tax
liability will be imposed on such Trustee), not later than one day before the
due date of any payment of money, an amount in cash, sufficient, in the opinion
of a nationally recognized firm of independent public accountants expressed in a
written certification thereof delivered to the Trustee, to pay principal of and
interest on all the Securities on the dates such payments of principal or
interest are due to maturity or redemption;

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

24

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

     Notwithstanding the satisfaction and
discharge of this Indenture, the obligations of the Company to the Trustee under
Section 7.08 hereof shall survive, and, if money will have been deposited
with the Trustee pursuant to subclause (b) of clause (i) of this
Section, the obligations of the Trustee under Sections 8.02 and 8.05 hereof
shall survive.

     SECTION 8.02 Application of Trust
Funds; Indemnification.

     (a) Subject to the provisions
of Section 8.05 hereof, all money and U.S. Government Obligations deposited
with the Trustee pursuant to Section 8.01, 8.03 or 8.04 hereof and all
money received by the Trustee in respect of U.S. Government Obligations
deposited with the Trustee pursuant to Sections 8.01, 8.03 or 8.04 hereof,
shall be held in trust and applied by it, in accordance with the provisions of
the Securities and this Indenture, to the payment, either directly or through
any Paying Agent as the Trustee may determine, to the persons entitled thereto,
of the principal and interest for whose payment such money has been deposited
with or received by the Trustee.

     (b) The Company shall pay and
shall indemnify the Trustee against any tax, fee or other charge imposed on or
assessed against U.S. Government Obligations deposited pursuant to
Sections 8.01, 8.03 or 8.04 hereof or the interest and principal received
in respect of such obligations other than any payable by or on behalf of
Holders.

     (c) The Trustee shall deliver
or pay to the Company from time to time upon the request of the Company any U.S.
Government Obligations or money held by it as provided in Sections 8.01,
8.03 or 8.04 hereof which, in the opinion of a nationally recognized firm of
independent certified public accountants expressed in a written certification
thereof delivered to the Trustee, are then in excess of
the amount thereof which then would have been required to be deposited for the
purpose for which such U.S. Government Obligations or money were deposited or
received. This provision shall not authorize the sale by the Trustee of any U.S.
Government Obligations held under this Indenture.

     SECTION 8.03 Legal
Defeasance.

     (a) The Company shall be deemed
to have been discharged from its obligations with respect to all of the
outstanding Securities of any series on the 91st day after the date of the
deposit referred to in subparagraph (a) hereof, and the provisions of this
Indenture, as it relates to such series of outstanding Securities, shall no
longer be in effect (and the Trustee, at the expense of the Company, shall, upon
the request of the Company, execute proper instruments acknowledging the same),
except as to:

     (i) the rights of Holders of
Securities of such series to receive, solely from the trust funds described in
subparagraph (a) hereof, payments of the principal of or interest on the
outstanding Securities of such series on the date such payments are due;

     (ii) the Company’s obligations with
respect to the Securities of such series under Sections 2.04, 2.05, 2.07,
2.08 and 2.09 hereof; and

     (iii) the rights, powers, trust and
immunities of the Trustee hereunder and the duties of the Trustee under
Section 8.02 hereof and the duty of the Trustee to authenticate Securities
of such series issued on registration of transfer of exchange;

provided that the following conditions shall have been
satisfied:

     (a) the Company shall have
deposited, or caused to be deposited, irrevocably with the Trustee as trust
funds in trust for the purpose of making the following payments, specifically
pledged as security for and dedicated solely to the benefit of the Holders of
such series of Securities, cash in U.S. dollars and/or U.S. Government
Obligations which through the payment of interest and principal in respect
thereof, in accordance with their terms, will provide (and without reinvestment

25

and assuming no tax liability will be imposed on such Trustee),
not later than one day before the due date of any payment of money, an amount in
cash, sufficient, in the opinion of a nationally recognized firm of independent
public accountants expressed in a written certification thereof delivered to the
Trustee, to pay principal of and interest on all the Securities of such series
on the dates such payments of principal or interest are due to maturity or
redemption;

     (b) such deposit will not result in
a breach or violation of, or constitute a Default under, this Indenture;

     (c) no Default or Event of Default
with respect to such series of Securities shall have occurred and be continuing
on the date of such deposit and 91 days shall have passed after the deposit
has been made, and, during such 91 day period, no Default specified in
Section 6.01(iv) or (v) hereof with respect to the Company occurs
which is continuing at the end of such period;

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

     (e) the Company shall have delivered
to the Trustee an Officers’ Certificate stating that the deposit was not made by
the Company with the intent of preferring the Holders of such series of
Securities over any other creditors of the Company or with the intent of
defeating, hindering, delaying or defrauding any other creditors of the
Company;

     (f) such deposit shall not result in
the trust arising from such deposit constituting an “investment company” (as
defined in the Investment Company Act of 1940, as amended), or such trust shall
be qualified under such Act or exempt from regulation thereunder; and

     (g) the Company shall have delivered
to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating
that all conditions precedent relating to the defeasance contemplated by this
Section 8.03 have been complied with.

     SECTION 8.04 Covenant
Defeasance.

     On and after the 91st day after the
date of the deposit referred to in subparagraph (a) hereof, the Company may omit
to comply with any term, provision or condition set forth under
Sections 4.03(a), 4.04, and 4.05 hereof as well as any additional covenants
contained in a supplemental indenture hereto (and the failure to comply with any
such provisions shall not constitute a Default or Event of Default under
Section 6.01 hereof) and the occurrence of any event described in clause
(iii) of Section 6.01 hereof shall not constitute a Default or Event
of Default hereunder, with respect to any series of Securities, provided
that the following conditions shall have been satisfied:

     (i) with reference to this
Section 8.04, the Company has deposited, or caused to be deposited,
irrevocably (except as provided in Section 8.05 hereof) with the Trustee as
trust funds in trust, specifically pledged as security for, and dedicated solely
to, the benefit of the Holders of such series of Securities, cash in U.S.
dollars and/or U.S. Government Obligations which through the payment of
principal and interest in respect thereof, in accordance with their terms, will
provide (and without reinvestment and assuming no tax
liability will be imposed on such Trustee), not later than one day before the
due date of any payment of money, an amount in cash, sufficient, in the opinion
of a nationally recognized firm of independent certified public accountants
expressed in a written certification thereof delivered to the Trustee, to pay
principal and interest on all the Securities of such series on the dates such
payments of principal and interest are due to maturity or redemption;

26

     (ii) such deposit will not result in
a breach or violation of, or constitute a Default under, this Indenture;

     (iii) no Default or Event of Default
with respect to such series of Securities shall have occurred and be continuing
on the date of such deposit and 91 days shall have passed after the deposit
has been made, and, during such 91 day period, no Default specified in
Section 6.01(iv) or (v) hereof with respect to the Company occurs
which is continuing at the end of such period;

     (iv) the Company shall have
delivered to the Trustee an Opinion of Counsel confirming that Holders of such
series of Securities will not recognize income, gain or loss for federal income
tax purposes as a result of such deposit and 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 deposit and defeasance had not occurred;

     (v) the Company shall have delivered
to the Trustee an Officers’ Certificate stating the deposit was not made by the
Company with the intent of preferring the Holders of such series of Securities
over any other creditors of the Company or with the intent of defeating,
hindering, delaying or defrauding any other creditors of the Company;

     (vi) such deposit shall not result
in the trust arising from such deposit constituting an “investment company” (as
defined in the Investment Company Act of 1940, as amended), or such trust shall
be qualified under such Act or exempt from regulation thereunder; and

     (vii) the Company shall have
delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel,
each stating that all conditions precedent herein provided for relating to the
defeasance contemplated by this Section 8.04 have been complied with.

     SECTION 8.05 Repayment to
Company.

     The
Trustee and the Paying Agent shall pay to the Company upon request any money
held by them for the payment of principal or interest that remains unclaimed for
two (2) years after the date upon which such payment shall have become due.
After payment to the Company, Holders entitled to the money must look to the
Company for payment as general creditors unless an applicable abandoned property
law designates another Person.

     SECTION 8.06
Reinstatement.

     If the Trustee or the Paying Agent
is unable to apply any money deposited with respect to Securities of any series
in accordance with Section 8.01 by reason of any legal proceeding or by
reason of any order or judgment of any court or governmental authority
enjoining, restraining or otherwise prohibiting such application, the
obligations of the Company under this Indenture with respect to the Securities
of such series and under the Securities of such series shall be revived and
reinstated as though no deposit had occurred pursuant to Section 8.01 until
such time as the Trustee or the Paying Agent is permitted to apply all such
money in accordance with Section 8.01; provided, however,
that if the Company has made any payment of principal of, premium, if any, or
interest with respect to any Securities because of the reinstatement of its
obligations, the Company shall be subrogated to the rights of the Holders of
such Securities to receive such payment from the money held by the Trustee or
the Paying Agent.

ARTICLE IX

AMENDMENTS, SUPPLEMENTS AND WAIVERS

     SECTION 9.01 Without Consent of
Holders.

     Without the consent of any Holder,
the Company and the Trustee may, at any time, amend this Indenture and the
Securities to:

27

     (i) cure any ambiguity, defect or
inconsistency, provided that such change does not adversely affect the rights
hereunder of any Holder in any material respect;

     (ii) provide for uncertificated
Securities in addition to or in place of certificated Securities or to alter the
provisions of Article II hereof (including the related definitions) in a
manner that does not materially adversely affect any Holder;

     (iii) provide for the assumption of
the Company’s obligations to the Holders of Securities in the case of a merger,
consolidation or sale or other disposition of assets pursuant to Article V
hereof;

     (iv) comply with requirements of the
SEC in order to effect or maintain the qualification of this Indenture under the
TIA, provided that such change does not adversely affect the rights
hereunder of any Holder in any material respect;

     (v) add to the covenants of the
Company and any other restrictions, conditions or provisions for the benefit of
the Holders, to make the occurrence, or the occurrence and the continuance, of a
Default under any such additional covenants, restrictions, conditions or
provisions an Event of Default under this Indenture, or to surrender any right
or power herein conferred upon the Company;

     (vi) add to, delete from or revise
the conditions, limitations, and restrictions on the authorized amount, terms,
or purposes of issue, or authentication and delivery of Securities,
provided that such change does not adversely affect the rights hereunder
of any Holder in any material respect;

     (vii) secure the Securities of any
series;

     (viii) make appropriate provision in
connection with the appointment of any successor Trustee; or

     (ix) make any other change that does
not adversely affect in any material respect the rights hereunder of any
Holder.

     Upon the request of the Company
accompanied by a resolution of its Board of Directors authorizing the execution
of any such amended or supplemental Indenture, and upon receipt by the Trustee
of the documents described in Section 7.02 hereof, the Trustee shall join
with the Company in the execution of any amended or supplemental Indenture
authorized or permitted by the terms of this Indenture and to make any further
appropriate agreements and stipulations that may be therein contained, but the
Trustee shall not be obligated to enter into such amended or supplemental
Indenture that affects its own rights, duties or immunities under this Indenture
or otherwise.

     SECTION 9.02 With Consent of
Holders.

     Except as provided below in this
Section 9.02, this Indenture and the Securities may be amended or
supplemented, and noncompliance in any particular instance with any provision of
this Indenture or the Securities may be waived, in each case with the written consent of the Holders of at least a majority in
aggregate principal amount of the then outstanding Securities affected thereby;
provided, however, that any amendment to or supplement of this Indenture
or the Securities that by its terms affects the rights of Holders of any series
of then outstanding Securities but not the others series may be effected, and
any default or compliance with any provision of this Indenture affecting the
Holders of any series of then outstanding Securities but not the other series
may be waived, with the consent of at least a majority in aggregate principal
amount of the Securities of the affected series.

     Without the consent of each Holder
of Securities that is affected thereby, an amendment or waiver under this
Section 9.02 may not:

     (i) reduce the aggregate principal
amount of Securities of any series the Holders of which must consent to an
amendment, supplement modification or waiver of any provision of this
Indenture;

     (ii) reduce the rate of or extend
the time for payment of interest on any series of Securities;

     (iii) reduce the principal of or
change the stated maturity of any series of Securities;

28

     (iv) change the date on which any
Security of any of series may be subject to redemption, or reduce the premium
payable upon the redemption or repurchase thereof;

     (v) make any Security of any series
payable in currency other than that stated in the Security;

     (vi) modify or change any provision
of this Indenture affecting the ranking of the Securities of any series in a
manner which adversely affects the Holders thereof;

     (vii) impair the right of any Holder
of Securities to institute suit for the enforcement of any payment in or with
respect to any such series of Securities; or

     (viii) make any change in the
foregoing amendment and waiver provisions which require each Holder’s
consent.

     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 or waiver under
this Section 9.02 becomes effective, the Company shall mail to Holders
affected thereby a notice briefly describing the amendment 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.

     SECTION 9.03 Compliance with
Trust Indenture Act.

     Every amendment to this Indenture or
the Securities shall be set forth in a supplemental indenture that complies with
the TIA as then in effect.

     SECTION 9.04 Revocation and
Effect of Consents.

     Until an amendment, supplement
modification or waiver becomes effective, a consent to it by a Holder is a
continuing consent by the Holder and every subsequent Holder of a Security or
portion of a Security that evidences the same debt as the consenting Holder’s
Security, even if notation of the consent is not made on any Security;
provided, however, that unless a record date shall have been established
pursuant to Section 2.16 hereof, any such Holder or subsequent Holder may
revoke the consent as to its Security or portion of a Security if the Trustee
receives written notice of revocation before the date the amendment, supplement,
modification or waiver becomes effective. An amendment, supplement modification
or waiver becomes effective on receipt by the Trustee of consents from the
Holders of the requisite percentage principal amount of the outstanding
Securities, and thereafter shall bind every Holder of Securities; provided,
however, if the amendment, supplement modification or waiver makes a change
described in any of the clauses (i) through (viii) of
Section 9.02 hereof, the amendment, supplement, modification or waiver
shall bind only each Holder of a Security which has consented to it and every
subsequent Holder of a Security or portion of a Security that evidences the same
indebtedness as the consenting Holder’s Security.

     SECTION 9.05 Notation on or
Exchange of Securities.

     If an amendment, supplement,
modification or waiver changes the terms of a Security:

     (a) the Trustee may require the
Holder of a Security to deliver such Security to the Trustee, the Trustee may
place an appropriate notation on the Security about the changed terms and return
it to the Holder and the Trustee may place an appropriate notation on any
Security thereafter authenticated; or

     (b) if the Company or the
Trustee so determines, the Company in exchange for the Security shall issue and
the Trustee shall authenticate a new Security that reflects the changed
terms.

     Failure to make the appropriate
notation or issue a new Security shall not affect the validity and effect of
such amendment, supplement or waiver.

29

     SECTION 9.06 Trustee to Sign
Amendment, etc.

     The Trustee shall sign any amendment
authorized pursuant to this Article IX if the amendment does not adversely
affect the rights, duties, liabilities or immunities of the Trustee. If it does,
the Trustee may but need not sign it. In signing or refusing to sign such
amendment, the Trustee shall be provided with and shall be fully protected in
relying upon an Officers’ Certificate and an Opinion of Counsel as conclusive
evidence that such amendment is authorized or permitted by this Indenture.

ARTICLE X

CONVERSION OR EXCHANGE OF SECURITIES

     SECTION 10.01 Provisions Relating
to Conversion or Exchange of Securities. 

     Any rights which Holders of
Securities of a series will have to convert those Securities into other
securities of the Company or to exchange those Securities for securities of
other Persons or other assets, including but not limited to the terms of the
conversion or exchange and the circumstances, if any, under which those terms
will be adjusted to prevent dilution or otherwise, will be set forth in an
Indenture supplemental hereto relating to the series of Securities. In the
absence of provisions in a supplemental Indenture relating to a series of
Securities setting forth rights to convert or exchange the Securities of that
series into or for other securities or assets, Holders of the Securities of that
series will not have any such rights. 

ARTICLE XI

SINKING OR PURCHASE FUNDS

     SECTION 11.01 Provisions Relating
to Sinking or Purchase Funds. 

     Any requirements that the Company
make, or rights of the Company to make at its option, payments prior to maturity
of the Securities of a series which will be used as a fund with which to redeem
or to purchase Securities of that series, including but not limited to
provisions regarding the amount of the payments, when the Company will be
required, or will have the option, to make the payments and when the payments
will be applied, will be set forth in an Indenture supplemental hereto relating
to the series of Securities. In the absence of provisions in a supplemental
Indenture relating to a series of Securities setting forth requirements that the
Company make, or rights of the Company to make at its option, payments to be
used as a fund with which to redeem or purchase Securities of the series, the
Company will not be subject to any such requirements and will not have any such
rights. However, unless otherwise specifically provided in a supplemental
Indenture relating to a series of Securities, the Company will at all times have
the right to purchase Securities from Holders in market transactions or
otherwise. 

ARTICLE XII

MISCELLANEOUS

     SECTION 12.01 Trust Indenture Act
Controls.

     This Indenture is subject to the
provisions of the TIA which are required to be part of this Indenture, and
shall, to the extent applicable, be governed by such provisions.

     SECTION 12.02 Notices.

     Any notice or communication to the
Company or the Trustee is duly given if in writing and delivered in person or
mailed by first-class mail to the address set forth below:

     If to the Company:

30

Par
Pharmaceutical Companies, Inc.
300 Tice Boulevard
Woodcliff Lake, New
Jersey 07677
Attention: General Counsel 

     with
a copy to:

K&L
Gates LLP
599 Lexington Avenue
New York, New York 10022
Attention:
Whitney J. Smith, Esq.

     If
to the Trustee:

__________________
__________________
Attention:
_________

The Company or the Trustee, by notice to the other, may designate
additional or different addresses for subsequent notices or communications.

     Any notice or communication to a
Holder shall be mailed by first-class mail to his address shown on the Register
kept by the Registrar. Failure to mail a notice or communication to a Holder or
any defect in such notice or communication shall not affect its sufficiency with
respect to other Holders.

     If a notice or communication is
mailed or sent in the manner provided above within the time prescribed, it is
duly given, whether or not the addressee receives it, except that notice to the
Trustee shall only be effective upon receipt thereof by the Trustee.

     If by reason of the suspension of
regular mail service, or by reason of any other cause, it is impossible to mail
any notice as required by this Indenture or any supplemental indenture, then any
method of notification which is approved by the Trustee will constitute a
sufficient mailing of the notice.

     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 with Other Holders.

     Holders may communicate pursuant to
Section 312(b) of the TIA with other Holders with respect to their rights under
the Securities or this Indenture. The Company, the Trustee, the Registrar and
anyone else shall have the protection of Section 312(c) of the TIA.

     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 this Indenture, the Company
shall furnish to the Trustee:

     (i) an Officers’ Certificate (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;

     (ii) an Opinion of Counsel (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; and

     (ii) such other opinions and
certificates as may be required by applicable provisions of this Indenture or an
applicable supplemental indenture. 

     SECTION 12.05 Statements Required
in Certificate or Opinion.

31

     Each certificate (other than
certificates provided pursuant to Section 4.04 hereof) or opinion with
respect to compliance with a condition or covenant provided for in this
Indenture shall include:

     (i) a statement that each individual
signing such certificate or opinion has read such covenant or condition;

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

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

     (iv) a statement as to whether or
not, in the opinion of each such person, such condition or covenant has been
complied with; provided, however, that with respect to matters of fact,
an Opinion of Counsel may rely on an Officers’ Certificate or certificate of
public officials.

     SECTION 12.06 Rules by Trustee
and Agents.

     The Trustee may make reasonable
rules for action by or for a meeting of Holders. The Registrar or Paying Agent
may make reasonable rules and set reasonable requirements for its functions.

     SECTION 12.07 Legal
Holidays.

     A “Legal Holiday” is a
Saturday, a Sunday or a day on which banking institutions in The City of New
York are not required or authorized to be open. 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 for the
intervening period.

     SECTION 12.08 Duplicate
Originals.

     The parties may sign any number of
copies of this Indenture. One signed copy is enough to prove this Indenture.

     SECTION 12.09 Governing
Law.

      This Indenture, each
supplemental indenture and the Securities shall be governed by, and construed in
accordance with, the laws of the State of New York.

     SECTION 12.10 No Adverse
Interpretation of Other Agreements.

     This Indenture may not be used to
interpret another indenture, loan or debt agreement of the Company or any of its
Subsidiaries. Any such indenture, loan or debt agreement may not be used to
interpret this Indenture.

     SECTION 12.11 Successors.

     All agreements of the Company under
the Securities and this Indenture shall bind their respective successors. All
agreements of the Trustee in this Indenture shall bind its successor.

     SECTION 12.12
Severability.

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

     SECTION 12.13 Counterpart
Originals.

     This Indenture may be signed in one
or more counterparts. Each signed copy shall be an original, but all of them
together represent the same agreement.

32

     SECTION 12.14 Submission to
Jurisdiction.

     By the execution and delivery of
this Indenture, the Company submits to the nonexclusive jurisdiction of any
federal or state court in the State of New York with respect to all matters
related to this Indenture, any supplemental indenture and the Securities.

     SECTION 12.15 Waiver of Jury
Trial.

     EACH OF THE COMPANY AND THE TRUSTEE
HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR
RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTION CONTEMPLATED
HEREBY.

     SECTION 12.16 Force Majeure.

     In no event shall the Trustee be
responsible or liable for any failure or delay in the performance of its
obligations hereunder arising out of or caused by, directly or indirectly,
forces beyond its control, including, without limitation, strikes, work
stoppages, accidents, acts of war or terrorism, civil or military disturbances,
nuclear or natural catastrophes or acts of God, and interruptions, loss or
malfunctions of utilities, communications or computer (software and hardware)
services; it being understood that the Trustee shall use reasonable efforts
which are consistent with accepted practices in the banking industry to resume
performance as soon as practicable under the circumstances.

     SECTION 12.17 Supplemental
Indentures Contract.

     If any provision of a supplemental
indenture to this Indenture relating to a series of Securities is inconsistent
with any provision of this Indenture, the provisions of the supplemental
indenture will control with regard to the Securities of the series to which it
relates.

     SECTION 12.18 Table of Contents,
Headings, etc.

     The table of contents,
cross-reference sheet and headings of the Articles and Sections of this
Indenture have been inserted for convenience of reference only. They are not to
be considered a part of this Indenture, and will in no way modify or restrict
any of the terms or provisions of this Indenture. 

     SECTION 12.19 When Treasury
Securities Disregarded. 

     In determining whether the Holders
of the required principal amount of Securities have concurred in any direction,
waiver or consent, Securities owned by the Company, or anyone under direct or
indirect control or under direct or indirect common control with the Company
will be disregarded and deemed not to be outstanding, except that for the
purposes of determining whether the Trustee will be protected in relying on any
such direction, waiver or consent, only Securities which the Trustee knows are
so owned will be so disregarded. Securities so owned which have been pledged in
good faith will not be disregarded if the pledgee establishes to the
satisfaction of the Trustee the pledgee's right to act with respect to the
Securities and that the pledgee is not the Company or a person directly or
indirectly controlling or controlled by, or under common control with, the
Company. Nothing in this Section 12.19 will be construed as requiring that the
Company furnish to the Trustee any evidence of compliance with the conditions
and covenants provided for in the Indenture other than the evidence specified in
this Section 12.19. 

33

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

                                                                                                   
PAR PHARMACEUTICAL COMPANIES,
INC.

 

By:
_______________________
Name: 
Title: 

________________

By:
_______________________
Name: 
Title: 

34Exhibit 4

Exhibit 4.10

FORM OF

SUBORDINATED INDENTURE

by and between

PAR PHARMACEUTICAL COMPANIES, INC.

as Issuer,

and

_____________________,

as Trustee

Dated as of ______________

TABLE OF CONTENTS

		
	
 
	
Page

	
ARTICLE I DEFINITIONS AND INCORPORATION BY
REFERENCE
	
 

	
SECTION 1.01 Definitions
	
1

	
SECTION 1.02 Incorporation by Reference of Trust Indenture
Act
	
5

	
SECTION 1.03 Rules of Construction
	
5

	
ARTICLE II THE SECURITIES
	
 

	
SECTION 2.01 Unlimited in Amount, Issuable in Series
	
5

	
SECTION 2.02 Form and Dating
	
7

	
SECTION 2.03 Execution and Authentication
	
7

	
SECTION 2.04 Registrar and Paying Agent
	
8

	
SECTION 2.05 Paying Agent to Hold Assets in Trust
	
8

	
SECTION 2.06 Holder Lists
	
9

	
SECTION 2.07 General Provisions Relating to Transfer and
Exchange
	
9

	
SECTION 2.08 Book-Entry Provisions for Global
Securities
	
10

	
SECTION 2.09 Replacement Securities
	
10

	
SECTION 2.10 Outstanding Securities
	
11

	
SECTION 2.11 Treasury Securities
	
11

	
SECTION 2.12 Temporary Securities
	
11

	
SECTION 2.13 Cancellation
	
12

	
SECTION 2.14 CUSIP Numbers
	
12

	
SECTION 2.15 Defaulted Interest
	
12

	
SECTION 2.16 Special Record Dates
	
12

	
ARTICLE III REDEMPTION
	
 

	
SECTION 3.01 Notices to Trustee
	
12

	
SECTION 3.02 Selection of Securities to Be Redeemed
	
13

	
SECTION 3.03 Notice of Redemption
	
13

	
SECTION 3.04 Effect of Notice of Redemption
	
13

	
SECTION 3.05 Deposit of Redemption Price
	
14

	
SECTION 3.06 Securities Redeemed in Part
	
14

	
SECTION 3.07 Holder's Right to Require Redemption
	
14

	
SECTION 3.08 Procedure for Requiring Redemption
	
14

	
ARTICLE IV COVENANTS
	
 

	
SECTION 4.01 Payment of Securities
	
14

	
SECTION 4.02 Maintenance of Office or Agency
	
15

	
SECTION 4.03 Reports
	
15

	
SECTION 4.04 Compliance Certificate
	
15

	
SECTION 4.05 Taxes
	
16

	
SECTION 4.06 Corporate Existence
	
16

	
ARTICLE V MERGER, ETC.
	
 

	
SECTION 5.01 When Company May Merge, etc.
	
16

	
SECTION 5.02 Successor Corporation Substituted
	
16

	
ARTICLE VI DEFAULTS AND REMEDIES
	
 

	
SECTION 6.01 Events of Default
	
17

	
SECTION 6.02 Acceleration
	
18

	
SECTION 6.03 Other Remedies
	
18

	
SECTION 6.04 Waiver of Past Defaults
	
18

	
SECTION 6.05 Control by Majority
	
18

i

		
	
SECTION 6.06 Limitation on Suits
	
19

	
SECTION 6.07 Rights of Holders To Receive Payment and to
Demand Conversion
	
19

	
SECTION 6.08 Collection Suit by Trustee
	
19

	
SECTION 6.09 Trustee May File Proofs of Claim
	
19

	
SECTION 6.10 Priorities
	
20

	
SECTION 6.11 Undertaking for Costs
	
20

	
SECTION 6.12 Stay, Extension and Usury Laws
	
20

	
SECTION 6.13 Restoration of Positions
	
20

	
SECTION 6.14 Liability of Stockholders, Officers, Directors
and Incorporators
	
21

	
ARTICLE VII TRUSTEE
	
 

	
SECTION 7.01 Duties of Trustee
	
21

	
SECTION 7.02 Rights of Trustee
	
22

	
SECTION 7.03 Individual Rights of Trustee
	
23

	
SECTION 7.04 Money Held in Trust
	
23

	
SECTION 7.05 Trustee’s Disclaimer
	
23

	
SECTION 7.06 Notice of Defaults
	
23

	
SECTION 7.07 Reports by Trustee to Holders
	
23

	
SECTION 7.08 Compensation and Indemnity
	
23

	
SECTION 7.09 Replacement of Trustee
	
24

	
SECTION 7.10 Successor Trustee by Merger, Etc.
	
25

	
SECTION 7.11 Eligibility; Disqualification
	
25

	
SECTION 7.12 Preferential Collection of Claims Against the
Company
	
25

	
ARTICLE VIII DISCHARGE OF INDENTURE
	
 

	
SECTION 8.01 Satisfaction and Discharge of Indenture
	
25

	
SECTION 8.02 Application of Trust Funds;
Indemnification
	
26

	
SECTION 8.03 Legal Defeasance
	
26

	
SECTION 8.04 Covenant Defeasance
	
27

	
SECTION 8.05 Repayment to Company
	
28

	
SECTION 8.06 Reinstatement
	
28

	
ARTICLE IX AMENDMENTS, SUPPLEMENTS AND WAIVERS
	
 

	
SECTION 9.01 Without Consent of Holders
	
29

	
SECTION 9.02 With Consent of Holders
	
29

	
SECTION 9.03 Compliance with Trust Indenture Act
	
30

	
SECTION 9.04 Revocation and Effect of Consents
	
30

	
SECTION 9.05 Notation on or Exchange of Securities
	
31

	
SECTION 9.06 Trustee to Sign Amendment, etc.
	
31

	
ARTICLE X CONVERSION OR EXCHANGE OF SECURITIES
	
 

	
SECTION 10.01 Provisions Relating to Conversion or Exchange
of Securities
	
31

	
ARTICLE XI SINKING OR PURCHASE FUNDS
	
 

	
SECTION 11.01 Provisions Relating to Sinking or Purchase
Funds
	
31

	
ARTICLE XII SUBORDINATION
	
 

	
SECTION 12.01 Securities Subordinated to Senior
Indebtedness
	
32

	
SECTION 12.02 Priority and Payment Over of Proceeds in
Certain Events
	
32

	
SECTION 12.03 Payments May Be Paid Prior to
Dissolution
	
32

	
SECTION 12.04 Rights of Holders of Senior Indebtedness Not
to Be Impaired
	
33

	
SECTION 12.05 Authorization to Trustee to Take Action to
Effectuate Subordination
	
33

	
SECTION 12.06 Distribution or Notice to
Representative
	
33

	
SECTION 12.07 Subrogation
	
33

	
SECTION 12.08 Obligations of Company Unconditional
	
33

	
SECTION 12.09 Trustee Entitled to Assume Payments Not
Prohibited in Absence of Notice
	
34

	
SECTION 12.10 Right of Trustee to Hold Senior
Indebtedness
	
34

ii

		
	
ARTICLE XIII MISCELLANEOUS
	
 

	
SECTION 13.01 Trust Indenture Act Controls
	
35

	
SECTION 13.02 Notices
	
35

	
SECTION 13.03 Communication by Holders with Other
Holders
	
35

	
SECTION 13.04 Certificate and Opinion as to Conditions
Precedent
	
36

	
SECTION 13.05 Statements Required in Certificate or
Opinion
	
36

	
SECTION 13.06 Rules by Trustee and Agents
	
36

	
SECTION 13.07 Legal Holidays
	
36

	
SECTION 13.08 Duplicate Originals
	
36

	
SECTION 13.09 Governing Law
	
36

	
SECTION 13.10 No Adverse Interpretation of Other
Agreements
	
36

	
SECTION 13.11 Successors
	
37

	
SECTION 13.12 Severability
	
37

	
SECTION 13.13 Counterpart Originals
	
37

	
SECTION 13.14 Submission to Jurisdiction
	
37

	
SECTION 13.15 Waiver of Jury Trial
	
37

	
SECTION 13.16 Force Majeure
	
37

	
SECTION 13.16 Supplemental Indentures Contract
	
37

	
SECTION 13.18 Table of Contents, Headings, etc
	
37

	
SECTION 13.19 When Treasury Securities Disregarded
	
37

iii

CROSS-REFERENCE TABLE*

			
	
Trust
Indenture Act Section
	
Indenture
Section

	
310
	
(a)(1)
	
7.11

	
 
	
(a)(2)
	
7.11

	
 
	
(a)(3)
	
n/a

	
 
	
(a)(4)
	
n/a

	
 
	
(a)(5)
	
7.11

	
 
	
(b)
	
7.03;
7.11

	
 
	
(c)
	
n/a

	
311
	
(a)
	
7.12

	
 
	
(b)
	
7.12

	
 
	
(c)
	
n/a

	
312
	
(a)
	
2.06

	
 
	
(b)
	
13.03

	
 
	
(c)
	
13.03

	
313
	
(a)
	
7.07

	
 
	
(b)(1)
	
n/a

	
 
	
(b)(2)
	
7.07;
7.08

	
 
	
(c)
	
7.07;
13.02

	
 
	
(d)
	
7.07

	
314
	
(a)(1), (2),
(3)
	
4.03;13.05

	
 
	
(a)(4)
	
4.04

	
 
	
(b)
	
n/a

	
 
	
(c)(1)
	
13.04

	
 
	
(c)(2)
	
13.04

	
 
	
(c)(3)
	
n/a

	
 
	
(d)
	
n/a

	
 
	
(e)
	
13.05

	
 
	
(f)
	
n/a

	
315
	
(a)
	
7.01(b)

	
 
	
(b)
	
7.06;
13.02

	
 
	
(c)
	
7.01(a)

	
 
	
(d)
	
7.01(c)

	
 
	
(e)
	
6.11

	
316
	
(a)(last
sentence)
	
2.11

	
 
	
(a)(1)(A)
	
6.05

	
 
	
(a)(1)(B)
	
6.04

	
 
	
(a)(2)
	
n/a

	
 
	
(b)
	
6.07

	
 
	
(c)
	
9.04

	
317
	
(a)(1)
	
6.08

	
 
	
(a)(2)
	
6.09

	
 
	
(b)
	
2.04

	
318
	
(a)
	
13.01

	
 
	
(b)
	
n/a

	
 
	
(c)
	
13.01

“n/a”
means not applicable.

iv

SUBORDINATED INDENTURE (this “Indenture”), dated as of ________,
by and between PAR PHARMACEUTICAL COMPANIES, INC., a Delaware corporation (the
“Company”), as issuer, and ______________, a ____________, as trustee (the
“Trustee”).

RECITALS

     The Company has duly authorized the
execution and delivery of this Indenture to provide for the issuance from time
to time of its debentures, notes or other evidences of indebtedness to be issued
in one or more series (the “Securities”), up to such principal amount as may
from time to time be authorized in or pursuant to one or more resolutions of the
Board of Directors or by supplemental indenture.

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

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

ARTICLE I

DEFINITIONS AND INCORPORATION BY REFERENCE

     SECTION 1.01 Definitions.

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

“Agent” means any Registrar, Paying Agent, authenticating agent or
co-Registrar.

“Balance Sheet” of a Person means a consolidated balance sheet
(excluding the footnotes thereto) of such Person prepared in accordance with
GAAP.

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

“Board of Directors” means, with respect to any Person, the Board
of Directors of such Person or any duly authorized committee of such Board of
Directors.

“Board Resolution” means a copy of a resolution certified by the
secretary or an assistant secretary of such Person to have been duly adopted by
the Board of Directors of such Person or any duly authorized committee thereof
and to be in full force and effect on the date of such certification, and
delivered to the Trustee.

“Business Day” means a day that is not a Legal Holiday.

“Company” means the party named as the Company in the first
paragraph of this Indenture until one or more successor corporations shall have
become such pursuant to the applicable provisions of this Indenture, and
thereafter means such successors.

“Consolidated” or “consolidated” means, when used with reference
to any amount, such amount determined on a consolidated basis in accordance with
GAAP, after the elimination of intercompany items.

1

“Corporate Trust Office” means the office of the Trustee at which
at any particular time its corporate services business shall be principally
administered, which office at the date of execution of this Indenture is located
at ______________.

“Custodian” means any receiver, trustee, assignee, liquidator,
sequestrator or similar official under any Bankruptcy Law.

“Default” means any event which is, or after notice or lapse of
time or both would be, an Event of Default. 

“Depositary” means The Depository Trust Company, its nominees and
their respective successors.

“DTC Participants” has the meaning specified in
Section 2.08.

“ERISA” means the Employee Retirement Income Security Act of 1974,
as amended, or any successor statute.

“Event of Default” has the meaning specified in
Section 6.01.

“Exchange Act” means the Securities Exchange Act of 1934, as
amended, or any successor statute.

“GAAP” means generally accepted accounting principles 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 in such other
statements by such other entity as have been approved by a significant segment
of the accounting profession, which are applicable from time to time.

“Global Securities” means a Security issued to evidence all or a
part of any series of Securities that is executed by the Company and
authenticated and delivered by the Trustee to a depositary or pursuant to such
depositary’s instructions, all in accordance with this Indenture and pursuant to
Section 2.01, which shall be registered as to principal and interest in the
name of such depositary or its nominee.

“Holder” means the Person in whose name a Security is registered
on the Registrar’s books.

“Indebtedness” of a Person means any indebtedness, including
principal and premium, 

(i)

in respect of borrowed money;

(ii)

evidenced by bonds, notes, debentures or similar instruments or
letters of credit or bankers’ acceptances (or, without double counting,
reimbursement agreements in respect thereof);

(iii)

representing the deferred purchase price of property or services
other than trade or accounts payable arising in the ordinary course of such
Person’s business;

(iv)

representing obligations, whether or not assumed, secured by Liens
on property now or hereafter owned or acquired by such Person (other than
carriers’, warehousemen’s, mechanics’, repairmen’s or other like nonconsensual
statutory Liens arising in the ordinary course of business), provided, however,
that the amount of any such Indebtedness for which recourse is limited to
certain property shall be the lower of (a) the amount of the obligation and
(b) the fair market value of the property securing such obligation;

(v)

capitalized lease obligations; and

(vi)

if and to the extent it would appear as a liability upon Balance
Sheet of such Person, contingent obligations with respect to the Indebtedness of
another Person, including but not limited to the obligation or liability of
another which such Person assumes, 

2

guarantees, endorses, contingently agrees to purchase or provide
funds for the payment of, or otherwise becomes contingently liable upon;
provided, however, that any Indebtedness owing by the Company to
any of its Subsidiaries or by any Subsidiary of the Company to the Company or by
any Subsidiary of the Company to any other Subsidiary of the Company or any
contingent obligation in respect thereof shall not constitute Indebtedness.

For
purposes of this Indenture, Indebtedness shall not include 

(i)

indebtedness that would not appear as a liability upon a Balance
Sheet of such Person; 

(ii)

indebtedness that is recourse only to certain assets of such
Person, if the assets to which such indebtedness is recourse only appear on a
Balance Sheet of such Person net of such indebtedness; or

(iii)

indebtedness or other obligations issued by any Person (or by a
trust or other entity established by such Person or any of its affiliates) which
are primarily serviced by the cash flows of a discrete pool of receivables,
leases or other financial assets which have been sold or transferred by the
Company or any Subsidiary in securitization transactions which, in accordance
with GAAP, are accounted for as sales for financial reporting purposes.

 “Indenture” means this Indenture, as amended, supplemented
or modified from time to time.

“Issue Date” means the date of original issuance of the initial
Securities pursuant to this Indenture.

“Legal Holiday” has the meaning specified in
Section 13.07.

“Lien” means any mortgage, pledge, hypothecation, assignment,
deposit arrangement, encumbrance, lien (statutory or other), or preference,
priority or other security agreement or preferential arrangement of any kind or
nature whatsoever (including, without limitation, any conditional sale or other
title retention agreement or any financing lease having substantially the same
economic effect as any of the foregoing).

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

“Officer” of any Person means the Chairman of the Board, Vice
Chairman, the Chief Executive Officer, the President, any Senior Vice President,
any Executive Vice President, any Vice President, the Treasurer, the Secretary
or the Controller of such Person.

“Officers’ Certificate” means a certificate signed by two Officers
or by an Officer and an Assistant Treasurer, Assistant Secretary or Assistant
Controller of any Person.

“Opinion of Counsel” means a written opinion from legal counsel.
The counsel may be an employee of or counsel to the Company.

“Paying Agent” has the meaning specified in Section 2.04.

“Person” means an individual, partnership, corporation, business
trust, joint stock company, trust, unincorporated association, joint venture,
governmental authority or other entity of whatever nature.

“Physical Securities” means permanent certificated Securities in
registered form, issued in accordance with Section 2.08 and the terms of
any indenture supplemental hereto.

“Redemption Date” means, with respect to any Securities to be
redeemed, the date fixed for such redemption pursuant to this Indenture.

3

“Redemption Price” means the redemption price fixed in accordance
with the terms of the Securities, plus accrued and unpaid interest, if any, to
the date fixed for redemption.

“Register” has the meaning specified in Section 2.04.

“Registrar” has the meaning specified in Section 2.04.

“Responsible Officer” shall mean, when used with respect to the
Trustee, any officer within the corporate trust department of the Trustee,
including any vice president, assistant vice president, assistant secretary,
assistant treasurer, trust officer or any other officer of the Trustee who
customarily performs functions similar to those performed by the Persons who at
the time shall be such officers, respectively, or to whom any corporate trust
matter is referred because of such person’s knowledge of and familiarity with
the particular subject and who shall have direct responsibility for the
administration of this Indenture.

“SEC” means the Securities and Exchange Commission and any
government agency succeeding to its functions.

“Securities” means the securities authenticated and delivered
under this Indenture.

“Securities Act” means the Securities Act of 1933, as amended, or
any successor statute.

“Senior Indebtedness” means all Indebtedness (present or future)
created, incurred, assumed or guaranteed by the Company (and all renewals,
extensions or refundings thereof), unless the instrument under which such
Indebtedness is created, incurred, assumed or guaranteed provides that such
Indebtedness is not senior or superior in right of payment to the Securities.
Notwithstanding anything to the contrary in the foregoing, Senior Indebtedness
shall not include (i) any Indebtedness of the Company to any of its
Subsidiaries, (ii) any trade payables of the Company or (iii) any liability for
federal, state, local or other taxes owed or owing by the Company.

“Significant Subsidiary” means any Subsidiary that would
constitute a “significant subsidiary” within the meaning of Article 1 of
Regulation S-X of the Securities Act as in effect on the date of this
Indenture.

“Subsidiary” of any Person means:

(i)

a corporation a majority of whose capital stock with voting power,
under ordinary circumstances, to elect directors is at the time, directly or
indirectly, owned by such Person or by such Person and a subsidiary or
subsidiaries of such Person or by a subsidiary or subsidiaries of such Person;
or

(ii)

any other Person (other than a corporation) in which such Person
or such Person and a subsidiary or subsidiaries of such Person or a subsidiary
or subsidiaries of such Persons, at the time, directly or indirectly, owns at
least a majority voting interest under ordinary circumstances.

“TIA” means the Trust Indenture Act of 1939, as in effect on the
date of this Indenture; provided, however, that in the event the TIA is amended
after such date, “TIA” means, to the extent required by such amendment, the
Trust Indenture Act of 1939, as so amended, or any successor statute.

“Trustee” means the party named as such in this Indenture until a
successor replaces it and thereafter, means the successor.

“U.S. Government Obligations” means (i) direct obligations of
the United States of America for the payment of which the full faith and credit
of the United States of America is pledged or (ii) obligations of a person
controlled or supervised by and acting as an agency or instrumentality of the
United States of America, the payment of which is unconditionally guaranteed as
a full faith and credit obligation by the United States of America and which in
either case, are non-callable at the option of the issuer thereof.

4

     SECTION 1.02 Incorporation by
Reference of Trust Indenture Act.

Whenever this Indenture refers to a provision of the TIA, the
provision is incorporated by reference in and made a part of this Indenture. In
addition, the provisions of Sections 310 to and including 317 of the TIA that
impose duties on any person are incorporated by reference in, and form a part
of, this Indenture.

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

     “indenture securities” means the
Securities;

     “indenture security holder” means a
Holder;

     “indenture to be qualified” means
this Indenture;

     “indenture trustee” or
“institutional trustee” means the Trustee; and

     “obligor” on the Securities means
the Company and any other obligor on the indenture securities.

All other TIA terms used in this Indenture that are defined by the
TIA, defined by TIA reference to another statute or defined by SEC rule have the
meanings assigned to them by such definitions.

     SECTION 1.03 Rules of
Construction.

     Unless the context otherwise
requires:

(i)

a term has the meaning assigned to it;

(ii)

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

(iii)

“or” is not exclusive;

(iv)

“including” means including without limitation;

(v)

words in the singular include the plural, and in the plural
include the singular; and

(vi)

provisions apply to successive events and transactions.

ARTICLE II

THE SECURITIES

     SECTION 2.01 Unlimited in Amount,
Issuable in Series, Denomination

     The aggregate principal amount of
Securities which may be authenticated and delivered under this Indenture is
unlimited. The Securities may be issued in one or more series in denominations
of $1,000 and any integral multiple thereof. Prior to the issuance of Securities
of a series, the Company and the Trustee will execute an indenture supplemental
hereto which will set forth as to the Securities of that series, to the extent
applicable:

     (a) The title and ranking of
such Securities;

     (b) The aggregate principal
amount of such Securities and any limit on such aggregate principal amount that
may be issued;

     (c) The denomination of such
Securities, if other than $1,000 and any integral multiple thereof;

     (d) The price (expressed as a
percentage of the principal amount thereof) at which such Securities will be
issued and, if other than the principal amount thereof, the portion of the
principal amount thereof payable upon declaration of acceleration of the
maturity thereof;

5

     (e) The date or dates, or the
method for determining such date or dates, on which the Securities will mature
and the amounts to be paid upon maturity of the Securities;

     (f) The rate or rates (which
may be fixed or variable), or the method by which such rate or rates shall be
determined, at which such Securities will bear interest, if any, the date or
dates, or the method for determining such date or dates, from which any such
interest will accrue, the dates on which any such interest will be payable, the
record dates for such interest payment dates, or the method by which such dates
shall be determined, the persons to whom such interest shall be payable, and the
basis upon which interest shall be calculated, if other than that of a 360-day
year of twelve 30-day months;

     (g) The right, if any, of the
Company to defer payment of interest and the maximum length of any such deferral
period;

     (h) The place or places where
the principal of, and premium and interest, if any, on such Securities will be
payable, where such Securities may be surrendered for registration of transfer
or exchange and where notices or demands to or upon the Company in respect of
such Securities and this Indenture may be served;

     (i) The date or dates, if any,
after which, and the price or prices at which, and the other terms and
conditions upon which such Securities may, pursuant to any optional or mandatory
redemption provisions, be redeemed, as a whole or in part, by the Company;

     (j) The obligation, if any, of
the Company to redeem, repay or purchase such Securities pursuant to any sinking
fund or analogous provision or at the option of a Holder thereof, and the period
or periods within which, the price or prices at which and the other terms and
conditions upon which such Securities will be redeemed, repaid or purchased, as
a whole or in part, pursuant to such obligation;

     (k) The terms, if any, on which the
Securities of such series are convertible into, or exchangeable for, shares of
common stock, preferred stock or other securities of the Company, including any
mandatory conversion or exchange provisions and any provisions intended to
prevent dilution of those conversion or exchange rights;

     (l) Whether such Securities
will be secured or unsecured and the terms relating thereto;

     (m)  The restrictions, if any,
on the transfer, sale or other assignment of the Securities; 

     (n) If other than U.S. dollars,
the currency or currencies in which such Securities are denominated and payable,
which may be a foreign currency or units of two or more foreign currencies or a
composite currency or currencies, and the terms and conditions relating
thereto;

     (o) Whether
the principal of, or premium and interest, if any, on the Securities of the
series is to be payable, at the election of the Company or a Holder thereof, in
a currency or currencies, currency unit or units or composite currency or
currencies other than that in which such Securities are denominated or stated to
be payable, the period or periods within which, and the terms and conditions
upon which, such election may be made, and the time and manner of, and identity
of the exchange rate agent with responsibility for, determining the exchange
rate between the currency or currencies, currency unit or
units or composite currency or currencies in which such Securities are
denominated or stated to be payable and the currency or currencies, currency
unit or units or composite currency or currencies in which such Securities are
to be so payable;

     (p) Whether the amount of
payments of principal of, or premium and interest, if any, on such Securities
may be determined with reference to an index, formula or other method (which
index, formula or method may, but need not be, based on the yield on or trading
price of other securities, including United States Treasury securities, or on a
currency, currencies, currency unit or units, or composite currency or
currencies) and the manner in which such amounts shall be determined;

6

     (q) Any deletions from,
modifications of or additions to the Events of Default or covenants of the
Company with respect to Securities of the series, whether or not such Events of
Default or covenants are consistent with the Events of Default or covenants
described herein;

     (r) Whether and under what
circumstances the Company will pay any additional amounts on such Securities in
respect of any tax, assessment or governmental charge and, if so, whether the
Company will have the option to redeem such Securities in lieu of making such
payment;

     (s) Whether Securities of the
series are to be issuable as registered securities, bearer securities (with or
without coupons) or both, any restrictions applicable to the offer, sale or
delivery of bearer securities and the terms upon which bearer securities of the
series may be exchanged for registered securities of the series and vice versa
(if permitted by applicable laws and regulations), whether any Securities of the
series are to be issuable initially in temporary global form and whether any
Securities of the series are to be issuable in permanent global form with or
without coupons and, if so, whether beneficial owners of interests in any such
permanent Global Security may exchange such interests for Securities of such
series and of like tenor or any authorized form and denomination and the
circumstances under which any such exchanges may occur, if other than in the
manner provided in the indenture, and, if registered securities of the series
are to be issuable as a Global Security, the identity of the depositary for such
series;

     (t) The date as of which any
bearer securities of the series and any temporary Global Security representing
outstanding Securities of the series shall be dated if other than the date of
original issuance of the first Security of the series to be issued;

     (u) The person to whom any
interest on any registered security of the series shall be payable, if other
than the person in whose name that Security (or one or more predecessor
securities) is registered at the close of business on the regular record date
for such interest, the manner in which, or the person to whom, any interest on
any bearer security of the series shall be payable, if otherwise than upon
presentation and surrender of the coupons appertaining thereto as they severally
mature, and the extent to which, or the manner in which, any interest payable on
a temporary Global Security on an interest payment date will be paid if other
than in the manner provided in the indenture;

     (v) The applicability, if any, of
the legal defeasance and covenant defeasance provisions of this Indenture to the
Securities of the series;

     (w)  Whether such
Securities will be issued in certificated or book entry form, and if the
Securities of such series are to be issuable in definitive form (whether upon
original issue or upon exchange of a temporary security of such series) only
upon receipt of certain certificates or other documents or
satisfaction of other conditions, then the form and/or terms of such
certificates, documents or conditions;

     (x) Whether the Securities will
be listed for trading on an exchange and the identity of such exchange, and
whether any underwriters will act as market makers for the Securities; and

     (y) Any other terms,
preferences, rights or limitations of, or restrictions on, the Securities of
such series, including any restrictions on the transfer, sale or other
assignment of the Securities.

     SECTION 2.02 Form and
Dating.

     The Securities of each series will
be substantially in the form established by an indenture supplemental hereto
relating to the Securities of that series. The Securities may have notations,
legends or endorsements required by law, stock exchange rules or usage. The
Company will approve the form of the Securities and any notation, legend or
endorsement thereon. Each Security will be dated as of the date of its
authentication pursuant to Section 2.03.

     SECTION 2.03 Execution and
Authentication.

     Two Officers shall sign the
Securities for the Company by manual or facsimile signature. If an Officer whose
signature is on a Security no longer holds that office at the time the Security
is authenticated, the Security shall be valid nevertheless.

7

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

     The Trustee shall, upon a written
order of the Company signed by one Officer of the Company, authenticate for
original issue Securities in aggregate principal amount specified in such
order.

     The Trustee may appoint an
authenticating agent reasonably acceptable to the Company to authenticate
Securities. Unless limited by the terms of such appointment, an authenticating
agent may authenticate Securities whenever the 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
the Company or an Affiliate of the Company.

     SECTION 2.04 Registrar and Paying
Agent.

     The Company shall maintain an office
or agency where Securities may be presented for registration of transfer or for
exchange (the “Registrar”) and an office or agency where
Securities may be presented for payment (the “Paying Agent”). The
Registrar shall keep a register of the Securities (the “Register”)
and of their transfer and exchange. The Company may appoint one or more
co-Registrars and one or more additional Paying Agents for the Securities. The
term “Paying Agent” includes any additional paying agent and the term
“Registrar” includes any additional registrar. The Company may change any Paying
Agent or Registrar without prior notice to any Holder.

     The Company shall enter into an
appropriate agency agreement with any Agent not a party to this Indenture, which
shall incorporate the terms of the TIA and implement the terms of this Indenture
that relate to such Agent. The Company shall give prompt written notice to the
Trustee of the name and address of any Agent who is 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
Affiliate of the Company may act as Paying Agent or Registrar; provided,
however, that none of the Company, its Subsidiaries or the Affiliates of the
foregoing shall act (i) as Paying Agent in connection with redemptions,
offers to purchase, discharges and defeasance, as otherwise specified in this
Indenture, and (ii) as Paying Agent or Registrar if a Default or Event of
Default has occurred and is continuing.

     The Company initially appoints The
Depository Trust Company to act as Depositary with respect to the Global
Securities.

     The Company hereby initially
appoints the Trustee as Registrar and Paying Agent for the Securities.

     SECTION 2.05 Paying Agent to Hold
Assets in Trust.

     Not later than 11:00 a.m. (New
York City time) on each due date of the principal and interest on any
Securities, the Company shall deposit with one or more Paying Agents money in
immediately available funds sufficient to pay such principal and interest so
becoming due. 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
Holders or the Trustee all assets held by the Paying Agent for the payment of
principal of and interest on the Securities (whether such money has been paid to
it by the Company or any other obligor on the Securities) and shall notify the
Trustee of any failure by the Company (or any other obligor on the Securities)
in making any such payment. While any such failure continues, the Trustee may
require a Paying Agent to pay all money held by it to the Trustee and to account
for any funds disbursed. 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 of the Company) shall
have no further liability for the money so paid over to the Trustee.

     If the Company or any Subsidiary of
the Company or any Affiliate of any of them acts as Paying Agent, it shall,
prior to or on each due date of any principal of or interest on the Securities,
segregate and hold in a separate trust fund for the benefit of the Holders a sum
of money sufficient with monies held by all other Paying Agents, to pay such
principal or interest so becoming due until such sum of money shall 

8

be paid to such Holders or otherwise disposed of as provided in
this Indenture, and will promptly notify the Trustee of its actions or failure
to act.

     SECTION 2.06 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 Holders and shall otherwise comply with Section
312(a) of the TIA. If the Trustee is not the Registrar, the Company shall
furnish to the Trustee prior to or on each interest payment date for the
Securities and at such other times as the Trustee may
request in writing, a list in such form and as of such date as the Trustee may
reasonably require of the names and addresses of Holders relating to such
interest payment date or request, as the case may be.

     SECTION 2.07 General Provisions
Relating to Transfer and Exchange.

     The Securities are issuable only in
registered form. A Holder may transfer a Security only by written application to
the Registrar or another transfer agent stating the name of the proposed
transferee and otherwise complying with the terms of this Indenture. No such
transfer shall be effected until, and such transferee shall succeed to the
rights of a Holder only upon, final acceptance and registration of the transfer
by the Registrar in the Register. Prior to the registration of any transfer by a
Holder as provided herein, the Company, the Trustee, and any agent of the
Company shall treat the person in whose name the Security is registered as the
owner thereof for all purposes whether or not the Security shall be overdue, and
neither the Company, the Trustee, nor any such agent shall be affected by notice
to the contrary. Furthermore, any Holder of a Global Security shall, by
acceptance of such Global Security, agree that transfers of beneficial interests
in such Global Security may be effected only through a book-entry system
maintained by the Holder of such Global Security (or its agent) and that
ownership of a beneficial interest in the Security shall be required to be
reflected in a book-entry.

     When Securities are presented to the
Registrar or another transfer agent with a request to register the transfer or
to exchange them for an equal principal amount of Securities of other authorized
denominations, the Registrar shall register the transfer or make the exchange as
requested if its requirements for such transactions are met (including that such
Securities are duly endorsed or accompanied by a written instrument of transfer
duly executed by the Holder thereof or by an attorney who is authorized in
writing to act on behalf of the Holder). Subject to Section 2.03, to permit
registrations of transfers and exchanges, the Company shall execute and the
Trustee shall authenticate Securities at the Registrar’s request. No service
charge shall be made for any registration of transfer or exchange or redemption
of the Securities, 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 other similar governmental
charge payable upon exchanges pursuant to Section 2.12, 3.06 or 9.05
hereof).

     Neither the Registrar nor any other
transfer agent nor the Company shall be required to:

     (i) issue, register the transfer of
or exchange any Security during a period beginning at the opening of business 15
Business Days before the day of any selection of Securities for redemption under
Section 3.02 hereof and ending at the close of business on the day of
selection; or

     (ii) register the transfer of or
exchange any Security so selected for redemption in whole or in part, except the
unredeemed portion of any Security being redeemed in part.

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

     The Trustee shall have no obligation
or duty to monitor, determine or inquire as to compliance with any restrictions
on transfer imposed under this Indenture or under applicable law with respect to
any transfer of any interest in any Security (including any transfers between or
among DTC Participants or beneficial owners of interests in any Global Security)
other than to require delivery of such certificates 

9

and other documentation or evidence as are expressly required by,
and to do so if and when expressly required by the terms of, this Indenture, and
to examine the same to determine substantial compliance as to form with the
express requirements hereof.

     SECTION 2.08 Book-Entry
Provisions for Global Securities.

     (a) The Global Securities
initially shall:

     (i) be registered in the name of the
Depositary or the nominee of such Depositary; and

     (ii) be delivered to the Trustee as
custodian for such Depositary.

     Members of, or participants in, the
Depositary (“DTC Participants”) shall have no rights under this
Indenture with respect to any Global Security held on their behalf by the
Depositary, or the Trustee as its custodian, or under such Global Security, and
the Depositary may be treated by the Company, the Trustee and any agent of the
Company or the Trustee as the absolute owner of such Global Security for all
purposes whatsoever. Notwithstanding the foregoing, nothing contained 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 the DTC Participants, the operation of customary practices governing the
exercise of the rights of a Holder of any Security.

     (b) Transfers of a Global
Security shall be limited to transfers of such Global Security in whole, but not
in part, to the Depositary, its successors or their respective nominees.
Beneficial owners may transfer their interests in Global Securities in
accordance with the rules and procedures of the Depositary.

     (c) Any beneficial interest in
one of the Global Securities that is transferred to a person who takes delivery
in the form of an interest in another Global Security will, upon transfer, cease
to be an interest in such Global Security and become an interest in such other
Global Security and, accordingly, will thereafter be subject to all transfer
restrictions, if any, and other procedures applicable to beneficial interests in
such other Global Security for as long as it remains such an interest.

     (d) The registered Holder of a
Global Security may grant proxies and otherwise authorize any Person, including
DTC Participants and Persons that may hold interests through DTC Participants,
to take any action that a Holder is entitled to take under this Indenture or the
Securities.

     (e) If at any time:

     (i) the Company notifies the Trustee
in writing that the Depositary is no longer willing or able to continue to act
as Depositary for the Global Securities or the Depositary
ceases to be a “clearing agency” registered under the Exchange Act, and a
successor depositary for the Global Securities is not appointed by the Company
within 90 days of such notice or cessation;

     (ii) the Company, at its option,
notifies the Trustee in writing that it elects to cause the issuance of the
Securities in definitive form under this Indenture in exchange for all or any
part of the Securities represented by a Global Security or Global Securities;
or

     (iii) an Event of Default has
occurred and is continuing and the Registrar has received a request from the
Depositary,

subject to this Section 2.08(e), the Depositary shall
surrender such Global Security or Global Securities to the Trustee for
cancellation and then the Company shall execute, and the Trustee shall
authenticate and deliver in exchange for such Global Security or Global
Securities, Physical Securities, as applicable, in an aggregate principal amount
equal to the principal amount of such Global Security or Global Securities. Such
Physical Securities shall be registered in such names as the Depositary shall
identify in writing as the beneficial owners, or participant nominees, of the
Securities represented by such Global Security or Securities (or any nominee
thereof).

10

     (f) Notwithstanding the
foregoing, in connection with any transfer of a portion of the beneficial
interests in a Global Security to beneficial owners pursuant to paragraph
(e) of this Section 2.08, the Registrar shall reflect on its books and
records the date and a decrease in the principal amount of such Global Security
in an amount equal to the principal amount of the beneficial interest in such
Global Security to be transferred, and the Company shall execute, and the
Trustee shall authenticate and deliver, one or more Physical Securities of like
tenor and amount.

     SECTION 2.09 Replacement
Securities.

     If a mutilated Security is
surrendered to the Trustee or if the Holder of a Security claims that the
Security has been lost, destroyed or wrongfully taken, the Company shall issue
and the Trustee shall authenticate a replacement Security if the requirements of
the Trustee and the Company are met; provided that, if any such Security
has been called for redemption in accordance with the terms thereof, the Trustee
may pay the Redemption Price thereof on the Redemption Date without
authenticating or replacing such Security. The Trustee or the Company may, in
either case, require the Holder to provide an indemnity bond sufficient in the
judgment of each of the Trustee and the Company to protect the Company, the
Trustee or any Agent from any loss which any of them may suffer if a Security is
replaced or if the Redemption Price therefor is paid pursuant to this
Section 2.09. The Company may charge the Holder who has lost a Security for
its expenses in replacing a Security.

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

     SECTION 2.10 Outstanding
Securities.

     The Securities outstanding at any
time are all the Securities authenticated by the Trustee, except for
(i) those cancelled by it, (ii) those delivered to it for cancellation
and (iii) those described in this Section as not outstanding.

     If a Security is replaced pursuant
to Section 2.09 hereof, it ceases to be outstanding and interest ceases to
accrue unless the Trustee receives proof satisfactory to it that the replaced
Security is held by a bona fide purchaser.

     If all principal of and interest on
any Security are considered paid under Section 4.01 hereof, such Security
ceases to be outstanding and interest on it ceases to accrue.

     Except as provided in
Section 2.11 hereof, a Security does not cease to be outstanding because
the Company or an Affiliate of the Company holds such Security.

     SECTION 2.11 Treasury
Securities.

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

     SECTION 2.12 Temporary
Securities.

     Until definitive Securities are
ready for delivery, the Company may prepare and execute, and the Trustee shall
authenticate upon a written order of the Company signed by one Officer of the
Company, temporary Securities. Temporary Securities shall be substantially in
the form of definitive Securities but may have variations that the Company
considers appropriate for temporary Securities. Without unreasonable delay, the
Company shall prepare, and the Trustee shall authenticate, definitive Securities
in exchange for temporary Securities. Holders of temporary Securities shall be
entitled to all of the benefits of this Indenture.

11

     SECTION 2.13
Cancellation.

     The Company at any time may deliver
Securities to the Trustee for cancellation. The Registrar and Paying Agent shall
forward to the Trustee any Securities surrendered to them for registration of
transfer, exchange, payment or repurchase. The Trustee shall cancel all
Securities surrendered for registration of transfer, exchange, payment,
repurchase, redemption, replacement or cancellation and shall return such
cancelled Securities to the Company upon the Company’s written request (subject
to the record retention requirements of the Exchange Act). The Company may not
issue new Securities to replace Securities that it has paid or that have been
delivered to the Trustee for cancellation.

     SECTION 2.14 CUSIP
Numbers.

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

     SECTION 2.15 Defaulted
Interest.

     If the Company fails to make a
payment of interest on Securities, it shall pay such defaulted interest plus (to
the extent lawful) any interest payable on the defaulted interest, in any lawful
manner. It may elect to pay such defaulted interest, plus any such interest
payable on it, to the Persons who are Holders of such Securities on which the
interest is due on a subsequent special record date. The Company shall notify
the Trustee in writing of the amount of defaulted interest proposed to be paid
on each such Security. The Company shall fix any such record date and payment
date for such payment. At least 15 days before any such record date, the
Company shall mail to Holders affected thereby a notice that states the record
date, interest payment date, and amount of such interest to be paid.

     SECTION 2.16 Special Record
Dates.

     The Company may, but shall not be
obligated to, set a record date for the purpose of determining the identity of
Holders of Securities entitled to consent to any supplement, amendment or waiver
permitted by this Indenture. If a record date is fixed, the Holders of
Securities outstanding on such record date, and no other Holders, shall be
entitled to consent to such supplement, amendment or waiver or revoke any
consent previously given, whether or not such Holders remain Holders after such
record date. No consent shall be valid or effective for more than 90 days after
such record date unless consents from Holders of the aggregate principal amount
of Securities required hereunder for such amendment or waiver to be effective
shall have also been given and not revoked within such 90-day period.

ARTICLE III

REDEMPTION

     SECTION 3.01 Notices to
Trustee.

     If the Company elects to redeem any
series of Securities pursuant to the optional redemption provisions set forth in
the supplemental indenture relating to such series of Securities, it shall
notify the Trustee in writing of the intended Redemption Date, the principal
amount of Securities to be redeemed and the CUSIP numbers of the Securities to
be redeemed. The Company shall give each notice to the Trustee provided for in
this Section 3.01 at least  days fifteen (15) days before the
giving of the notice of redemption pursuant to Section 3.03 hereof (unless a
shorter period is satisfactory to the Trustee).

12

     SECTION 3.02 Selection of
Securities to Be Redeemed.

     If fewer than all the Securities of
any series are to be redeemed, the Trustee shall select the Securities of such
series to be redeemed from the outstanding Securities of such series by a method
that complies with the requirements of any exchange on which the Securities are
listed, or, if the Securities are not listed on an exchange, on a pro rata basis
or by lot or in accordance with any other method the Trustee considers fair and
appropriate. The Trustee will make the selection from outstanding Securities of
that series not previously called for redemption. 

     Securities and portions thereof of
any series that the Trustee selects shall be in amounts equal to the minimum
authorized denomination for Securities to be redeemed or any integral multiple
thereof. The Trustee may select for redemption portions of the principal amount
of Securities that have denominations larger than the minimum denomination in
which Securities of the applicable series may be issued. Provisions of this
Indenture that apply to Securities of any series called for redemption also
apply to portions of Securities of such series called for redemption. The
Trustee shall notify the Company promptly in writing of the Securities or
portions of Securities of any series to be called for redemption.

     SECTION 3.03 Notice of
Redemption.

     At least 30 days but not more
than 60 days before the Redemption Date, the Company shall mail a notice of
redemption by first-class mail to each Holder whose Securities are to be
redeemed in whole or in part at the address of such Holder appearing in the
Register.

     The notice shall identify the
principal amount and series of each Security to be redeemed and shall state:

     (i) the Redemption Date;

     (ii) the method being used to
determine the Redemption Price;

     (iii) if fewer than all outstanding
Securities are to be redeemed, the portion of the principal amount of the
Securities to be redeemed and that, after the Redemption Date, upon surrender of
such Security, a new Security in principal amount equal to the unredeemed
portion will be issued;

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

     (v) that Securities called for
redemption must be presented and surrendered to the Paying Agent to collect the
Redemption Price plus accrued interest, if any;

     (vi) that, unless the Company
defaults in payment of the Redemption Price, interest on Securities (or the
portions thereof) called for redemption ceases to accrue interest on and after
the Redemption Date, and, if applicable, those Securities (or the portion
thereof called for redemption) will cease on the Redemption Date (or such other
date as if provided in the supplemental indenture relating to the Securities) to
be convertible into, or exchangeable for, other securities or assets;

     (vii) if applicable, the current
conversion or exchange price; and

     (viii) the CUSIP numbers, if any, of
the Securities to be redeemed.

     At the Company’s written request,
the Trustee shall give the notice of redemption in the Company’s name and at its
expense. 

     SECTION 3.04 Effect of Notice of
Redemption.

     Once the notice of redemption is
mailed, Securities called for redemption become irrevocably due and payable on
the Redemption Date at the Redemption Price. Upon surrender to the Paying Agent,
such Securities shall be paid at the Redemption Price, plus accrued and unpaid
interest to the Redemption Date.

     The notice mailed in the manner
herein provided shall be conclusively presumed to have been duly given whether
or not the Holder receives such notice. In any case, failure to give such notice
by mail or 

13

any defect in the notice to the Holder of any Securities shall not
affect the validity of the proceeding for the redemption of Securities of any
other Holder.

     SECTION 3.05 Deposit of
Redemption Price.

     Prior to 11:00 a.m., New York
City time, on the Redemption Date, the Company shall deposit with the Trustee or
with the Paying Agent (or, if the Company or an Affiliate of the Company is
acting as the paying Agent, shall segregate and hold in trust) an amount of
money sufficient to pay the Redemption Price of all Securities to be redeemed on
that date, together with accrued and unpaid interest to the Redemption Date,
except for Securities or portions thereof called for redemption which have been
delivered by the Company to the Trustee for cancellation or Securities which
have been surrendered for conversion or exchange. If any Securities called for
redemption are converted or exchanged, any money deposited with the Trustee or
Paying Agent for redemption of those Securities shall be promptly paid to the
Company upon its request, or, if the money is held in trust by the Company or a
Subsidiary as Paying Agent, the money will be discharged from the trust. 

     SECTION 3.06 Securities Redeemed
in Part.

     Upon surrender of a Security that is
redeemed in part, the Company shall execute and the Trustee shall authenticate
for the Holder at the expense of the Company, a new Security equal in principal
amount to the unredeemed portion of the Security surrendered.

     SECTION 3.07 Holder's Right to
Require Redemption. 

     Holders of Securities of a series
will have the right to require the Company to redeem those Securities only to
the extent, and only on the terms, set forth in the supplemental indenture
relating to the Securities of that series. If Holders of Securities of a series
have the right to require the Company to redeem those Securities, unless
otherwise provided in the supplemental indenture relating to the Securities of
that series, the terms of the redemption will include those set forth in Section
3.08.

     SECTION 3.08 Procedure for
Requiring Redemption. 

     If a Holder has the right to require
the Company to redeem Securities, to exercise that right, the Holder must
deliver the Securities to the Paying Agent, endorsed for transfer and with the
form on the reverse side regarding the option to require redemption completed.
Delivery of Securities to the Paying Agent as provided in this Section 3.07 will
constitute an irrevocable election to cause the specified principal amount of
Securities to be redeemed. When Securities are delivered to the Paying Agent as
provided in this Section, unless the Company fails to make the payments due as a
result of the redemption within twenty (20) days after the Securities are
delivered to the Paying Agent, interest on the Securities will cease to accrue
and, if the Securities are convertible or exchangeable, the Holder's right to
convert or exchange the Securities will terminate. 

     The Company's determination of all
questions regarding the validity, eligibility (including time of receipt) and
acceptance of any Security for redemption will be final and binding.

ARTICLE IV

COVENANTS

     SECTION 4.01 Payment of
Securities.

     The Company shall pay, or cause to
be paid, the principal of and interest on the Securities on the dates and in the
manner provided in the Securities and the supplemental Indenture relating to the
series. Principal and interest shall be considered paid on the date due if the
Paying Agent, if other than the Company, a Subsidiary of the Company or any
Affiliate of any of them, holds as of 11:00 a.m. (New York City time) on
that date immediately available funds designated for and sufficient to pay all
principal and interest then due. If the Company or any Subsidiary of the Company
or any Affiliate of any of them 

14

acts as Paying Agent, principal or interest shall be considered
paid on the due date if the entity acting as Paying Agent complies with the
second paragraph of Section 2.05 hereof.

     The Company shall pay interest on
overdue principal and premium, and interest on overdue installments of interest,
to the extent lawful, at the rate per annum specified therefor in the
Securities.

     Notwithstanding anything to the
contrary contained in this Indenture, the Company may, to the extent it is
required to do so by law, deduct or withhold income or other similar taxes
imposed by the United States of America from principal or interest payments
hereunder.

     SECTION 4.02 Maintenance of
Office or Agency.

     The Company shall maintain in the
Borough of Manhattan, The City of New York, an office or agency (which may be an
office of the Trustee or an affiliate of the Trustee or Registrar) where the
Securities may be surrendered for registration of transfer or exchange and where
notices and demands to or upon the Company in respect of the Securities and this
Indenture may be served. The Company 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 fails to maintain any such
required office or agency or fails 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.

     The Company may also from time to
time designate one or more other offices or agencies where the Securities may be
presented or surrendered for any or all such purposes and may from time to time
rescind such designations; provided, however, that no such designation or
rescission shall in any manner relieve the Company of its obligation to maintain
an office or agency in the Borough of Manhattan, The City of New York for such
purposes. 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.

     The Company hereby designates the
New York office of the Trustee located at
                                          ,
as one such office or agency of the Company in accordance with Section 2.04
hereof.

     SECTION 4.03 Reports.

     (a) The Company shall deliver
to the Trustee within fifteen (15) days after it files them with the SEC
copies of the annual reports and of the information, documents, and other
reports (or copies of such portions of any of the foregoing as the SEC may by
rules and regulations prescribe) which the Company is required to file with the
SEC pursuant to Section 13 or 15(d) of the Exchange Act and posting of such
reports on the Company’s web site shall be deemed delivery to the Trustee;
provided, however, the Company shall not be required to deliver to the
Trustee any materials for which the Company has sought and received confidential
treatment by the SEC. The Company shall also comply with the other provisions of
Section 314(a) of the TIA.

     (b) Delivery of reports,
information and documents to the Trustee pursuant to this Section 4.03 is for
informational purposes only and the Trustee’s receipt of such shall not
constitute constructive notice of any information contained therein or
determinable from information contained therein, including the Company’s
compliance with any of its covenants hereunder (as to which the Trustee is
entitled to rely exclusively on Officers’ Certificates).

     SECTION 4.04 Compliance
Certificate.

     The Company shall deliver to the
Trustee, within 120 days after the end of each fiscal year of the Company,
an Officers’ Certificate, one of the signers of which is the chief executive
officer, vice chairman, the chief financial officer, executive vice president or
the chief accounting officer of the Company, stating that in the course of the
performance by the signers of their duties as officers of the Company, they
would normally have knowledge of any failure by the Company to comply with all
conditions, or Default by the Company with respect to any covenants, under this
Indenture, and further stating whether or not they have knowledge of any such
failure or Default and, if so, specifying each such failure or Default, the
nature and status thereof and what action the Company is taking or proposes to
take 

15

with respect thereto. For purposes of this Section, such
compliance shall be determined without regard to any period of grace or
requirement of notice provided for in this Indenture. The certificate need not
comply with Section 13.04 hereof.

     SECTION 4.05 Taxes.

     The Company shall pay prior to
delinquency, all material taxes, assessments, and governmental levies except as
contested in good faith by appropriate proceedings.

     SECTION 4.06 Corporate
Existence.

     Subject to Article V 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 (ii) the
material rights (charter and statutory), licenses and franchises of the Company
and its Subsidiaries taken as a whole; provided, however, that the
Company shall not be required to preserve any such right, license or franchise
if the Board of Directors determines that the preservation thereof is no longer
in the best interests of the Company, and that the loss thereof is not adverse
in any material respect to the Holders.

ARTICLE V

MERGER, ETC.

     SECTION 5.01 When Company May
Merge, etc.

     The Company shall not consolidate or
merge with or into, or sell, assign, transfer, lease, convey or otherwise
dispose of all or substantially all of its assets to, any Person unless
:

     (i) the Person formed by or
surviving any such consolidation or merger (if other than the Company), or to
which such sale, assignment, transfer, lease, conveyance or other disposition
shall have been made, is a corporation organized and existing under the laws of
the United States of America, any state thereof or the District of Columbia;

     (ii) the Person formed by or
surviving any such consolidation or merger (if other than the Company), or to
which such sale, assignment, transfer, lease, conveyance or other disposition
shall have been made, expressly assumes by one or more supplemental indentures
satisfactory in form to the Trustee all of the obligations of the Company under
the Securities and this Indenture;

     (iii) immediately after such
transaction, and giving effect thereto, no Default or Event of Default shall
have occurred and be continuing; and 

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

     Notwithstanding the foregoing, the
Company may merge with another Person or acquire by purchase or otherwise all or
any part of the property or assets of any other corporation or Person in a
transaction in which the surviving entity is the Company.

     SECTION 5.02 Successor
Corporation Substituted.

     Upon any consolidation or merger, or
any sale, assignment, transfer, lease, conveyance or other disposition of all or
substantially all the assets of the Company in accordance with Section 5.01
hereof, the successor corporation formed by such consolidation or into which the
Company is merged or to which such sale, assignment, transfer, lease, conveyance
or other disposition is made shall succeed to, and be substituted for, and may
exercise every right and power of, the Company under this Indenture with the
same effect as if such successor corporation had been named as the Company
herein. In the event of any such sale or conveyance, but not any such lease, the
Company or any successor corporation which 

16

thereafter will have become such in the manner described in this
Article V shall be discharged from all obligations and covenants under the
Securities and this Indenture and may be dissolved, wound up or liquidated.

ARTICLE VI

DEFAULTS AND REMEDIES

     SECTION 6.01 Events of
Default.

     An “Event of Default” with respect
to each series of the Securities occurs when any of the following occurs:

     (i) the Company defaults in the
payment of the principal, premium, or sinking fund payment, if any, of
any Security of such series when it becomes due and payable at maturity, upon
acceleration, repurchase, redemption or otherwise, unless the time for payment
is extended;

     (ii) the Company defaults in the
payment of interest on any Security of such series when it becomes due and
payable and such Default continues for a period of ninety (90) days, unless the
time for payment is extended;

     (iii) the Company fails to comply in
any material respect with any of its other agreements or covenants in, or
provisions of, the Securities or this Indenture and the Company and such Default
continues for a period of ninety (90) days after the Company receives
written notice of such Default from the Trustee, or the Company the Trustee
receive written notice of such Default from the Holders of at least 51% in
aggregate principal amount of the outstanding Securities of such series;

     (iv) the Company or a Significant
Subsidiary pursuant to or within the meaning of any Bankruptcy Law:

     (a) commences a voluntary case or
proceeding;

     (b) consents to the entry of an
order for relief against it in an involuntary case or proceeding;

     (c) consents to the appointment of a
Custodian of it or for any substantial part of its property; or

     (d) makes a general assignment for
the benefit of its creditors; or

     (v) a court of competent
jurisdiction enters an order or decree under any applicable Bankruptcy Law
that:

     (a) is for relief against the
Company or any Significant Subsidiary in an involuntary case or proceeding
against the Company or any Significant Subsidiary;

     (b) appoints a Custodian for the
Company or any Significant Subsidiary or for any substantial part of its
property; or

     (c) orders the winding up or
liquidation of the Company or any Significant Subsidiary,

and any such order or decree under this clause (v) remains
unstayed and in effect for ninety (90) days.

     Any notice of default under clause
(iii) of this Section 6.01 must specify the Default, demand that it be
remedied and state that the notice is a “Notice of Default.”

     Each of the occurrences described in
clauses (i) through (v) of this Section 6.01 will constitute an Event of Default
whatever the reason for the occurrence and whether it is voluntary or
involuntary or is effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any
administrative or governmental body. 

17

     A Default under clause (i), (ii) or
(iii) of this Section 6.01 with regard to Securities of a particular series will
not constitute a Default with regard to Securities of any other series except to
the extent, if any, provided in the supplemental indenture relating to the other
series. 

     SECTION 6.02
Acceleration.

     Subject to Article XII, if an Event
of Default with respect to any series of outstanding Securities (other than an
Event of Default specified in clause (iv) or (v) of Section 6.01
hereof) occurs and is continuing, the Trustee or the Holders of at least 51% in
aggregate principal amount of the outstanding Securities of the applicable
series, by written notice to the Company, and to the Trustee if notice is given
by such Holders, may declare due and payable the unpaid principal amount of all
Securities of such series plus any unpaid premium or accrued and unpaid
interest, if any, to the date of payment. Upon a declaration of acceleration,
such principal, premium and accrued and unpaid interest to the date of payment
shall be due and payable. 

     If an Event of Default specified in clause (iv) or (v) of
Section 6.01 hereof occurs, all unpaid principal, premium and accrued
interest on the Securities shall become and be immediately due and payable
without any notice, declaration or other action on the part of the Trustee or
any Holder.

     The Holders of a majority in
aggregate principal amount of any outstanding series of Securities by written
notice to the Trustee may rescind and annul an acceleration and its consequences
if (i) all existing Events of Default, other than the nonpayment of
principal, premium or interest on the Securities which have become due solely
because of the acceleration, have been cured or waived and (ii) the
rescission would not conflict with any judgment or decree of a court of
competent jurisdiction. Such rescission or annulment will not extend to any
subsequent or other Default or impair any consequent right.

     SECTION 6.03 Other
Remedies.

     If an Event of Default with respect
to any series of outstanding Securities occurs and is continuing, the Trustee
may pursue any available remedy by proceeding at law or in equity to collect the
payment of principal of or interest on such series of Securities or to enforce
the performance of any provision of such series of Securities or this
Indenture.

     The Trustee may maintain a
proceeding even if it does not possess any of the Securities 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 the Event of Default shall not
impair the right or remedy or constitute a waiver of or acquiescence in the
Event of Default. No remedy is exclusive of any other remedy. All remedies are
cumulative to the extent permitted by law.

     SECTION 6.04 Waiver of Past
Defaults.

     Subject to Sections 6.07 and
9.02 hereof, the Holders of at least a majority in aggregate principal amount of
any series of outstanding Securities by notice to the Trustee may waive an
existing Default or Event of Default except a Default or Event of Default in the
payment of the principal of or interest on such series of Securities
(provided, however, that, subject to Section 6.07, the Holders of a
majority in aggregate principal amount of the then outstanding Securities may
rescind an acceleration and its consequences, including any related payment
default that resulted from such acceleration). When a Default or Event of
Default is waived, it is deemed cured and ceases, but no waiver will extend to
any subsequent or other Default or impair any consequent right.

     SECTION 6.05 Control by
Majority.

     The Holders of at least a majority
in aggregate principal amount of any outstanding series of Securities may 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 it. However, the
Trustee may refuse to follow any direction that (i) conflicts with law or
this Indenture, (ii) the Trustee determines may be unduly prejudicial to
the rights of other Holders of Securities of such series or (iii) may
involve the Trustee in 

18

personal liability. The Trustee may take any other action that it
deems proper which is not inconsistent with any such direction.

     SECTION 6.06 Limitation on
Suits.

     Subject to the provisions of
Section 6.07 hereof, no Holder of Securities of any series may pursue any
remedy with respect to this Indenture or the Securities of such series
unless :

     (i) the Holder gives to the Trustee
written notice stating that an Event of Default is continuing;

     (ii) the Holders of at least 25% in
aggregate principal amount of such series of Securities make a written request
to the Trustee to pursue the remedy;

     (iii) such Holder or Holders offer
to the Trustee indemnity satisfactory to the Trustee against any loss,
liability, cost or expense;

     (iv) the Trustee does not comply
with the request within sixty (60) days after receipt of the request and
the offer of indemnity; and

     (v) during such 60-day period, the
Holders of at least a majority in aggregate principal amount of such series of
Securities do not give the Trustee a direction inconsistent with the
request.

     A Holder may not use this Indenture
to 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 and to Demand Conversion.

     Notwithstanding any other provision
of this Indenture, subject to the provisions of Article XII, the right of any
Holder of a Security to receive payment of principal of, premium, if any, or
interest, if any, on the Security (and interest on overdue principal and
interest on overdue installments of interest, if any, as provided in Section
4.01) on or after the respective due dates expressed or provided for in the
Security, or in the case of redemption, on or after the Redemption Date, or in
the case of conversion or exchange, to receive the security issuable upon
conversion or exchange, or to bring suit for the enforcement of any such
payment, conversion or exchange on or after such respective dates, shall not be
impaired or affected without the consent of the Holder.

     SECTION 6.08 Collection Suit by
Trustee.

     If an Event of Default specified in
Section 6.01(i) or (ii) hereof occurs and is continuing with respect
to the Securities, the Trustee may recover judgment in its own name and as
trustee of an express trust against the Company (and any other obligor on the
Securities) for the whole amount of principal, premium, if any, and accrued
interest, if any, remaining unpaid on the outstanding Securities, together with
(to the extent lawful) interest on overdue principal and interest, and such
further amount as shall be sufficient to cover the costs and, to the extent
lawful, expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel and any other
amounts due the Trustee under Section 7.08 hereof.

     SECTION 6.09 Trustee May File
Proofs of Claim.

     The Trustee may 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 and the Holders allowed in any judicial
proceeding relative to the Company (or any other obligor upon the Securities),
its creditors or its property and shall be entitled and empowered to collect
and receive any moneys or other property payable or
deliverable on any such claims and to distribute the same, and any custodian in
any such judicial proceedings 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 7.08 hereof. Nothing contained in this Indenture
shall be deemed to authorize the Trustee to authorize or consent to or accept or
adopt on behalf 

19

of any Holder any plan of reorganization, arrangement, adjustment
or composition affecting the Securities or the rights of any Holder thereof, or
to authorize the Trustee to vote in respect of the claim of any Holder in any
such proceeding.

     SECTION 6.10 Priorities.

     If the Trustee collects any amount
of money with respect to the Securities pursuant to this Article VI,
subject to Article XI, it shall pay out the money in the following order:

      (First) to the Trustee,
its agents and attorneys for amounts due under Section 7.08 hereof,
including payment of all compensation, expense and liabilities incurred, and all
advances made by the Trustee and the costs and expenses of collection;

      (Second) to
Holders of Senior Indebtedness in accordance with Article XII hereof;

      (Third) to Holders for
amounts due and unpaid on the Securities for principal and interest, if any,
ratably, without preference or priority of any kind, according to the amounts
due and payable on the Securities for principal and interest, respectively;
and

      (Fourth) to the
Company, or to such party as a court of competent jurisdiction may direct.

     The Trustee, upon prior written
notice to the Company, may fix a record date and payment date for any payment to
Holders pursuant to this Section 6.10. The Trustee shall notify the Company
in writing reasonably in advance of any such record date and payment date.

     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 and expenses, 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 a Holder pursuant to Section 6.06
hereof, a suit by Holders of more than 10% in aggregate principal amount of any
outstanding series of Securities, or to any suit instituted by any Holder for
the enforcement of the payment of the principal of, premium, if any, or interest
on any Security held by that Holder on or after the due date provided in the
Security or to any suit for the enforcement of the right to convert or exchange
any Security in accordance with the provisions of a supplemental indenture
applicable to that Security. 

     SECTION 6.12 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 and will resist any and all efforts to be
compelled to take the benefit or advantage of, any stay, extension or usury law
wherever enacted, now or at any time hereafter in force, which would prohibit or
forgive the Company from paying all or any portion of the principal of, premium,
if any, and/or interest on any of the Securities as contemplated in this
Indenture or a supplemental indenture, or which may affect the covenants or the
performance of this Indenture; and the Company (to the extent that it may
lawfully do so) hereby expressly waives all benefit or advantage of any such
law, and covenants that it 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.

     SECTION 6.13 Restoration of
Positions. 

     If a judicial proceeding by the
Trustee or a Holder to enforce any right or remedy under this Indenture or any
supplemental indenture has been discontinued or abandoned for any reason, or has
been determined adversely to the Trustee or to such Holder, then and in every
such case, except as otherwise provided in the judicial proceeding, the Company,
the Trustee and the Holders will be restored severally 

20

and respectively to their former positions hereunder and
thereafter all rights and remedies of the Trustee and the Holders shall continue
as though no such proceeding had been instituted.

     SECTION 6.14 Liability of
Stockholders, Officers, Directors and Incorporators.

     No stockholder, officer, director or
incorporator, as such, past, present or future, of the Company, or any of its
successor corporations, will have any personal liability in respect of the
Company's obligations under this Indenture or any Securities by reason of his or
its status as such stockholder, officer, director or incorporator; provided,
however, that nothing in this Indenture or in the Securities will prevent
recourse to and enforcement of the liability of any holder or subscriber to
common or preferred stock of the Company which has not been fully paid up.

ARTICLE VII

TRUSTEE

     SECTION 7.01 Duties of
Trustee.

     (a) If an Event of Default with
respect to the Securities has occurred and is continuing, the Trustee shall
exercise such of the rights and powers vested in it by this Indenture, and use
the same degree of care and skill in their exercise, as a prudent 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 Trustee need perform only
those duties that are specifically set forth in this Indenture or the TIA, 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; provided, however, that in the case of any such certificates
or opinions which by any provision hereof are specifically required to be
furnished to the Trustee, the Trustee shall examine the certificates and
opinions to determine whether or not, on their face, they conform to the
requirements of this Indenture (but need not investigate or confirm the accuracy
of mathematical calculations or other facts stated therein).

     (c) The Trustee may not be
relieved from liability 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 7.01;

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

     (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.

     (d) Whether or not therein
expressly so provided, every provision of this Indenture that in any way relates
to the Trustee is subject to this Section 7.01 and to the provisions of the
TIA.

     (e) No provision of this
Indenture shall require the Trustee to expend or risk its own funds or incur any
financial liability in the performance of any of its duties under this Indenture
or in the exercise of any of its right or power. The Trustee may refuse to
perform any duty or exercise any right or power unless it receives indemnity
satisfactory to it against any loss, liability, cost or expense (including,
without limitation, reasonable fees of counsel).

     (f) The Trustee shall not be
bound to make any investigation into the facts or matters stated in any
resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, bond, debenture, note, other evidence of
indebtedness or other paper or document, but the Trustee, in its 

21

discretion, may make such further inquiry or investigation into
such facts or matters as it may see fit, and, if the Trustee shall determine to
make such further inquiry or investigation, it shall be entitled to examine the
books, records and premises of the Company, personally or by agent or attorney
at the sole cost of the Company and shall incur no liability or additional
liability of any kind by reason of such inquiry or investigation.

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

     SECTION 7.02 Rights of
Trustee.

     Subject to Section 315(a) through
(d) of the TIA:

     (a) The Trustee may
conclusively rely on 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 the document.

     (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 the Officers’ Certificate or Opinion
of Counsel.

     (c) The Trustee may act through
attorneys and agents and shall not be responsible for the misconduct or
negligence of any attorney or 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, unless the Trustee’s conduct constitutes willful misconduct,
negligence or bad faith.

     (e) The Trustee may consult
with counsel of its selection and the advice of such counsel as to matters of
law shall be full and complete authorization and protection in respect of any
action taken, omitted or suffered by it hereunder in good faith and in
accordance with the advice or opinion of such counsel.

     (f) 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.

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

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

     (i) In no event shall the
Trustee be responsible or liable for special or  indirect loss or damage of
any kind whatsoever (including, but not limited to, loss of profit) irrespective
of whether the Trustee has been advised of the likelihood of such loss or damage
and regardless of the form of action.

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

22

     SECTION 7.03 Individual Rights of
Trustee.

     The Trustee in its individual or any
other capacity may become the owner or pledgee of Securities 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 (as such term is defined in
Section 3.10(b) of the TIA), it must eliminate such conflict within ninety
(90) days, apply to the SEC for permission to continue as trustee (to the
extent permitted under Section 310(b) of the TIA) 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 Money Held in
Trust.

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

     SECTION 7.05 Trustee’s
Disclaimer.

     The Trustee (i) is not
responsible for and makes no representation as to the validity or adequacy of
this Indenture, any supplemental indenture or the Securities, (ii) will not
be accountable for the Company’s use of the proceeds from the Securities,
(iii) will not be responsible for any statement in the Securities, this
Indenture or any supplemental indenture, other than its certificate of
authentication, and (iv) will not be responsible for any statement in any
prospectus used in the sales of the Securities, other than statements, if any,
provided in writing by the Trustee for use in such a prospectus.

     SECTION 7.06 Notice of
Defaults.

     If a Default or Event of Default
with respect to the Securities occurs and is continuing, and if it is actually
known to the Trustee, the Trustee shall mail to Holders a notice of the Default
or Event of Default within ninety (90) days after the occurrence thereof.
Except in the case of a Default or Event of Default in payment of any such
Security, the Trustee may withhold the notice if and so long as it in good faith
determines that withholding the notice is in the interests of the Holders.

     SECTION 7.07 Reports by Trustee
to Holders.

     The Trustee shall transmit to
Holders such reports concerning the Trustee and its actions under this Indenture
as may be required by Section 313 of the TIA at the times and in the manner
provided by the TIA, which initially shall be not less than every twelve (12)
months, which report may be dated as of a date up to 75 days prior to such
transmission.

     A copy of each report at the time of
its mailing to Holders shall be filed with the SEC, if required, and each stock
exchange, if any, on which the Securities are listed. The Company shall promptly
notify the Trustee when the Securities become listed on any stock exchange.

     SECTION 7.08 Compensation and
Indemnity.

     The Company shall pay to the Trustee
from time to time such compensation as shall be agreed in writing between the
Company and the Trustee for its services hereunder. 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 upon request for all reasonable
disbursements, advances and expenses incurred by it, including in particular,
but without limitation, those incurred in connection with the enforcement of any
remedies hereunder. Such expenses may include the reasonable fees and
out-of-pocket expenses of the Trustee’s agents and counsel.

     Except as set forth in the next
paragraph, the Company shall indemnify and hold harmless the Trustee and any
predecessor trustee against any and all loss, liability, damage, claim or
expense, including taxes (other than taxes based upon, measured by or determined
by the income of the Trustee) incurred by it arising out of or in connection
with the acceptance or administration of the trust under this Indenture. The
Trustee shall notify the Company promptly of any claim of which it has received
written notice for which 

23

it may seek indemnity. The Company shall defend such claim and the
Trustee shall cooperate in such defense. The Trustee may have separate counsel
and the Company shall pay the reasonable fees and out-of-pocket expenses of such
counsel. 

     The Company need not pay for any
settlement made without its consent. The Company need not reimburse any expense
or indemnify against any loss, liability, cost or expense incurred by the
Trustee through its own negligence, willful misconduct or bad faith.

     To secure the Company’s payment
obligations in this Section 7.08, the Trustee shall have a lien prior to
the Securities on all money or property held or collected by the Trustee, except
that held in trust to pay the principal of and interest on particular
Securities. The Trustee’s right to receive payment of any amounts due under this
Section 7.08 will not be subordinate to any other liability or indebtedness
of the Company.

     The Company’s payment obligations
pursuant to this Section 7.08 shall survive the satisfaction and discharge
of this Indenture. When the Trustee incurs expenses or renders services after an
Event of Default specified in clause (iv) or (v) of Section 6.01
hereof occurs, the expenses and the compensation for the services are intended
to constitute expenses of administration under any Bankruptcy Law.

     For the purpose of this Section
7.08, “Trustee” will include any predecessor Trustee, but the negligence,
willful misconduct or bad faith of any Trustee will not affect the rights of any
other Trustee under this Section 7.08, except for a successor Trustee pursuant
to Section 7.10.

     SECTION 7.09 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
7.09.

     The Trustee may resign and be
discharged from the trust hereby created with respect to the Securities by so
notifying the Company in writing. The Holders of a majority in aggregate
principal amount of the then outstanding Securities may remove the Trustee by so
notifying the Trustee and the Company in writing. The Company must remove the
Trustee if:

     (i) the Trustee fails to comply with
Section 7.10 hereof or Section 310 of the TIA;

     (ii) 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;

     (iii) a Custodian, receiver or other
public officer takes charge of the Trustee or its property; or

     (iv) the Trustee becomes incapable
of acting.

     If the Trustee resigns or is removed
or if a vacancy exists in the office of the Trustee for any reason, the Company
shall promptly appoint a successor Trustee for the Securities. The Trustee shall
be entitled to payment of its fees and reimbursement of its expenses while
acting as Trustee. Within one (1) year after the successor Trustee takes office,
the Holders of at least a majority in aggregate principal amount of then
outstanding Securities may appoint a successor Trustee to replace the successor
Trustee appointed by the Company.

     Any Holder of Securities may
petition any court of competent jurisdiction for the removal of the Trustee and
the appointment of a successor Trustee if the Trustee fails to comply with
Section 7.10 hereof.

     If an instrument of acceptance by a
successor Trustee shall not have been delivered to the Trustee within thirty
(30) days after the giving of such notice of resignation or removal, the
resigning or removed Trustee, as the case may be, may
petition, at the expense of the Company, any court of competent jurisdiction for
the appointment of a successor Trustee with respect to the Securities.

24

     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 Company shall mail a notice
of the successor Trustee’s succession to the Holders. The retiring Trustee shall
promptly transfer all property held by it as Trustee to the successor Trustee,
subject to the lien provided for in Section 7.08 hereof. Notwithstanding
replacement of the Trustee pursuant to this Section 7.09, the Company’s
obligations under Section 7.08 hereof shall continue for the benefit of the
retiring Trustee with respect to expenses, losses and liabilities incurred by it
prior to such replacement.

     SECTION 7.10 Successor Trustee by
Merger, Etc.

     Subject to Section 7.09 hereof,
if the Trustee consolidates with, merges or converts into, or transfers all or
substantially all of its corporate trust business to, another corporation or
national banking association, the successor entity without any further act shall
be the successor Trustee.

     If at the time a successor by
merger, conversion or consolidation to the Trustee succeeds to the trusts
created by this Indenture any of the Securities have been authenticated but not
delivered, the successor to the Trustee may adopt the certificate of
authentication of the predecessor Trustee, and deliver the Securities which were
authenticated by the predecessor Trustee; and if at that time any of the
Securities have not been authenticated, the successor to the Trustee may
authenticate those Securities either in the name of the predecessor or in its
own name as the successor to the Trustee; and in either case the certificates of
authentication will have the full force provided in this Indenture for
certificates of authentication. 

     SECTION 7.11 Eligibility;
Disqualification.

     The Trustee shall at all times
satisfy the requirements of Section 310(a)(1), (2) and (5) of the
TIA. The Trustee shall at all times have a combined capital and surplus of at
least $50 million as set forth in its most recent published annual report of
condition, which will be deemed for this paragraph to be its combined capital
and surplus. The Trustee is subject to Section 310(b) of the TIA, including the
optional provision permitted by the second sentence of Section 310(b)(9) of the
TIA.

     SECTION 7.12 Preferential
Collection of Claims Against the Company.

     The Trustee is subject to Section
311(a) of the TIA, excluding any creditor relationship listed in Section 311(b)
of the TIA. A Trustee who has resigned or been removed shall be subject to
Section 311(a) of the TIA to the extent indicated therein.

ARTICLE VIII

DISCHARGE OF INDENTURE

     SECTION 8.01 Satisfaction and
Discharge of Indenture.

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

     (i) either:

     (a) all Securities previously
authenticated and delivered (other than Securities which have been destroyed,
lost or stolen and which have been replaced or paid) have been delivered to the
Trustee for cancellation; or

     (b) all such Securities not
previously delivered to the Trustee for cancellation have become due and payable
(whether at stated maturity, early redemption or otherwise);

25

and, in the case of clause (b) above, the Company has
deposited, or caused to be deposited, irrevocably with the Trustee as trust
funds in trust for the purpose of making the following payments, specifically
pledged as security for and dedicated solely to the benefit of the Holders of
Securities, cash in U.S. dollars and/or U.S. Government Obligations which
through the payment of interest and principal in respect thereof, in accordance
with their terms, will provide (and without reinvestment and assuming no tax
liability will be imposed on such Trustee), not later than one day before the
due date of any payment of money, an amount in cash, sufficient, in the opinion
of a nationally recognized firm of independent public accountants expressed in a
written certification thereof delivered to the Trustee, to pay principal of and
interest on all the Securities on the dates such payments of principal or
interest are due to maturity or redemption;

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

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

     Notwithstanding the satisfaction and
discharge of this Indenture, the obligations of the Company to the Trustee under
Section 7.08 hereof shall survive, and, if money will have been deposited
with the Trustee pursuant to subclause (b) of clause (i) of this
Section, the obligations of the Trustee under Sections 8.02 and 8.05 hereof
shall survive.

     SECTION 8.02 Application of Trust
Funds; Indemnification.

     (a) Subject to the provisions
of Section 8.05 hereof, all money and U.S. Government Obligations deposited
with the Trustee pursuant to Section 8.01, 8.03 or 8.04 hereof and all
money received by the Trustee in respect of U.S. Government Obligations
deposited with the Trustee pursuant to Sections 8.01, 8.03 or 8.04 hereof,
shall be held in trust and applied by it, in accordance with the provisions of
the Securities and this Indenture, to the payment, either directly or through
any Paying Agent as the Trustee may determine, to the persons entitled thereto,
of the principal and interest for whose payment such money has been deposited
with or received by the Trustee.

     (b) The Company shall pay and
shall indemnify the Trustee against any tax, fee or other charge imposed on or
assessed against U.S. Government Obligations deposited pursuant to
Sections 8.01, 8.03 or 8.04 hereof or the interest and principal received
in respect of such obligations other than any payable by or on behalf of
Holders.

     (c) The Trustee shall deliver
or pay to the Company from time to time upon the request of the Company any U.S.
Government Obligations or money held by it as provided in Sections 8.01,
8.03 or 8.04 hereof which, in the opinion of a nationally recognized firm of
independent certified public accountants expressed in a written certification
thereof delivered to the Trustee, are then in excess of
the amount thereof which then would have been required to be deposited for the
purpose for which such U.S. Government Obligations or money were deposited or
received. This provision shall not authorize the sale by the Trustee of any U.S.
Government Obligations held under this Indenture.

     SECTION 8.03 Legal
Defeasance.

     (a) The Company shall be deemed
to have been discharged from its obligations with respect to all of the
outstanding Securities of any series on the 91st day after the date of the
deposit referred to in subparagraph (a) hereof, and the provisions of this
Indenture, as it relates to such series of outstanding Securities, shall no
longer be in effect (and the Trustee, at the expense of the Company, shall, upon
the request of the Company, execute proper instruments acknowledging the same),
except as to:

     (i) the rights of Holders of
Securities of such series to receive, solely from the trust funds described in
subparagraph (a) hereof, payments of the principal of or interest on the
outstanding Securities of such series on the date such payments are due;

26

     (ii) the Company’s obligations with
respect to the Securities of such series under Sections 2.04, 2.05, 2.07,
2.08 and 2.09 hereof; and

     (iii) the rights, powers, trust and
immunities of the Trustee hereunder and the duties of the Trustee under
Section 8.02 hereof and the duty of the Trustee to authenticate Securities
of such series issued on registration of transfer of exchange;

provided that the following conditions shall have been
satisfied:

     (a) the Company shall have
deposited, or caused to be deposited, irrevocably with the Trustee as trust
funds in trust for the purpose of making the following payments, specifically
pledged as security for and dedicated solely to the benefit of the Holders of
such series of Securities, cash in U.S. dollars and/or U.S. Government
Obligations which through the payment of interest and principal in respect
thereof, in accordance with their terms, will provide (and without reinvestment
and assuming no tax liability will be imposed on such Trustee), not later than
one day before the due date of any payment of money, an amount in cash,
sufficient, in the opinion of a nationally recognized firm of independent public
accountants expressed in a written certification thereof delivered to the
Trustee, to pay principal of and interest on all the Securities of such series
on the dates such payments of principal or interest are due to maturity or
redemption;

     (b) such deposit will not result in
a breach or violation of, or constitute a Default under, this Indenture;

     (c) no Default or Event of Default
with respect to such series of Securities shall have occurred and be continuing
on the date of such deposit and 91 days shall have passed after the deposit
has been made, and, during such 91 day period, no Default specified in
Section 6.01(iv) or (v) hereof with respect to the Company occurs
which is continuing at the end of such period;

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

     (e) the Company shall have delivered
to the Trustee an Officers’ Certificate stating that the deposit was not made by
the Company with the intent of preferring the Holders of such series of
Securities over any other creditors of the Company or with the intent of
defeating, hindering, delaying or defrauding any other creditors of the
Company;

     (f) such deposit shall not result in
the trust arising from such deposit constituting an “investment company” (as
defined in the Investment Company Act of 1940, as amended), or such trust shall
be qualified under such Act or exempt from regulation thereunder; and

     (g) the Company shall have delivered
to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating
that all conditions precedent relating to the defeasance contemplated by this
Section 8.03 have been complied with.

     SECTION 8.04 Covenant
Defeasance.

     On and after the 91st day after the
date of the deposit referred to in subparagraph (a) hereof, the Company may omit
to comply with any term, provision or condition set forth under
Sections 4.03(a), 4.04 and 4.05 hereof as well as any additional covenants
contained in a supplemental indenture hereto (and the failure to comply with any
such provisions shall not constitute a Default or Event of Default under
Section 6.01 hereof) and the occurrence of any event described in clause
(iii) of Section 6.01 hereof shall 

27

not constitute a Default or Event of Default hereunder, with
respect to any series of Securities, provided that the following
conditions shall have been satisfied:

     (i) with reference to this
Section 8.04, the Company has deposited, or caused to be deposited,
irrevocably (except as provided in Section 8.05 hereof) with the Trustee as
trust funds in trust, specifically pledged as security for, and dedicated solely
to, the benefit of the Holders of such series of Securities, cash in U.S.
dollars and/or U.S. Government Obligations which through the payment of
principal and interest in respect thereof, in accordance with their terms, will
provide (and without reinvestment and assuming no tax
liability will be imposed on such Trustee), not later than one day before the
due date of any payment of money, an amount in cash, sufficient, in the opinion
of a nationally recognized firm of independent certified public accountants
expressed in a written certification thereof delivered to the Trustee, to pay
principal and interest on all the Securities of such series on the dates such
payments of principal and interest are due to maturity or redemption;

     (ii) such deposit will not result in
a breach or violation of, or constitute a Default under, this Indenture;

     (iii) no Default or Event of Default
with respect to such series of Securities shall have occurred and be continuing
on the date of such deposit and 91 days shall have passed after the deposit
has been made, and, during such 91 day period, no Default specified in
Section 6.01(iv) or (v) hereof with respect to the Company occurs
which is continuing at the end of such period;

     (iv) the Company shall have
delivered to the Trustee an Opinion of Counsel confirming that Holders of such
series of Securities will not recognize income, gain or loss for federal income
tax purposes as a result of such deposit and 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 deposit and defeasance had not occurred;

     (v) the Company shall have delivered
to the Trustee an Officers’ Certificate stating the deposit was not made by the
Company with the intent of preferring the Holders of such series of Securities
over any other creditors of the Company or with the intent of defeating,
hindering, delaying or defrauding any other creditors of the Company;

     (vi) such deposit shall not result
in the trust arising from such deposit constituting an “investment company” (as
defined in the Investment Company Act of 1940, as amended), or such trust shall
be qualified under such Act or exempt from regulation thereunder; and

     (vii) the Company shall have
delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel,
each stating that all conditions precedent herein provided for relating to the
defeasance contemplated by this Section 8.04 have been complied with.

     SECTION 8.05 Repayment to
Company.

     The
Trustee and the Paying Agent shall pay to the Company upon request any money
held by them for the payment of principal or interest that remains unclaimed for
two (2) years after the date upon which such payment shall have become due.
After payment to the Company, Holders entitled to the money must look to the
Company for payment as general creditors unless an applicable abandoned property
law designates another Person.

     SECTION 8.06
Reinstatement.

     If the Trustee or the Paying Agent
is unable to apply any money deposited with respect to Securities of any series
in accordance with Section 8.01 by reason of any legal proceeding or by
reason of any order or judgment of any court or governmental authority
enjoining, restraining or otherwise prohibiting such application, the
obligations of the Company under this Indenture with respect to the Securities
of such series and under the Securities of such series shall be revived and
reinstated as though no deposit had occurred pursuant to Section 8.01 until
such time as the Trustee or the Paying Agent is permitted to apply 

28

all such money in accordance with Section 8.01;
provided, however, that if the Company has made any payment of
principal of, premium, if any, or interest with respect to any Securities
because of the reinstatement of its obligations, the Company shall be subrogated
to the rights of the Holders of such Securities to receive such payment from the
money held by the Trustee or the Paying Agent.

ARTICLE IX

AMENDMENTS, SUPPLEMENTS AND WAIVERS

     SECTION 9.01 Without Consent of
Holders.

     Without the consent of any Holder,
the Company and the Trustee may, at any time, amend this Indenture and the
Securities to:

     (i) cure any ambiguity, defect or
inconsistency, provided that such change does not adversely affect the rights
hereunder of any Holder in any material respect;

     (ii) provide for uncertificated
Securities in addition to or in place of certificated Securities or to alter the
provisions of Article II hereof (including the related definitions) in a
manner that does not materially adversely affect any Holder;

     (iii) provide for the assumption of
the Company’s obligations to the Holders of Securities in the case of a merger,
consolidation or sale or other disposition of assets pursuant to Article V
hereof;

     (iv) comply with requirements of the
SEC in order to effect or maintain the qualification of this Indenture under the
TIA, provided that such change does not adversely affect the rights
hereunder of any Holder in any material respect;

     (v) add to the covenants of the
Company and any other restrictions, conditions or provisions for the benefit of
the Holders, to make the occurrence, or the occurrence and the continuance, of a
Default under any such additional covenants, restrictions, conditions or
provisions an Event of Default under this Indenture, or to surrender any right
or power herein conferred upon the Company;

     (vi) add to, delete from or revise
the conditions, limitations, and restrictions on the authorized amount, terms,
or purposes of issue, or authentication and delivery of Securities,
provided that such change does not adversely affect the rights hereunder
of any Holder in any material respect;

     (vii) secure the Securities of any
series;

     (viii) make appropriate provision in
connection with the appointment of any successor Trustee; or

     (ix) make any other change that does
not adversely affect in any material respect the rights hereunder of any
Holder.

     Upon the request of the Company
accompanied by a resolution of its Board of Directors authorizing the execution
of any such amended or supplemental Indenture, and upon receipt by the Trustee
of the documents described in Section 7.02 hereof, the Trustee shall join
with the Company in the execution of any amended or supplemental Indenture
authorized or permitted by the terms of this Indenture and to make any further
appropriate agreements and stipulations that may be therein contained, but the
Trustee shall not be obligated to enter into such amended or supplemental
Indenture that affects its own rights, duties or immunities under this Indenture
or otherwise.

     SECTION 9.02 With Consent of
Holders.

     Except as provided below in this
Section 9.02, this Indenture and the Securities may be amended or
supplemented, and noncompliance in any particular instance with any provision of
this Indenture or the Securities may be waived, in each case with the written consent of the Holders of at least a majority in
aggregate principal amount of the then outstanding Securities affected thereby;
provided, however , that any amendment to or supplement of this Indenture
or the Securities that by its terms affects the rights of 

29

Holders of any series of then outstanding Securities but not the
others series may be effected, and any default or compliance with any provision
of this Indenture affecting the Holders of any series of then outstanding
Securities but not the other series may be waived, with the consent of at least
a majority in aggregate principal amount of the Securities of the affected
series.

     Without the consent of each Holder
of Securities that is affected thereby, an amendment or waiver under this
Section 9.02 may not:

     (i) reduce the aggregate principal
amount of Securities of any series the Holders of which must consent to an
amendment, supplement modification or waiver of any provision of this
Indenture;

     (ii) reduce the rate of or extend
the time for payment of interest on any series of Securities;

     (iii) reduce the principal of or
change the stated maturity of any series of Securities;

     (iv) change the date on which any
Security of any of series may be subject to redemption, or reduce the premium
payable upon the redemption or repurchase thereof;

     (v) make any Security of any series
payable in currency other than that stated in the Security;

     (vi) modify or change any provision
of this Indenture affecting the ranking of the Securities of any series in a
manner which adversely affects the Holders thereof;

     (vii) modify or make any change in
Article XII which adversely affects the rights of any Holder;

     (viii) impair the right of any
Holder of Securities to institute suit for the enforcement of any payment in or
with respect to any such series of Securities; or

     (ix) make any change in the
foregoing amendment and waiver provisions which require each Holder’s
consent.

     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 or waiver under
this Section 9.02 becomes effective, the Company shall mail to Holders
affected thereby a notice briefly describing the amendment 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.

     SECTION 9.03 Compliance with
Trust Indenture Act.

     Every amendment to this Indenture or
the Securities shall be set forth in a supplemental indenture that complies with
the TIA as then in effect.

     SECTION 9.04 Revocation and
Effect of Consents.

     Until an amendment, supplement
modification or waiver becomes effective, a consent to it by a Holder is a
continuing consent by the Holder and every subsequent Holder of a Security or
portion of a Security that evidences the same debt as the consenting Holder’s
Security, even if notation of the consent is not made on any Security;
provided, however, that unless a record date shall have been established
pursuant to Section 2.16 hereof, any such Holder or subsequent Holder may
revoke the consent as to its Security or portion of a Security if the Trustee
receives written notice of revocation before the date the amendment, supplement,
modification or waiver becomes effective. An amendment, supplement modification
or waiver becomes effective on receipt by the Trustee of consents from the
Holders of the requisite percentage principal amount of the outstanding
Securities, and thereafter shall bind every Holder of Securities; provided,
however, if the amendment, supplement modification or waiver makes a change
described in any of the clauses (i) through (viii) of
Section 9.02 hereof, the amendment, supplement, modification or waiver
shall bind only each Holder of a Security which has consented to it and every

30

subsequent Holder of a Security or portion of a Security that
evidences the same indebtedness as the consenting Holder’s Security.

     SECTION 9.05 Notation on or
Exchange of Securities.

     If an amendment, supplement,
modification or waiver changes the terms of a Security:

     (a) the Trustee may require the
Holder of a Security to deliver such Security to the Trustee, the Trustee may
place an appropriate notation on the Security about the changed terms and return
it to the Holder and the Trustee may place an appropriate notation on any
Security thereafter authenticated; or

     (b) if the Company or the
Trustee so determines, the Company in exchange for the Security shall issue and
the Trustee shall authenticate a new Security that reflects the changed
terms.

     Failure to make the appropriate
notation or issue a new Security shall not affect the validity and effect of
such amendment, supplement or waiver.

     SECTION 9.06 Trustee to Sign
Amendment, etc.

     The Trustee shall sign any amendment
authorized pursuant to this Article IX if the amendment does not adversely
affect the rights, duties, liabilities or immunities of the Trustee. If it does,
the Trustee may but need not sign it. In signing or refusing to sign such
amendment, the Trustee shall be provided with and shall be fully protected in
relying upon an Officers’ Certificate and an Opinion of Counsel as conclusive
evidence that such amendment is authorized or permitted by this Indenture.

ARTICLE X

CONVERSION OR EXCHANGE OF SECURITIES

     SECTION 10.01 Provisions Relating
to Conversion or Exchange of Securities. 

     Any rights which Holders of
Securities of a series will have to convert those Securities into other
securities of the Company or to exchange those Securities for securities of
other Persons or other assets, including but not limited to the terms of the
conversion or exchange and the circumstances, if any, under which those terms
will be adjusted to prevent dilution or otherwise, will be set forth in an
Indenture supplemental hereto relating to the series of Securities. In the
absence of provisions in a supplemental Indenture relating to a series of
Securities setting forth rights to convert or exchange the Securities of that
series into or for other securities or assets, Holders of the Securities of that
series will not have any such rights. 

ARTICLE XI

SINKING OR PURCHASE FUNDS

     SECTION 11.01 Provisions Relating
to Sinking or Purchase Funds. 

     Any requirements that the Company
make, or rights of the Company to make at its option, payments prior to maturity
of the Securities of a series which will be used as a fund with which to redeem
or to purchase Securities of that series, including but not limited to
provisions regarding the amount of the payments, when the Company will be
required, or will have the option, to make the payments and when the payments
will be applied, will be set forth in an Indenture supplemental hereto relating
to the series of Securities. In the absence of provisions in a supplemental
Indenture relating to a series of Securities setting forth requirements that the
Company make, or rights of the Company to make at its option, payments to be
used as a fund with which to redeem or purchase Securities of the series, the
Company will not be subject to any such requirements and will not have any such
rights. However, unless otherwise specifically provided in a supplemental
Indenture relating to a series of Securities, the Company will at all times have
the right to purchase Securities from Holders in market transactions or
otherwise. 

31

ARTICLE XII

SUBORDINATION

     SECTION
12.01 Securities Subordinated to Senior Indebtedness.

     Notwithstanding
the provisions of Sections 6.02 and 6.03 hereof, the Company covenants and
agrees, and the Trustee and each Holder of the Securities by his acceptance
thereof likewise covenants and agrees, that all payments of the principal of,
premium, if any, and interest on Securities issued hereunder shall be
subordinated, to the extent set forth in an indenture supplemental hereto
relating to the Securities of that series and in accordance with the provisions
of this Article XII, to the prior payment in full of all Obligations with
respect to Senior Indebtedness, whether outstanding at the date of this
Indenture or thereafter incurred.

     SECTION
12.02 Priority and Payment Over of Proceeds in Certain Events.

     (a) Upon
any payment or distribution of assets or securities of the Company, as the case
may be, of any kind or character, whether in cash, property or securities, upon
any dissolution or winding up or total or partial liquidation or reorganization
of the Company, whether voluntary or involuntary or in bankruptcy, insolvency,
receivership or other proceedings, all Obligations with respect to Senior
Indebtedness shall first be indefeasibly paid in full in cash, or payment
provided for in cash or cash equivalents, before the Holders or the Trustee on
behalf of the Holders shall be entitled to receive any payment of principal of
or interest on the Securities or distribution of any assets or securities.
Before any payment may be made by the Company of the principal of or interest on
the Securities pursuant to the provisions of the previous sentence, and upon any
such dissolution or winding up or liquidation or reorganization, any payment or
distribution of assets or securities of the Company of any kind or character,
whether in cash, property or securities, to which the Holders or the Trustee on
their behalf would be entitled, except for the provisions of this
Article XII, shall be made by the Company or by any receiver, trustee in
bankruptcy, liquidating trustee, agent or other person making such payment or
distribution, directly to the holders of the Senior Indebtedness or their
representatives to the extent necessary to pay all such Senior Indebtedness in
full after giving effect to any concurrent payment or distribution to the
holders of such Senior Indebtedness.

     Nothing
contained in this Article XII shall limit the right of the Trustee or the
Holders of Securities to take any action to accelerate the maturity of the
Securities pursuant to Section 6.02 or to pursue any rights or remedies
hereunder; provided that all Obligations with respect to Senior Indebtedness
then or thereafter due or declared to be due shall first be paid in full before
the Holders or the Trustee are entitled to receive any payment from the Company
of principal of or interest on the Securities.

     Upon
any payment or distribution of assets or securities referred to in this
Article XII, the Trustee and the Holders shall be entitled to rely upon any
order or decree of a court of competent jurisdiction in which such dissolution,
winding up, liquidation or reorganization proceedings are pending and upon a
certificate of the receiver, trustee in bankruptcy, liquidating trustee, agent
or other person making any such payment or distribution, delivered to the
Trustee for the purpose of ascertaining the persons
entitled to participate in such distribution, the holders of Senior Indebtedness
and other Indebtedness of the Company, the amount thereof or payable thereon,
the amount or amounts paid or distributed thereon and all other facts pertinent
thereto or to this Article XII.

     SECTION
12.03 Payments May Be Paid Prior to Dissolution.

     Nothing
contained in this Article XII or elsewhere in this Indenture shall prevent
the Company, except under the conditions described in Section 12.02, from
making payments at any time for the purpose of making such payments of principal
of and interest on the Securities, or from depositing with the Trustee any
moneys for such payments. The Company shall give prompt written notice to the
Trustee of any dissolution, winding up, liquidation or reorganization of the
Company.

32

     SECTION
12.04 Rights of Holders of Senior Indebtedness Not to Be Impaired.

     No
right of any present or future holder of any Senior Indebtedness to enforce
subordination as herein provided shall at any time in any way be prejudiced or
impaired by any act or failure to act in good faith by any such holder, or by
any noncompliance by the Company, with the terms and provisions and covenants
herein regardless of any knowledge thereof any such holder may have or otherwise
be charged with.

     The
provisions of this Article XII are intended to be for the benefit of, and
shall be enforceable directly by, the holders of the Senior Indebtedness.

     SECTION
12.05 Authorization to Trustee to Take Action to Effectuate
Subordination.

     Each
Holder of Securities by his acceptance thereof authorizes and directs the
Trustee on his behalf to take such action as may be necessary or appropriate to
effectuate, as between the holders of Senior Indebtedness and the Holders, the
subordination as provided in this Article XII and appoints the Trustee his
attorney-in-fact for any and all such purposes.

     SECTION
12.06 Distribution or Notice to Representative.

     Whenever
a distribution is to be made or a notice given to holders or owners of Senior
Indebtedness, the distribution may be made and the notice given to their
representative.

     SECTION
12.07 Subrogation.

     Upon
the payment in full of all Obligations in respect of Senior Indebtedness, the
Holders shall be subrogated to the rights of the holders of such Senior
Indebtedness to receive payments or distributions of assets of the Company to
the holders of Senior Indebtedness until the principal of, premium, if any, and
interest on the Securities shall be paid in full. For purposes of such
subrogation, no payments or distributions to the holders of the Senior
Indebtedness of any cash, property or securities to which the Holders would be
entitled except for the provisions of this Article XII, and no payment over
pursuant to the provisions of this Article XII to
the holders of Senior Indebtedness by the Holders, shall, as among the Company,
its creditors other than the holders of Senior Indebtedness and the Holders, be
deemed to be a payment or distribution by the Company to or on account of Senior
Indebtedness.

     The
provisions of this Article XII are and are intended solely for the purpose
of defining the relative rights of the Holders, on the one hand, and the holders
of Senior Indebtedness, on the other hand.

     If
any payment or distribution to which the Holders would otherwise have been
entitled but for the provisions of this Article XII shall have been
applied, pursuant to the provisions of this Article XII, to the payment of
all amounts payable under Senior Indebtedness, then and in such case, the
Holders shall be entitled to receive from the holders of such Senior
Indebtedness at the time outstanding any payments or distributions received by
such holders of Senior Indebtedness in excess of the amount sufficient to pay
all Obligations in respect of Senior Indebtedness in full.

     SECTION
12.08 Obligations of Company Unconditional.

     Nothing
contained in this Article XII or elsewhere in this Indenture or in any
Security is intended to or shall impair, as between the Company and the Holders,
the obligations of the Company, which are absolute and unconditional, to pay to
the Holders the principal of, premium, if any, and interest on the Securities as
and when the same shall become due and payable in accordance with their terms or
is intended to nor shall affect the relative rights of the Holders and creditors
of the Company other than the holders of Senior Indebtedness, nor shall anything
herein or therein prevent the Trustee or any Holder from exercising all remedies
otherwise permitted by applicable law upon Default under this Indenture, subject
to the rights, if any, under this Article XII of the holders of such Senior
Indebtedness in respect of cash, property or securities of the Company received
upon the exercise of any such remedy.

33

     The
failure to make a payment on account of principal of, premium, if any, or
interest on the Securities by reason of any provision of this Article XII
shall not be construed as preventing the occurrence of an Event of Default under
Section 6.01.

     SECTION
12.09 Trustee Entitled to Assume Payments Not Prohibited in Absence of
Notice.

     The
Company shall give prompt written notice to the Trustee of any fact known to the
Company which would prohibit the making of any payment to or by the Trustee in
respect of the Securities. Neither the Trustee nor the Paying Agent shall at any
time be charged with the knowledge of the existence of any facts which would
prohibit the making of any payment to or by the Trustee or the Paying Agent,
unless and until the Trustee or Paying Agent shall have received written notice
thereof from the Company or one or more holders of Senior Indebtedness or from
any representative therefor; and, prior to the receipt of any such written
notice, the Trustee or Paying Agent shall be entitled to assume conclusively
that no such facts exist. Unless at least two (2) Business Days prior to the
date on which by the terms of this Indenture any moneys are to be deposited by
the Company with the Trustee or any Paying Agent (whether or not in trust) for
any purpose (including, without limitation, the payment
of the principal of or the interest on any Security), the Trustee or Paying
Agent shall have received with respect to such moneys the notice provided for in
the preceding sentence, the Trustee or Paying Agent shall have full power and
authority to receive such moneys and to apply the same to the purpose for which
they were received and shall not be affected by any notice to the contrary which
may be received by it on or after such date. Nothing contained in this
Section 12.09 or Section 12.03 shall limit the right of the holders of
Senior Indebtedness to recover payments as contemplated by Section 12.02.
The Trustee shall be entitled to rely on the delivery to it of a written notice
by a person representing himself or itself to be a holder of such Senior
Indebtedness (or a trustee on behalf of, or representative of, such holder) to
establish that such notice has been given by a holder of such Senior
Indebtedness or a trustee or representative on behalf of any such holder. In the
event that the Trustee determines in good faith that further evidence is
required with respect to the right of any person as a holder of Senior
Indebtedness to participate in any payment or distribution pursuant to this
Article XII, the Trustee may request such person to furnish evidence to the
reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness
held by such person, the extent to which such person is entitled to participate
in such payment or distribution and any other facts pertinent to the rights of
such person under this Article XII, and if such evidence is not furnished,
the Trustee may defer any payment which it may be required to make for the
benefit of such person pursuant to the terms of this Indenture pending judicial
determination as to the rights of such person to receive such payment.

     The
Trustee shall not be deemed to owe any duty to the holders of Senior
Indebtedness and shall not be liable to any such holders if the Trustee shall in
good faith mistakenly pay over or distribute to Holders of Securities or to the
Company or to any other person cash, property or securities to which any holders
of Senior Indebtedness shall be entitled by virtue of this Article XII or
otherwise. With respect to the holders of Senior Indebtedness, the Trustee
undertakes to perform or to observe only such of its covenants or obligations as
are specifically set forth in this Article XII and no implied covenants or
obligations with respect to holders of Senior Indebtedness shall be read into
this Indenture against the Trustee.

     SECTION
12.10 Right of Trustee to Hold Senior Indebtedness.

     The
Trustee and any Agent shall be entitled to all of the rights set forth in this
Article XII in respect of any Senior Indebtedness at any time held by it to
the same extent as any other holder of such Senior Indebtedness, and nothing in
this Indenture shall be construed to deprive the Trustee or any Agent of any of
its rights as such holder. Nothing in this Article XII shall apply to
claims of, or payments to, the Trustee under or pursuant to
Section 7.07.

34

ARTICLE XIII

MISCELLANEOUS

     SECTION 13.01 Trust Indenture Act
Controls.

     This Indenture is subject to the
provisions of the TIA which are required to be part of this Indenture, and
shall, to the extent applicable, be governed by such provisions.

     SECTION 13.02 Notices.

     Any notice or communication to the
Company or the Trustee is duly given if in writing and delivered in person or
mailed by first-class mail to the address set forth below:

     If to the Company:

Par
Pharmaceutical Companies, Inc.
300 Tice Boulevard
Woodcliff Lake, New
Jersey 07677
Attention: General Counsel 

     with
a copy to:

K&L
Gates LLP
599 Lexington Avenue
New York, New York 10022
Attention:
Whitney J. Smith, Esq.

     If
to the Trustee:

________________
________________
Attention:
_______

The Company or the Trustee, by notice to the other, may designate
additional or different addresses for subsequent notices or communications.

     Any notice or communication to a
Holder shall be mailed by first-class mail to his address shown on the Register
kept by the Registrar. Failure to mail a notice or communication to a Holder or
any defect in such notice or communication shall not affect its sufficiency with
respect to other Holders.

     If a notice or communication is
mailed or sent in the manner provided above within the time prescribed, it is
duly given, whether or not the addressee receives it, except that notice to the
Trustee shall only be effective upon receipt thereof by the Trustee.

     If by reason of the suspension of
regular mail service, or by reason of any other cause, it is impossible to mail
any notice as required by this Indenture or any supplemental indenture, then any
method of notification which is approved by the Trustee will constitute a
sufficient mailing of the notice.

     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 13.03 Communication by
Holders with Other Holders.

     Holders may communicate pursuant to
Section 312(b) of the TIA with other Holders with respect to their rights under
the Securities or this Indenture. The Company, the Trustee, the Registrar and
anyone else shall have the protection of Section 312(c) of the TIA.

35

     SECTION 13.04 Certificate and
Opinion as to Conditions Precedent.

     Upon any request or application by
the Company to the Trustee to take any action under this Indenture, the Company
shall furnish to the Trustee:

     (i) an Officers’ Certificate (which
shall include the statements set forth in Section 13.05 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;

     (ii) an Opinion of Counsel (which
shall include the statements set forth in Section 13.05 hereof) stating that, in
the opinion of such counsel, all such conditions precedent and covenants have
been complied with; and

     (ii) such other opinions and
certificates as may be required by applicable provisions of this Indenture or an
applicable supplemental indenture. 

     SECTION 13.05 Statements Required
in Certificate or Opinion.

     Each certificate (other than
certificates provided pursuant to Section 4.04 hereof) or opinion with
respect to compliance with a condition or covenant provided for in this
Indenture shall include:

     (i) a statement that each individual
signing such certificate or opinion has read such covenant or condition;

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

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

     (iv) a statement as to whether or
not, in the opinion of each such person, such condition or covenant has been
complied with; provided, however, that with respect to matters of fact,
an Opinion of Counsel may rely on an Officers’ Certificate or certificate of
public officials.

     SECTION 13.06 Rules by Trustee
and Agents.

     The Trustee may make reasonable
rules for action by or for a meeting of Holders. The Registrar or Paying Agent
may make reasonable rules and set reasonable requirements for its functions.

     SECTION 13.07 Legal
Holidays.

     A “Legal Holiday” is a
Saturday, a Sunday or a day on which banking institutions in The City of New
York are not required or authorized to be open. 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 for the
intervening period.

     SECTION 13.08 Duplicate
Originals.

     The parties may sign any number of
copies of this Indenture. One signed copy is enough to prove this Indenture.

     SECTION 13.09 Governing
Law.

      This Indenture, each
supplemental indenture and the Securities shall be governed by, and construed in
accordance with, the laws of the State of New York.

     SECTION 13.10 No Adverse
Interpretation of Other Agreements.

     This Indenture may not be used to
interpret another indenture, loan or debt agreement of the Company or any of its
Subsidiaries. Any such indenture, loan or debt agreement may not be used to
interpret this Indenture.

36

     SECTION 13.11 Successors.

     All agreements of the Company under
the Securities and this Indenture shall bind their respective successors. All
agreements of the Trustee in this Indenture shall bind its successor.

     SECTION 13.12
Severability.

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

     SECTION 13.13 Counterpart
Originals.

     This Indenture may be signed in one
or more counterparts. Each signed copy shall be an original, but all of them
together represent the same agreement.

     SECTION 13.14 Submission to
Jurisdiction.

     By the execution and delivery of
this Indenture, the Company submits to the nonexclusive jurisdiction of any
federal or state court in the State of New York with respect to all matters
related to this Indenture, any supplemental indenture and the Securities.

     SECTION 13.15 Waiver of Jury
Trial.

     EACH OF THE COMPANY AND THE TRUSTEE
HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR
RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTION CONTEMPLATED
HEREBY.

     SECTION 13.16 Force Majeure.

     In no event shall the Trustee be
responsible or liable for any failure or delay in the performance of its
obligations hereunder arising out of or caused by, directly or indirectly,
forces beyond its control, including, without limitation, strikes, work
stoppages, accidents, acts of war or terrorism, civil or military disturbances,
nuclear or natural catastrophes or acts of God, and interruptions, loss or
malfunctions of utilities, communications or computer (software and hardware)
services; it being understood that the Trustee shall use reasonable efforts
which are consistent with accepted practices in the banking industry to resume
performance as soon as practicable under the circumstances.

     SECTION 13.17 Supplemental
Indentures Contract.

     If any provision of a supplemental
indenture to this Indenture relating to a series of Securities is inconsistent
with any provision of this Indenture, the provisions of the supplemental
indenture will control with regard to the Securities of the series to which it
relates.

     SECTION 13.18 Table of Contents,
Headings, etc.

     The table of contents,
cross-reference sheet and headings of the Articles and Sections of this
Indenture have been inserted for convenience of reference only. They are not to
be considered a part of this Indenture, and will in no way modify or restrict
any of the terms or provisions of this Indenture. 

     SECTION 13.19 When Treasury
Securities Disregarded. 

     In determining whether the Holders
of the required principal amount of Securities have concurred in any direction,
waiver or consent, Securities owned by the Company, or anyone under direct or
indirect control or under direct or indirect common control with the Company
will be disregarded and deemed not to be outstanding, except that for the
purposes of determining whether the Trustee will be protected in relying on any
such direction, waiver or consent, only Securities which the Trustee knows are
so owned will be so disregarded. Securities so owned which have been pledged in
good faith will not be disregarded if the pledgee establishes to the
satisfaction of the Trustee the pledgee's right to act with respect to the 

37

Securities and that the pledgee is not the Company or a person
directly or indirectly controlling or controlled by, or under common control
with, the Company. Nothing in this Section 13.19 will be construed as requiring
that the Company furnish to the Trustee any evidence of compliance with the
conditions and covenants provided for in the Indenture other than the evidence
specified in this Section 13.19. 

38

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

 

                                                                                              
PAR PHARMACEUTICAL COMPANIES, INC.

 

By:
___________________
Name: 
Title: 

_______________

 By:
___________________
Name: 
Title: 

39

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